US Coins

Clark, Gruber and Co. gold $20 coin leads auction

An American pioneer gold issue from Clark, Gruber & Co. in Colorado, an 1860 gold $20 piece, highlights the American offerings in Bonhams’ Dec. 16 coins and medals auction.

Images courtesy of www.bonhams.com.

Though the auction is relatively small by American auction firm standards, with 189 lots, Bonhams’ Dec. 16 coins and medals auction in New York City offers two powerhouse gold rarities.

A Chinese rarity leads a brief section of world coins (Coin World, Dec. 5 issue) and an 1860 Clark, Gruber & Co. pioneer gold $20 coin leads the American section.

Paul Song of Bonhams said that copper and “gilt” copper patterns of the rare Clark, Gruber & Co. coin issue are frequently offered in the marketplace, with regular-issue examples very rare, no matter the condition. Fewer than 20 genuine examples of the gold coin are believed to exist today. “Because of the rarity of this American territorial coin, I have only seen images of it in books. In the 20 years of my experience this is the first time I have handled one,” Song said.

Prior to 1864, it was legal for private individuals to mint gold coins of their own design. Since the value of an individual coin was based upon its intrinsic value of precious metal, coins of accurate fineness and weight manufactured by private firms were usually accepted at full value. In fact, several privately issued gold coins were more readily accepted in certain regions than was federal coinage.

The last gold mining region in the United States where pioneer gold coin were minted was the Territory of Colorado, from 1860 to 1862. By far, the most successful private minter in the Pikes Peak region was Clark, Gruber & Co. of Leavenworth, Kan. The banking portion of the firm’s operation opened for business in Denver City, Colo., on July 10, 1860, making it one of the earliest banking houses in Colorado Territory.

The firm’s issues included a large Clark, Gruber & Co. gold $20 coin that is slightly larger and heavier than the $20 U.S. gold coin of the same era.

The obverse features a highly inaccurate depiction of Pikes Peak, surrounded by the phrase PIKES PEAK GOLD and the denomination TWENTY D. listed below. DENVER appears just under the mountain.

The design mix-up (Pikes Peak as depicted on the coin looks more like a volcano than the actual mountain) is explained by the fact that the dies were probably prepared in New York by a the die maker who likely had never been to Colorado or seen the majestic mountain.

The reverse displays a centrally located eagle with outstretched wings, surrounded by CLARK GRUBER & CO.; the date 1860 rests below.

The coin is graded About Uncirculated Details “repaired, whizzed,” by Numismatic Guaranty Corp., and has an estimate of $200,000 to $250,000 U.S.

The catalog is posted for free online at the firm’s website, www.bonhams.com.

For more details or to bid, telephone the firm at 310-436-5455 (California) or 212-644-9001 (New York), or email it at coins.us@bonhams.com.

Some additional highlights:

Isle of Man, 1994 gold 5-angel coin, five ounces of .9999 fine gold, serial No. 16, Lot 1153, gem Brilliant Proof in original wooden case.

United States, 1795 Capped Bust, 9 Leaves gold $10 eagle, Lot 1067, Extremely Fine, “repaired.”

United States, California, 1853 Moffat & Co. pioneer gold $20 coin, Lot 1096, Professional Coin Grading Service About Uncirculated 50.

United States, 1854-O Indian Head gold $3 coin, Lot 1055, PCGS AU-58.

United States, Colorado, Clark, Gruber & Co. pioneer gold $10 coin, Pikes Peak design, Lot 1099, PCGS Mint State 61.

United States, 1907 Saint-Gaudens, High Relief, Flat Rim, Roman Numerals gold $20 double eagle, Lot 1082, PCGS MS-64.

United States, 1921 Peace silver dollar, Satin Finish Proof, “specialists estimate the existence of perhaps 10-12 satin Proof 1921 peace dollars,” Lot 1038, “accompanied with a highly descriptive letter from Walter Breen” in which Breen declares “unhesitatingly” that the coin is “an authentic satin finish Proof.” ¦


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