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Sale 57
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Lot 2720
1855 $20 Kellogg. NGC graded AU-55. Kellogg. Well struck with a few marks here and there. Lustrous golden surface which has strong detail from the main devices. The above-average strike complements this historic angle of this desirable Territorial issue. Some might say, adds immeasurably to the appearance. Liberty's features include needle-sharp detail on all hair waves, a clear coronet with pearl-lined border on which is inscribed in clear letters KELLOG & CO, the issuer. Thirteen complete stars surround. Date below bust. Scattered marks on the face and one in the hair; a small rim bruise above the 7th star. The reverse has a more matte-like appearance instead of smooth luster, with this side showing its intricate detail though the legends are less crisp appearing, possibly the die had been working too long and was ready to be replaced.
Reading from the Dr. Donald Kagin reference work on Territorial Gold coins, a must-have for any numismatic library, we learn that:
With the imminent opening of the San Francisco Mint, the United States Assay Office ceased operations on December 14, 1853. At that time no private firms were coining gold. The United States Assay Office, under contract to Messrs. Curtis and Perry, was being reconverted to house the authorized United States Branch Mint.
The only coins that were still circulated were Assay Office $50, $20, and $10 coins, along with the Moffat & Co. issues. The closing of the Assay Office, the lack of private firms issuing coins, the shortage of coins surviving the early issues, and the exportation of what coins there were led to a disastrous financial situation in California before the branch mint opened. It was under these conditions that John G. Kellogg and G. F. Richter, cashier and assayer of Curtis, Perry and Ward, were implored by California bankers to open their own assaying office on December 19, 1853.
The firm issued its private gold coins on February 9, 1854. These were $20 pieces which Kellogg claimed his firm could issue at the rate of $20,000 worth per day. The dies for the coins, which greatly resembled those of the United States issues, probably were cut by Kuner.
When the United States Branch Mint finally opened on April 3, 1854, its operations were erratic. Owing to constant shortages of alloy and parting acids, it ceased production several times. As a result, the coining business of Kellogg & Richter soon assumed very large proportions with about $6 million of the $20 pieces being issued. Under the circumstances, these new coins were almost universally accepted. Issues continued into 1855 before the San Francisco Mint came on stream. Pop 13; 26 finer (PCGS # 8914) .
Estimated Value $8,000 - 8,500.
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| Realized $9,775 |
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