1848 $2 1/2 CAL. AU50 PCGS....

Description

1848 CAL. Quarter Eagle, AU50
Made from California Gold

1848 $2 1/2 CAL. AU50 PCGS. Among the famous and popular gold issues of the Philadelphia Mint, the 1848 CAL quarter eagle has been called America's first commemorative coin. These souvenirs of the California Gold Rush were produced from the first gold deposit at the Philadelphia Mint that consisted of 228 ounces. The gold was deposited in Philadelphia on December 9, 1848, nearly four months after leaving California on August 17. Mint Director Robert M. Patterson received directions to create special 1848-dated quarter eagles, each with a distinguishing mark. The result was an estimated 1,389 quarter eagles with the letters CAL punched into the reverse field over the eagle after the coins were minted. The present piece is one of those coins.

There has long been the question of how the letters were punched into the reverse field of these coins. Unlike normal counterstamped coins, there is no flattening of the design on the opposite side of any surviving examples. Examination of multiple examples shows that the punch placement over the eagle's head is nearly identical on every piece. In Commemorative Coins of the United States, A Complete Encyclopedia, Q. David Bowers suggests that the coins were minted first, then each coin was carefully placed on an 1848 quarter eagle obverse die and that a single punch with all three letters was utilized within a jig to assure consistent placement. However, the present piece and several others depart from the usual placement that is centered between TES and the eagle's head. PCGS Coin Facts notes: "Placement of the punch relative to other elements on the reverse varies."

This rich exhibits pleasing honey-gold surfaces with trivial marks. Both sides are softly defined at the centers, typical of most surviving examples. The CAL punch on the reverse of this piece is high over the eagle's head and nearly touches the letters TES in STATES. Population: 10 in 50, 43 finer (11/21).
From The Buffalo Bayou Collection, Part 2. (Registry values: P2)

Coin Index Numbers: (NGC ID# 25HA, PCGS# 7749, Greysheet# 8270)

Weight: 4.18 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

View all of [The Buffalo Bayou Collection, Part 2 ]

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