A rare $20 double eagle gold coin from the California Gold Rush era recently fetched a staggering $1.44 million at an auction in Costa Mesa, California.
The coin, originally minted in 1870 at the Carson City Mint, was a highlight at the Stack’s Bowers Galleries Rarities Night Auction. This historic piece sold for about 70,000 times its original value, reflecting its remarkable significance and rarity.
According to experts, only 3,789 of these coins were ever produced, and fewer than 65 are believed to exist today. The coin auctioned is considered the finest surviving example, despite no perfect mint condition versions being known.
Its last auction sale was in 1986 when it was purchased for just over $23,000. Before this recent sale, the coin was certified by the Professional Coin Grading Service (PCGS), solidifying its status as a rare and valuable artifact.
The Double Eagle’s Golden Origins
This $20 gold coin was introduced during the California Gold Rush, a pivotal event in U.S. history. The Gold Rush began in 1848 when gold was discovered in the Sierra Nevada foothills, drawing around 300,000 hopeful prospectors to California. The influx of wealth and people played a critical role in California becoming a state in 1850.
Initially, U.S. coinage was limited to denominations no larger than $10, known as the “eagle.” However, the immense gold deposits uncovered during the Gold Rush led Congress to authorize the creation of the $20 double eagle in 1849. By 1850, these coins were in circulation, making them a practical way to harness California’s gold wealth.
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Carson City Mint: A Brief History
The Carson City Mint, where the auctioned coin was produced, began operations in 1869. It was established to handle the massive silver and gold deposits from Nevada’s Comstock Lode and other discoveries in the western states.
The mint produced only 3,789 double eagle coins in 1870, each marked with a small “CC” on the reverse side to indicate its origin.
At nearly one ounce of gold, the double eagle became the largest coin used in regular circulation. Over time, mints across Philadelphia, New Orleans, and San Francisco produced millions of these coins, but the Carson City issues remained some of the rarest due to their limited production.
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