At Tuesday's auction, keen coin enthusiasts fought for the rare $20 "double eagle" gold coin. The Carson City, Nevada-minted $20 gold coin from 1870 brought $1.44 million at auction, which included the premium that the bidder paid to Stack's Bowers Galleries.
According to John Kraljevich, a coin historian with the auction house, specialists estimate that only 40 to 50 of these rare coins remain in existence, out of the 3,789 that were first struck.
The Coin with the "Double Eagle" Prior to 1849, the $10 eagle was the biggest gold coin denomination. Kraljevich told The Associated Press (AP) that the $20 double eagle was introduced after the California Gold Rush, which greatly increased the nation's gold supply.
The last time this specific coin was sold, it brought $23,100 at a Stack's auction in 1986.
According to Kraljevich, "this thing was totally off everybody's radar," "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."
Bidding had already risen to $800,850 when the $20 double eagle was put up for auction, exceeding all other items in the catalog.
The Professional Coin Grading Service states that the coin, which is a part of the Bernard Richards collection, is the best-graded example of its kind. Even though it is extremely rare, the final transaction did not meet the anticipated $2 million barrier.