Rare Coin from California Gold Rush Era Sells for $1.4 Million at Auction
LOS ANGELES—Avid coin collectors eagerly participated in a Southern California auction to bid on a rare $20 “double eagle” gold coin. Only one lucky collector emerged victorious after paying a hefty price.
The exquisite gold coin, minted in 1870 in Carson City, Nevada, was successfully sold for $1.44 million, including the buyer’s premium paid to Stack’s Bowers Galleries. With only 3,789 coins produced and an estimated 40 to 50 remaining, this piece is truly rare, according to John Kraljevich, a coin history specialist at the auction house.
The identity of the buyer remains unknown as the auction house did not disclose that information.
Prior to 1849, the highest denomination gold coin was $10, known as the eagle. The $20 double eagle was authorized due to the California Gold Rush, which led to a surplus of gold supply, as explained by Kraljevich.
The last known sale of this particular coin was at a Stack’s auction in 1986 for $23,100.
“This coin was not on anyone’s radar,” Kraljevich noted. “Its reappearance after being absent from the market for 25 to 30 years was akin to a new discovery.”
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By the time the live auction reached the coin, the bidding price had soared to $800,850, surpassing other coins in the catalogue. This coin was part of the Bernard Richards collection and is considered the finest graded coin of its kind, as certified by the industry standard Professional Coin Grading Service. However, it fell short of the auction’s expectation of breaking the $2 million mark.
The second-best coin was auctioned for $1.62 million in November 2021. During the COVID-19 pandemic, the value of collector’s coins surged significantly as people turned to investing in their hobbies, Kraljevich mentioned.
The gold content in the coin, which is just under one ounce, holds a value of approximately $2,600.
By Jaimie Ding
