Oregon Beaver Gold Coins
Prior to the California Gold Rush, the Oregon Territory suffered from a chronic shortage of circulating coinage. Although federally minted U.S. coins were legal tender, no gold coinage was produced locally, and supply was limited in the region. In response to this shortage, the private Oregon Exchange Company took matters into its own hands and began striking gold coins for local use. These coins became known as Oregon Beaver Gold Coins or “Beaver Money.”
The coinage dies were crudely made, and although they contained errors, these were often ignored. For example, the initials “T. O.” on the obverse should have been reversed as “O. T.” representing “OREGON TERRITORY”.
Coin Design Details
The 8 initials on the obverses above the beaver on a log are not random; they are the initials of the last names of the 8 members of Oregon Exchange Company – Kilborn, Magruder, Taylor, Abernethy, Wilson, Rector, Campbell, and Smith – though Campbell was represented by a “G” rather than a “C”. The Beaver on a log is the central vignette. Branches are on both sides of the date “1849” at the bottom periphery on the obverse of the $5 gold coin. The reverse is just text with “130 G.(rains) NATIVE GOLD 5 D.” in 4 lines and “OREGON EXCHANGE COMPANY” around the outer periphery.
The beaver was chosen for the obverse because the beaver represents fur trade, which served as the primary economy and barter system before the gold rush in California.
On the $10 gold coin’s obverse, the “T. O.” was changed to the correct “O. T.” The “G.” initial was changed to a “C” and the “A” and “W” initials were dropped as those partners didn’t contribute to the new venture. The only changes to the reverse are “TEN D.” for the denomination, and numerically “10. D. 20. G.”
Coin Rarity
It is estimated that approximately 6,000 of the $5 gold coins and about 2,800–3,000 of the $10 gold coins were struck by the Oregon Exchange Company. These “Beaver Coins” contained a higher gold content than contemporary federal issues, which contributed to their strong acceptance and reputation for reliability. The Oregon Exchange Company itself operated for less than six months before ceasing coin production.
At the same time, the fur trade, already in long-term decline, continued to wane across the Oregon Territory. Oregon Beaver Gold Coins continued to circulate regionally as a trusted medium of exchange until increasing supplies of federal coinage from the San Francisco Mint gradually reduced the need for private gold issues along the West Coast.
Today, the Oregon Historical Society houses original Beaver coin dies and at least one $10 Oregon Exchange Company gold coin in its collection. Examples of Oregon Beaver Gold Coins are also held by the Smithsonian Institution’s National Numismatic Collection, which is part of the National Museum of American History. Keep an eye out for this rare coin and expand your collection today with APMEX’s assortment of pre-1933 U.S. gold coins.
