A consolation prize 😉- Part 1 - "The first gold coin minted in California"

PeakRarities · June 13, 2024 5:45AM

Most of you know I didn't get to go home with the amazing Slug from the Brown Bros Auction, but fortunately, I had another deal on the backburner and I had just been trying to make the numbers work. There were two new acquisitions in this deal and this one was the primary target, though the other one is nothing to sneeze at and buying them as a package made it make sense for me.

I had to pay a king's ransom for this coin, but as you all know I'm very capable of taking off my dealer hat and paying what it takes to secure the right coin. After all, I'm trying to build something here, and when you're building a great set and you want the right coins, you won't get anywhere without being reasonably aggressive.

This coin is among the finest known. Of both the Plain-edge and Reeded-Edge varieties, there are a total 21 coins with CAC approval. There are 4 MS62s with CAC approval, I was offered one of them at one point but I wasn't ready at the time. I now know where 3 of them are, and I have a feeling I know where the 4th one is too. They're not likely to surface publicly anytime soon, but it doesn't matter because my set isn't focused on obtaining the highest grade, I focus on color, originality, and eye appeal.

This coin is next in the census, as a Gold CAC 60 I believe we can conservatively estimate that it's a 61+* that might make it into a 62 holder on the right day. Regardless of the numerical grade, this one is undoubtedly the most colorful, and with the eye appeal coupled with the OGH and gold sticker, I think it's a real winner and it was destined to land in my collection.

VIDEO
https://www.instagram.com/reel/C8Hr6hMugmI/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==

Like many other pioneer issues, the dated side of the coin is actually the reverse, meaning that the coin is reverse-holdered. Of the finest known reeded-edge coins, this coin appears to have one of the strongest, if not the strongest strike. The details are crisp and fully defined, the eagles feathers are frosted and contrast well against the rest of the coin. The focal point of the design, the 5 on the shield, is boldly struck and shows no flatness. The obverse shows a considerable amount of prooflike reflectivity, and the abrasions are limited to some minor hairlines in the field. The reverse has more of a frosty texture, and the cascading luster of the cartwheel is a visual treat.

Hints of dark green-gold can be seen in the protected areas of the obverse, but the overall color is more like "apricot" with deep fuchsia highlights in the fields. It's a very pleasing coin to behold, and there's really not anything to complain about, minus the inconsequential grease mark on the obverse. Having this level of eye appeal, along with all the bells and whistles, It's not a coin I could move on from anytime soon. Stay tuned for part 2!

Ron Guth:
Varieties of Norris, Gregg & Norris Gold Coins: I. 1849 $5 A. No Period After ALLOY 1. Plain Edge 2. Reeded Edge B. Period After ALLOY 1. Plain Edge 2. Reeded Edge II. 1850 $5

No Patterns or Die Trials are known for the Norris, Gregg & Norris coins

History of the Norris, Gregg & Norris Gold Coins: The first company answering the plea for a coinage in California is generally believed to have been Norris, Gregg, & Norris. Historian Edgar H. Adams claims they were first on the grounds that they were the first coiners to be cited in the California newspapers. The firm is also the first company mentioned in Eckfeldt and Dubois’ book, New Varieties of Gold and Silver Coins (1850). Some private gold coiners, however, never were cited in California papers. Any one of them could have issued products prior to those from Norris, Gregg, & Norris. There is a possibility that Bowie & Company and Meyers & Company might have preceded Norris, Gregg & Norris.

On May 31, 1849, in the first known reference to private coinage to appear in any of the California papers, the editors of the Alta California observed:

"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."

One of the interesting features of this article is the spelling of the middle partner’s name. For many years there has been some question as to its proper spelling. The article spelled it "Grieg," but the United States Assayer in California, Augustus Humbert, spelled it "Grigg." Historian Edgar Adams relates that among Humbert’s effects, which were sold in 1902, was found one of these coins wrapped in a sheet of paper with the note "From my friends, Norris, Grigg & Norris." To further complicate the situation, the names of all three partners are found in the Directory of New York City of 1849 as Thomas H. Norris, Hiram A. Norris, and Charles Gregg. Adams mentions a book published in New York in 1849 carrying an advertisement for the firm of "Norris, Gregg & Norris." The ad explained that the firm, located at 62 Gold Street between Beekman and Fulton Streets, New York, manufactured and dealt "in Wrought Iron Pipes, and Fittings of all kinds."

It is fairly certain that the firm in New York is the same as the one in California. H.A. Norris is mentioned as a passenger on a vessel leaving New York in 1849, bound for California. While both the New York directory and the advertisement spelled Gregg’s name differently from Humbert or the newspaper article, one must question the latter two sources’ accuracy. Due to the nature of the newspaper reporting and publication, their accuracy sometimes is a problem. This was especially true of papers published in the nineteenth century. Humbert’s spelling, like anyone’s, easily could have been in error. While directories were not always perfect in their spelling ,they were generally correct since the subscribers were paying for their listing. The spelling of a sponsor’s name in his paid advertisement probably is the most reliable source in this regard since paid advertising copy is usually checked by the subscriber before it is run.

Another question is posed by the newspaper article previously cited, which states that the coins of Norris, Gregg & Norris "resemble the United States coin." The design of extant Norris pieces is radically different from the federal coinage. This may suggest that an undiscovered type, with usual Liberty head and eagle design similar to that on U.S. coins of that period, preceded the varieties known today.

It has never been determined where in Benicia the first Norris, Gregg & Norris coins were minted. The late San Francisco historian, Roy Hill, published an article by L.P. Marshall, written for the February 1912 issue of Out West. In it the author states that while he was roaming the region around Benicia with his sons in 1852-1853, he was told of an old house which he proceeded to occupy. Marshall continues, "In and about the house we found appliances for the manufacture of counterfeit coins, such as crucibles, dies, copper, etc. It is supposed that a band of counterfeiters had found the place deserted and had taken possession of it." If Marshall is correct in his assumption, however, then why would the coiners abandon their equipment, without any apparent justification?

It is possible that this house was indeed occupied by counterfeiters, although according to Eckfeldt and DuBois, no counterfeits were ever found (i.e. known to them in the 1850’s) from among the California gold coins. The home could also have been a proposed site of the Mormons, who at one time planned to settle there. This, however, is highly unlikely because no mention is made in the Mormon journals of a proposed mint in California. It is possible that Marshall may have used the word "counterfeiter" for anyone other than the government who made coins. Until positive evidence to the contrary is forthcoming, the house Marshall discovered may be assumed to be the site of the Norris, Gregg & Norris mint.

It is now believed that Norris, Gregg & Norris moved to Stockton from Benicia sometime in 1850. One source states that A. Reimers of San Francisco, a close friend of Mr. Kuner, told some coin collectors that Kuner insisted that Norris, Gregg & Norris were businessmen in Stockton. Significantly, in 1947 a specimen was found with the word STOCKTON on the die and dated 1850. This piece might very well have been made after Norris, Gregg & Norris moved from Benicia to Stockton. An article in the Stockton Times of April 6, 1850, mentions the presence of a coining operation of Norris, Gregg & Norris in Stockton.

The coins seem to have been well received by the general populace. An article by E. Sprague in the April 20, 1850, Stockton Times explained the necessity and desirability of the Norris coin. He further stated that the people and merchants were desirous of the issues and and that only gold dust brokers who wished to retain the depressed gold market and continue to reap high profits from reselling th gold at much higher market value were against the new coins which would raise the gold’s value to its proper level. These brokers raised the question of the value of Norris pieces.

Norris effectively replied to this charge in an article published in the Stockton Times by stating, "1st--All the gold coin stamped by me is, as it purports on its face to be, of pure placer gold without any admixture or other substances. 2nd--These coins, on average, weigh 1 percent heavier than the U.S. Half Eagles. 3rd--The coins sell in Boston, New York, Philadelphia, and New Orleans at a premium of 1 percent." The first two points later were substantiated by Eckfeldt and DuBois.

It is not known when Norris, Gregg & Norris ceased their operations, nor what the proprietors did afterwards. Since the Stockton specimen is unique, it is likely that not too many were issued, and coining ceased soon after the April 20 article. This company’s coins are not mentioned in later newspaper references to private coins, so that as early as 1851 they were no longer found in circulation in either the San Francisco or Sacramento areas.

psuman08 · June 13, 2024 5:57AM

Spectacular addition to your collection Dan! The history in your collection is impressive to say the least. Thanks for sharing.

skier07 · June 13, 2024 6:08AM

Beautiful coin and congratulations! You are building one heck of a pioneer gold collection.

Curious if you were able to view the coin in hand before acquiring it.

PeakRarities · June 13, 2024 6:11AM

@skier07 said:
Beautiful coin and congratulations! You are building one heck of a pioneer gold collection.

Curious if you were able to view the coin in hand before acquiring it.

No view in hand, I just saw a very good series of photos and videos. The other coin I had seen in hand before.

MFeld · June 13, 2024 6:17AM

I grade it ENL (Exceptionally Nice Looking). Congratulations!

Copperindian · June 13, 2024 6:26AM

Great dissertation & history Dan - congratulations!

lermish · June 13, 2024 6:26AM

I've looked at a reasonable amount of pioneer at this point so I won't hedge my statement. There are very, very few pioneer issues of any sort in any grade with more attractive surfaces than this coin. Pretty solid strike also, don't see the 5 pop like that very often.

I absolutely love it. Congrats!!!!

CaptHenway · June 13, 2024 7:06AM

Very nice coin for the issue!

johnny010 · June 13, 2024 8:25AM

Exceptional piece Dan.

Do you know the story behind population growth since 2012? Very interesting coin.

Here's a reference from the HA sale:

Current day reporting:

PeakRarities · June 13, 2024 8:30AM

@johnny010 I don't know for certain but I'm willing to bet that a good number are regrades and duplicates in pursuit of higher grades. Grading of pioneer issues has been extremely variable over time, the XF40s of yesteryear are now in 55 holders, and the AU55s are now top pop ms62s.

oldabeintx · June 13, 2024 8:36AM

Great coin, exceptional post. Thanks for sharing both!

breakdown · June 13, 2024 8:48AM

Great addition! Love the color. Natural looking pioneer gold is like hen’s teeth.

You are putting together quite a set.

Weiss · June 13, 2024 8:54AM

Whoa.

TomB · June 13, 2024 9:02AM

Now that's a true Super Bird!

FlyingAl · June 13, 2024 9:04AM

Absolutely gorgeous color! I'm a fan!

golden · June 13, 2024 9:25AM

You are not going to believe this but, I was looking up something in the Red Book this morning and just happened to see this issue and thought what a cool coin to have. I will give you a Holy Crap on your new purchase! Congratulations!

jesbroken · June 13, 2024 9:36AM

Great addition, Dan. Thanks for sharing. Glad you were able to get the coin you wanted.
Jim

coinbuf · June 13, 2024 9:41AM

Awesome coin, congrats!!

mattniss · June 13, 2024 9:47AM

Just when I picked my jaw up off the floor, it's back there again. Incredible pickup and even better eye for finding them DD!

OriginalDan · June 13, 2024 10:33AM

I really like this example @DeplorableDan, hadn't seen it before. Thanks for sharing.

You rarely see the 5 on the shield so well defined.

Kliao · June 13, 2024 2:01PM

Amazing pickup and beautifully original. A type I believe I've never seen before but I'm a fan of it.

Smudge · June 13, 2024 2:57PM

Wow. Beautiful coin. So without alloy means pure gold as opposed to the mint’s 90%?

Jacques_Loungecoque · June 13, 2024 3:44PM

Outstanding, Dan, as usual. One day when I finally hit the Powerball I hope to join your level.

pursuitofliberty · June 13, 2024 4:28PM

Dan, you know how I feel. When I first saw the images you sent earlier, I almost fell out of my chair. These images show the coin better still, and are fantastic. That's easier with fantastic coins though ... they always seem to find a way to show through.

The coin is superlative, in all ways. Even the grease mark. Your wonderful write-up does it justice, and the reprint is very educational. Well done there.

Congratulations on another cornerstone piece for your collection. Thank you for sharing it with us.

pointfivezero · June 13, 2024 5:05PM

Jeez, some consolation prize Dan. My last consolation prize was taking my second cousin to the senior prom.

Tim

TheGoonies1985 · June 13, 2024 5:53PM

She's a beauty Dan a keeper for sure!!!

RobertScotLover · June 13, 2024 6:26PM

I am not familiar with this genre but the subject pieces is as you describe and sight to behold

PeakRarities · June 14, 2024 5:57AM

@Smudge said:
Wow. Beautiful coin. So without alloy means pure gold as opposed to the mint’s 90%?

Yes and no. While they didn't alloy their gold, native California gold was only .880 to .887 fine, on average, and they lacked the necessary parting acids to refine the purity. While these coins were made to be about 1% heavier, in total, than their federal counterparts, they may have actually still turned out to be 1-2% underweight in terms of actual gold value. Nevertheless, across the country, they were widely accepted at a 1% premium to a federal Half Eagle. As far as I'm aware, I don't believe there are any official assay records but I'll have to ask @regulated when I see him in a couple of days.

WCC · June 14, 2024 11:46AM

I like the territorial coins that don't have the liberty head portrait more. I'm assuming the liberty head was used because the public recognized it, but it's less attractive.

This one has another nice design.