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- 1852 $10 Wass Molitor Ten Dollar, Large Head, Wide Date MS63 NGC. CAC. K-4, R.5. The firm of Wass, Molitor & Co. issued private gold coins in five and ten dollar denominations on an emergency basis, beginning in January of 1852. The coins were struck to alleviate a crippling shortage of small denomination gold coins in the region, as all the earlier private mints had been closed by 1851, and the United States Assay Office of Gold was not authorized to issue any coins except their octagonal fifty dollar slugs, which were handy for large transactions, but useless in making change for small purchases. After much argument and several changes in direction, Moffat & Co., acting under their government contract as the U.S. Assay Office, finally received permission to issue lower denomination gold coins in early 1852. The two companies were able to strike enough coins to meet the economic needs of the region for some time, and no Wass, Molitor & Co. issues were coined in 1853 or 1854. The Wass, Molitor & Co. ten dollar coins were struck in large numbers, and the issue was well-received because the intrinsic value of the coins was at least as great as the face value. Three die varieties are known for the date, with this coin representing the popular K-4 variety, identified by the pointed bust of Liberty and the wide uneven date. Probably no more than 100 examples of the K-4 variety survive today in all grades, as the great majority of the pieces were turned in for recoinage after the San Francisco Mint opened in 1854. The central devices on the obverse die were deeply cut, and the reverse is typically softly impressed on the corresponding area. Donald Kagin enumerates 10 obverse die cracks on the K-4 issue, with another three on the reverse. The Wass, Molitor &Co. ten dollar gold piece was a popular issue with collectors in the early part of the 20th century. We have tentatively identified this coin as an example from the fabulous collection of Waldo Newcomer, based on similarities between the coin and the image of the Wass, Molitor & Co. ten dollar piece on B. Max Mehl's Newcomer plates. The image and the coin share the following features: {blockquote}1. A tiny obverse rim bruise at about 6 o,clock, just left of the 8 in the date. 2. A small contact mark on Liberty's nose. 3. Three small obverse planchet flakes, one slightly above and to the right of the date, and two in the field, near star 2. 4. A curling lint mark behind the lowest bun of Liberty's hair. 5. A small slanting contact mark on the upper side of the eagle's wing on the reverse. 6. Two more minor contact marks in the reverse field, one above the eagle's head, and another just in from the rim at about 7 o'clock.{/blockquote} Curiously, some marks that do show on the coin are not visible on the Newcomer plate. This may be a trick of the lighting, or it is possible that the marks were not yet on the coin when the photograph was taken more than 80 years ago. Plate matching images of this vintage is always difficult, and we acknowledge the slight possibility that we may be in error in this instance, but the many similarities noted above are quite convincing. The great majority of Newcomer's American coins were sold through B. Max Mehl in the early 1930s, with the lion's share of the gold going to "Col." E.H. R. Green. Eric P. Newman acquired many of Green's coins when his collection was broken up in the early 1940s, and this piece may have been among them, but no documentary evidence has survived to confirm this. The present coin is tied for finest certified with one other coin at NGC, while PCGS has graded no example finer than MS62 (8/14). The design elements are sharply rendered and the lemon-yellow surfaces radiate vibrant mint luster throughout. This coin should find a home in the finest collection of Territorial gold. Ex: Possibly Waldo Newcomer and "Col." E.H.R. Green; Eric P. Newman; Eric P. Newman Numismatic Education Society. Realized $82250.00. Description courtesy of Heritage Auctions.
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- 1853 $20 Moffat & Co. Twenty Dollar AU58+ NGC. CAC. K-19, High R.5. The firm of Moffat & Co. was dissolved on February 14, 1852, when John Little Moffat sold his interest to his partners Joseph R. Curtis, Philo H. Perry, and Samuel H. Ward. The company was immediately reorganized as the United States Assay Office of Gold, and was authorized to continue the government contract to issue gold coinage in California, but the partners retained the right to use the old company name, per the final agreement with Moffat. The U.S. Assay Office continued to issue gold coinage in the following years, expanding their facilities and updating their equipment until their establishment was nearly on par with the official government mints of the era. The U.S. Assay Office officially continued operations until December 14, 1853, after which time they sold their offices and equipment to the United States government. The San Francisco Mint began operations in their old (expanded) offices on Commercial Street on April 15, 1854. In view of this timeline, the appearance of a Moffat & Co. twenty dollar gold piece dated 1853 was a puzzle to early students of the series, like Edgar Adams, author of Private Gold Coinage of California, 1849-55. Adams believed John Little Moffat struck these coins under the name of his old firm in July of 1853, long after he separated from the Assay Office. He noted, however, that the remaining partners had the right to use the name Moffat & Co., and "the assumption that John L. Moffat continued in the assay business after the date of his separation from the United States Assay Office may be wrong; and if so, then the $20 piece of 1853 (No. 26) may have been issued by the firm of Curtis, Perry & Ward." The true explanation for the 1853-dated coins was found in an announcement in the San Francisco Herald of July 26, 1853, discovered by Donald Kagin many years later. One of the three partners in the Assay Office, Samuel Ward, died in April of 1853 and the surviving partners considered ending their arrangement with the government and commencing operations under the name of their old firm, which they retained the right to use under the articles of dissolution. The announcement in the Herald advertised the new firm was going to issue both ten and twenty dollar coins under the old Moffat & Co. name, and gold bars under the imprint of "CURTIS, PERRY & WARD, AUGUSTUS HUMBERT, ASSAYER." The surviving partners soon reconsidered their break with the government (as confirmed by an announcement in the Alta California of August 19, 1853) and continued to operate as the Assay Office for the remainder of the year. Of the issues contemplated by the "resurrected" firm of Moffat & Co., only the twenty dollar coins were struck. The coins were produced in substantial numbers, but they were minted for only a short time and most were later melted for recoinage. The issue is very scarce today in all grades and Mint State examples are very rare. The design of the twenty dollar coins was remarkably similar to the federal double eagles of the 1850s. A typical specimen was described in lot 1875 of the Matthew Stickney Collection (Henry Chapman, 6/1907): {blockquote}"1853 $20. Head of Liberty with MOFFAT & CO on diadem, 13 stars around, 1853 beneath. R. Eagle, displayed with shield on breast, scroll at either side and a circle, stars and glory above eagle. SAN FRANCISCO CALIFORNIA TWENTY D. Border beaded, edge milled. Very fine. Slight nicks. See plate."{/blockquote} The lot realized a strong price of $45 to an unknown buyer. More recent sales include the extraordinary MS62 NGC coin in lot 5431 of the Riverboat Collection (Heritage, 4/2014), which realized $82,250. The present coin is a high-end near-Mint example with sharply detailed design elements and retains virtually all of the original mint luster. Eye appeal is outstanding. Only six finer coins have been certified by NGC and PCGS combined (8/14) Ex: Eric P. Newman Numismatic Education Society. Realized $41125.00. Description courtesy of Heritage Auctions.
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- 1853 $20 Moffat & Co. Twenty Dollar AU58+ NGC. CAC. K-19, High R.5. The firm of Moffat & Co. was dissolved on February 14, 1852, when John Little Moffat sold his interest to his partners Joseph R. Curtis, Philo H. Perry, and Samuel H. Ward. The company was immediately reorganized as the United States Assay Office of Gold, and was authorized to continue the government contract to issue gold coinage in California, but the partners retained the right to use the old company name, per the final agreement with Moffat. The U.S. Assay Office continued to issue gold coinage in the following years, expanding their facilities and updating their equipment until their establishment was nearly on par with the official government mints of the era. The U.S. Assay Office officially continued operations until December 14, 1853, after which time they sold their offices and equipment to the United States government. The San Francisco Mint began operations in their old (expanded) offices on Commercial Street on April 15, 1854. In view of this timeline, the appearance of a Moffat & Co. twenty dollar gold piece dated 1853 was a puzzle to early students of the series, like Edgar Adams, author of Private Gold Coinage of California, 1849-55. Adams believed John Little Moffat struck these coins under the name of his old firm in July of 1853, long after he separated from the Assay Office. He noted, however, that the remaining partners had the right to use the name Moffat & Co., and "the assumption that John L. Moffat continued in the assay business after the date of his separation from the United States Assay Office may be wrong; and if so, then the $20 piece of 1853 (No. 26) may have been issued by the firm of Curtis, Perry & Ward." The true explanation for the 1853-dated coins was found in an announcement in the San Francisco Herald of July 26, 1853, discovered by Donald Kagin many years later. One of the three partners in the Assay Office, Samuel Ward, died in April of 1853 and the surviving partners considered ending their arrangement with the government and commencing operations under the name of their old firm, which they retained the right to use under the articles of dissolution. The announcement in the Herald advertised the new firm was going to issue both ten and twenty dollar coins under the old Moffat & Co. name, and gold bars under the imprint of "CURTIS, PERRY & WARD, AUGUSTUS HUMBERT, ASSAYER." The surviving partners soon reconsidered their break with the government (as confirmed by an announcement in the Alta California of August 19, 1853) and continued to operate as the Assay Office for the remainder of the year. Of the issues contemplated by the "resurrected" firm of Moffat & Co., only the twenty dollar coins were struck. The coins were produced in substantial numbers, but they were minted for only a short time and most were later melted for recoinage. The issue is very scarce today in all grades and Mint State examples are very rare. The design of the twenty dollar coins was remarkably similar to the federal double eagles of the 1850s. A typical specimen was described in lot 1875 of the Matthew Stickney Collection (Henry Chapman, 6/1907): {blockquote}"1853 $20. Head of Liberty with MOFFAT & CO on diadem, 13 stars around, 1853 beneath. R. Eagle, displayed with shield on breast, scroll at either side and a circle, stars and glory above eagle. SAN FRANCISCO CALIFORNIA TWENTY D. Border beaded, edge milled. Very fine. Slight nicks. See plate."{/blockquote} The lot realized a strong price of $45 to an unknown buyer. More recent sales include the extraordinary MS62 NGC coin in lot 5431 of the Riverboat Collection (Heritage, 4/2014), which realized $82,250. The present coin is a high-end near-Mint example with sharply detailed design elements and retains virtually all of the original mint luster. Eye appeal is outstanding. Only six finer coins have been certified by NGC and PCGS combined (8/14) Ex: Eric P. Newman Numismatic Education Society. Realized $41125.00. Description courtesy of Heritage Auctions.
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- 1849 $10 Moffat & Co. Ten Dollar, "Ten Dol." AU55 NGC. K-6b, R.7. Moffat & Co. was probably the most respected private mint operating in California during the Gold Rush period, and the Moffat coins were widely accepted at par with federal issues. The firm struck large numbers of five and ten dollar coins in 1849 and 1850, before securing the government contract to act as the United States Assay Office of Gold. Though John Little Moffat left the firm late in 1851, the company continued operations as the Assay Office until late 1853, when the facilities were sold to the federal government and used to house the first San Francisco Mint. Four varieties of 1849 Moffat & Co. ten dollar gold pieces are listed in Private Gold Coins and Patterns of the United States, but this coin does not exactly match any of them. Instead, it appears to be a very rare variant of the K-6 variety, which Heritage numismatist Brian Koller has identified as K-6b. The large numerals in the date, the spelling of the denomination as TEN DOL. on the reverse, and the position of the middle arrow pointing below the period after GOLD match those features on the established K-6a variety, but the position of the leaves in the olive branch is different, ending flush with the right side of the letter S in S.M.V. Heritage Auctions has handled one other example of this rare subvariety over the years (lot 7973 in our 2005 San Francisco ANA Signature) and we believe the issue is R.7 on the rarity scale. This coin traces its history to the fabulous collection of Waldo Newcomer, who was a keen student of die varieties and may well have understood the importance of this issue. The present coin is an attractive Choice AU example of this intriguing early Moffat & Co. issue, with bright orange-gold surfaces showing a scattering of minor hairlines and abrasions on both sides, and traces of prooflike reflectivity in sheltered areas. The design elements show a touch of the typical softness on the central devices and display just a trace of high-point wear. These are important considerations, as Moffat pieces are usually seen with a soft strike and a good deal of surface wear. This is only the eighth time Heritage Auctions has offered an 1849 Moffat & Co. ten dollar piece of any variety in AU55 or better condition since 1993. Advanced students of the series should bid accordingly. Census (for TEN DOL. variety): 5 in 55, 4 finer (8/14). Ex: Waldo Newcomer, plate matched to Mehl's Newcomer plates; possibly "Colonel" E.H.R. Green, via B. Max Mehl circa 1933; Eric P. Newman; Eric P. Newman Numismatic Education Society. Realized $25850.00. Description courtesy of Heritage Auctions.
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- 1849 $10 Moffat & Co. Ten Dollar, "Ten Dol." AU55 NGC. K-6b, R.7. Moffat & Co. was probably the most respected private mint operating in California during the Gold Rush period, and the Moffat coins were widely accepted at par with federal issues. The firm struck large numbers of five and ten dollar coins in 1849 and 1850, before securing the government contract to act as the United States Assay Office of Gold. Though John Little Moffat left the firm late in 1851, the company continued operations as the Assay Office until late 1853, when the facilities were sold to the federal government and used to house the first San Francisco Mint. Four varieties of 1849 Moffat & Co. ten dollar gold pieces are listed in Private Gold Coins and Patterns of the United States, but this coin does not exactly match any of them. Instead, it appears to be a very rare variant of the K-6 variety, which Heritage numismatist Brian Koller has identified as K-6b. The large numerals in the date, the spelling of the denomination as TEN DOL. on the reverse, and the position of the middle arrow pointing below the period after GOLD match those features on the established K-6a variety, but the position of the leaves in the olive branch is different, ending flush with the right side of the letter S in S.M.V. Heritage Auctions has handled one other example of this rare subvariety over the years (lot 7973 in our 2005 San Francisco ANA Signature) and we believe the issue is R.7 on the rarity scale. This coin traces its history to the fabulous collection of Waldo Newcomer, who was a keen student of die varieties and may well have understood the importance of this issue. The present coin is an attractive Choice AU example of this intriguing early Moffat & Co. issue, with bright orange-gold surfaces showing a scattering of minor hairlines and abrasions on both sides, and traces of prooflike reflectivity in sheltered areas. The design elements show a touch of the typical softness on the central devices and display just a trace of high-point wear. These are important considerations, as Moffat pieces are usually seen with a soft strike and a good deal of surface wear. This is only the eighth time Heritage Auctions has offered an 1849 Moffat & Co. ten dollar piece of any variety in AU55 or better condition since 1993. Advanced students of the series should bid accordingly. Census (for TEN DOL. variety): 5 in 55, 4 finer (8/14). Ex: Waldo Newcomer, plate matched to Mehl's Newcomer plates; possibly "Colonel" E.H.R. Green, via B. Max Mehl circa 1933; Eric P. Newman; Eric P. Newman Numismatic Education Society. Realized $25850.00. Description courtesy of Heritage Auctions.
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- 1850 $5 Moffat & Co. Five Dollar MS61 NGC. "K-7c," R.4. These rare Moffat & Company half eagles closely followed the designs of their federal contemporaries. The most obvious difference was the MOFFAT & CO logo inscribed into Miss Liberty's crown, rather than the federal design's LIBERTY in the same position. The present coin is a conditionally rare Mint State piece showing fulsome mint luster and pleasing yellow-green coloration. This scarcer variant of Kagin 7 shows three thick wreath leaves located directly beneath the M in S.M.V. on the reverse. This is an extremely rare example that lacks the prominent die crack at 5 o'clock on the reverse rim, which is a nearly universal diagnostic feature of the K-7c. Likely, this was the final die marriage of the 1850 Moffat & Company half eagles produced, as it shows the obverse die rust characteristic of Kagin-7, but uses a different punch for the reverse eagle motif which is larger and cruder than that employed for K-7. Census: 5 in 61, 12 finer (8/14). Ex: Eric P. Newman Numismatic Education Society. Realized $15275.00. Description courtesy of Heritage Auctions.
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- 1850 $5 Moffat & Co. Five Dollar MS61 NGC. "K-7c," R.4. These rare Moffat & Company half eagles closely followed the designs of their federal contemporaries. The most obvious difference was the MOFFAT & CO logo inscribed into Miss Liberty's crown, rather than the federal design's LIBERTY in the same position. The present coin is a conditionally rare Mint State piece showing fulsome mint luster and pleasing yellow-green coloration. This scarcer variant of Kagin 7 shows three thick wreath leaves located directly beneath the M in S.M.V. on the reverse. This is an extremely rare example that lacks the prominent die crack at 5 o'clock on the reverse rim, which is a nearly universal diagnostic feature of the K-7c. Likely, this was the final die marriage of the 1850 Moffat & Company half eagles produced, as it shows the obverse die rust characteristic of Kagin-7, but uses a different punch for the reverse eagle motif which is larger and cruder than that employed for K-7. Census: 5 in 61, 12 finer (8/14). Ex: Eric P. Newman Numismatic Education Society. Realized $15275.00. Description courtesy of Heritage Auctions.
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- 1849 $5 Norris, Gregg, & Norris Five Dollar R.E. MS63 NGC. K-3, R.6. The partnership of Norris, Gregg & Norris was founded in New York City as a manufacturing and engineering concern specializing in metal pipes, fittings, boilers, etc., used in plumbing and steam-heating of public buildings. The partners were Thomas H. Norris, Charles Gregg, and Hiram A. Norris, and the firm relocated to the San Francisco area in 1849, following the discovery of gold at Sutter's Mill the previous year. The firm began issuing private gold coinage shortly after its arrival, as evidenced by an article in the Alta California newspaper, dated May 31, 1849: {blockquote}"We have in our possession a Five Dollar gold coin, struck at Benicia City, although the imprint is San Francisco. In general appearance it resembles the United States coin of the same value, but it bears the private stamp of 'Norris, Grieg, & Norris', and is in other particulars widely different."{/blockquote} This brief notice is the earliest mention in print of private coinage in California, and experts believe Norris, Gregg & Norris were the first private coiners in the area. While the article was useful in establishing the firm's priority in the field, it also introduced some misconceptions that puzzled numismatists for many years. The federal half eagles of the period do not resemble the Norris, Gregg & Norris coins at all, except in size and denomination. Perhaps these were the similarities referred to in the article, as the devices are "widely different" in all particulars. The article spells the middle partner's name as Grieg, and Augustus Humbert spelled it Grigg, but contemporary directories list the name as Gregg, the most likely spelling. Although the Alta California mentions the stamp of "Norris, Grieg & Norris", the coins are only stamped N.G. & N., puzzling early catalogers as to the identity of the issuers. The coins began appearing at auction at least as early as Woodward's Sixth Semi-Annual Sale, in March of 1865, yet the firm's identity remained an enigma until an example was discovered in the effects of Augustus Humbert many years later. The description of lot 709 of the Weeks-Humbert Collections (S.H. & H. Chapman, 5/1902) finally dispelled the mystery: {blockquote}"1849 $5 Eagle with shield, with 5 on breast. CALIFORNIA GOLD WITHOUT ALLOY. R. Twenty-two stars enclosing N.G. & N. (Norris, Grigg & Norris). SAN FRANCISCO 1849. Around FULL WEIGHT OF HALF EAGLE. Very fine. Dent on obv. The old piece of paper in which this was wrapped supplied the long sought for name of the firm issuing this coin."{/blockquote} Norris, Gregg & Norris struck large numbers of these five-dollar coins in 1849, and assays at the Philadelphia Mint revealed that the coins were struck without any attempt to alloy the ore, which naturally contained a small amount of silver. The intrinsic value of the coins was reasonably close to the face value, and the coins were well-received by the public. Four die varieties are listed for the date in Donald Kagin's authoritative series reference. All four varieties employ the same obverse and reverse dies, but examples are known with plain and reeded edges; some coins show a period after ALLOY in the reverse legend, while others do not. The missing period is due to die wear and striking characteristics, rather than a difference in design. The present coin represents the rare K-3 variety, with a reeded edge and no period after ALLOY. Probably fewer than 30 examples of the K-3 are extant in all grades today, making it the rarest of the 1849 varieties. A single coin is known with an 1850 date and STOCKTON instead of SAN FRANCISCO in the legend, designated as K-5 in Private Gold Coins and Patterns of the United States, so Norris, Gregg & Norris must have relocated after 1849. The firm is mentioned in at least two articles in the Stockton Times in 1850. Norris, Gregg & Norris ceased operations at an unknown date, and it seems unlikely that many coins were struck at the Stockton location, due to the paucity of survivors. The engraver of the dies is unknown, but Albert Kuner once claimed to have prepared a set of dies for this firm. Since Kuner did not arrive in California until July of 1849, his claim has usually been discounted, as far as the 1849 issue is concerned, but he might have engraved the dies used at the Stockton facility. The coin offered here is the single-finest certified example of the Reeded Edge type seen by NGC and PCGS (8/14). The design elements are boldly rendered and the workmanship is high quality. The pleasing orange-gold surfaces show only minor signs of contact and the fields are brightly reflective in most areas. Eye appeal is extraordinary. We can find no auction record of a Norris, Gregg & Norris five dollar piece in MS63 (or better) certified condition, but the MS62 PCGS coin in lot 5416 of the Riverboat Collection (Heritage, 4/2014) realized $64,625. The advanced collector of Territorial gold should bid accordingly. Ex: Eric P. Newman Numismatic Education Society. Realized $99875.00. Description courtesy of Heritage Auctions.
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- 1849 $5 Norris, Gregg, & Norris Five Dollar R.E. MS63 NGC. K-3, R.6. The partnership of Norris, Gregg & Norris was founded in New York City as a manufacturing and engineering concern specializing in metal pipes, fittings, boilers, etc., used in plumbing and steam-heating of public buildings. The partners were Thomas H. Norris, Charles Gregg, and Hiram A. Norris, and the firm relocated to the San Francisco area in 1849, following the discovery of gold at Sutter's Mill the previous year. The firm began issuing private gold coinage shortly after its arrival, as evidenced by an article in the Alta California newspaper, dated May 31, 1849: {blockquote}"We have in our possession a Five Dollar gold coin, struck at Benicia City, although the imprint is San Francisco. In general appearance it resembles the United States coin of the same value, but it bears the private stamp of 'Norris, Grieg, & Norris', and is in other particulars widely different."{/blockquote} This brief notice is the earliest mention in print of private coinage in California, and experts believe Norris, Gregg & Norris were the first private coiners in the area. While the article was useful in establishing the firm's priority in the field, it also introduced some misconceptions that puzzled numismatists for many years. The federal half eagles of the period do not resemble the Norris, Gregg & Norris coins at all, except in size and denomination. Perhaps these were the similarities referred to in the article, as the devices are "widely different" in all particulars. The article spells the middle partner's name as Grieg, and Augustus Humbert spelled it Grigg, but contemporary directories list the name as Gregg, the most likely spelling. Although the Alta California mentions the stamp of "Norris, Grieg & Norris", the coins are only stamped N.G. & N., puzzling early catalogers as to the identity of the issuers. The coins began appearing at auction at least as early as Woodward's Sixth Semi-Annual Sale, in March of 1865, yet the firm's identity remained an enigma until an example was discovered in the effects of Augustus Humbert many years later. The description of lot 709 of the Weeks-Humbert Collections (S.H. & H. Chapman, 5/1902) finally dispelled the mystery: {blockquote}"1849 $5 Eagle with shield, with 5 on breast. CALIFORNIA GOLD WITHOUT ALLOY. R. Twenty-two stars enclosing N.G. & N. (Norris, Grigg & Norris). SAN FRANCISCO 1849. Around FULL WEIGHT OF HALF EAGLE. Very fine. Dent on obv. The old piece of paper in which this was wrapped supplied the long sought for name of the firm issuing this coin."{/blockquote} Norris, Gregg & Norris struck large numbers of these five-dollar coins in 1849, and assays at the Philadelphia Mint revealed that the coins were struck without any attempt to alloy the ore, which naturally contained a small amount of silver. The intrinsic value of the coins was reasonably close to the face value, and the coins were well-received by the public. Four die varieties are listed for the date in Donald Kagin's authoritative series reference. All four varieties employ the same obverse and reverse dies, but examples are known with plain and reeded edges; some coins show a period after ALLOY in the reverse legend, while others do not. The missing period is due to die wear and striking characteristics, rather than a difference in design. The present coin represents the rare K-3 variety, with a reeded edge and no period after ALLOY. Probably fewer than 30 examples of the K-3 are extant in all grades today, making it the rarest of the 1849 varieties. A single coin is known with an 1850 date and STOCKTON instead of SAN FRANCISCO in the legend, designated as K-5 in Private Gold Coins and Patterns of the United States, so Norris, Gregg & Norris must have relocated after 1849. The firm is mentioned in at least two articles in the Stockton Times in 1850. Norris, Gregg & Norris ceased operations at an unknown date, and it seems unlikely that many coins were struck at the Stockton location, due to the paucity of survivors. The engraver of the dies is unknown, but Albert Kuner once claimed to have prepared a set of dies for this firm. Since Kuner did not arrive in California until July of 1849, his claim has usually been discounted, as far as the 1849 issue is concerned, but he might have engraved the dies used at the Stockton facility. The coin offered here is the single-finest certified example of the Reeded Edge type seen by NGC and PCGS (8/14). The design elements are boldly rendered and the workmanship is high quality. The pleasing orange-gold surfaces show only minor signs of contact and the fields are brightly reflective in most areas. Eye appeal is extraordinary. We can find no auction record of a Norris, Gregg & Norris five dollar piece in MS63 (or better) certified condition, but the MS62 PCGS coin in lot 5416 of the Riverboat Collection (Heritage, 4/2014) realized $64,625. The advanced collector of Territorial gold should bid accordingly. Ex: Eric P. Newman Numismatic Education Society. Realized $99875.00. Description courtesy of Heritage Auctions.
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- (1849) $10 Miners Bank Ten Dollar AU58 NGC. CAC. K-1, R.6. The Miners Bank ten dollar gold piece was one of the earliest private gold issues of the California Gold Rush, and it was the only design and denomination issued by the pioneer firm. Examples are always in demand because of the coin's historical importance and rarity. Probably 25-30 examples survive today in all grades, and high-grade pieces are very rare. The design of the coins was simple, with the denomination TEN D. in the middle of the obverse, flanked by a star on each side, with MINERS, BANK above and SAN FRANCISCO below. The reverse featured an eagle with arrows and olive branch, similar to the device on federal ten dollar gold coins of the time, with CALIFORNIA above and 13 stars below. The star and letter punches on the obverse are from a different set than the reverse, and the obverse workmanship is cruder, suggesting the dies were prepared by different engravers. The firm of Wright & Co., Exchange Brokers was established on July 2, 1849, with offices on the corner of Washington and Kearney Streets in Portsmouth Square, San Francisco. The principals were Stephen A. Wright, Samuel W. Haight, James C.L. Wadsworth, and John Thompson. Miners Bank was a subsidiary of Wright & Co., but the early history of the firm is difficult to follow, since the partners were involved in several business ventures at different times during the Gold Rush era. The first mention of Miners Bank actually predates the formal establishment of Wright & Co. by several months, as paper money from the Miners Bank is known with an issue date of March 1, 1849, signed by Wright as president and Haight as cashier. Perhaps inspired by the example of Norris, Gregg, & Norris, Wright & Co. proposed to issue five and ten dollar coins in the summer of 1849 and petitioned the customs collector to receive those issues on August 7: {blockquote}"They (Wright & Co.) are willing to give bonds to any amount required by the Collector of this Port that their coin shall be of equal (if not more) value than the coins of the United States Mint."{/blockquote} The petition was denied. Undaunted, Wright & Co. proceeded to issue coins of the ten dollar denomination under the name of Miners Bank (the firm was reorganized under that name in November). The firm's name is variously punctuated as Miners Bank, Miner's Bank, and Miners' Bank in contemporary accounts, and the words appear as Miners, Bank on the coins themselves. The pieces were actually struck by Kohler & Co., using the time-honored method of sledge hammer striking, since no coin press was available. According to sworn testimony by James Wadsworth, Kohler & Co. struck coins for Miners Bank from August 1849 until January 1, 1850. Those were not dated, and two varieties are known to present-day collectors. This example represents the K-1 variety, struck in gold-copper alloy, with a wider flan than the K-2 variety, which was struck in gold-silver alloy. It was extremely unusual for a California gold issue to be alloyed with copper, prompting Donald Kagin to theorize that the K-1 pieces might have been struck in the East, where copper was more available, as die trials. There is some disagreement over which side is the obverse, but we follow Kagin and the Guide Book in designating the side with the eagle as the reverse. Initially, the coins must have circulated widely, as an example reached New Orleans and was assayed there by William P. Hoit, Assayer of the New Orleans Mint, on October 16, 1849. Hoit found the ten dollar gold piece had an intrinsic value of $9.65. Later assays at New Orleans and Philadelphia indicated the average value of the Miners Bank coins was a more reasonable $9.87, but the issue soon fell into disrepute, and merchants would only accept the coins at a steep discount. Miners Bank was dissolved on January 14, 1850, and most of their pieces were melted for reminting at an early date. While the coins were definitely out of favor as a medium of exchange, they were prized by collectors from the earliest days of the hobby. They began to appear at auction as early as the Sixth Semi-Annual Sale (W. Elliot Woodward, 3/1865), lot 2819: {blockquote}"Ten dollar piece, without date; obv. With California above and stars below: rev. 'Miners' Bank, San Francisco,' 'Ten D.' across the field of the coin; fine and scarce."{/blockquote} The lot realized $16, to "French," who also purchased the 1861 Paquet Reverse double eagle, which was described in the previous lot in the catalog in its first auction appearance. The current price realized record for the Miner's Bank issue is $230,000, brought by the uncertified MS64 specimen in lot 1076 of the Archangel Collection (Stack's, 11/2006). The present piece is an attractive near-Mint example, with well-detailed design elements that show the slightest trace of wear on the high points. The orange-gold surfaces are lightly abraded and show a few hints of saffron and violet. Traces of prooflike reflectivity are evident in sheltered areas. This coin will be a welcome addition to a fine collection of Territorial gold. Census: 5 in AU58, 8 finer (8/14). Ex: Somerset Collection (Bowers and Merena, 5/1992), lot 1805; Eric P. Newman Numismatic Education Society. Realized $54343.75. Description courtesy of Heritage Auctions.
