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

A rare $20 "double eagle" gold coin minted in 1870 was sold for $1.44 million at a Southern California auction on Tuesday, drawing avid collectors eager to claim the prized piece of history.

The coin, minted in Carson City, Nevada, is one of only 3,789 ever produced, with an estimated 40 to 50 still in existence, according to John Kraljevich, a coin historian at Stack's Bowers Galleries. The buyer's identity was not disclosed.

Authorized following the California Gold Rush, the double eagle marked an increase in gold coin denominations from $10 to $20 due to the abundance of gold. The last recorded sale of this specific coin was in 1986 for $23,100, making its reappearance at auction a significant event.

“This thing was totally off everybody's radar,” Kraljevich said. “When it appeared out of the woodwork after being off the market for nearly 30 years, it felt like a new discovery.”

The coin, from the Bernard Richards collection, is considered the finest of its type, according to the Professional Coin Grading Service. Despite falling short of breaking the predicted $2 million barrier, its final bid surpassed most coins in the auction catalogue, starting at $800,850.

Collectors have seen prices soar for rare coins, especially during the pandemic, as hobbies turned into investments. While the gold in the coin is valued at around $2,600, its historical significance and rarity have made it a coveted piece.

The second-finest example of this coin type was sold for $1.62 million in 2021.