Did you know there were two types of Liberty Head Quarter Eagle gold pieces struck by the Philadelphia Mint? On January 24, 1848, James Wilson Marshall noticed some small flakes of yellow metal near Sutter's Mill outside Coloma, California. Marshall's discovery turned out to be gold, touching off one of the California Gold Rush. In December 1848, the Military Governor of California (Col. R.B. Mason) sent 228 ounces of gold to the Secretary of War, William L. Marcy. Marcy forwarded the gold to the Philadelphia Mint, with instructions to use it to make Congressional Medals for Generals Zachary Taylor and Winfield Scott. Any leftover gold was to be turned into specially marked Quarter Eagles. 1,389 1848-dated Quarter Eagles were struck from the California gold shipment, each one stamped with a small "CAL" in the upper reverse field. The stamping appears to have been done while the coins were still in the press, as none of the obverse features appear to have been flattened. The mint produced 7,497 regular 1848 business strikes and five proofs. Here's the reverse of the regular 1848 $2 1/2: http://www.coinfacts.com/quarter_eagles/liberty_head_quarter_eagles/1848_quarter_eagle_rev.jpg As previously stated, 1,389 coins were struck with "CAL" on the reverse for circulation. No proofs were struck. Here's the 1848 CAL $2 1/2 reverse: http://www.coinfacts.com/quarter_eagles/liberty_head_quarter_eagles/1848_quarter_eagle_cal_rev.jpg Clinker
It's interesting to note how QUICKLY things changed after the very first discovery of gold. It only took a few months for the discovery to ripple all the way across the continent to Philadelphia to give us these interesting (and valuable) pieces. I think everyone understood the significance - it dramatically affected America's financial standing in the world. It would be interesting to learn more about the many ripple effects... very beneficial to a young nation. One of the effects was the introduction of gold $1 and $20 the very next year - 1849. And California statehood one year later - 1850. Classic example of the historical value of numismatics. Anyone have any insights on why the Mint went to the trouble of stamping the CAL 1/4 Eagles ? Since it was a unique, "dedicated" stash of bullion, maybe it was their way of tracking exactly where that 228 ounces went. Maybe it was like tagging, to route the finished pieces to their rightful owner. Roughly speaking, a 1/4 Eagle has 1/8 oz of gold (a little less). Thus, 1,389 pieces consumed about 168 ounces of gold... almost three-fourths of the original stash of 228 ounces. So the "left-over gold" was the great majority... Anyone know what happened to the Congressional Medals - the priority use of the bullion ? Great post, Clinker. Maybe some specialists will chime in. A lot of food for thought on this one.
Thanks Phoenix21... thought the fact that a california gold piece was struck by the Philly Mint instead of a "private" firm would get more comments than this trivia has received so far... Clinker
For that matter, why no CAL 1/2 Eagles, or $10 Eagles ? In those days, I'm guessing they had "production runs", during which they geared up for only only a few denominations at a time. For instance, in 1848 they made 10 different denominations at Philadelphia, but probably not all 10 at the same time. That would require 10 parallel production lines (presses / planchet machines / etc). I bet they didn't have the equipment to do all 10 denoms at once, so they cranked out silver dollars for a while, then switched to half dollars, etc. - all based upon commercial demand. Thus, the CAL gold coincided with a quarter-eagle production run. Which is cool, 'cuz that means they made more pieces. If it were half-eagles, they would have made only half as many (695) - if $10 eagles, half that (347).
Well NOW you've done it ! I may not get to sleep tonight. That opens up a whole new line of thinking...
It's quite simple really, they did it to distinguish the coins from the regular mintage. It was a big deal back in those days and govt. officials were permitted to buy these Cal. gold coins as a commemorative coin. And that's why many collectors consider this coin to be the first US commemorative.
Only 104 have been certified by NGC (46) + PCGS (58)... less than 8% of the mintage. How many others have survived is anyone's guess.
Here's a tasty little treat for ya... http://coins.ha.com/common/view_item.php?Sale_No=454&Lot_No=3091&type=coin454-temaa122107
"Oh, Santa... while you're at it..." http://coins.ha.com/common/view_item.php?Sale_No=454&Lot_No=2921&type=coin454-temaa122107
"For that matter, why no CAL 1/2 Eagles, or $10 Eagles ?" The text below is from a Heritage Auction Galleries description of an 1848 CAL. Quarter Eagle. It makes it sound as if perhaps Quarter Eagles (rather than other, larger denomination gold coins) were chosen in order that more people be given the opportunity to acquire a coin made of the "California gold". "Shortly after the discovery of gold in the American River region of California, some 228 ounces of Gold Rush bullion was sent by California's military governor, Colonel R.B. Mason, to Secretary of War William Learned Marcy. This was the first shipment east from the west coast's rich deposits. Marcy in turn sent the gold ore to Mint Director Robert Maskell Patterson at the Philadelphia Mint, where it was received on December 8 and was assayed at an average .894 fine. Marcy urged that, "As many may desire to procure specimens of coin made of the California gold, by exchanging other coin for it, I would suggest that it be made into quarter eagles with a distinguishing mark on each..."
