Lot 1903
1855 Kellogg & Co. (San Francisco) $20 Gold. NGC graded AU-50. In 1855, the new San Francisco mint was still unable to meet the coinage needs of the area, and an article in May of that year mentioned that Kellogg & Co. was supplying over 50 percent more coins than the United States Mint. Indeed Kellogg & Co. issued more gold coins in 1855 than in the previous year; often from $60,000 to $80,000 daily. A large number of these coins is thought to have been lost when the steamer Pacific sank on a trip from San Francisco to New York.
It is unknown when Kellogg & Co. ceased issuing $20 gold pieces, but it was probably at the end of 1855 when the United States Mint was back in full operation. No further issues were contemplated by this firm.
Kellogg & Humbert was dissolved in 1860, and Kellogg organized a new partnership with John Hewston, Jr. and J. H. Stearns, conducting an assaying business at the old 416 Montgomery Street location. Kellogg, Hewston & Co. operated with much success until they sold out in 1866 to the San Francisco Assaying and Refining Works. That firm conducted the business until the financial crisis of 1875, when it passed into the hands of the Selby Lead and Silver Smelting Company.
An fairly light gold colored example with a decent if not bold strike and typical circulation marks. Everything you would expect from the grade including luster around the devices. Historically significant as one of the last privately issued gold coins in the Territorial period of the California Gold Rush.
Estimated Value $6,000 - 6,500.
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| Realized $6,900 |
