History of California Gold
The discovery of gold in California in January 1848 sent waves of settlers and miners to the territory. Private mints answered the shortage of small change by issuing California Fractional Gold pieces in late 1849. Production grew swiftly through the early 1850s, matching the peak demand for everyday coinage.
The First Gold Coin Minted at Norris, Gregg & Norris
A gold coin minted at Norris, Gregg & Norris in 1849 is considered the first of the California gold coins. A newspaper account from May 31, 1849, describes these as struck at Benicia City. The coin itself bears the inscription “San Francisco,” although there is a unique coin in the Smithsonian collection that bears the inscription “Stockton.” The private stamp of Norris, Gregg & Norris was not interpreted until 1902. These coins were designed in a manner similar to the Half Eagle.
Moffat & Co.
Moffat & Co. produced private issues from 1849 to 1853. Their assay office had official ties, and the firm’s successor sold it to the Treasury Department when it became the official San Francisco branch of the U.S. Mint. Moffat & Co. produced small gold ingots with denominations printed on them for a few years, with the $9.43, $14.25, and $16.00 denominations being the only ones known. They also created $5 and $10 pieces with the face of Liberty on the obverse and a heraldic eagle on the reverse
Augustus Humbert worked with Moffat & Co. in his role as United States Assayer. The U.S. Assay Office of Gold in California functioned as a federally authorized assay facility rather than a full U.S. Mint, and it was permitted to produce gold ingots under government supervision to facilitate commerce. Humbert approved the octagonal $50 gold ingots issued in 1851 and 1852. Although these pieces bore official authorization and were widely accepted in commerce, they were legally classified as gold ingots rather than United States coinage.
In 1852, Moffat & Co. saw an opportunity to create their own $10 and $20 coins, as competitors had been discredited for weight discrepancies in their coins. The $10 coin came in two variants, one with Liberty on the obverse and an eagle on the reverse, the other with Humbert’s name and authorization in place of Liberty.
In 1852, Moffat & Co. was dissolved and merged into the United States Assay Office. This company is also known as Curtis, Perry, and Ward after the principals. Designs for the $10 and $20 coins and the $50 ingot continued with a few changes.
1849 – 1855
There are many smaller issues as well, created from 1849 through 1851. J.H. Bowie of San Francisco created a 1849 pattern coin in copper and may have produced gold coins after that pattern, but the pattern is the only known remnant. The Cincinnati Mining & Trading Company and the Massachusetts and California Company created their own gold coins. The Miner’s Bank of San Francisco issued a $10 coin struck in a gold-copper alloy, but it failed to gain wide circulation. J.S. Ormsby and the Pacific Company also created 1849 coins.
In 1850, F.D. Kohler was authorized to run the newly created State Assay Office. Kohler’s name is stamped on many gold ingots of the time period. Dubosq and Co. and Baldwin & Co. were companies that issued gold in 1850. Schultz & Co. and Dunbar & Co. issued two coins in 1851. In 1852, Wass, Molitor & Co. began creating $5, $10, $20, and $50 Gold coins, which were issued in 1852 and 1855. This plant had a full setup for analysis and coinage.
Kellogg & Co. was founded by John G. Kellogg, a former employee of Moffat & Co. The company merged with G.F. Richter in 1853 following the closure of the U.S. Assay Office. The San Francisco Mint was not yet operational, and Kellogg and Co. issued a $20 gold coin in 1854.
By 1855, the San Francisco mint was operational, but Kellogg and the newly reorganized company, now called Kellogg and Humbert due to its incorporation of Augustus Humbert, produced even more $20 coins. A few presentation $50 pieces were also made that year, but they do not appear to have circulated.
Historical Significance & Numismatic Value
California private-issue gold coins were regularly circulated and helped fill the gaps in coinage that accompanied California’s status as a pioneer state. Many of the men involved in these companies later joined the official San Francisco Mint or worked with the U.S. Assay Office. Almost all of these coins and ingots are rare and expensive, with many selling for hundreds of thousands of dollars. Some are entirely unique and cannot be priced effectively. Expand your collection today and shop our assortment of California fractional and territorial gold coins.
