Rare 1870 $20 gold coin fetches $1.44 million at Los Angeles auction
Published On : 2024-11-21T02:32:35+0530 [ IST ] |
Author : Mayur_Tembhare
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This photo provided by Stack's Bowers Galleries shows a rare $20 double eagle gold coin from 1870 which sold for $1,440,000 at an auction.
The coin was minted in Carson City Nevada and is one of only 3,789 ever produced with an estimated 40 to 50 still in existence according to John Kraljevich a coin historian at Stack's Bowers Galleries.
Authorized following the California Gold Rush the double eagle marked an increase in gold coin denominations from $10 to $20 due to the abundance of gold. The last recorded sale of this specific coin was in 1986 for $23,100 making its reappearance at auction a significant event
When it appeared out of the woodwork after being off the market for nearly 30 years it felt like a new discovery Kraljevich said.
The coin is considered the finest of its type according to the Professional Coin Grading Service. Despite falling short of breaking the predicted $2 million barrier its final bid surpassed most coins in the auction catalogue at $800,850.
Collectors have seen prices soar for rare coins especially during the pandemic as hobbies turned into investments. While the gold in the coin is valued at around $2,600 its historical significance and rarity have made it a coveted piece.
The second-finest example of this coin type was sold for $1.62 million in 2021.
Source : Reporters From Sunrise Chronicles
Tags : Nevada , goldseen prices soar , soldlast recorded sale , John Kraljevich , When , rarenearly 30 years , Professional Coin Grading Service , coin20 double eagle gold coin , Authorized , 20radar ,” kraljevich said ,
Summary :
This photo provided by Stack's Bowers Galleries shows a rare $20 double eagle gold coin from 1870 which sold for $1,440,000 at an auction.
The coin was minted in Carson City Nevada and is one
