1848 $2 1/2 CAL. AU53 PCGS....

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1848 CAL. Quarter Eagle, AU53
The Ultimate Gold Rush Souvenir

1848 $2 1/2 CAL. AU53 PCGS. It is widely believed that the 1892 Columbian Exposition half dollar represents the inaugural commemorative issue in United States numismatics, but one must go back 44 years for the veritable first-year souvenir coinage issue: the 1848 CAL. quarter eagle.

James Marshall's discovery of gold on John Sutter's property in January 1848 had unprecedented effects on the economy, political landscape, and demographics of the United States and shaped its history as few events have. Recognizing the massive changes about to take place, President James Polk announced in his December 5, 1848 annual address:

"The accounts of the abundance of gold in that territory are of such an extraordinary character as would scarcely command belief were they not corroborated by the authentic reports of officers in the public service who have visited the mineral district and derived the facts which they detail from personal observation."

Three days later on December 8 the first deposit of California gold arrived at the Philadelphia Mint. It was delivered by David Garter and amounted to 1,804.49 ounces after assaying. The next day, December 9, another 228 ounces of .894 fine gold arrived at the Mint, sent by R.B. Mason, Jr. from California. Regarding that delivery, Secretary of War W.L. Marcy wrote to Mint Director Robert M. Patterson:

"If the metal is found to be pure gold, as I doubt not that it will be, I request you to reserve enough of it for two medals ordered by Congress and not yet completed, and the remainder, with the exception of one or two small bars, I wish to have coined and sent with the bars to this department. As many may wish to procure specimens made with California gold, by exchanging other coin for it, I would suggest that it be made into quarter eagles with a distinguishing mark on each ... ."

After a month's delay related to assaying the gold and having the coins struck and impressed with the CAL. stamp above the eagle's head, the commemorative quarter eagles were ready on January 5, 1849. These were made from the 228 ounces delivered December 9, while the two medals to which Marcy referred were struck from gold received the day before. It is believed that 1,389 counterstamped quarter eagles were struck and that about 150, certainly no more than 200 pieces survive.

This AU53 representative in an old green holder features undeniable prooflike reflectivity in the fields. Strike detail is pinpoint-sharp around the borders and shows a touch of softness on the eagle's neck and left leg, and on Liberty's middle curls. Specks of deep reddish patina on the obverse complement rich yellow-gold color overall. Small marks are trivial. An important example of our country's first commemorative coin and the ultimate Gold Rush souvenir.
From the Collection of a Patriotic American.

Previous collections from this consignor (Continental dollars and Continental currency) can be viewed by clicking the following links:
The Collection of a Patriotic American -- Continental dollars

The Collection of a Patriotic American -- Continental currency(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.

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