1881-CC $5 Gold Coin of the Week 5/15/2011

Dan De Quille (pseudonym used by William Wright) was a famous Author/Journalist who once wrote about the conditions deep inside of the Comstock Mines. One can only imagine the horrid challenges that plagued the Miners of the Comstock era! De Quille once noted the following-

“Some of the old shafts opened on and about the first or upper line of bonanzas have quite gone to decay. It is perilous to undertake the exploration of these old worked out levels. In many places they are caved in, every direction, the old floors are rotten, water drips from above, a hot, musty atmosphere and almost stifles the explorer, and in places, the air is so foul that his candle is almost extinguished.”

Parts of the following reference material was extracted from” James Crawford, Master of the Mint at Carson City, A Short Full Life”, by Rusty Goe, Rusty describes much of the Mints situation in 1881.
At the Carson City Mint, the year 1881 started off with acting Mint Superintendent , T.R. Hofer informing Mint Superintendent, James Crawford (now in his 7th year in his position at the Carson City Mint), that coinage operations during the first weeks of the New Year had commenced two days earlier with the striking of Gold coins. The public had been invited to witness the event. A notice was even placed in the Appeal , a local newspaper, announcing that gold coinage would be struck on Wednesday February 2nd, between 10am and noon. Those who desired to witness the operation were invited to stop by. it was not noted if they struck half Eagles or Eagles on that date . Many who had wanted to attend, did not due to the inclement weather, although packs of visiting Legislators in town were seen crossing a very muddy Carson street under their umbrellas to be in attendance.

1881, like many other years at the Carson Mint began with yet another frivolous rumor which sparked short lived controversy when C.C. Powning, State Senator and Editor of the Nevada State Journal in Reno, suggested that the U.S. Mint in Carson City might be taken up and moved to Reno for $100,000. Washoe County reportedly offered to donate five acres of land for the location. Most importantly, Rusty Goe notes that present day coin collectors in the twenty-first century may ponder how the inclusion of an “R” Mintmark on the Nations coinage would have impacted Numismatics; the rumor flew in the face of factual truth. Rumors of personnel changes, charges of corruption and fears of eminent suspensions of coinage operations constantly kept the staff on edge. The Carson Mint basically ran smoothly for the first three months in 1881 until all coining was stopped from April 1st to November 1st with a shortage of bullion to blame. The Government had used the same excuse throughout the years for ordering work stoppages at the Carson City Mint. Quantities of Silver bullion being deposited there were “not great enough to keep the force steadily employed on full time”. Employees waited expectantly for any news that would indicate that the Mint had a fighting chance to survive. Rusty Goe noted,” To think of Carson City without a Mint would be like thinking of it without a soul, void of an identity”.

In June of 1881, Superintendent Crawford solicited sealed proposals from companies desiring to supply the Carson Mint with materials needed for operations. July 4th 1881 celebrations in Carson City turned to prayers and best wishes directed to President Garfield’s hopeful recovery since being shot just days earlier. James Abram Garfield passed away from this wound on September 19th, 1881, just shy of his 50th birthday; Garfield's presidency lasted just 200 days as a result of the assassins’ bullet. Carsonites soon began contemplating what effects Chester A. Arthur would have on their Mint as the Nations next President. On July 5th, an alarming situation took place as fire broke out near the roof of the Mint building. Fortunately only minimal damage occurred. Credit for the fire being put out so quickly went to Crawford who had thought up such preventive measures such as installing a fire hose in the upstairs hall earlier on.

Early snows had begun during the third week of October, by then Crawford had received official orders that the Mint operations would begin on schedule at the start of November. The Tribune noted, “The Mint resumes active operations tomorrow morning” Rusty Goe noted, “October 31st may not have been as elating as Christmas eve, but close”. “Reopening the Mint would bring as much joy to many as would the act of opening presents under the tree”.


With the Carson City Mint closed for so many months in 1881, only three different denominations were struck, Dollars, Half Eagles and Eagles. The total coinage for all three denominations was a mere 333,901 pieces. Only the years 1870, 1871 and 1885 had less coins produced at the Mint during all of the “CC” coinage years between 1870 and 1893.

The 1881-CC Half Eagle’s overall rarity is tied for 4th of 19. An undisputed total mintage of 13,886 pieces was coined. Some statistics for the 1881 Half Eagle include, Designer as Christian Gobrecht, weight of 8.359 grams, composition .900 gold, .100 copper (net weight .24187 oz. pure gold), diameter 21.6mm, reeded edge with the Motto above Eagle. Only one die variety is known, the date is large and centered, and the Mintmark is tall and narrow and is placed over the V in five. The 1881cc Half Eagle is considered by many as an under-rated date and it is the rarest “CC” Half Eagle from the 1880’s. It is also quite difficult to locate with nice eye appeal. Just a few examples are known in Mint State condition. The top two major grading services (each) report approximately 70 examples in all grades with some of this amount suspected to be resubmissions.

After reviewing 15 major auction archive results displaying better eye quality and appeal from the past seven years, I was able to comprise the following data. 9 of the 15 coins graded between VF35 to XF40 with just 2 lower examples noted in VG8 and VG10. Only 4 examples graded AU50 or higher, with MS61 being the highest. The 15 auctions selected all appear to be fairly original coins with no problems noted by the top major grading companies.

Some major auction results with (varying grades and prices) realized for the 1881-CC Half Eagles over the past seven years were as follows
VG8 ($345)
VG10 ($920)
VF35 ($1,380 to $1,495)
EF40 ($1,495 to 2,990)
AU50 ($5,175)
AU53 ($5,750)
MS61 ($20,700)

Current Coin Values as of April 2011 list the 1881-CC Half Eagles as the following varying price ranges
F12 ($600), VF20 ($500 to $900), EF40 ($1,500 to $2,000), AU50 ($6,000 to $7,000), AU58 ($13,500), MS60 ($22,500 to $23,500), MS63 ($60,000) (Just about one year ago I was able to purchase an NGC VF30 graded example of the 81cc Half Eagle with nice eye appeal for just under $1,100. I believe I purchased a very nice example of a very hard to come by coin in an affordable grade from an amazing and historical United States Mint) the 1881-CC Half Eagle really is a tough coin to locate and it’s mintage of just under 14,000 total coins produced makes it even tougher. When one surfaces at the right price, bids are sure to fly faster than the bullets at the OK Corral!

Drummer (will have) completed a story for 17 of the 19 total “CC” Half Eagle dates in the series by the close of this 111 week project; I am honored to complete the 2 remaining dates in this magnificent set!

Posted before the “Western Sunrise” on Sunday May 15th, 2011 by Tom DeFina

Deepsouthspike!! Superb COW post. I like they way you structured this article with visuals and I can't wait till we work together so that I can learn this craft. In the picture of the cashier's room is that a wood or coal stove that is keeping the employees warm? It must have been some sight to see the Mint in operation and old #1 press cranking out those gold coins. Again Sir, you have raised the bar for the rest of the COWboys.

Loosechange

TOM

A masterfully researched and written Carson City Coin of the Week article, thoroughly supported with interesting images. Who would have thought Bert Lancaster would ever appear on our club's humble web site?

The striking of gold coins on February 2, 1881 as announced for public viewing by the Appeal, was exactly 100 years earlier, almost to the hour, than my daughter's birth...not that that has anything to do with coins.

Belay Off

Tom,

It's always a pleasure to see you and the other COWboys have such a good time posting all the interesting observations and images for your Coin of the Week articles. In this week's posting, you took us back to 1881 and checked off important events in Carson City Mint history and in the history of the United States.

You made the following significant obeservation:

The total coinage for all three denominations was a mere 333,901 pieces. Only the years 1870, 1871 and 1885 had less coins produced at the Mint during all of the “CC” coinage years between 1870 and 1893.

The 1881-CC half eagle is truly one of the dates that fly under most collectors' radar screens.

Another top-notch COTW posting from our dawn's-early-light contributor. Good work.

Rusty

Hi Deepsouthspike

Wow! A superb, thorough article on one of the true "sleeper" "CC" gold coins...the 1881-CC half eagle.

A lot of collectors don't have the full realization or true perspective of this coins' great rarity...it's actually rare than many of the fabled 1870's "CC" $5 issues. Your article points this out!

Your use of well-researched facts combined with your visual display produce articles worthy of books....great work my friend!

I am most pleased and proud that you provided an image of the 1881-CC half eagle from my collection...thank you for that.

the drummer

Thank you for all the replies on my latest post on the 1881-CC Half Eagle.

Loosechange, my first guess would be a wood stove??? Perhaps Rusty has better insight on this than anyone?

Drummer, It was an honor to post the photo of your coin! Your complete set of all of the 19 different "CC" Half Eagles is no easy accomplishment and you have an absolute right to be so proud of it!

Belay, you see, now you know what to purchase your Daughter for her next Birthday! An 1881-CC Half Eagle!!!!! Tell her that even though Diamonds may be a girls best friend, Carson City coins have much more sparkle and class!

The 1881-CC Half Eagle certainly does fly under the radar screen and I was the biggest kid in the Candy store when I came across my VF30 example. It was one of those sensational experiences when you freeze like a deer in a headlight and think to yourself, If i don't purchase this coin right here, right now, some other Carson "COWboy" will be certain to snatch it up right from under me!

And judging by my research, this date is most commonly seen (without issues)in grades VF35 to EF45 (in PCGS and NGC slabs) which are normally priced 2X to 3X what I paid for my choice VF30 example. And for someone such as myself who has a lesser budget to spend on my Carson passion, this certainly was another "CC" magical moment for me.

Rusty, Thank you again for helping me bring out the inner "CC" passions I had hiding within myself and I am very proud to be dubbed the "dawn's-early-light contributor" on this great forum!

Best
deepsouth