Coin Specifications

Category: Twenty Cents (1875-1878)
Mint: Carson City
Mintage: 10,000
Catalog: KM-109
Obverse Designer: William Barber
Reverse Designer: William Barber
Composition: Silver
Fineness: 0.9000
Weight: 5.0000g
ASW: 0.1447oz
Melt Value: $2.42 (10/30/2014)
Diameter: 22mm
Edge: Plain
Numismatic specification data provided by Krause Publications NumisMaster.
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1876 CC 20C MS obverse 1876 CC 20C MS reverse


  
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Description & Analysis

The 1875 introduction of the twenty cent denomination was a direct outgrowth of the increasing power of Western silver-mining interests and the 'Crime of '73,' the Mint Act of 1873 that among other things demonetized the silver dollar and eliminated the half dime. According to Don Taxay's The U.S. Mint and Coinage: 'For some years following the gold rush, inflation had stayed the need of small coins in California. No dimes were struck at the San Francisco Mint until 1859, and no half dimes until 1863. Thereafter, the coinage of half dimes increased steadily, and during 1872 and 1873 the output at San Francisco almost equalled that of its entire preceding nine years. The figure would have even been higher but for the fact that the coin was abolished by the Act of February 12, 1873. Since minor coins were not struck at the San Francisco Mint, the loss of the half dime caused some difficulty in making change. Many items were priced at a dime, or 'short bit,' and persons paying for one of these with a quarter had often to accept a dime or Spanish bit [12.5 cents] as change. To alleviate this problem, Nevada Senator J.P. Jones, in February 1874, introduced a bill for the coinage of a twenty-cent piece. The bill was supported by Director Linderman, and enacted on March 3, 1875.'

It is certainly no accident that a Nevada politico introduced the ill-fated denomination, one that today is merely a numismatic curiosity (or curio?). The Comstock Lode, the richest lode of silver ever discovered in the United States, lay within its borders. Its discovery in 1859 hastened the territory's admission into the Union in 1864. The peak production years for the massive deposits of gold and silver were from about 1876 through 1878, with about $36 million of silver ore extracted annually from the ground during that time.

Patterns for the denomination were developed in 1874 and 1875 (Judd-1354 through 1358, Judd-1392 to 1415), with the first production strikes occurring that same year.

The denomination was a disaster, a total failure.

The size was too similar to the quarter dollar (a diameter of 22 mm versus 24.3 mm for the quarter), for which it was constantly confused. Mint officials, most notably Director Henry R. Linderman, apparently thought that the plain edge (the quarter's edge was reeded) and the raised LIBERTY (it was incused on the quarter) were enough. Incredibly, the obverses used the exact same design, although the reverses were somewhat different (if one considers two dissimilar eagles 'different').

A bill to repeal the denomination was introduced in July 1876, although it took two more years, until May 1878, for the bill to pass and the denomination to finally end with a whimper of proof-only coinage.

In 1875 the Philadelphia Mint produced about 37,000 business strikes, while Carson City made 133,290 1875-CC twenty cents and San Francisco 1.155 million. In 1876 the total mintage in Philadelphia was a token 14,640 coins, and 10,000 pieces were recorded struck in Carson City, with none in San Francisco. However, nearly all of the 1876-CC twenty cent pieces were melted, except for a few assay pieces, or possibly a few examples saved by employees of the facility. Rusty Goe, the author of The Mint on Carson Street, takes up the thread: 'For nearly 60 years after coinage operations ceased [in Carson City], this date was the solitary representative from the entire production of the Carson City Mint to be included in Classic Rarities lists. The rarity of the 1876-CC 20-cent piece had been established within 17 years of the date of its production, as one prominent author, most famous for bringing mintmark collecting to the limelight, certainly must have had access to the now legendary document sent from Mint Director Linderman to Carson City Superintendent Crawford in 1877, ordering Crawford to melt the entire (or nearly entire) mintage of 1876-CC 20-cent pieces, and thus create a numismatic classic. This author of course was Augustus G. Heaton, who in 1893 wrote in his Treatise that the 1876-CC 20-cent piece was 'excessively rare.' 'For the 57 year period from 1893 to 1950, the 1876-CC 20-cent piece served as the Carson City Mint's claim to fame. ... 'After Louis E. Eliasberg Sr. purchased his 1873-CC Without Arrows dime in 1950, the rarity of the 1876-CC 20-cent piece was bumped to second place in the standings of scarce Carson City coins. Eventually, the 1873-CC Without Arrows quarter would be recognized as the second scarcest in the Carson City series, relegating the 1876-CC 20-cent piece to third place. In the final two decades of the 20th century, other selected coins from Carson City's progeny of rarities proved to be scarcer than the 1876-CC 20-cent pieces in terms of condition rarity, but the 1876-CC will always be spoken of reverently by numismatists.'

Goe expertly places this issue correctly in the context in which it is regarded today, as among the most venerated ever produced by perhaps the most legendary of the nation's various coinage facilities. And although Goe does not quite come out and say it, he alludes to the critical concept of foundational rarity versus conditional rarity. The 1876-CC twenty cent is a coinage issue that has been rare ever since its production, regardless of condition. Acquisition of any example, much like an 1804 dollar, must be considered a crowning achievement for any numismatist, specialist in branch mint coinage, or indeed for connoisseurs in other fields looking to broaden their horizons.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 7/25/2014

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1876 CC 20C MS
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - 185000 210000 225000 250000 300000 385000 585000 700000 850000 - - - -
$ - - - 210000 - - - - - - - - - -
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Census

 
NGC GRADE SUMMARY

Total Graded: 7
Low Grade: 64
Average Grade: 64
High Grade: 65


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Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
10/3/2001 PCGS MS 66   Heritage Auctions 2001 October Long Beach Signature Sale #271, 271/Lot# 6222 $138,000.00
4/28/2009 PCGS MS 66   Heritage Auctions 2009 April-May Cincinnati, OH (CSNS) US Coin Auction #1124, 1124/Lot# 2299 $460,000.00
1/25/2011 NGC MS 60   Teletrade Auction 3002, 3002/Lot# 1167 $40.00
1/1/2013 PCGS MS 65   Stack's Bowers The January 2013 Americana Sale, 180/Lot# 13170 $564,000.00
6/23/2014 PCGS MS 64   Heritage Auctions 2014 June 23 The Eugene H. Gardner Collection of US Coins Signature Auction - New York Session(1), 1213/Lot# 30342 $470,000.00


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