Plain weird damage on rare 1872-CC Coronet gold $10 eagle leads to relative bargain

Market Analysis: Major problems can provide an entry point to own a rarity in a series
By , Coin World
Published : 01/13/17
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Among problem coins, some problems are worse than others.

On the scale of severity, coins obviously used in jewelry, with mounts, and those so heavily polished that little original surface remains are among the most problematic. These problem coins can provide an opportunity because they allow a collector to own a rarity that he or she may not otherwise afford, but they sell at a steep discount to coins without similar impairments.

In this Market Analysis series, we're profiling three expensive gold coins with major problems that were offered at auctions in the past year and provided entry-level examples. 

Here is one of them.

The Lot:

1872-CC Coronet gold $10 eagle, NGC, About Uncirculated Details, Damaged

The Price:


The Story:

Damage is a broad term that encompasses a variety of indignities imposed on a coin. Damage can be minor or major, but damage is rarely as dramatic and plain weird as seen on this 1872-CC Coronet gold $10 eagle graded About Uncirculated Details, Damaged, by the Numismatic Guaranty Corporation.

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Stack’s Bowers Galleries observed, “The surfaces are very nice for a key date mint marked gold coin from the 19th century, with subtle pale rose highlights enhancing light khaki-gold toning.” However, there’s a curious depression that curves through the central obverse. The lot description hypothesizes, “it seems that another coin was impressed into this piece while lying over the upper right obverse.”

Coronet $10 eagle: Mint Engraver Christian Gobrecht probably never dreamed his Liberty Head or Coronet design adapted for the $10 eagle beginning in 1838 would be used on that denomination until as late as 1907. How much are Coronet $10 eagles worth?

The original mintage for the issue is just 4,600 coins and fewer than 100 are known today, with none remaining in Mint State condition. With this level of rarity, examples are offered infrequently and a buyer who was willing to live with an odd coin got a relative bargain at Stack’s Bowers’ Aug. 11, 2016, ANA auction, where it sold for just $3,290.

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