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

Description

1848 CAL. Quarter Eagle, XF45
Historic Gold Rush Commemorative Issue

1848 $2 1/2 CAL. XF45 PCGS. The 1848 CAL quarter eagle serves as one of the most historically significant Philadelphia Mint issues. It is sometimes regarded as the nation's first commemorative coin, a label derived from its direct connection to the California Gold Rush and its unique, privy-style counterstamp on the reverse. Struck from the first shipment of gold mined in California and deposited at the Philadelphia Mint on December 9, 1848, this issue serves as a numismatic acknowledgement of the unprecedented U.S. socio-economic event. The gold for this coin traveled eastward via Panama, departing San Francisco on August 17 and arriving nearly four months later and totaled 228 ounces. Under instructions from Washington, Mint Director Robert M. Patterson oversaw the production of a group of specially marked 1848-dated quarter eagles, yielding a known total of 1,389 coins bearing the incuse letters CAL above the eagle on the reverse.

The three-letter punch on these coins is distinctive. Unlike common merchant counterstamps that often flatten the design opposite the point of impact, the CAL impression leaves no signs of its presence on the obverse. This feature supports the theory that the coins were struck normally, then returned to the pressroom for the CAL imprint. The Mint may have prepared a custom jig to receive the CAL. imprint, similarly cushioned to protect the obverse. Perhaps Mint employees perfected the technique when the enigmatic "E" and "L" counterstamps appeared on certain 1815 and 1825 quarter dollar coins, which some numismatists believe are similar Mint-applied counterstamps. The CAL. imprint position varies coin-by-coin, usually with the outside-left curve of C in CAL. aligned below the left top serif on the second T of STATES. Some examples stray widely from that mark, either up or down and left or right. A few coins show bounce doubling (or trebling) from the CAL. punch, and others display minor unevenness as if the counterstamp was obliquely applied -- all confirming a time-consuming hand process by the Mint.
The surfaces retain ample mint luster for the grade, illuminating attractive honey-gold coloration. Light wear is visible across both sides, particularly in the centers, where softness is commonly seen for the 1848 issue. No significant abrasions appear, and the visual appeal remains strong across both fields. Strike detail shows only minor weakness at the face and neck curls and at the eagle's neck feathering. The reverse displays the three-letter CAL punch fully and clearly. This example ranks as one of the most visually appealing, lightly circulated representatives of an important one-year type. The 1848 CAL issue stands alone among Liberty Head quarter eagles for its historical connection and the distinguishing post-strike countermark of Mint origin. The presence of the CAL punch confirms its place within the narrow band of circulated survivors with Choice surfaces and bold eye appeal. The Guide Book of Quarter Eagle Gold Coins estimates 125 to 175 examples exist in circulated grades and another 25 to 40 in Mint State. PCGS Population: 10 in 45, 58 finer (11/25).(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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