1893-CC $20 Gold Coin of the Week 28-02-10

The 1893-CC is the final Double Eagle produced at the Carson City mint. It is much more available than its low mintage figure (18,402) would suggest.In fact, in high grades it is among the most readily available Double Eagles from this mint. It becomes scarce in MS-62 and it is rare in MS-63 and higher. It almost never is seen in grades below AU-55, suggesting that this issue saw very little circulation, mosttly it was used in the export trade.

Carson City Gold $20 Coins in the sale of Eliasberg collection had only one MS type coin. 1893-CC $20 coin was an AU-50 and sold in 1982 for $1,348. For more information about this sale see the Numismatist issue, March 2010.

At one time the 1893-CC Double Eagle was an elusive rarity. In fact, the issue is one of the few mintmarked Double Eagles missing from the collection of the Smithsonian.

In 1893 depression was underway, and before the end of the year, over 500 banks failed, 15,000 businesses closed, and 74 railroads were bankrupted. All this sounds so familiar. The more things change the more they stay the same or something like it. 1893 saw strikes, looting and insurrection.

Price of silver fell because the government subsidy to silver ended. The Comstock Lode was for all practical purposes exhausted. Over $90,000,000 in gold was exported, mostly in the form of $20 Double Eagles. Some of these coins must have been the 1893-CC Double Eagles.

This is one of the best produced gold issues of any denomination from the Carson City mint. The strike is usually very bold with complete definition noted at obverse and reverse centers.

1893-CC $20 Double Eagle is a Type III coin. In 1876 was a movement to improve the designs of American coins. Many small changes were made, however the most pronounced change was the denomination, it became TWENTY DOLLARS. This change created a new type for the collectors.

There are two varieties: 1-A and 2-A. In variety 1-A, the first C in the mintmark is over the right side of the space between the Y in Twenty and the D in Dollars, while the second C is entirely over the D. In the variety 2-A, the base of the 1 in the date is further from the truncation than on variety 1-A. The coin shown above looks like a variety 1-A type.

Since most of us will not be able to obtain, first year issue, $20 Double Eagle from the Carson City mint due to its astronomical price, the 1893-CC $20 Double Eagle provides an opportunity to obtain the last year of issue. This issue has the highest quality coins that have better strike, luster and color among 19 $20 Double Eagles from the Carson City mint. Plus, there are plenty coins to choose from, about 500 in Uncirculated grades and another 500 in XF to AU grades.

Current prices are,

XF-30 $2,600
AU-55 $5,250
MS-60 $6,750
MS-62 $15,000

John Armonas