1884-CC $10 Gold C.C. Coin of the Week 9-4-2011

The Carson City gold eagle series is a unique series in that when compared with the other mints in operation during the same period, 1870-1893, (save the New Orleans Mint as it did not resume operations until 1878) all issues command a premium that is not so much dictated by the price of gold. There are many gold coins minted in San Francisco and Philadelphia that can be obtained for just a small premium over there melt value, not so with Carson City. While there are C.C. gold coins available at affordable prices, those prices are not at levels of common date gold coins from the other afore mentioned mints. And the reasons being, mintages, survival numbers and availability, more so with the C.C. eagle series as total mintage numbers for this series is 299,778 as compared to 709,617 C.C. half eagles and 864,178 C.C. double eagles.

Carson City coins as a whole are known for their lower mintages in relation to the other mints in operation during the same period. Why? Why with a bullion supply so close, only fifteen miles away to the east, and the reason for the mint’s construction, was a good amount of the silver and gold supply going across the Sierras to the mint in San Francisco? This subject has been fuel for discussion probably since the opening of the mint itself, so I’ll throw a little more fuel on it.

First, there was Abe Curry, the ramrod behind the C.C. Mint’s beginnings and construction. Curry was an ambitious man with big dreams who built his town from nothing and made it a state capital. He was also half owner of the Gould and Curry mine on the Comstock and the mint’s first superintendent. He had as many (if not more) enemies than friends and among those enemies were the mine owners. They would have nothing to do with Curry and sent their bullion to San Francisco to spite him. Even though he resigned in the first of operation and died in 1873, their opinions of Curry didn’t change and the practice of sending the bullion to S.F. was established.

Second, it was cheaper to mint coins in San Francisco that in Carson City, but those rates were figured out on the average of total production. The more coins minted, the cost per coin was lower. With San Francisco minting more coins their costs would be lower. Carson City mint didn’t get an even break in that respect.

Third, and probably the most was politics. The political wheels in Washington D.C. were never in favor of a mint out in the middle of nowhere amongst the sagebrush, coyotes, and highwaymen. The bureaucrats were always putting restrictions of some kind or another on the mint. Even when two prominent mine owners were elected to the Senate, nothing was done for the mint. William Sharon who with the Bank of California in Virginia City, once held a monopoly of mines and mills on the Comstock, served in the Senate 1875-1881 did nothing and rarely left San Francisco during his term. His successor James Fair, one of the owners of the “big bonanza” mines did nothing and had an undistinguished term. After a political tog-o-war for 23 years, politics and bureaucrats won out and the mint was finally closed. But for we collectors, it left a legacy in collecting of lower mintages and rare date coins and the C.C. eagle series is an epitome of that legacy.

After being minted for fifteen years, the Carson City eagle of 1884 would be the last eagle minted at this mint for five years as no more would be minted until 1890. A total of eight other dates would have a higher mintage total than this date and the mintage total for the 1884 C.C. eagle comes in at 9,925 down by about 17.5% from a total of an even 12,000 the year before. In contrast, the mint west of the Sierras in San Francisco pumped out 124,250 eagles in 1884, most likely from Virginia City gold. Philadelphia, though not as many as San Francisco still made considerably more with 76,860, eight times as many. I reckon the employees of the Carson City mint were grateful for the 9,925 eagles that they made as at first the mint was not to make any eagles in 1884.

A request was made in the eleventh hour for eagles to be produced which the coiner of the mint had to start doing so with a partially canceled obverse die. Of the mintage total of 9,925 approximately 300 survive or less than 3%.

The luster of the 1884 C.C. eagle is considered to be slightly below average when compared to the other four dates from the 1880s and is seen as frosty. The surface of almost every example can show deep abrasions on both the obverse and reverse side with a number of issues having mint made black spots in the planchets. About every known example of the ‘84’ C.C. eagle has some mint made chisel marks due to the reformed dies used in the hasty minting.

Coloration, if still natural, is said to be a deep coppery orange or a green-gold hue. I say if still natural coloration because not many natural color coins exist as most have been said to be cleaned or dipped.

As far as the strike, the 1884 C.C. eagle is the toughest of the 1880’s from this mint to locate with a decent strike. Weakness is found in the curls on Liberty’s face, the top of the hair bun and in the stars. On the reverse, the neck of the eagle and sometimes in the feathers on the arrows. As said before due to the need for a usable obverse die because of a last minute order for eagles, a number of chisel marks can be seen on the neck of Liberty, some through the hair and through the letters “LI” and “T” of the word LIBERTY of the crown. This is due to the reason that the die was originally canceled and was reconditioned to be brought back into service for the minting order.

If one can consider price guides, as we all know there is not really a price guide concerning Carson City coins, but on the PCGS web site’s price guide they list prices as follows- VF30- $950 / EF40- $1,600
AU55- $7,000 / MS60 $25,000

The 1884 C.C. eagle is, while not the toughest C.C. eagle date and not the toughest C.C. eagle from the 1880’s, is still a tough date and to find one in an attractive high grade is something of a challenge for even the more seasoned collector. If one is to look for an example of a C.C. eagle for just a type set then an example from the early 1890’s would be an easier find. On October 9th, I will do my final COW post and with the permission of my fellow COWboys I will highlight the 1890 C.C. eagle. Thank you all and I’ll see you then.

Randy,

An excellent, knowledgeable article. I always learn something from our little Coin of the Week articles. In this case, I did not know the 1884-CC Eagle was struck from previously cancelled dies. That's quite interesting and creates interest as to why the die was cancelled in the first place.

Below is a not-so-distinct photo of an 1884-CC Eagle from the Rian's Bequest collection;



Belay Off

Excellent article Randy ! Imagine what the scene could have been if Abe Curry did not have so many enemies, then again would it have caused the Mint on Carson Street to be just another mint? Belay, does your coin have the raised lines across the neck diagnostic so prevelent on this issue? It looks like it has. ( beautiful coin BTW )

Loosechange

Great article, Randy. You can see the cancellation marks on the coin on the Southgate Coin website if you use the zoom feature. The most prominent cancellation marks are on the neck diagonally from the ear to the top hair curl and from the top curl to the tip of the bust. remants of the cancellation marks on LIBERTY can also be seen easily.

Hi garryn

Another excellent COW post. Your article clearly points out that "dirty-politics" is not just limited to today....it happened even during the "good-old-days"...the "Gilded Age"

Also: Shame on me, I did not know about the special diagnostic of the 1884-CC eagles - the semi-cancelled die. Now, because of your article here, I am aware. Great detective work!

Every "CC" coin of every year has their own unique story. Your article astutely points that out.

the drummer

RandySC,

I can see that the more you COWboys write about Carson City $10 gold pieces the more you discover how rare this series is. There are, of course, rarities within each of the 10 different "CC" coin series, but as a whole, the $10 gold pieces stand out.

Your use of three points---grudges against Curry, higher production costs, and political reasons---to speculate why the Carson City Mint did not receive as many orders for coins as did its Pacific coast neighbor, gives us more to ponder and debate. This is what adds intrigue to the study of the Carson City Mint.

Good job again. We'll look forward to your next, and final, COTW article.

Rusty