1870-CC $10 MS(PCGS#8658)

August 2023 Global Showcase Auction U.S. Coins

拍卖行

Stack's Bowers

批号

5157

等级

AU58

价格

7,864,273

详细说明

Historic 1870-CC Eagle Finest Known for this Rare Key Date Issue 1870-CC Liberty Head Eagle. Winter 1-A. AU-58 (PCGS). CAC. Here is a highly significant 1870-CC eagle, a well known and eagerly sought rarity in the Carson City Mint ten-dollar gold series. Graded AU-58 by PCGS and approved by CAC, this new discovery now ranks as the sole finest example of this rare issue, of which only about 60 survive in all grades. This incredible treasure recently resurfaced from a Canadian family in Canfield, Ontario who had been its custodian for over 100 years. Canfield was a recognized stop on the Underground Railroad, and it is likely the coin first crossed the border sometime in the late-19th century after the American Civil War. The family also owned and operated a grist mill in the region during the 1920s and the Great Depression, and it is possible the coin was taken as payment for flour or other staples during that time. In the century since, it has evidently been cherished and well cared for. Now it will be passed along to a new custodian for the next generation. This AU-58 (PCGS) CAC offers the top quality available for the issue and cannot be improved upon. Vivid honey-orange surfaces exhibit intermingled highlights of rose color and, at the left obverse border, a splash of light russet. Both sides support remarkably sharp definition for this issue, as most of the survivors are in lower grades through VF. Locating an example with as much detail as the present piece is not an easy task. In addition, virtually all known survivors show numerous deep, detracting abrasions. This pleasing coin is a notable exception for, while there are a few marks of note scattered throughout the reverse field and on the obverse above the date, most areas have only small, wispy handling marks that do not detract. Ample remnants of the original mint finish persist. Given the rarity and historical significance of this issue, as well as the fact that it is unknown in Mint State, this extraordinary coin holds tremendous appeal to advanced collectors of Carson City Mint or Liberty gold coinage. We anticipate excitement, keen interest, and strong competition when bidding opens for this AU-58 (PCGS) CAC Condition Census #1 rarity. In his outstanding 2020 reference The Confident Carson City Coin Collector, Rusty Goe opens his discussion on the challenges associated with the commencement of ten-dollar gold production at this coinage facility when he writes: Government statistics show that miners in Nevada's Comstock region had hauled out $16 million worth of 'raw material,' in the form of precious metals, from the ground in 1864, the year Congress had debated the viability of establishing a mint in Nevada. By 1870, the output of ore in that region had dwindled to $8.3 million, still a sufficient supply to prime the operations of a start-up mint in the area. First, the officers at that facility would need to persuade the miners to deposit their bullion locally rather than ship it to San Francisco, or other destinations thousands of miles away. In this they were successful enough for, while a mintage of 5,908 pieces for the 1870-CC is modest in an absolute sense, it was commensurate with ten-dollar gold eagle production at the other operating mints in recent years, and of sufficient quantity to give hope that coinage operations would continue at Carson City. There is some debate concerning the exact number of coins extant from this mintage, with PCGS CoinFacts estimating that just 45 to 60 pieces have survived. Doug Winter's 2001 estimate of 35 to 45 examples certainly seems low today, and even the PCGS CoinFacts figure might be too conservative (and is likely to be skewed since it is based predominantly on the number of grading events for the issue). With a wider view toward the total number of coins in numismatic hands, Rusty Goe provides what we feel is a more accurate estimate of 60 to 75 survivors in The Confident Carson City Coin Collector. In any event, the 1870-CC is generally regarded as one of the two rarest Carson City Mint eagles, an honor it shares with the 1879-CC. (Opinions differ here, as well, with Jeff Garrett and Ron Guth ranking the 1879-CC ahead of the 1870-CC in rarity.) The 1870-CC eagle is also one of the rarest Carson City Mint gold coins of any denomination, ranking near the top of this listing alongside the 1879-CC eagle and also the legendary 1870-CC double eagle. Provenance: Ex Canfield Heirloom. Combined PCGS and NGC Population: 1; 0 finer. CAC Population: 9 in all grades, the offered coin in AU-58 the highest graded. PCGS# 8658. NGC ID: 264U. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.