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Sale 10
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Lot 1146
1850 California Gold Mines Token, double eagle size, Low Rarity-7. Sharpness of EF-40. The coin itself has been polished, which may have been done at the time the gold plating or gilding took place. There is little known about the history of this piece, it is believed to have been engraved by William Lemme, an early San Francisco die cutter and the workmanship is far above average quality for the time period. The obverse displays two rampant bears sparring and is surrounded by CALIFORNIA GOLD MINES, A.D. 1850. On the reverse, a large eagle with outstretched wings and a shield clutches a sheaf of wheat, with CALIFORNIA GOLD MINES, 1850 and 5 stars surrounding. It is not known if this was some sort of proposed double eagle, or more likely a gaming token from one of the numerous gambling halls near the gold mining areas. All known examples are stuck in some base metal and later gold plated. Perhaps a dozen are known in all, and this fanciful design has always been popular with collectors for the rampant bears.
We note a rim bruise below the A. of A.D. on the obverse and another larger rim bruise on the lower right side of the reverse. Other handling marks seem to have been gilded over, and it appears that this coin was used for some time before the gilding took place, as the host coin shows some wear, but not the gilding. The only other recent sale we could locate was the Garrett Sale II, by Bowers and Ruddy, March 1980 lot 884 where that specimen realized $6,000 in the quietude of the gold and coin frenzy.
The coin does not state a denomination, but is the same size as a double eagle of the period. This issue is listed in Private Gold Coinage and Patterns of the United States by Donald H. Kagin on page 373 and is noted as being a low rarity-7 piece. He further states that all known pieces are gold plated. Certainly this is a rare opportunity to purchase an historical relic from the California Gold Rush period, and such chances only occur when great collections are sold.
Estimated Value $1,000-UP.
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| Realized $1,035 |
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