Golden Treasure: Rare 1870 Double Eagle Coin Fetches $1.4 Million at Auction
In a dazzling display of history and wealth, a rare 1870 $20 “double eagle” gold coin sold for an astonishing $1.44 million at a Southern California auction, captivating coin collectors and investors alike. The auction, held by Stack’s Bowers Galleries, proved once again that the allure of rare coins remains timeless.
This historic coin, minted in Carson City, Nevada, during the post-California Gold Rush era, represents more than its face value or gold content. With only 3,789 of these coins originally struck and an estimated 40 to 50 still in existence today, the rarity of this piece drove bidding to extraordinary heights.
The identity of the winning bidder remains undisclosed, but their prize is an unparalleled piece of numismatic history—one that holds its own tale of survival and rediscovery.
From the Gold Rush to a Million-Dollar Auction
The $20 double eagle coin has its origins rooted in the California Gold Rush, a pivotal moment in U.S. history. Before 1849, the highest denomination gold coin issued by the U.S. Mint was the $10 eagle. However, the surge in gold supply from the Gold Rush prompted Congress to authorize the creation of the $20 double eagle, a coin emblematic of the era's prosperity and ambition.
The 1870 double eagle minted in Carson City, Nevada, is a particularly significant artifact. The Carson City Mint was established to process the vast quantities of gold and silver pouring out of the western mines. Coins minted there are often revered for their historical significance and scarcity.
“This coin is more than just gold; it’s a snapshot of a transformative period in American history,” said John Kraljevich, a renowned expert in coin history at Stack’s Bowers Galleries.
Rediscovery of a Hidden Treasure
This specific coin had been off the market for nearly 40 years, last appearing at a Stack’s auction in 1986, where it sold for just $23,100. Its reemergence caught collectors by surprise, with Kraljevich describing it as “a new discovery.”
“When this thing appeared out of the woodwork after being off the market for 25, 30 years, it was almost like unearthing a treasure chest,” Kraljevich said.
The coin, part of the Bernard Richards collection, is graded as the finest known specimen of its kind by the Professional Coin Grading Service (PCGS), the industry standard for coin valuation. Its pristine condition and rarity made it the star of the auction catalog.
The Million-Dollar Bidding War
By the time the live auction began, the bidding had already surged to $800,850, far outpacing other coins in the sale. When the hammer fell, the final price, including the buyer's premium, reached $1.44 million.
While the coin fell short of pre-auction predictions of surpassing $2 million, its sale price underscores the enduring appeal of rare coins as a form of investment and a passion for collectors.
The coin market has seen a significant surge in value over recent years, particularly during the COVID-19 pandemic. With more people turning to collectible investments, the prices of rare coins have soared. For example, the second finest known 1870 Carson City double eagle fetched $1.62 million at an auction in November 2021.
The Gold Within: More Than Just Precious Metal
Although the coin is primarily valued for its rarity and historical significance, its gold content is worth noting. Weighing just under one ounce, the gold within the coin is valued at approximately $2,600 based on current market prices.
However, as collectors know, a rare coin's worth goes far beyond its intrinsic materials. The value lies in its craftsmanship, historical context, and the stories it holds—like a time capsule from America’s past.
The Legacy of the Double Eagle
The double eagle coins have long captivated collectors and historians. In fact, the series includes some of the most famous coins in U.S. history, such as the 1933 Saint-Gaudens double eagle, which once sold for a record-breaking $18.9 million.
The 1870 Carson City double eagle is particularly coveted due to its low mintage and the historical significance of the mint where it was produced. As a testament to its enduring allure, the coin remains a symbol of the Gold Rush era, when fortunes were made, and the West was won.
Related: Rare 1975 ‘No S’ Dime Sells for Over $500,000: A Historic Coin’s Journey from Farm to Fortune
Why Rare Coins Are More Popular Than Ever
The sale of the 1870 double eagle highlights a broader trend in the collectibles market. Over the past few years, rare coins have become an increasingly popular investment, with demand surging during the pandemic.
“Coins like these are more than just investments—they’re pieces of history that you can hold in your hand,” said Kraljevich.
For many collectors, the thrill lies not just in ownership but in the hunt for these rare treasures. Each coin tells a story, and the chance to own a piece of history is a powerful motivator.
A Record-Breaking Future?
While this 1870 double eagle didn’t reach the $2 million mark, its sale is a testament to the enduring strength of the rare coin market. With its combination of rarity, history, and condition, it’s possible this coin could fetch an even higher price in the future.
As the numismatic world continues to grow, coins like this serve as a reminder of the stories hidden in plain sight—and the immense value collectors place on preserving them.
