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Southern Gold Society article
RYK
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What follows is an abrideged version of the lead article in the most recent Southern Gold Society enewsletter. If anyone is interested in joining, please PM me with your email address , and I will forward your email address to our President.
Mission Statement
The Southern Gold Society was formed to increase the enjoyment and study of Southern gold coins and related history, through an informal, relaxed mix of education and fellowship. The society is reminiscent of those of a bygone era, in which connoisseurship and a gentlemanly appreciation of Southern gold coins is the order of the day.
Purpose
To facilitate the enjoyment and study of the gold coins and related history of the Southern branch mints (Dahlonega, Charlotte, and New Orleans) and private Southern minters (Templeton Reid and the Bechtlers).
To enjoy each member's knowledge and friendship in an informal manner.
To provide a relaxed, pleasant environment in which to meet during selected coin shows and other convenient events.
To encourage the appreciation and preservation of a Southern gold coin’s original surfaces.
To consolidate the information, resources, and talent available to enthusiasts of these historic Southern gold coins.
Collecting Bechtlers by James C. Gray
The Bechtlers were the most successful, prolific and long lasting of all the pioneer and territorial minters. The mint was located in Rutherford County, North Carolina and produced gold coins from 1831 until about 1850. Over one million pieces were struck and they circulated widely in the Southeast.
I began collecting coins in 1953 as a ten year old boy growing up in the southern Piedmont of North Carolina. I have deep roots in the area as my direct ancestor, Ransom Gray, settled here in 1758. In 1980, I resumed collecting and before long the fever had returned and I became an avid collector and numismatist. With my family history and love of coins, it was inevitable that I would become interested in the coinage of the southern Piedmont, the coins of the Charlotte and Bechtler Mints.
Collecting in the 1950's meant completing a set by date and mint mark and filling up a blue Whitman album. This mind-set affected me as an adult collector as I continued to collect sets. When I came to Bechtlers, the question was, “What is a set of Bechtlers?” To answer that question, I consulted the bible of pioneer and territorial coinage, Don Kagin's, “Private Gold Coins and Patterns of the United States” published in 1981. The book lists twenty nine different Bechtler varieties and gives die marriages and rarity ratings for each piece. The Kagin (K) numbers used in this article are based on the enumerations set out in Kagin's book. No collector has ever completed a set of all twenty nine varieties, but it was said that Virgil Brand had over twenty five. Kagin's book revealed that a $2.50 circle (K-7) and the $2.50 with finely reeded edge (K-9) were uncollectible, as was the transitional $5 (K-26), which featured a common A. Bechtler obverse and a common C. Bechtler reverse. A study of the remaining twenty six varieties showed that they could be grouped into fifteen distinct and readily identifiable types. This, then, would be a set of Bechtlers. The coins in the set would be defined as follows (Table not included):
One would think that a set of fifteen coins was easily obtainable, but examinations of the Bechtler collections that have been auctioned in the last twenty five years show that this is not the case. The only complete set to be sold in that period was the Garrett collection, which was sold in November of 1979. The set contained all fifteen types plus duplicates of the $2.50 circle (K-5, 8), $5 dated (K-17, 19) and the $5 Georgia gold (K-22, 23). The lowest grade coin in the set was the A. Bechtler 141-G (K-29), which graded fine. Many of the pieces had come from the Ellsworth collection purchased by the Garretts in 1923. The next major collection was sold in the Bowers and Merena, Arnold and Romisa, sale of September 1984. The collection contained fifteen pieces with duplication of the $2.50 circle and the $5 Georgia gold. The A. Bechtler 128-G (K-28) and 141-G (K-29) were not present in any grade.
In May 1992, Superior sold the Jack Adams collection of Bechtlers, which contained seventeen different varieties with three duplications of type. There was no A. Bechtler 128-G (K-28), but there was a very nice 141-G (K-29). The two encapsulated coins in the sale were not part of the Adams collection. The set sold in the Heritage, American Numismatic Association, 1993 sale was complete except for the $1 30 gr. (K-l) and the $1 28 gr. (K-2, 3). That was unusual as there were duplicates of the other two Bechtler dollars. The star of the set was an AU-55 A. Bechtler 128 gr. (K-28).
The James Stack Bechtlers were sold in two sales in 1994 and 1995. The collection had thirteen pieces representing eleven types, but there was no A. Bechtler 128-G (K-28) or 141-G (K-29). Finally, the mighty Eliasberg's collection contained fifteen pieces with duplication of the Georgia gold $5 (K-22, 23). The missing piece was the relatively available $2.50 67-G 21-C (K-10). Most of the Eliasberg Bechtlers came from the Clapp collection and the Clapp inventory shows that a K-10 was purchased in November, 1901. At the same time, a $2.50 70-G 20-C (K-13) was purchased and appeared as Lot 320 in the Eliasberg sale. The K-10 was not sold with the Eliasberg duplicates in the Lee sale of 1947. Why this coin was not present to complete the set is a mystery that may never be solved.
Several of these collections contained one or both of the Chapman Bechtler restrikes (K-30, 31), which were made in 1922. In my opinion, these are fantasy coins and have no place in a collection of Bechtlers.
The most available of the Bechtler coins are the $1 pieces. The K-l, K-4 and K-24 can be readily obtained in AU or better while the 28-G (K-2, 3) is much rarer than the others. The K-3 is often found with problems as shown by the three impaired pieces in the Adams collection and the graffiti on the Eliasberg coin. There are a few very nice K-2's, but they are seldom seen. $1 coins are often seen bent or with crinkled or buckled planchets.
The keys to the C. Bechtler coins are the $2.50 circle and $5 circle. The $2.50 circle has three varieties with a total population of about twenty five coins, about half of them being K-8's. I have only seen two K-6's, one selling in Stack's June, 2002 sale for $54,625, which is the highest price ever realized for a Bechtler coin. The $5 circle has two varieties, however, I have never seen a K-14 and only two or three are extant. The total population of K-15's is about eighteen to twenty coins with some very nice AU's.
The three small diameter C. Bechtler $2.50 types, (K-10 through K-13) are equally available and a nice piece can be located with patience. Of the four $5 dated varieties, the K-16 is uncollectible while the 20-C distant (K-19) is highly overrated and almost as available as the Rutherford reverse (K-17). The C. Bechtler 134-G (K-20) is by far the most common $5 Bechtler and is available in nice grade.
The Georgia gold $5 type must be fulfilled with a Rutherford (K-22) or Rutherf (K-23) reverse as the Colon (K-21) is very rare. The K-22 is at least twice as rare as the K-23, but there are some beautiful AU's extant as well as a coin in the AU-55 holder that looks like it went ten rounds with Zorro.
The A. Bechtler 134-G $5 (K-27) is about the same rarity as the $5 dated with Rutherford reverse (K-17), and an acceptable piece comes on the market once or twice a year. The true keys to the whole set are the A. Bechtler 128-G (K-28) and 141-G (K-29) $5 pieces. Only about ten to twelve K-28's are known, but there are four or five AU's. While there are probably about fifteen to eighteen K-29's extant, most are in low grades or have problems. I have seen only two coins that would grade AU by today's standards. The Eliasberg K-29 had areas of soft striking and was graded VF-20 in the catalogue. It reappeared as Lot 1015 of the Bowers and Merena, Mory, sale in June, 2000 where it was in a VF-35 NGC holder. Since then, it has been broken out, dipped and is now in a PCGS EF-45 holder. The collector needing an AU K-29 should wait three or four years as this coin will probably be a 58 by then.
Bechtler coins are often seen with weak or incomplete legends as are coins with planchet flaws and fissures. These problems depress the desirability and value of the coin, as do the normal impairments of cleaning, marks, scratches and rim problems. Rotated dies are common throughout the series. Bechtler coins are seldom seen in well-worn condition as their owners held them as a store of value.
About the author: a life long resident of Gastonia, North Carolina, James Gray obtained undergraduate and law degrees from the University of North Carolina at Chapel Hill and is a practicing trail attorney. He collects Liberty Seated coinage and the coins of the Charlotte and Bechtler mints. He has published award-winning articles in the Gobercht Journal and has also published articles in the Numismatist, Bowers & Merena Rare Coin Review and other publications.
Mission Statement
The Southern Gold Society was formed to increase the enjoyment and study of Southern gold coins and related history, through an informal, relaxed mix of education and fellowship. The society is reminiscent of those of a bygone era, in which connoisseurship and a gentlemanly appreciation of Southern gold coins is the order of the day.
Purpose
To facilitate the enjoyment and study of the gold coins and related history of the Southern branch mints (Dahlonega, Charlotte, and New Orleans) and private Southern minters (Templeton Reid and the Bechtlers).
To enjoy each member's knowledge and friendship in an informal manner.
To provide a relaxed, pleasant environment in which to meet during selected coin shows and other convenient events.
To encourage the appreciation and preservation of a Southern gold coin’s original surfaces.
To consolidate the information, resources, and talent available to enthusiasts of these historic Southern gold coins.
Collecting Bechtlers by James C. Gray
The Bechtlers were the most successful, prolific and long lasting of all the pioneer and territorial minters. The mint was located in Rutherford County, North Carolina and produced gold coins from 1831 until about 1850. Over one million pieces were struck and they circulated widely in the Southeast.
I began collecting coins in 1953 as a ten year old boy growing up in the southern Piedmont of North Carolina. I have deep roots in the area as my direct ancestor, Ransom Gray, settled here in 1758. In 1980, I resumed collecting and before long the fever had returned and I became an avid collector and numismatist. With my family history and love of coins, it was inevitable that I would become interested in the coinage of the southern Piedmont, the coins of the Charlotte and Bechtler Mints.
Collecting in the 1950's meant completing a set by date and mint mark and filling up a blue Whitman album. This mind-set affected me as an adult collector as I continued to collect sets. When I came to Bechtlers, the question was, “What is a set of Bechtlers?” To answer that question, I consulted the bible of pioneer and territorial coinage, Don Kagin's, “Private Gold Coins and Patterns of the United States” published in 1981. The book lists twenty nine different Bechtler varieties and gives die marriages and rarity ratings for each piece. The Kagin (K) numbers used in this article are based on the enumerations set out in Kagin's book. No collector has ever completed a set of all twenty nine varieties, but it was said that Virgil Brand had over twenty five. Kagin's book revealed that a $2.50 circle (K-7) and the $2.50 with finely reeded edge (K-9) were uncollectible, as was the transitional $5 (K-26), which featured a common A. Bechtler obverse and a common C. Bechtler reverse. A study of the remaining twenty six varieties showed that they could be grouped into fifteen distinct and readily identifiable types. This, then, would be a set of Bechtlers. The coins in the set would be defined as follows (Table not included):
One would think that a set of fifteen coins was easily obtainable, but examinations of the Bechtler collections that have been auctioned in the last twenty five years show that this is not the case. The only complete set to be sold in that period was the Garrett collection, which was sold in November of 1979. The set contained all fifteen types plus duplicates of the $2.50 circle (K-5, 8), $5 dated (K-17, 19) and the $5 Georgia gold (K-22, 23). The lowest grade coin in the set was the A. Bechtler 141-G (K-29), which graded fine. Many of the pieces had come from the Ellsworth collection purchased by the Garretts in 1923. The next major collection was sold in the Bowers and Merena, Arnold and Romisa, sale of September 1984. The collection contained fifteen pieces with duplication of the $2.50 circle and the $5 Georgia gold. The A. Bechtler 128-G (K-28) and 141-G (K-29) were not present in any grade.
In May 1992, Superior sold the Jack Adams collection of Bechtlers, which contained seventeen different varieties with three duplications of type. There was no A. Bechtler 128-G (K-28), but there was a very nice 141-G (K-29). The two encapsulated coins in the sale were not part of the Adams collection. The set sold in the Heritage, American Numismatic Association, 1993 sale was complete except for the $1 30 gr. (K-l) and the $1 28 gr. (K-2, 3). That was unusual as there were duplicates of the other two Bechtler dollars. The star of the set was an AU-55 A. Bechtler 128 gr. (K-28).
The James Stack Bechtlers were sold in two sales in 1994 and 1995. The collection had thirteen pieces representing eleven types, but there was no A. Bechtler 128-G (K-28) or 141-G (K-29). Finally, the mighty Eliasberg's collection contained fifteen pieces with duplication of the Georgia gold $5 (K-22, 23). The missing piece was the relatively available $2.50 67-G 21-C (K-10). Most of the Eliasberg Bechtlers came from the Clapp collection and the Clapp inventory shows that a K-10 was purchased in November, 1901. At the same time, a $2.50 70-G 20-C (K-13) was purchased and appeared as Lot 320 in the Eliasberg sale. The K-10 was not sold with the Eliasberg duplicates in the Lee sale of 1947. Why this coin was not present to complete the set is a mystery that may never be solved.
Several of these collections contained one or both of the Chapman Bechtler restrikes (K-30, 31), which were made in 1922. In my opinion, these are fantasy coins and have no place in a collection of Bechtlers.
The most available of the Bechtler coins are the $1 pieces. The K-l, K-4 and K-24 can be readily obtained in AU or better while the 28-G (K-2, 3) is much rarer than the others. The K-3 is often found with problems as shown by the three impaired pieces in the Adams collection and the graffiti on the Eliasberg coin. There are a few very nice K-2's, but they are seldom seen. $1 coins are often seen bent or with crinkled or buckled planchets.
The keys to the C. Bechtler coins are the $2.50 circle and $5 circle. The $2.50 circle has three varieties with a total population of about twenty five coins, about half of them being K-8's. I have only seen two K-6's, one selling in Stack's June, 2002 sale for $54,625, which is the highest price ever realized for a Bechtler coin. The $5 circle has two varieties, however, I have never seen a K-14 and only two or three are extant. The total population of K-15's is about eighteen to twenty coins with some very nice AU's.
The three small diameter C. Bechtler $2.50 types, (K-10 through K-13) are equally available and a nice piece can be located with patience. Of the four $5 dated varieties, the K-16 is uncollectible while the 20-C distant (K-19) is highly overrated and almost as available as the Rutherford reverse (K-17). The C. Bechtler 134-G (K-20) is by far the most common $5 Bechtler and is available in nice grade.
The Georgia gold $5 type must be fulfilled with a Rutherford (K-22) or Rutherf (K-23) reverse as the Colon (K-21) is very rare. The K-22 is at least twice as rare as the K-23, but there are some beautiful AU's extant as well as a coin in the AU-55 holder that looks like it went ten rounds with Zorro.
The A. Bechtler 134-G $5 (K-27) is about the same rarity as the $5 dated with Rutherford reverse (K-17), and an acceptable piece comes on the market once or twice a year. The true keys to the whole set are the A. Bechtler 128-G (K-28) and 141-G (K-29) $5 pieces. Only about ten to twelve K-28's are known, but there are four or five AU's. While there are probably about fifteen to eighteen K-29's extant, most are in low grades or have problems. I have seen only two coins that would grade AU by today's standards. The Eliasberg K-29 had areas of soft striking and was graded VF-20 in the catalogue. It reappeared as Lot 1015 of the Bowers and Merena, Mory, sale in June, 2000 where it was in a VF-35 NGC holder. Since then, it has been broken out, dipped and is now in a PCGS EF-45 holder. The collector needing an AU K-29 should wait three or four years as this coin will probably be a 58 by then.
Bechtler coins are often seen with weak or incomplete legends as are coins with planchet flaws and fissures. These problems depress the desirability and value of the coin, as do the normal impairments of cleaning, marks, scratches and rim problems. Rotated dies are common throughout the series. Bechtler coins are seldom seen in well-worn condition as their owners held them as a store of value.
About the author: a life long resident of Gastonia, North Carolina, James Gray obtained undergraduate and law degrees from the University of North Carolina at Chapel Hill and is a practicing trail attorney. He collects Liberty Seated coinage and the coins of the Charlotte and Bechtler mints. He has published award-winning articles in the Gobercht Journal and has also published articles in the Numismatist, Bowers & Merena Rare Coin Review and other publications.
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