Learn About Baldwin and Company’s Four Coins
Baldwin and Company were well-known jewelers in business in San Francisco before and during the Gold Rush in California. Sensing an opportunity to profit from the shortage of gold coins in circulation, Baldwin purchased the coining operation of F. D. Kohler in March of 1850.
Baldwin’s coins were much needed and very much appreciated by the citizens of San Francisco as he was one of the first minters to provide lower denomination gold coins, which were sorely needed. Baldwin struck $5, $10 and $20 private gold coins which were much more useful in everyday commerce that the $50 large “slugs” that others had focused upon.
In fact, he received enthusiastic support from local financial institutions and that accounted for the great reception that they received in part. Merchants willingly accepted Baldwin’s coins at face value.
Over 1850 and 1851, Baldwin struck 4 different coins:
- 1850 $5
- 1850 $10
- 1851 $10
- 1851 $20
The 1850 $5.00 Baldwin gold coin had a depiction of Miss Liberty on the obverse, facing left, surrounded by 13 six-pointed stars. At the bottom of the obverse, periphery was the date “1850.” On Miss Liberty’s coronet is “BALDWIN & CO.”
The reverse had an eagle with up-spread wings, holding an olive branch and three arrows in its talons, a shield covering its breast with “S. M. V. CALIFORNIA GOLD. FIVE DOL.” around the periphery.
The next coin struck was an 1850-dated $10 gold coin but its style was very different. The obverse had a horseman on his steed and using a lariat. The date 1850 was underneath them and around the periphery was “CALIFORNIA GOLD. TEN DOLLARS.”
The reverse has a large eagle with wings upwards, again holding an olive branch and arrows in its talons. Between his wings, along the periphery is “BALDWIN & Co.” surrounded on each wide 5 five-pointed star, and on the bottom periphery is “SAN FRANCISCO.”
The next gold coin struck by Baldwin & Company was an 1851-dated $10.00 Gold coin. It reverted back to the original first $5.00 coin design and the only differences were the date on the obverse “1851” and the denomination on the reverse “ TEN D.”
The final coin that was struck was an 1851 $20.00 Gold piece. It is exactly like 1851 $10.00 only the size is larger and on the reverse is the new denomination “TWENTY D.”
(An 1851 Baldwin & Co, $20 Gold Coin, Obverse [left], Reverse [right].)
It is believed that all of these coins were originally engraved by Albert Kuner. To demonstrate how accepted these coins were between the months of January and March in 1851, the US Assay Office struck $600,000 in face value of their gold coins and Baldwin struck $590,000 in face value during these same three months. These coins were on a par with federally-sanctioned coins.
But in March, the first cracks in the Baldwin & Company façade appeared. Several of these Baldwin & Company coins were submitted to the U. S. Assayer, Augustus Humbert for assay and the submitter had the findings published in the local San Francisco newspapers. People were shocked to learn that the $20.00 gold coin was assayed at $19.40 worth of gold, the $10.00 gold coin assayed at $9.74 and the $5.00 gold coin assayed at $4.91, which meant that all of the coins were under their face value and only the $5.00 coin should be accepted as the discrepancy was trivial.
Now the confidence in the Baldwin & Company gold coins had nearly completely evaporated. The coins now were starting to disappear from all circulation. Baldwin denied the Assayer’s report and even published one from another Assayer F D Kohler. Baldwin also claimed that their rival minter, Moffat & Company was behind the discredit of Baldwin. But all protests to no avail; the damage had been done.
Merchants, looking to continue to profit from this “bad news” only accepted Baldwin and Company coins at steep discounts. After having them assayed, the merchants kept the profits for themselves. A majority of the Baldwin coins were sent to the U.S. Assay Office where they were melted and re-struck as U. S. Assay coins. By the end of the year, few Baldwin gold coins were found anywhere in circulation.
Now the only coins that freely circulated throughout the state of California were those struck by the United States Assay Office.
| Date | Type | Mintage | VF Value | Unc Value |
| 1850 | FIVE DOL | Unknown | $14,500 | $80,000 |
| 1850 | TEN DOLLARS, horseman | Unknown | $85,000 | $400,000 |
| 1851 | TEN D. | Unknown | $35,000 | $240,000 |
| 181 | TWENTY D. | 4-6 Known | $450,000 | $800,000 |
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