The Poorest Known 1848 CAL $2.50 Gold Piece

BillJones

I was going though some old slides the other day when I came across this picture of a coin that a dealer loaned to me to photograph many years ago. I’m sorry for the quality of the photo, but the only thing I have is a slide, and the only way I could transpose it here was to take a picture of a reflection on the wall.

The basic sharpness grade of the coin is Good-4 IMO with some abnormal wear at the top. It has been holded, and the obverse of the coin has been planed off and engraved into a love token. As such I think that this might be the worst 1848 CAL coin known.

Gold was discovered in the foothills of the Sierra Nevada Mountains in California in January of 1848 at a place known to the history books as Sutter’s Mill. Soon after the discovery the military governor of the California territory, Col. B. B. Mason, shipped 230 ounces of gold to the East Coast. Mason’s intent was to show the purity of the recent discovery.

The gold was assayed at the Philadelphia mint and struck into quarter eagles. These coins were counterstamped at the mint with the letters “CAL” to indicate the origin of the gold they contained. The counterstamp was added while the coins were lying on the die so that no flat spot appears on the opposite side, which is the usual occurrence with counterstamped pieces. The total mintage was believed to be only 1,389 pieces. Today this is one of the most desirable gold coins in the American series.

I could have owned this little piece of history for $1,200, but I did not even consider pulling the trigger on a coin in this condition. Discounting what such an item might be worth today, (a decent one in VF has a Red Book value of $17,500, and would probably sell for more in today’s market) perhaps I should have “sacrificed” $1,200 to the cause.

Still I do have a photo, and I can claim that I handled the worst example of the coin in existence. And that would certainly qualify as an unusual accomplishment!

ScarsdaleCoin

Im sure you put the money to better use....dont feel so bad...

DUIGUY

Longacre

Cool picture, but sad for the coin.

Cladiator

I wonder if it's on LordM's hat now?

fc

excellent post. thank you for taking the time to write it!

Baley

Do you recall, what did the obverse love token say?

Cool coin!

shirohniichan

<< <i>I wonder if it's on LordM's hat now? >>



Only if he got the hat insured.

Thanks for sharing the photo and story. Some strange things happen in numismatics.

Cladiator

<< <i>

<< <i>I wonder if it's on LordM's hat now? >>



Only if he got the hat insured.

Thanks for sharing the photo and story. Some strange things happen in numismatics. >>

I wouldn't underestimate his hat. The hat has only gold on it if I remember correclty. The vest is for silver and others.

lordmarcovan

Holey cow!!!

Don't I wish that were on my hat!!!!

shirohniichan

<< <i>Holey cow!!!

Don't I wish that were on my hat!!!!

>>



If you did get it, your head would get so big you'd need to get a new hat!

lordmarcovan

PS- yes, the Holey Gold Hat contains only gold coins (and one or two gold lookalikes such as an old Spade Guinea gaming token).

It has almost gotten to the point where I wouldn't casually wear it anywhere except a secure bourse floor at a show, since it's worth a couple grand now. I have two newps on it that have Eliasberg pedigrees- an ancient Roman solidus of the Emperor Zeno and a Byzantine piece from the 11th century. So the hat has some class, now. But no California quarter eagle (except for a regular 1856-S).

CoinHusker

Fascinating Bill, Thanks for sharing that!

lordmarcovan

My Holey Gold Hat newps, which should get here pretty soon!







<< <i>Zeno (emperor of the East, A.D. 476-491). AV Solidus. Thessalonica, A.D. 476 or later. RIC 941. Metcalf 223. Choice VF.
4.27 grams, 20.40 mm. Obv Helmeted, cuirassed bust three-quarters facing of Zeno, holding spear and decorated shield. Rev Victory standing l., holding long cross, two stars in field. A scarcer issue. Scratched in right obverse field and holed, otherwise Choice VF. >>








<< <i>Constantine IX (A.D. 1042-1055). AV Histamenon Nomisma. Constantinople.
4.41 grams, 25.60 mm. Obv Seated figure of Christ, facing, nimbus cruciger behind, holding the Book of Gospels, r. hand raised in benediction. Rev Facing crowned bust of Constantine IX, wearing loros, holding labarum and globus cruciger. Shifted strike, holed and plugged near edge, otherwise EF. >>



This is the latest newp (swap, actually). I just traded an unholed ANACS G6 1875-P USA 20c piece for it. Call me crazy if you like.

savoyspecial

bump for HoledandCreative

doh

That coin is dang awesome.

cmerlo1

Oh, the stories it could tell...

HoledandCreative

Thanks, Greg.

Where is that Cal. now? Maybe it is for sale?

PerryHall

Interesting but very depressing in that condition. Unless it were extremely cheap, I wouldn't want it in my collection.

ricko

Never did see a picture of the obverse.... Gold is gold... I will take all you don't like... Cheers, RickO

gonzer

I would fathom a guess that the coin was used as a necklace and the uneven wear is due to the lower part being constantly fingered/tugged on/pulled,etc.

Sam123

Yes the obv was smooth with black enamaling and a gold G in the center as I recall. I owned it once.

crypto79

<< <i>Oh, the stories it could tell... >>



what about being draped between some ta-tas for X number of year....Ya that would be a good story

RWB

The mint had an active recoinage program for worn or mutilated gold coins. Millions of gold pieces met the melting pot, likely including many of the CAL examples.