Lot 1437
1849 Miners' Bank (San Francisco) $10 Gold. NGC graded AU-58. Natural orange and gold toning. Rarity-6. A rare and historically noteworthy territorial issue, this gold $10 Miners Bank piece is the more commonly seen variety struck on a orange-gold planchet with high copper content accounting for the warm color. The surfaces are remarkably clean, fresh, and lustrous for this grand-looking rarity, with the eagle well defined in the center, and no sign of the sometimes-seen weakness on the wing tips. There are adequate amounts of mint frostiness remaining around the devices. This luster also extends well into the fields. A very pleasing coin overall and sure to be of high interest to advanced territorial collectors who can afford a major purchase like this. Pop 4; 6 finer.
Two different issues were produced, and they are distinctive for either brilliant orange-gold color or attractive green-gold color. It is believed that the orange colored pieces (Kagin 1) were die trials produced in the east, while the green-colored pieces (Kagin 2) were struck in native California gold. Donald Kagin suggested that the Kagin-1 coins were struck with a collar, after which the obverse and reverse dies were transported to California, where the Kagin-2 coins were struck without a collar. These latter coins had the characteristic of weak lettering in CALIFORNIA, being struck on a constricted planchet.
Because official assays at the time rated these coins at 866 Fine (some even with copper alloy), valued at about $9.65, they became unpopular; brokers valued them at $8 apiece (San Francisco Daily Alta California, April 11, 1850, p. 2). This accounts for their short existence and hence, great rarity.
Estimated Value $45,000 - 55,000.
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| Realized $57,500 |
