1893-CC $5 Gold CC Coin of the Week - 05-16-10

1893-CC $5 Liberty Gold Piece





…from the drummer collection

The 1893-CC half eagle has an original mintage of 60,000. It is tied with the 1890-CC half eagle for 17th place on the rarity scale for coins from this series.


ESTIMATED SURVIVORS:

All Grades: 650-900
Uncirculated: 175-250
XF to AU: 400-550
(figures courtesy of The Mint on Carson Street by Rusty Goe.)

PRICE ESTIMATES (courtesy of U.S. Coin Digest):

VF-20 $345 - XF-40 $465 - AU-50 $770 - MS-60 $1,400 - MS-63 $6,350


1893 marks the final year of all coin production at the Carson City mint. Under the helm of the 7th Carson City Mint Superintendent Theodore Robert Hofer, the facility produced four denominations:

SILVER: MORGAN DOLLARS

GOLD: HALF EAGLES – EAGLES – DOUBLE EAGLES


The 22nd and 24th US President Grover Cleveland (D - NY) was a staunch anti-silver man and was responsible for closing the Carson mint from 1886 through 1889 during his first term in office. When his second (but not consecutive) term began in 1894, one of his first acts in office was to (again) close the Carson mint. This time, the closure would be permanent. During the uncertain 1893 final year, Carson mint workers more than likely had a feeling that their beloved mint was on the verge of being shut down. Workmanship was exemplary and many great examples survive today. 1893-CC half eagles are fairly plentiful, easy to obtain, relatively inexpensive and generally well struck.

The closure of the Carson mint was a severe blow to the citizens of Nevada. It marked the beginning of the end for once thriving communities like Gold Hill, Silver City, Virginia City and others. Some of these communities are now completely gone or have become “ghost towns.” Nevada’s population (and spirits) fell into decline as did the economy of the entire state. Thankfully, Nevada did revive and of course Carson City flourishes today as the State Capitol.

My 1893-CC coin shown here (PCGS MS-61 – Variety 1-A) is a frosty and lustrous yellow-gold example with a bold strike, loads of crisp detail and super eye-appeal. With the exception a few microscopic hairlines, it survives looking much as it did on its birthday back in 1893. In those years, exports of US gold coins to Europe, Canada, Central and South America were at an all-time high and it’s entirely likely that my example here is one of those that sat long and untouched in a foreign bank vault.

Most of the “CC” half eagles in my complete 19-piece collection grade-point average around XF-40. This 1893-CC $5 Coin of the Week (05-16-2010) is certainly one of my set “stand-outs.” It is very similar in appearance to my 1891-CC half eagle also graded MS-61 (NGC). I acquired my 1891-CC $5 in 2003 and its “twin” 1893-CC (as shown here) in 2004. I have Rusty and Marie Goe from Southgate Coins to thank for my acquisitions.

The 1893-CC half eagle is relatively common* in all circulated grades and fairly easy to locate in the lower uncirculated grades. It becomes scarce in properly graded MS-62, rare in MS-63 and very rare in any grades higher. There are three “finest known” examples (all graded MS-65 by NGC.)

*In order to keep things in proper perspective, it is important to note that although the 1893-CC $5 date is considered common by “CC” standards, it is far scarcer than the highly touted (and costly) Lincoln cent rarity 1909-S VDB. For example: The 1909-S VDB Lincoln cent has well over 400,000 known survivors (all grades) and is more costly in all but the highest grades, while the 1893-CC $5 has less than 900 total known survivors and is the better bargain of the two. These comparisons present a clear picture of the scarcity of this date and all Carson City gold coinage in general. The 1893-CC $5 is truly an undervalued issue.


DIE VARIETIES (courtesy of Gold Coins of the Carson City Mint by Douglas Winter – edited by James L. Halperin.)

“Two die varieties are currently known. It is possible that at least one other exist.”

VARIETY 1-A: “The date is placed centrally. The mintmark is placed high with the first C distinctly lower than the second. Early die states show doubling on the second C.” (My coin is of this variety)

VARIETY 2-A: “On this variety, the date is lower and placed more towards the viewer’s left. The reverse is the same as on Variety 1-A. This variety appears to be scarcer than the first.”


1893 HISTORICAL EVENTS:

January 2: Columbian Exposition opens in Chicago

February 1: Giacomo Puccini’s opera Manon Lescaut premieres in Turin Italy

February 9: Giuseppe Verdi’s opera Falstaff premieres in Milan Italy

June 19: Lizzie Borden acquitted in the grizzly axe-murders of her parents in New Bedford, Mass.

June 30: Excelsior diamond (blue-white 995 carats) discovered at the Jagersfontein Mine in South Africa

July 22: Katherine Lee Bates composes America the Beautiful in Colorado Springs, CO.

October 18: Peter I. Tchaikovsky conducts first performance of his Symphony Number Six in B minor Pathetique, in St. Petersburg, Russia



By Michael Parrott (the drummer) - C4OA LM-0023

that is an awesome example of that date, Mike.

Thanks Garryn

This 1893-CC $5 is one of my faves of my entire "CC" collection.

Hope to see you in Carson City this August!

Michael the drummer

Michael,

What a lovely coin! Common or not...it's a very desirable piece.

One of the most common threads from our club's Coin of the Week writers has been the undervalued nature of CC minted coins in relation to other numismatic rarities. Your comparison to the 1909 S VDB Lincoln cent is a perfect example not only because of the value disparity that you point out, but also because the "reason" for the disparity is so clear and easy to understand.

Every US citizen who ever tried his or her hand at collected coins probably coveted the 1909 S VDB cent at one time or another because Lincoln Cents are one of the logical places to start the hobby. Every amateur numismatist knows who Victor David Brenner is, but very few people know who Abraham Curry is.

Despite the fact that Carson City minted coins command a stiff price premium as compared to most other coins, the fact remains that CC minted coins still have a long ways to go in terms of the numismatic public's recognition and understanding of these wonderful wild west rarities.

Thanks for the informative article and congratulations on another "fantastic fiver"!

Belay Off

Hi Belay

Thanks for the good words. Your well written replies offer much encouragement and are greatly appreciated.

It is "funny" how the 1909-S VDB is such a household name while much rarer coins (like many "CC" issues) are unknown by the public at large.

In the case I brought up in my article here, the popularity of the famous penny was probably not a "hatched marketing plan" by some coin dealer(s) from the past, it was most likely accidental....but this just goes to show what marketing can do to the pricing of coins (or any product for that matter). It's all in the perception of the public mindset and those who possess the marketing skills to sway it their way.

Yes..."CC" coins in general still have a ways to go before their true rarity and value are known to the public. I guess we'd all better get'em while prices are still low!

Michael the drummer