1870-CC Liberty Head Eagle. VF Details--Altered Surfaces (PCGS).As one of the rarest Carson City Mint gold coins of any denomination, the rarity and desirability of the 1870-CC at all levels of preservation is firmly established in numismatic circles. This is a relatively appealing mid-grade example, both sides boldly retoned in a blend of deep rose and honey-gold. All devices are fully outlined and appreciable, the more protected areas retaining some sharper detail. The in hand appearance is quite smooth insofar as there are no sizeable marks, although the surfaces are subdued with a glossy texture and wispy hairlines that explain the PCGS qualifier. Although not a perfect example, this coin is sure to find many willing buyers among both advanced Carson City Mint enthusiasts and specialists in Liberty Head gold.pIn his notes included in our August 2012 sale of the fabulous Battle Born Collection, Carson City Mint expert Rusty Goe details the commencement of ten-dollar gold production at this coinage facility:pemGovernment statistics show that Comstock miners had delved $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./empem/ememHowever the Mint did not receive the desired response from the mining community. An inability to issue cash (coinage) on receipt of deposits had ensured that the miners would continue to ship the bulk of their bullion to San Francisco. As reported by the Treasury Department, the Carson Mints share of the Comstocks millions in ore totaled just $266,000 in 1870. Not much, but enough to get started./empem/ememOf the gold that had trickled in, the workshop crew minted eagles at first. They delivered 1,644 $10 gold pieces in mid-February, just days after they had struck the first coins ever in Carson City: Liberty Seated silver dollars. The local newspapers didnt have an exact count but excitedly reported that over $10,000 [in] gold tens were coined in the branch mint on Monday February 14, with Coiner Ezra Staley scheduled to deliver $5,000 more in face value the next day. For the reporters, who had probably never seen that many gold coins in one place, the mintage figures seemed staggering. They kept their readers informed regularly of all new batches of coins emitted and every bullion deposit./empem/ememStaley, and his replacement as coiner in May, Granville Hosmer, would yield 3,448 eagles in the first half of 1870, and Hosmer added another 2,460 pieces between July and December. It was a modest total, but considering the meager gold deposits received, and the fact that neither of the other two working mints had done much in $10 gold piece production in recent years, it gave all concerned a sense of the important attribute of national sovereignty, that James Pollock had said back in 1864 described the privilege of making coins./empem/emThe total mintage for the 1870-CC eagle, therefore, amounted to just 5,908 pieces. There is some debate concerning the exact number of coins extant from this mintage, with the experts at emPCGS CoinFacts/em estimating that just 45 to 60 pieces have survived. Doug Winters 2001 estimate of 35 to 45 examples seems low today, and the emPCGS CoinFacts/em figure might be a bit aggressive, especially since it is likely based solely 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 70 to 80 survivors in all grades. In any event, the 1870-CC is generally regarded as the rarest Carson City Mint eagle, just barely edging out the 1879-CC for this honor. (Opinions differ here, as well, with Jeff Garrett and Ron Guth ranking the 1879-CC ahead of the 1870-CC.) 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 not only the 1879-CC eagle but also the 1870-CC double eagle.pMost survivors grade no finer than VF, as here, and the 1870-CC is unknown in Mint State. As the first issue in this perennially popular mintmarked gold series, and a well established rarity, the offering of any 1870-CC eagle is an important occasion. Indeed, we anticipate excitement, keen interest and strong competition when bidding opens for this lot.
