The world of numismatics has recently witnessed yet another astounding event with the auction of a rare 1870 Carson City $20 gold coin, commonly referred to as the "Double Eagle." This exceptional coin sold for $1.44 million at Stack's Bowers Galleries, held at their Southern California auction house. It's no surprise this coin attracted so much attention among avid collectors—only 3,789 of these $20 Double Eagles were ever minted, and experts estimate there are just 40 to 50 still left today.
When the coin resurfaced after being off the market for about 30 years, it was almost as if it was rediscovered treasure. John Kraljevich, a coin historian with Stack's Bowers Galleries, remarked, "When this thing appeared kind of out of the woodwork... it was almost like a new discovery." The excitement was palpable, and as bids started rolling in, the auction saw the price climber soar past $800,850 before the gavel finally dropped.
This majestic piece of American history was one of the highlights of the Bernard Richards collection. Graded as the highest quality of its kind by the Professional Coin Grading Service, it became apparent early on during the auction just how coveted it was. Despite the high expectations of breaking the $2 million mark—foreseen by the auction house—the coin eventually sold for slightly less than anticipated. Nevertheless, the final price still reflects the intense demand this piece commands among dedicated collectors.
The last recorded sale of this specific coin occurred back at a Stack's auction back in 1986, when it went for only $23,100—a far cry from its hefty current price tag. This staggering increase over the decades points to the larger trend of rising coin prices, which reportedly spiked during the COVID-19 pandemic as people turned to personal hobbies and investments.
Now, why the $20 Double Eagle, you may ask? Well, prior to 1849, the highest denomination gold coin produced by the United States was worth just $10, known as the "eagle." The Double Eagle made its grand entrance after the California Gold Rush, which led to significant gold supplies and the necessity for larger denomination coins. Kraljevich noted, "The $20 Double Eagle coin was authorized after the California Gold Rush brought an abundance of gold supply." With just under one ounce of gold content, the intrinsic value of this coin is pegged at approximately $2,600, purely based on the metal alone, which adds to its appeal among collectors.
Interestingly, another feather in the cap for the $20 Double Eagle is the 1933 version of this coin, which currently holds the record for the highest auction price for any coin sold, fetching $18.9 million. It was famously dubbed as, "the coin which took the US off the Gold Standard." This unique piece has garnered significant historical interest, as no 1933 Double Eagles were ever legally issued for circulation.
Fast-forward to November 2021, and another highly prized Double Eagle fetched $1.62 million, reflecting the appetite collectors have for these incredibly rare items. Coins such as these, combined with their rich histories and lasting legacies are more than just metal—they tell stories of the eras they were minted in.
With the recent auction of the 1870 Double Eagle being widely reported by various outlets, including CBS News and Newsweek, it clearly shines the spotlight on the growing market for rare coins and collectibles. It serves as both a reminder and motivation for collectors and enthusiasts to treasure the unique artifacts from our past. Not just investment opportunities, but pieces of history waiting to be appreciated by future generations.
