LOS ANGELES — Enthusiastic coin collectors seized the opportunity to acquire a rare $20 “double eagle” gold coin at an auction house in Southern California on Tuesday afternoon. Ultimately, only one bidder was successful, acquiring the sought-after piece for a staggering sum.
This gold coin, minted in Carson City, Nevada, in 1870, fetched $1.44 million, which included the buyer’s premium paid to Stack’s Bowers Galleries. According to John Kraljevich, a coin history expert at the auction house, only 3,789 of these coins were originally produced, and it is estimated that between 40 and 50 still exist today.
The identity of the buyer remains undisclosed by the auction house. Kraljevich explained that prior to 1849, the highest denomination of gold coins was $10, referred to as the eagle. The double eagle, valued at $20, was authorized following the California Gold Rush, which led to a significant increase in the availability of gold.
Notably, this particular coin last changed hands at a Stack’s auction in 1986 for just $23,100. “This coin was completely off everyone’s radar,” Kraljevich remarked. “When it resurfaced after being absent from the market for 25 to 30 years, it felt like a brand new find.”
When the live auction finally reached the double eagle, bidding had already escalated to $800,850, significantly outpacing other coins in the catalog. This coin, hailing from the Bernard Richards collection, is considered the highest quality example of its type, as per industry standards from the Professional Coin Grading Service. However, it fell short of the auction’s projection of exceeding the $2 million mark.
A comparable coin, which was the second-highest graded, was sold in November 2021 for $1.62 million. The market for collectible coins saw a notable surge during the COVID-19 pandemic, as many individuals turned to hobbies as an avenue for investment, according to Kraljevich. The intrinsic value of the gold in the coin, which weighs just under one ounce, is currently estimated at around $2,600.
