The Gold Rush & the Need for Coinage
Nearly a decade after the start of the California Gold Rush, gold was discovered in Colorado. In 1858, gold was discovered near the South Platte River, close to what would become Denver. It was also difficult to transport gold nuggets and dust from Denver to Philadelphia, or gold coins from Philadelphia to Denver, by rail.
The great need for gold coinage caused the Clark brothers and Emanuel Gruber to form a company to assay and mint coins. However, by 1862, the company had ceased coin production and began striking bars or ingots. In 1863, the federal government purchased the assets of the Clark Gruber and Company and opened a federal assay office in that same exact location. However, by 1906, the assay office had been closed, and the site became the Denver Branch Mint of the United States Treasury Department.
Clark, Gruber, and Company Gold Coin Details
Clark, Gruber & Company struck four denominations: $2.50, $5.00, $10.00, and $20.00 gold coins. The $2.50 and $5 denominations closely resembled federal government-issued gold.
On the obverse of the $2.50 denomination, there is a depiction of Lady Liberty, facing left, with 13 six-pointed stars around the periphery and the date below “1860.” On Lady Liberty’s headband was inscribed “CLARK & Co.” The reverse featured a central image: a depiction of an American Bald Eagle, with an olive branch and arrows in its talons, and a shield over its breast. Around the peripheries was inscribed “PIKE’S PEAK GOLD DENVER.” The denomination “2 ½ D.” was directly below the eagle.
The next coin minted was the $5.00 gold coin. It looked exactly like the $2.50 gold coin above, except that, as a $5.00 gold coin, it was larger, and the denomination on the reverse was shown differently as “FIVE D.”
The third coin issued in 1860 was a $10.00 gold coin. It was larger than the previous two coins and was distinctly from Colorado. The obverse was dramatically changed from the federal style of Lady Liberty to the Colorado style of a depiction of Pike’s Peak – the highest point in Colorado. Below the depiction was the city name “DENVER,” while around the periphery is “PIKE’S PEAK GOLD,” and the denomination was “TEN D.”
The reverse had a federal eagle with upraised wings, an olive branch and arrows in the talons, and around the periphery was ”CLARK GRUBER & Co., 1860”.
The final coin issued in 1860 was a $20.00 gold coin, larger than the $10.00 gold coin but using the exact same Colorado design. Likewise, the obverse design changed the denomination from “TEN D.” to “TWENTY D.”
By October 1860, the Clark Gruber & Company minters found that their coinage was too soft and didn’t hold up well. To enhance durability, they added a small amount of alloy to harden the mixture.
In 1861, the company struck additional coins dated 1861 in the same 4 denominations. The coins’ style changed again to more closely resemble federal coinage, with Lady Liberty on the obverse and the American Bald Eagle on the reverse. All surviving Clark, Gruber & Company gold coins struck in 1860 or 1861 are rare. Expand your collection today and shop for other California fractional and territorial gold coins.
