1848 $2 1/2 CAL. XF45 PCGS....

Description

1848 CAL. Quarter Eagle, XF45
First United States Commemorative Coin
Only 1,389 Pieces Countermarked

1848 $2 1/2 CAL. XF45 PCGS. In December 1848, following the dramatic and well-publicized discovery of gold at Sutter's Mill, Colonel R.B. Mason, the Military Governor of California, sent a package of 228 ounces of newly mined California gold to Secretary of War William A. Marcy in Washington, D.C. Marcy forwarded the package to the Philadelphia Mint, with specific orders to use the gold to produce Congressional Medals for Generals Zachary Taylor and Winfield Scott, for their distinguished service in the Mexican War. Marcy also ordered that:

" ... 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 ..."

In the end, the requested medals were made with gold from another deposit. After refining and processing the raw gold, 1,389 Liberty quarter eagles were struck from the first government deposit, with each coin inscribed CAL. on the reverse. The CAL. quarter eagles were offered at face value to anyone seeking a souvenir of the California Gold Rush, the biggest news item of that era. In A Guide Book of Quarter Eagle Gold Coins, Q. David Bowers notes the 1848 CAL. quarter eagles are "the first commemorative coins ever issued by a United States Mint." The coins were widely distributed to the general public and any unsold pieces were probably simply released into circulation in later years. Experts estimate the surviving population at 150 to 225 examples in all grades today. Most examples seen are in the VF to XF grade range and Mint State specimens are rare.

This impressive Choice XF example exhibits some light wear on the well-detailed design elements, but much interior detail remains intact. The pleasing orange-gold surfaces are free of large or distracting abrasions and traces of original mint luster remain in sheltered areas. The overall presentation is most attractive. The 1848 CAL. quarter eagle is listed among the 100 Greatest U.S. Coins. Population: 10 in 45, 56 finer (3/24).(Registry values: P2)

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

Metal: 90% Gold, 10% Copper
Weight: 4.18 grams
AGW: 0.13oz
Mintage: 1,389

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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