By Alimat Aliyeva

A rare gold coin with a face value of $20, known as the "Double Eagle," has been sold at auction in Southern California for $1.44 million.

The coin, minted in 1870 in Carson City, Nevada, is one of only 40-50 surviving examples out of the original 3,789, according to experts at the auction house Stack's Bowers Galleries.

The buyer, who purchased the coin from the Bernard Richards collection, chose to remain anonymous. The final price of the coin, which is considered the best of its kind by the Professional Coin Grading Service, did not exceed the expected threshold of $2 million.

Numismatics expert John Kraljevic noted that interest in collectible coins rose significantly during the COVID-19 pandemic. He added that this coin "came out of the shadows" after around 30 years of uncertainty, sparking a stir among collectors.

It is worth noting that the coin was last sold in 1986 for just $23,100. Its value now far exceeds its gold content, as the gold in the coin (less than one ounce) is valued at only $2,600.

The $20 coin was named the "Double Eagle" because, before its release, the largest gold coin in the United States was the $10 coin, called the "Eagle." In June 2021, a 1933 Double Eagle coin was sold at Sotheby’s auction in New York for a record $18.9 million.