Goldberg Coins and Collectibles

Sale 11

Coin and Currency Auction

Territorial Gold Coins

Lot	Photo	Description	Realized
Lot 1992		1849 Norris, Gregg & Norris (San Francisco) $5 Gold. Plain edge. PCGS graded MS-62. One of the finest graded of this rare and desirable issue, PCGS notes only 2 have been graded this high, with a single coin graded higher as MS-63. As to the strike, it is full and sharp, with the bold 5 on the shield easily visible, and the feathers full and complete on the eagle. Moderate handling marks on the somewhat prooflike surfaces, as expected for the grade. It is believed that Norris, Gregg & Norris was the first firm to issue gold coins in California in 1849. The coin states that is was made without alloy, hence was pure gold, and no doubt very soft as is pure golds nature. We can only suspect that this one was set aside soon after it was struck, or perhaps lost and recovered many years later, and thus remains in mint state condition. Certainly a premier rarity in this grade (and any grade for that matter!) and worthy of the finest Territorial gold collection. Estimated Value $20,000-UP. View details and enlarged photos	Realized $27,600
Lot 1993		1849 Moffat & Co. (San Francisco) $5 Gold. ICG graded MS-62. This appears to be Kagin-4, but struck from severely rusted dies, which have been lapped to reduce the rust, nearly removing the star above Liberty's head. One of the first issuers of gold in the wild days of the California Gold Rush, this important specimen is sure to please the collector for its fresh surfaces. The grade is optimistic, but with the coin struck from worn, cracked and rusted dies, these things are a matter of opinion. As always, and we can't say it often enough, please make up your own mind as to the grade (read value here) of this and all coins prior to bidding. Estimated Value $7,500-UP. View details and enlarged photos	Realized $6,613
Lot 1994		1851 U.S. Assay Office $50 "slug", 887 THOUS. Lettered edge, 50 on reverse. EF-45. A rare coin that is seldom found in any grade. This particular piece boasts lovely surfaces for such a big coin, sure there are some scattered ticks and marks, but none of consequence. We note some planchet irregularities below the right wing of the eagle. One of the most popular with the lettered edge, and the $50 on the central reverse in the enticing engine turned design. Note that the huge corners are much better than usually encountered. Less than 40 are known, and this is one of the classic Territorial gold rarities. Some traces of original mint lustre still evident about the devices. Estimated Value $22,500 - 27,500. View details and enlarged photos	Unsold
Lot 1995		1850 Baldwin & Co. (San Francisco) $5 Gold. PCGS graded AU-55. Here is a wonderful coin! This exact specimen was found off Fisherman's Wharf in San Francisco in 2000 by a couple with a metal detector. The coin was unearthed when several buildings were being shored up alongside the water, and the sea water had been diverted in order to complete the work. Using their metal detector, several coins were found, including this magnificent and historic coin. The surfaces show a lovely coppery gold color, and there are no significant marks or bumps. We can detect no signs that the coin was buried or underwater. According to the finder, the coin was buried in several inches of mud, so the tide would not have affected the surfaces. PCGS has only graded 2 as such, with 3 others in AU grades higher, and a single Mint State-61 coin at the top of their Population Report. An excellent companion to the Vaquero $10 we have in this same sale! Don't miss either one. Accompanied with a copy of the newspaper article reporting this discovery. Estimated Value $17,500-UP. View details and enlarged photos	Unsold
Lot 1996		1850 Baldwin & Co. (San Francisco) $10 Gold. PCGS graded MS-64. One of the finest graded by PCGS, in fact just 2 have been seen this high at PCGS, with a total of 10 seen at that service. This is the famous Harry Bass, Jr., coin, from Bowers and Merena's Part III Bass sale, lot 756. Certainly the most recognizable and one of the most popular coins of the entire Territorial gold series, the Vaquero, or horseman design, captures the imagination of any numismatist. The reverse design was similar to the existing United States eagles. Curiously, because the obverse was so recognizable, the coin did not find the wide acceptance as a design more closely resembling the regular issue gold coins of the United States, and hence the obverse die was changed in 1851 to resemble a Liberty Eagle. This particular example boasts stunning luster, fully struck devices, and as noted in the Bass Sale, we would not be surprised if this was some sort of special striking as the surfaces, strike and quality as so far above and beyond what is normally encountered. A foremost opportunity to put away a truly rare coin that may not be repeated for years to come. The fascinating history of this coin is well described in the Harry Bass, Jr. Part III catalog, and we refer interested parties to that sale. The banking firm of Baldwin and Company was effectively crushed by a wandering eccentric who called himself James King of William. Mr. King was a muckracking political journalist from Washington D.C. for the Daily Globe until he realized better opportunities were to be found in San Francisco with the beginnings of the Gold Rush. Thus King found his way to the mining district by late 1848. Being a sagacious fellow, King soon determined that digging for gold was hard work, and it would be far easier to buy, sell or lend gold dust than to dig for it. He became one of the partners in the banking firm of Samuel J. Hensley and in several successive firms, buying gold dust to sell to coiners at high profits, starting first at Sutter's Mill, then Sacramento, and later on his own in San Francisco. However, his bank manager embezzled everything, leaving him penniless. King was envious of the profits being made by the likes of Baldwin & Co. and other private coiners of the period, and thus hatched a plot to make himself rich at their expense. King knew, as did everyone else, that the private coiner's output tended to run slightly below full bullion value, and unlike everyone else, King decided to define this as dishonesty instead of seinorage or technical limitations. Accordingly, on March 21, 1851 King sent a parcel of Baldwin, Schultz and DuBosq coins to his friend Augustus Humbert, United States Assayer, for testing. Predictably, the assays rated them from 97% to 99% of face value. On March 28, 1851 King sent the figures to all local newspapers, creating one of the biggest scandals of the period, and setting into motion corrosive attacks on these private firms. Thereafter, bankers (like King) would only pay 80¢ on the dollar for private gold coins, at which manifestly absurd discount they bought them in quantity from panicked holders, to resell at a high profit to Humbert for recoinage into octagonal $50's. This action unquestionably worsened the economic depression which immediately followed, and may have caused it, by creating a coin shortage and destroying public confidence. Not that King's action brought him the vast wealth he craved: He continued in the banking business only to fail again and again. King returned to what Kagin calls "crusading journalism" with attacks on various immorality and corruption. His final attack was on County Supervisor James P. Casey, who King exposed as having been in Sing Sing Prison prior to his governmental post. Casey was so enraged he shot King on May 14, 1856, and King died a few days later. The outraged citizens formed a vigilante committee and dragged Casey out of jail (where he had run for protection), and hung him form the nearest tree. (See Breen's Encyclopedia and Kagin's work on Territorial Gold coins for more). Estimated Value $80,000-UP. Ex: Bowers and Merena's Harry Bass, Jr., Sale, Part III, May, 2000, lot 756; Goliad Corporation August, 1984; earlier Auction '84, July 1984, lot 1996. View details and enlarged photos	Unsold
Lot 1997		1855 Wass, Molitor & Co. (San Francisco) $20 Gold. Small head. AU-55 Cleaned. A rare coin in any grade, this particular one has been cleaned sometime in the past, and the color has some tiny specks in the right obverse field. As to the strike, it is normal, sharp on Liberty, but weak on the eagle. We also note a small mark above the top leaf on the branch of the reverse, and this could be used to trace this specimen in the future. Toned a coppery gold in color now, and despite this coins problems, it is still a rare and seldom offered issue. Estimated Value $15,000-UP. View details and enlarged photos	Realized $12,938
Lot 1998		1861 J.J. Conway $5 Restrike in "Goldine". MS-65. This coin was struck with the original die used to make the extremely rare $5 gold piece of J.J. Conway, of Georgia Gulch, Colorado. These restrikes were made around 1956 by the Colorado Historical Society (Breen) although the envelope notes 3,000 were struck in which this came. Nice surfaces, and the central obverse has been partially punched out (as made?). A later curiosity for the collector. Estimated Value $50-UP. View details and enlarged photos	Realized $52
Lot 1999		4.01 ounce silver bar from Arizona Assay Office.925 fine. EF-40. This somewhat lopsided bar is serial number 1161S and the back notes it contains 3.71 ozs. of fine silver. Estimated Value $100 - 125. View details	Realized $173
Lot 2000		4.85 ounce silver bar .925 fine from the Arizona Assay Office. EF-40. This bar is serial number 1162S, and the back notes 4.48 ounces of Fine silver. Lightly toned. Estimated Value $100 - 125. View details	Realized $173
Lot 2001		4.72 ounce silver bar from Arizona Assay Office. EF-40. A nice bar, stamped .925 fine, and serial number 1163S. On the back, the bar is stamped 4.36 Oz. Fine (thus the bar contains 4.36 ounces of pure silver). Always in demand. Estimated Value $100 - 125. View details and enlarged photos	Realized $184
Lot 2002		4.82 Ounce Arizona Assay Office silver bar.925 fine. EF-40. This silver bar is serial number 1160S and is basically as issued. Stamped on the back 4.46 ozs. of fine silver. Estimated Value $100 - 125. View details	Realized $184