1848 $2 1/2 CAL. AU55 NGC....

Description

1848 CAL. Quarter Eagle, AU55
Historic Gold Rush Issue

1848 $2 1/2 CAL. AU55 NGC. The 1848 CAL. quarter eagle holds a prominent place in numismatic history, struck shortly after the discovery of gold in California -- an event that precipitated one of the greatest socioeconomic upheavals in U.S. history. In early 1848 the California Gold Rush was on full force, with the first shipment of the precious metal arriving at the Philadelphia Mint later that year. This gold, totaling 230 ounces, was intended for medals honoring Generals Zachary Taylor and Winfield Scott. It was sent by Col. R.B. Mason, then the California Military Governor, to Secretary of War William A. Marcy. Marcy instructed the Mint to use the leftover gold (about 168 ounces) to create quarter eagles with the distinctive "CAL." counterstamp above the eagle's head, commemorating the historic California gold discovery.

Mint records confirm that 1,389 of these specially marked 1848 quarter eagles were struck. The CAL. counterstamp was added shortly after the brief production run at the Mint, utilizing a curved prepared punch as a separate operation, carefully punched into the reverse. The exact position of the counterstamp varies coin-to-coin, confirming that the punch was applied by hand. Great care was taken to ensure the counterstamp did not flatten the obverse when the CAL. imprint was struck, perhaps with a custom jig or other cushioned device. Today, fewer than 100 CAL. quarter eagles are believed to survive in all grades. The CAL. quarter eagle is esteemed as one of the most famous and popular U.S. gold coins, often regarded as the first commemorative coin, pre-dating the 1892 Columbian issues by 44 years.

This is an attractive Choice About Uncirculated example, displaying brilliant greenish-gold surfaces with partially prooflike fields. The coin's obverse is sharply struck, while the reverse shows the usual softer definition on the eagle's plumage, as seen on most 1848 quarter eagles. Despite this, the overall strike details are sharp, and the coin's eye appeal is strong, featuring most of the original mint luster.

Population data indicates the scarcity of this coin in higher grades, with NGC certifying only two coins in AU55 and 30 finer, while PCGS has graded eight Choice AU specimens with 34 finer 6/24). Remnants of its original prooflike finish remain beneath scattered light abrasions. Regular issue Philadelphia 1848 quarter eagles are rare as well, with only 6,500 pieces struck and few high-grade survivors.

The CAL. quarter eagle's historical significance and numismatic value are further underscored by its inclusion in Jeff Garrett and Ron Guth's book, The 100 Greatest U.S. Coins. This is a Choice About Uncirculated example of the issue, displaying its undeniable combination of rarity, historic importance, and excellent eye appeal that makes it highly sought addition to any collection.(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 Certification Details from NGC