A Carson City, Nevada, 19th-century $10 gold coin has intrigued collectors and investors, who have watched recent auctions reach seven-figure prices. The 1870-CC Coronet Liberty Head eagle, one of the rarest U.S. gold coins, occupies a unique position in numismatic history—both in terms of rarity and the persistent myth that dozens are out there waiting to be found in circulation. While only 45–60 examples are estimated to still exist, the notion that these coins still go from hand to hand in daily transactions contributes to the romance of treasure hunting in modern-day America.
Carson city mint
The Carson City Mint went into production in 1870 to strike silver and gold from the Comstock Lode, a mining bonanza that characterized Nevada’s economy. Among its early coins were three gold pieces: the $5 half eagle, $10 eagle, and $20 double eagle, all featuring the extremely desirable “CC” mint mark. The $10 eagle featuring Christian Gobrecht-designed Chief Engraver’s Lady Liberty with coronet obverse and heraldic eagle reverse, with mintmark beneath eagle’s talons.
Of the 5,908 eagles struck in 1870, most entered local commerce, enduring heavy wear in the mineral-producing West. By the 1930s, when the U.S. melted down gold coins during the Great Depression, most had already been melted or were lost, and fewer than 60 survive today.
Rarity and survival of the coin
Numismatists vary slightly in survival estimates. PCGS grades the 1870-CC eagle R-8.3 on its rarity scale, indicating 21–40 of all grades in existence. However, Heritage and Stack’s Bowers Galleries offer an even slightly higher estimate of 45–60 for purposes of counting the pieces undiscovered and still in private hands. None have been proven to be mint state, and the highest graded coin is $55 (About Uncirculated).
This shortage is caused by a number of reasons:
- Low initial mintage: The Carson City Mint 1870 gold production preferred double eagles, with eagles as an afterthought.
- Economic usage: Unlike double eagles, often hoarded or exported, $10 eagles were heavily used in 19th-century America, accelerating wear.
- Melting drives: The 1934 Gold Reserve Act set off tremendous melting of pre-1933 gold coins, particularly lower-denomination circulated coins.
Auction records: Between $23,100 and $1.08 million
The market trajectory of the 1870-CC eagle illustrates the meteoric ascent of collecting rare coins. In 1986, a nice example brought $23,100. In August 2023, Stack’s Bowers sold a PCGS AU58-graded example—the finest known— for $1.08 million premium included. This shattered all previous records, eclipsing the sale of an 1872-CC eagle in 2020 ($240,000) and coming close to the $1.62 million paid for an 1870-CC double eagle in 2021.
The COVID-19 pandemic spurred this appreciation, with collectors funneling disposable income into physical assets. Carson City gold coins averaged price gains of 300–400% from 2020 through 2023, besting traditional investments such as stocks.
Valuation drivers: Grade, provenance, and pedigree
Although all 1870-CC eagles are worth a premium, their value rests upon three pillars:
- Condition: Circulated specimens graded Very Good 10 (VG10) sell for $28,200–$40,000, and AU55 specimens are valued at more than $500,000. The $1.08 million price of the AU58 coin is a testament to its being the “king” among surviving specimens.
- Provenance: Specimens with traced histories, like those in the Bernard Richards collection, command institutional buys.
- Eye appeal: Unattractive surfaces, over-cleaning, and soft strikes detract from desirability. Most 1870-CC eagles have bag marks or soft strikes on Liberty’s coronet, which lower their marketability.
Evidently, the melt value of the coin—equivalent to 0.48375 troy ounces of gold—is only $2,600 at 2025 prices, highlighting that its value is derived entirely from numismatic value.
The circulation myth: Fact vs. Fiction
The claim that “60 remain in circulation” persists in the face of expert denial. Numismatists agree that surviving 1870-CC eagles are in certified collections or in estate ownership, not general circulation. Several factors contribute to the myth:
- Misread estimates of survival: “45–60 extant” are read to mean “in circulation” rather than “in existence.”.
- Treasure hunting lore: Stories of finding odd coins in inherited collections or ancient bank vaults fuel dreams of a serendipitous discovery.
- Limited public awareness: Most non-collectors are unaware of mintmarks versus dates, maybe missing a CC eagle in mixed lots of coins.
All that aside, the numismatic community does admit to the occasional surprise. In 2003, an 1854-S $5 gold piece—one of only three known—appeared in a European auction, having gone unnoticed in circulation for 150 years. Such aberrations perpetuate the 1870-CC circulation legend.
Finding an 1870-CC Eagle
For those willing to search for this rarity, the following identifiers are important:
- Mintmark: A distinct “CC” below the eagle on the reverse.
- Date and denomination: “1870” below Liberty’s portrait; “Ten D.” on reverse.
- Weight and diameter: 16.7 grams, 26.8mm, reeded edge.
Counterfeits are recognized by changing standard Philadelphia-minted eagles (no mintmark) by stamping a CC on them. Professional grading and authentication by PCGS or NGC must be done prior to sale.
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