Reno Man Buys 20 Cent Coin For $500,000

by Ed Pearce, KOLOTV.com

In my right hand I held a pair of dimes. Small change. Hard to think what they'd buy today.

In my left a small silver coin stamped "twenty cents". As legal tender it's the equivalent of the dimes. When it was minted it was worth slightly less than $4 dollars in today's money and might have bought a modest meal. Today it's worth a half million dollars, perhaps more.

A half million is what Reno coin collector and dealer Rusty Goe paid for the coin at auction recently, his second try at an elusive and expensive prize.

"I told my wife, even if we have to hock the house we're going to get that coin," says Goe. He says he was prepared to go much higher to $750,000 and says some experts think it may be undervalued at that amount. He says one puts it at a cool million.

What makes this small silver coin worth that amount? Two words: rarity and competition.

Ten thousand of these coins were struck at the Carson City mint in 1876. Unpopular with American consumers the denomination was discontined and most were melted down. Goe figures there are maybe 18 out there. Their rarity the obvious reason for the value and in the world of coin collecting scoring coins like this are like finding the Holy Grail. But Goe says it's much more than that.

"Once you learn the history of how they were introduced into our monetary system. And then you hear the back story of how the coins came down to us over the last 133 year, you begin to see how important they are. These are relics from the past. These are like small, little antiques."

Goe admits to a special attraction for coins produced in the Carson City mint which operated between 1870 and 1893. "Ask any collector if they have a Carson City coin. If they don't they'll say, no but I'd like to."

Goe owns Southgate Coins in Reno and as a dealer will probably eventually sell it. He'll make a profit. Five years ago he sold a one of a kind Carson City dime for a million. Today it's worth three and a half times that.

Business decisions like that can wait. For now Goe says, he's just enjoying the experience.
"
Just to be able to take possession of it was just such and exciting event, You know it goes way beyond the monetary value of it. It's such a special privilege."

Sadly, few ever get to see coins like this. Goe's 20-cent coin is not on public display. We were treated to a special viewing. It is safely locked away in a secure, undisclosed location.

We felt privileged just to see and hold it.

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