A rare “Double Eagle” coin has recently made headlines after selling for an astounding $1.4 million at an auction in California. This historic 1870 $20 gold coin, minted in Carson City, Nevada, is one of the most coveted pieces in the numismatic world. With only a few surviving examples, the coin attracted fierce competition among collectors, who drove the price far beyond expectations.
This auction highlights the growing interest in rare and valuable coins, a market that has seen remarkable growth in recent years. Whether you’re a seasoned collector or new to the world of rare coins, this sale is a testament to the enduring allure and significant value of the Double Eagle coin.
Collectors passionately competed for the coveted $20 “double eagle” gold coin during Tuesday’s event. This 1870 coin, minted in Carson City, Nevada, achieved a remarkable price of $1.44 million, including the buyer’s premium, at Stack’s Bowers Galleries’ auction.
With only 3,789 coins originally minted, experts estimate that just 40 to 50 of these rare pieces remain today, according to John Kraljevich, a coin historian at the auction house.
The identity of the buyer who acquired this exceptional coin was not revealed by the auction house.
The History of the “Double Eagle” Coin
Prior to 1849, the $10 eagle was the largest denomination among U.S. gold coins. However, the $20 double eagle was introduced after the California Gold Rush, which greatly increased the nation’s gold reserves, Kraljevich explained in a statement to The Associated Press (AP).
This particular coin last appeared at auction in 1986, where it sold for $23,100 through Stack’s.
“It was completely off everyone’s radar,” Kraljevich noted. “When it surfaced after being absent from the market for 25 to 30 years, it felt almost like an entirely new discovery.”
When the $20 double eagle went up for auction, bidding had already reached an impressive $800,850, outpacing every other item in the catalog. This coin, a prized piece from the Bernard Richards collection, is considered the finest example of its kind by the Professional Coin Grading Service.
Although its rarity and high grade generated significant excitement, the coin’s final sale price fell short of the anticipated $2 million mark.
The second-highest graded coin of this type sold for $1.62 million during an auction in November 2021. According to Kraljevich, collector coin prices saw a surge during the COVID-19 pandemic as many individuals shifted their investments toward personal hobbies and interests.
The coin’s gold content, weighing just under one ounce, holds an intrinsic value of about $2,600 based on current gold prices.
Other Notable Auctions
In 2021, luxury shoe designer Stuart Weitzman auctioned three rare artifacts, including a 1933 “double eagle” coin.
“The 1933 Double Eagle has a uniquely captivating history that reflects significant chapters of U.S. history and has been a focal point of numismatic fascination for more than 80 years,” Sotheby’s noted in a press release before the auction.
“As America’s last gold coin struck for circulation, it marked the end of a tradition that began in 1795. Known as the coin that symbolized America’s departure from the Gold Standard, the 1933 Double Eagles were minted for circulation but never legally issued for public use.”
Conclusion:
The sale of the rare Double Eagle coin for $1.4 million underscores the ongoing demand for historical and rare collectibles. As the numismatic world continues to evolve, the value of these treasures only grows. Collectors and investors alike are keeping a close eye on similar pieces that may soon appear on the market, eager to acquire these unique slices of history.
FAQs:
What is a “Double Eagle” coin?
The “Double Eagle” is a $20 gold coin minted in the U.S. starting in 1849, with a distinctive design and historical significance.
Why did the Double Eagle coin sell for so much?
Its rarity, historical value, and high-grade condition contributed to the coin fetching $1.4 million at auction.
Where was this particular Double Eagle coin minted?
The 1870 Double Eagle coin was minted in Carson City, Nevada.
How many Double Eagle coins still exist today?
Experts estimate that only 40 to 50 of these rare coins remain in existence.