Rare 1870 double eagle coin fetches $1.4M at auction

In a dazzling display of history and wealth, a rare 1870 $20 “double eagle” gold coin sold for an astonishing $1.44 million at a Southern California auction, captivating coin collectors and investors alike, Report informs referring to CEO Today.

The auction, held by Stack’s Bowers Galleries, proved once again that the allure of rare coins remains timeless.

This historic coin, minted in Carson City, Nevada, during the post-California Gold Rush era, represents more than its face value or gold content. With only 3,789 of these coins originally struck and an estimated 40 to 50 still in existence today, the rarity of this piece drove bidding to extraordinary heights.

The identity of the winning bidder remains undisclosed, but their prize is an unparalleled piece of numismatic history—one that holds its own tale of survival and rediscovery.

The $20 double eagle coin has its origins rooted in the California Gold Rush, a pivotal moment in US history. Before 1849, the highest denomination gold coin issued by the US Mint was the $10 eagle. However, the surge in gold supply from the Gold Rush prompted Congress to authorize the creation of the $20 double eagle, a coin emblematic of the era's prosperity and ambition.

The 1870 double eagle minted in Carson City, Nevada, is a particularly significant artifact. The Carson City Mint was established to process the vast quantities of gold and silver pouring out of the western mines. Coins minted there are often revered for their historical significance and scarcity.

“This coin is more than just gold; it’s a snapshot of a transformative period in American history,” said John Kraljevich, a renowned expert in coin history at Stack’s Bowers Galleries.