Q. David Bowers
The Local View
Following the release of the first 1870-CC dollars the Carson City Daily Appeal stated:'
"Carson Mint dollars have made their appearance. They are notable coins for several reasons. In the first place, they are living refutation of the old, carping prediction that there would never be any money issued from the Carson Mint; and in the second place they are the only silver dollars that have been minted for several years. They are very handsomely coined; very good to jingle, and powerful good for sore eyes. The)' are worth just eight cents more than two silver half dollars."
The Story of a Coining Press
In 1869 a Morgan & Orr coining press made in Philadelphia arrived at the Carson City Mint. Weighing six tons and operated by steam, the press was intended for striking large diameter coins such as silver dollars. On February 10, 1870 it struck the first silver dollars to bear the distinctive CC mintmark. Later, as a result of continued stress to the frame, the press developed a crack in the arch above the die area. It was sent to the Virginia & Truckee Railroad shop for repairs, which were completed on September 21, 1878. A brass plate bearing the Virginia & Truckee name was mounted on the front of the arch. The press continued in use through 1893, the last year of coinage at Carson City, after which it fell into disuse. In 1899 it was shipped to Philadelphia for use in the new Mint building (opened in 1901), where it was driven by an electric motor and saw service for several decades. In 1930 it was rebuilt and modernized for further use. In 1945 it was shipped to the San Francisco Mint. When that facility was closed in 1955, with the intention of never again producing coins 'there, the Morgan & Orr press was sent to the former Carson City Mint building, which since October 31, 1941had been known as the Nevada State Museum.
At the museum the press was installed as an exhibit. In 1964 the public began hoarding coins, a great shortage occurred, and facilities of the mints were put into overtime service to fill the seemingly insatiable demand. (Eva Adams, director of the Mint, blamed this on coin collectors, a charge which was hotly denied by the American Numismatic Association and others. For some inexplicable reason(s), the Numismatic Literary Guild and the American Numismatic Association later gave Miss Adams high awards. Perplexed by the ANA award, a researcher endeavored to find out who had proposed it, only to learn that the proposal in the ANA files was unsigned! Similarly, the background of a high award given by the Numismatic Literary Guild to Miss Adams is a mystery today.) The old reliable Carson City press was removed from its exhibit and shipped away once again, after which it struck 118,000,000 cents, dimes, and quarters through 1967. It went back to the old Carson City Mint building, where it continues to live out its retirement today by striking souvenir medals for visitors.
Harry Salyards, M.D. Comments
In a letter to the author, November 23, 1992, Harry Salyards, M.D. wrote apropos of the 1870-CC:
Where mintage figures are widely known, there is a strong temptation to equate low mintages with scarcity, high ones with ease of acquisition. In the latter instance, this has led to paranoia on the part of uninformed collectors-when, for example, they are offered a high-mintage coin like the 1901 dollar for a stiff price, the cry is "ripoff" On the other hand, a coin with a mintage of only 12,462 has to be rare-doesn't it? Yes and no. In strict Mint State, the 1870-CC is no doubt a major rarity-but that statement is based on market observation. What does the market have to say about the 1870-CC across the grading spectrum? The answer: that specimens are plentiful. '
This was first called to the attention of the collector community with John Kroon's article, "Availability of Liberty Seated Dollars by Grade," In the March 1984 Gobrech Joumal. In this survey of advertised offerings over a year's period of time, the 1870-CC came in 36th-right after the 1849 and right before the 1846. And, not surprisingly, the market has taken this commonality into account. Consider this: If the mintage figure is accurate (more on this later), it is the same mintage recorded for the 1873-CC With Arrows quarter. Neither was saved by mintmark at the time of its issuance; there is no reason to believe that local circulation of the one denomination was any heavier than that of the other; there are almost certainly mote collectors of Seated dollars than of Seated quarters-so the dollar should be in greater demand, driving up the price. And yet, compare the recent Coin World "Trends" prices:
For the 1873-CC With Arrows quarter prices begin at $1,100 for Good condition, $1,450 in VG, $2,250 in Fine, $3,200 in VF, and $6,000 in EF. In contrast, the 1870-CC dollar is listed at $175 in Good, $310 in VG, $415 in Fine, $625 in VF, and only $1,050 in EF. The market values the quarter at five to six times the dollar at any circulated grade.
So, is the recorded mintage accurate? It seems like an amazing coincidence for two different denominations struck at the same mint three years apart to have the absolutely identical mintage of 12,462. It also seems incredible that two obverse and five reverse dies were used to strike eight varieties among such a minuscule mintage. And, for all the romantic attraction of the first "cartwheel" with the mintmark CC, the market doesn't value it like a coin with a mintage of only 12,462. So, could that reported mintage be in error?