Rare 'Double Eagle' Coin Sells for $1.44 Million at California Auction

Enthusiastic coin collectors eagerly vied for the rare $20 "double eagle" gold coin during the auction on Tuesday.

A rare "double eagle" coin sold for over $1 million at an auction in California on Tuesday, with enthusiastic coin collectors eagerly vying for the prized item.

The 1870 $20 gold coin, minted in Carson City, fetched $1.44 million at the auction, which included the buyer's premium paid to Stack's Bowers Galleries, according to The Associated Press (AP).

Only 3,789 of these coins were originally produced, and experts estimate that 40 to 50 still exist, John Kraljevich, a coin historian with the auction house, told the AP.

The identity of the buyer who purchased the coin was not disclosed by the auction house.

Before 1849, the largest denomination for a gold coin was the $10 eagle. The $20 double eagle was introduced following the California Gold Rush, which boosted the nation's gold supply, Kraljevich explained to the AP.

This particular coin last changed hands at a Stack's auction in 1986, selling for $23,100.

"This thing was totally off everybody's radar," Kraljevich said. "When this thing appeared kind of out of the woodwork after being off the market for 25 years, 30 years, it was almost like a new discovery."

When the $20 double eagle hit the auction block, bidding had already soared to $800,850, surpassing all other items in the catalog, according to the AP.

The coin, part of the Bernard Richards collection, is the highest-graded example of its kind, according to the Professional Coin Grading Service.

Despite its rarity, the final sale fell short of expectations that it might surpass the $2 million mark.

The second-highest graded coin of its kind sold for $1.62 million at an auction in November 2021.

Collector coin prices surged during the COVID-19 pandemic as more people channeled their investments into personal hobbies, according to Kraljevich.

The gold content of the coin, weighing just under one ounce, is valued at approximately $2,600.

In 2021, luxury shoe designer Stuart Weitzman auctioned three rare objects including a 1933 "double eagle" coin.

"The 1933 Double Eagle has a uniquely captivating history which encapsulates large swathes of United States history and has been at the center of numismatic intrigue for more than 80 years. It is America's last gold coin struck for circulation, ending a tradition begun in 1795. Known as the coin that took the US off the Gold Standard, 1933 Double Eagles were the last American gold coins struck and intended for circulation by the United States Mint but were never legally issued for use," Sotheby's said in a press release ahead of the auction.

The coin later sold at auction for $18.9 million, according to Smithsonian Magazine.