1876-CC $5 Gold CC Coin of the Week - 9-11-2011

A Dedication:



It is an honor and a privilege to be appointed my C.O.W. post of this special U.S. Centennial issue 1876 Carson City gold half eagle on so special an historic day as 9/11.
I dedicate this post to the memory of all those whose lives were touched by the tragedy of September 11, 2001 and to all those who risk their lives daily for our freedom.


New Edit: Another Dedication


I don't normally edit my posts after they've been published, but this is an exception:

I also dedicate this post to the 10 years of wonderful business of the greatest coin store in the world, Southgate Coins in Reno NV, their special owners, employees and my good friends. Long live Southgate!


1876: America’s Centennial Celebration and a U.S. Presidential Election Year


Despite the previous 11 years of political scandals, controversial events plus the healing from the pain of the Civil War, our nation was in an over-all good mood as cities and towns from coast to coast prepared for the 100 year Centennial celebrations. A grand Exposition was held in Philadelphia drawing more than ten-million visitors. While gala festivities were busily being planned, the citizens also had to contend with business as usual. At the top of that priority list was the 1876 presidential election which would prove to be one of the most controversial elections in American history.

The United States presidential election of 1876 was one of the most disputed and controversial presidential elections in American history. Samuel J. Tilden of New York outpolled Ohio's Rutherford B. Hayes in the popular vote, and had 184 electoral votes to Hayes's 165, with 20 votes uncounted. These twenty electoral votes were in dispute in three states: Florida, Louisiana, and South Carolina; each party reported its candidate had won the state, while in Oregon one elector was declared illegal, as an elected or appointed official and replaced. The twenty disputed electoral votes were ultimately awarded to Hayes after a bitter legal and political battle, giving him the victory.

It is generally believed that an informal deal was struck to resolve the dispute: the Compromise of 1877. In return for the Democrats' acquiescence in Hayes's election, the Republicans agreed to withdraw federal troops from the South, ending Reconstruction. The Compromise effectively ceded power in the Southern states to the Democratic "Redeemers".

This was the first election in twenty four years in which the Democratic candidate won a majority of the popular vote. The above information courtesy of Wikipedia.



There is of course far more to the political scenes of 1876. You can find out many more details by reading The Mint on Carson Street* by Rusty Goe beginning with page 52.


The Pinnacle Year of Production


Since its founding, the year 1876 was the Carson City mint's pinnacle year of production. Some Carson City mint historians refer to this era as "The Trade Dollar Era". Under the helm of mint Superintendent James Crawford, a total of 15,839,024 coins were minted with a face value of $6,402,215. To this day, "CC" seated dimes, quarters and half dollars remain fairly easy to obtain, even up to grades of MS-64. Higher grades of course are still rare and elusive. The 1876-CC gold double eagle is the easiest to obtain of its series. Several varieties and small, medium and large "CC" mintmarks are found in abundance in all the "small change" issues giving evidence to the amount of daily production. Dies were used to their fullest. Conversely, one of the greatest "CC" rarities is the 1876-CC twenty cent piece, so too, are the 1876-CC gold half eagles and eagles though not nearly as rare as the towering "CC" twenty center. These are the exceptions to this big year of Carson mint production. For more information on this subject, again refer to *TMOCS by Rusty Goe (begin at page 43)


Mintage Comparisons - 1876 Gold Half Eagles


Philadelphia: 1,477
Carson City: 6,887
San Francisco: 4,000

This marks one of the rare times when the Carson Mint had the highest mintage for a denomination in any given year.



1876-CC Gold Half Eagle


From a series low mintage of 6,887, only 120 to 135 pieces survive making this a truly scarce coin. It’s estimated that around 65 to 75 exist in the XF to AU grade ranges while only 2 to 3 are known in uncirculated. This date boasts one of the (if not the) highest quality gold coin (of any denominational series) from the Carson City mint; the coin I’m writing of would be the spectacular Eliasberg PCGS MS-66 specimen. You can see an image of this amazing piece on page 360 of Rusty Goe’s book The Mint on Carson Street. Many thanks to Rusty for the courtesy of providing this image and all mintage/survivor information from that great book.

This issue has the lowest mintage figure of all the CC half eagles. Logic suggests that the lower the mintage, the rarer the coin. This rule doesn’t apply in this case and despite its low mintage, it’s only the 7th rarest of the series. It’s possible that some were saved due to importance of its Centennial year date thus accounting for the discrepancy. Still, most examples bear the typical "CC" gold abrasions and “bag marks” proving that they were indeed used in commerce.

The 1876-CC half eagle is actually one of the better (if not best) over-all looking coins from the 1870’s series, however there are a few that have been seen with mint flaws (small black streaks in the planchet). Only one obverse and one reverse die were used in their manufacture thus only one variety (Variety 1-A) is known.* All known examples have a small raised die lump on Liberty’s neck just below Liberty's jaw line.



Pricing:
(Courtesy of U.S. Coin Digest)

VF-20 - $1,500
XF-40 - 5,000
AU-50 - 14,000
MS-60 - 18,000 plus



It's been stated many times but I'll mention again that these prices do not accurately reflect what collectors will pay for actual examples.


My 1876-CC half eagle – PCGS VF-20 – Variety 1-A*


My coin was purchased in 2004 from Southgate Coins in Reno NV and is a beauty of a specimen for only a VF-20. One quick glance and it speaks of a VF-35 or maybe even an XF-40. There are a few distracting scratches from long ago on the obverse surface which undoubtedly contributed to the reduction in grading points of this piece. There’s simply too much remaining detail for this coin to be correctly considered a VF-20 coin. The reverse displays slightly weak strike tendencies in the eagle’s right wing and the breast and this could be a contributing factor in its low grading. In all fairness, this coin deserves a higher grade. The only good thing about all this is that I paid a VF-20 price for it! I’m very pleased with this purchase considering the true scarcity of this issue.



*Die Varieties


Variety 1-A: “The date is level and somewhat low in the field. The mintmark is close and level. The edge of the arrow feather rests midway between the first and the second C. Many show light machine doubling on FIVE D. But this is not as pronounced as on some of the half eagles struck at the Carson City mint earlier in the 1870’s.”

Die Varieties courtesy of Gold Coins of the Carson City Mint by Douglas Winter – Edited by James L. Halperin




1876 HISTORICAL EVENTS


January 31: The United States orders all Native Americans to move into reservations.

February 2: Baseball's National League forms with teams in Boston, Chicago, Cincinnati, Hartford, Louisville, New York, Philadelphia and St Louis.

March 7: Alexander Graham Bell patents the telephone

April 1: 1st official NL baseball game (Boston-6, Phila-5)

May 10: Centennial Fair opens in Philadelphia

June 10: 10th Belmont: William Donohue aboard Algerine wins in 2:40.5

July 4: 1st public exhibition of electric light in San Francisco

August 13: Richard Wagner's (1813-83) Of the Ring premieres in Bayreuth Germany

September 6: Southern Pacific line from Los Angeles to San Francisco completed

October 23: New Orleans Mint reopens as an assay office

November 7: President Rutherford B Hayes & Samuel J Tilden claim presidential victory Tilden (D) wins election but Electoral College selects Hayes (R)

December 6: City of Anaheim CA incorporated for 2nd time



by Michael Parrott the drummer

Great article Drummer!! I echo your comments and thoughts to the families of the 09/11 tragedy.
I myself am amazed that the Carson City Mint was "the" facility that struck the most half eagles. Your coin IS a beauty and sometimes I wonder if even the graders at the grading services get confused with strike to actual wear on a coin. My opinion is that your coin exceeds the VF-20 grade, that coupled by the fact that there are 120 to 135 pieces extant, makes you one of the lucky few that can complete a set of half eagles. Super informative article my friend!!!!!!!


Loosechange

Hi loosechange

Thank you for your kind words. Yes, today is a most special day and the COW post of an 1876 "CC" issue is most fitting.
I also agree with you regarding the grading of my particular example.
I feel that all the coins in my collection are correctly graded except for this one.
I just may have to try a re-sub sometime.

the drummer

Michael,

The year 1876 will always be a special one to write about, especially when it comes to numismatics. You wove yourself through this week's COTW article just like a seasoned tour guide. You taught us about pertinent points of history, you emphasized what a power-production year it was at the Carson City Mint, and you provided all the necessary details we need to know about the 1876-CC half eagle—complete with a special mention of the amazing Eliasberg specimen.

You wrote:

This issue has the lowest mintage figure of all the CC half eagles. Logic suggests that the lower the mintage, the rarer the coin. This rule doesn’t apply in this case and despite its low mintage, it’s only the 7th rarest of the series. It’s possible that some were saved due to importance of its Centennial year date thus accounting for the discrepancy.

I think your hypothesis holds weight. Looking back to 1876, we must assume that U. S. citizens were eager to grab many mementos from this landmark year in the nation's history.

Another admirable, well-thought-out article for you. Good job.

Rusty

Hi Carsonite

Thank you for your review of my COW post of this very special date and coin, the 1876-CC half eagle.

When I write my posts I pre- map out exactly the points I wish to make. You have picked up on everyone of my "mapping" points as I intended to make. That gives a novice writer such as myself, a great feeling...a feeling of accomplishment. Thanks to your patience and guidance, I am learning. Still have a good ways to go, but I'm learning.

As you probably know, this was my final COW post in a project that has taken many twists and turns but always fun and ever improving for myself and all the COWboys. I will miss this project..it has been a gift.

I now look forward to your masterpieces of the "CC" tower coins...a fitting finale to this wonderful project.

the drummer

Michael,

A positively fantastic tribute to the 1876-CC $5 Half Eagle. The opening story of the controversial presidential election was facinating and brought back memories of the close votes and their resulting political nastiness, which occurred during our own time.

What a great stike your 1876-CC $5 VF-20 exhibits. I remember thinking the same thing when I first examined the coin in person at the C4OA gathering in Carson City a few years ago. I wondered then, as I do now, whether this handsome coin should really be in a VF-30, or better, holder? Have you ever thought about resubmitting the coin?

Congratulations on your great Coin of the Week article about this important centenial coin, the 1876-CC $5 Half Eagle.

I also want to publically thank you, with utmost sincerity, for the huge contribution you have made to the Carson City Coin of the Week project since its very beginning.


Your friend and fellow COWBOY....Belay Off