1848 $2 1/2 CAL. MS62 PCGS....

Description

1848 CAL. Quarter Eagle, MS62
First United States Commemorative Coin
Iconic Gold Rush Souvenir

1848 $2 1/2 CAL. MS62 PCGS. The 1848 CAL. quarter eagle is the inaugural commemorative coin issued in this country. A small group of coins -- only 1,389 pieces -- was struck from the first 228 ounces of California gold delivered to the Philadelphia Mint. This was at the direct behest of R.B. Mason, the military governor of California at the time, and Secretary of War W.L. Marcy. Among commemoratives, few issues can claim as direct a connection to the historical events they celebrate as these 1848 CAL. quarter eagles.

The surviving population and the range of grades encountered speak to the distribution of these important California quarter eagle commemoratives, although we do not know for certain how they were distributed. Only 120 grading events are reported at PCGS and NGC combined (76 at the former, 44 at the latter, excluding 17 Details submissions at NGC). A majority those coins survive across AU levels, AU50 through AU58, and a small number of Mint State coins also exist, including a number in remarkably high grades.

Two points can be gleaned from these figures. One is that the 1848 CAL. quarter eagle claims a survival rate of roughly 10%, meaning many eventually ended up in non-numismatic hands. The second point is that the coins that have been saved suggest they were set aside by collectors or non-collectors who appreciated their historical significance. It is not surprising that many of these gold coins would have been lost over the last 172 years. But there was clearly a group of recipients who prized these diminutive commemoratives and ensured they survived in good condition. Collectors have them to thank for the small number that exist today, including this outstanding MS62 representative.

The coin is undeniably prooflike. Clearly struck from polished dies, both sides maintain a degree of field reflectivity, and those mirrors contrast appreciably against boldly struck devices. Only the eagle's leg and neck feathers are incomplete. Bright yellow-gold surfaces exhibit a few small ticks, scratches, and hairlines, none of which seriously detract. Population: 8 in 62 (1 in 62+), 15 finer (10/20).(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 PCGS