LOT Old Heritage Auctions  /  2007 May/June Long Beach, CA Sig. US Coin #438  / 

2635

1891-CC $20 MS61 PCGS. The year 1891 is a fascinating

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1891-CC $20 MS61 PCGS. The year 1891 is a fascinating
<B>1891-CC $20 MS61 PCGS.</B></I> The year 1891 is a fascinating one in U.S. coinage. Because the San Francisco Mint was given the task of producing other areas of gold and silver coinage--a total of more than 5 million Liberty Seated dimes and quarters, 5.3 million Morgan dollars, and 1.3 million double eagles--it fell to Carson City and Philadelphia to supply gold eagles and half eagles for the nation's commerce (Goe, <I>The Mint on Carson Street).</B></I> While Carson City accordingly manufactured 208,000 half eagles and more than 103,000 eagles, that left only a small sum from the roughly $2 million in gold on hand to be coined into double eagles--namely $100,000--used to produce a mere 5,000 of the twenty dollar gold pieces. An instant rarity was created. (The same situation in Philadelphia caused it to produce only 1,390 double eagles in 1891.)<BR> The figure of 5,000 pieces for the 1891-CC double eagle is the second lowest of the entire series, with only the legendary 1870-CC lower, at 3,789 coins. Goe comments, "Yet small mintages and a common mintmark are the only traits shared by the 1870-CC and 1891-CC as these two dates are miles apart in terms of rarity and price. An estimated survival rate of 5% to 6% for the 1891-CC is inordinately high for this series; consequently, what should be an extremely scarce date is only moderately so, especially in Mint State grades. A telltale sign of why this is so can be observed in the relatively large quantities of 1891-CC double eagles that have been imported in recent years. Apparently a significant percentage of these were exported along with the multitudes of other U.S. gold coins during the 1890s."<BR> The present example offers semiprooflike, attractive yellow-gold surfaces that radiate brilliant luster. Moderate scattered, mostly minuscule abrasions limit a finer grade, but for the grade this piece possesses abundant eye appeal, in addition to its significant rarity. PCGS has certified six pieces in MS61, with five coins finer (4/07).<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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