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Lot
5949

1860 $10 Clark, Gruber & Co. Ten Dollar AU55 NGC. CAC. K-3, R.5....

2013 August 8 - 10 US Coins Signature Auction - Rosemont #1188

 
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Auction Ended On: Aug 9, 2013
Item Activity: 8 Internet/mail/phone bidders
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Location: Hyatt Rosemont
6350 N. River Road
Rosemont, IL
60018
Description:
1860 Clark, Gruber Ten, K-3, AU55
Backing for the Firm's Paper Currency
1860 $10 Clark, Gruber & Co. Ten Dollar AU55 NGC. CAC. K-3, R.5. There was a period of time when the paper currency issued by Clark, Gruber and Co., as a supplement to their gold coinage, actually traded at a premium to the U.S. federal "shinplasters" issued to help finance the debts incurred by the North as a result of the Civil War. Kagin notes in his 1981 reference on private gold coinage that the paper notes of Clark, Gruber were redeemable in specie at their Denver office, whereas Eastern banks had suspended specie payments as of December 1861 -- hence the remarkable result of private paper currency trading at a premium over federal paper.

This Choice AU 1860 Clark, Gruber has the fanciful Pike's Peak depiction that remains a symbol of Colorado Springs and the Colorado Gold Rush to this day, making it extremely popular with legions of collectors. This is a lustrous reddish-orange piece with lighter lemon-yellow tints around the peripheral lettering. A few small ticks and scrapes are consistent with the grade, but this is a highly eye-appealing example. Listed on page 394 of the 2014 Guide Book.
From The Warsaw Collection. (PCGS# 10137)

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