Rare 1870 $20 gold coin fetches $1.44 million at Los Angeles auction

There are some items in the world that not only get older with time but also become more valuable. One such priceless heritage is America’s $20 Double Eagle Gold Coin made in 1870, which was recently auctioned in Southern California for $1.44 million. The auction of this coin not only caught the attention of collectors internationally but was also seen as a rare discovery of historical importance. This event was not just an auction, but it was an opportunity to know a living history afresh.

Carson City Mint and the Era of the California Gold Rush

This coin dates back to the time when America was going through the California Gold Rush. The Gold Rush, which began in 1848, attracted thousands of Americans and immigrants to the western states. As gold mining increased, the economic structure of America changed drastically. By that time, gold coins worth a maximum of $10 were in circulation in the US currency, which were called “eagles.” But when the availability of gold increased, the US government decided to officially introduce $20 Double Eagle coins into circulation.

The Carson City Mint was a newly formed mint at the time and this Double Eagle was one of the first few coins minted from this mint. Only 3,789 coins were made in the year 1870, and now only about 40 to 50 coins are left, which gives an idea of ​​​​both its rarity and price.

Return to auction after three decades: Why is this event special?

The last sale of this special Double Eagle coin was recorded in 1986, when it was sold for only $23,100. Since then, this coin has never appeared in public. After remaining anonymous for about 30 years, when it suddenly returned to the market, it emerged as a unique treasure for coin collectors. Coin historian John Kraljevic of Stack’s Bowers Galleries called it a “new discovery” because the coin had gone unnoticed for so many years.

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The coin was part of the Bernard Richards Collection and has been labeled the “Finest Known Example” by the Professional Coin Grading Service (PCGS). Its quality, state of preservation, and rarity—all three made the auction historic.

Record price and growing collector world

Although the coin was estimated to be worth about $2 million, its sale at $1.44 million is a big figure in itself. The auction started at $800,850, and it kept rising until it stopped at the last bid. This price shows how much people are willing to pay for such historic and rare coins.

When people were at home during the COVID-19 pandemic, many hobbies, such as coin collecting, stamp collecting, and investing in archaeological objects, increased significantly. In such a period, collectors realized that this hobby can no longer be just an emotional bond but can also become a means of financial investment for the future. This is the reason why the prices of such coins are skyrocketing today.

This coin is not just a symbol of gold; it is a symbol of history.

If we talk only about the price of gold present in this coin, then its value is about $2,600. But its real value is hidden in its history, heritage and rarity. This coin is a living document of 19th-century America, which tells how a country built economic power on the basis of mineral wealth.

Coins do not just contain metal; they tell stories of the politics, economy, culture and geography of their era. As soon as you see this coin, the design engraved on it, the mint mark, and its texture take you straight to the America of 1870, where every mine, every artisan and every coin told a story.

Condition and value of other Double Eagle coins

Apart from this special coin, other coins of the Double Eagle series have also sold for very high prices. For example, the second-best example of this series sold for $1.62 million in 2021. This shows that objects made at the intersection of history, art and collecting do not just become valuable over time but become priceless.

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Conclusion: The shine of history is more valuable than gold.

The $20 Double Eagle Gold Coin of 1870 is not just a piece of gold—it is a unique glimpse of America’s economic and social history. This coin teaches us that books are not needed to understand history; sometimes even a small coin can tell the story of an entire century.

Today, when this coin has resurfaced and sold for crores, it is not only an achievement for collectors but also an inspiration for history lovers that the past can illuminate both our today and tomorrow—if we try to recognize it. This is why this auction should be called not just a sale, but a rediscovery of history.

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Rick Adams