US Coins

Monday Morning Brief for Aug. 3, 2020: What we needed

This 1870-CC Coronet double eagle now graded PCGS VF-30 is from an inheritance that was recently brought to a northern Ohio coin shop.

Images courtesy of PCGS

With the pandemic showing little to no signs of abatement and with major coin conventions continuing to be canceled, it has been a struggle to find some good news. Then arose a discovery made at a coin shop in Ohio that stunned the dealers and a noncollecting couple alike.

Professional Coin Grading Service shared on July 28 something the vice president of the Toledo Coin Exchange reported: Recently a couple walked into that shop with three gold double eagles. A shop employee noticed that one of the coins was from the Carson City Mint. Specifically, the coin was an 1870-CC Coronet double eagle.

This product of the Carson City Mint is the rarest double eagle from that facility. It has a mintage of 3,789 pieces and a surviving population of just more than 40 coins. The example just discovered is graded Very Fine 30 by PCGS, similar to other examples that have sold for nearly $200,000.

When the coin shop staff confirmed the authenticity of the double eagle and its potential value, they informed the owners of their good luck. The couple was, not surprisingly, stunned at the news.

The management and staff of the Toledo Coin Exchange behaved in an exemplary manner. An unscrupulous firm could have purchased the double eagle as bullion and the couple would have been happy with receiving something close to its melt value, at current prices a bit under $1,900. Instead, the shop bought the coin at an undisclosed price that reportedly allowed the couple to pay off the mortgage on their house.

It is nice to have some good news these days.
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