1882-CC $20 Carson City Coin of the Week 12/12/10

Mintage: 39,140

Production of double eagles resumed at the Carson City mint after a two year gap. Double eagles were not minted in 1880 and 1881 because the Treasury implemented a new policy of expanding the distribution of $5 and $10 gold pieces.

The 1882-CC double eagle is among the more available issue of this decade, but it is rare in higher grades. High grade pieces sometimes are prooflike, other times frosty.

Most references state that none have been graded above MS-62, however Heritage Auction sold one in 2005 in PCGS MS-63 for $69,000.

MS-62 sold in 2006 for $28,750
MS-61 sold in 2008 for $13,800
AU-58 sold in 2009 for $4,940

1882-CC double eagle is among the best struck double eagles produced at Carson City mint, however the level of eye appeal tends to be slightly below average. Too many heavy surface abrasions and subdued luster.

A large number of coins were shipped for international trade and many have returned in recent decades. Nearly all of the high grade examples known are AU-58 to MS-61.

Finest Smithsonian Institution specimen: AU-58.

There are two varieties: 1-A and 2-B. They differ slightly in the placement of the mint mark.

Collecting Carson City coins is challenging, because majority of all coins were produced at other mints. The Carson City coins represent only a small percentage of the total available coins.

Those of you who like single malt Scotch Whisky can relate to this fact, that 92% of the Scotch Wisky sold in the world is blended and only 8% is sold as single malt. That's like taking MS-65 coin and lowering it's grade to XF or AU grade.

Collecting Carson City double eagles presents another interesting dilemma. To start with, the mintages are low and the prices reflect that. Once you collect the lower priced 18 coins, you run into a wall, the price of the 1870-CC $20. At present it's price is in the range from $300,000 to $550,000 depending on the grade and is about the same price as the 18 other coins put together.

The lower priced 18 double eagles are within the reach of an average collector using his own hard earned money, however the 1870-CC $20 is in the realm of inherited money or won from a lottery, Los Vegas, etc.

At present gold price is around $1,400 per ounce and PCGS lists 1882-CC $20 as follows,

VF-30 at $2,300
EF-40 at $2,500
AU-55 at $4,000
MS-60 at $8,500
MS-62 at $19,500
MS-63 at $70,000

Hurry and get a few of these coins before ANA National Money Show in Sacramento, CA in March of 2011. Following the ANA show will be a trip called "Mining and Minting in Carson City". The trip will include a visit to Virginia City, The Comstock Lode, The Carson City Mint and Placerville.

About 10,000 visitors attend the ANA show, plus another 10,000 that will not attend, but will read about it. Thus, Carson City coins will be on all those collectors minds. All this should generate a demand for everything from Carson City mint.

Merry Christmas and a Happy New Year.

John Armonas

Superb article John, That AU-58 looks mint state to me. Is that a coin from your collection? At the ANA this past summer in Boston I was able to view up close 4 1870-CC twenties. Talk about history in your hand. Do you know which of the two varieties is scarcer?

Loosechange

Loosechange.

Thank you for your comments. The difference between the two varieties is minor so there is no premium for any of them. At this time I do not collect varieties, first have to complete a set of one of each. The images in my postings are of my coins, otherwise I would mention where they came from.

Merry Christmas

John Armonas

Those of you who like single malt Scotch Whisky can relate to this fact, that 92% of the Scotch Wisky sold in the world is blended and only 8% is sold as single malt. That's like taking MS-65 coin and lowering it's grade to XF or AU grade.

One of my favorite pastimes is drinking single malt scotch and looking at some coins. :lol: A nice analogy for the holiday season.

Garryn,

I am still working on my set of Carson City $20, however this week I
completed Modern Mexican (1905-1975) type set. The set was started a few years ago when I lived in Seattle. In Ohio Mexican coins are not popular so it took quite a while to finish it. Now that it is done I will be looking for a few upgrades. There is no end in collecting.

John Armonas

---"Those of you who like single malt Scotch Whisky"

I do not drink alcohol so the single malt whiskey vs MS-65 Double Eagle analogy was lost on me...sorry.


---"Most references state that none have been graded above MS-62"

The only two specimens graded MS-63 are both in PCGS holders and are listed in the standard PCGS Population Report (below), Coin Facts and on the C4OA web site.

PCGS Population Report

PCGS Mint State ----60

---

61

---

62

---

63

---

64
Pop-1882-CC $20.....3......26.......15........2.........0


---"however Heritage Auction sold one in 2005 in PCGS MS-63 for $69,000."

A more recent example of the 1882-CC MS-63 PCGS Double Eagle reportedly sold in a David Lawrence Auction on May 27, 2010. The actual coin is pictured below;



While DLA indicates the coin was sold, they do not publish the price. Strangely, DLA says there was only one bidder on the coin that night. But what is really odd is that the May 27, 2010 David Lawrence live internet auction was primarily advertised as an auction of Jefferson Nickels!

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