Though
not made using federal dies, this week’s U.S. Coin of the Week still bears quite
a resemblance to the Liberty half eagles that sustained American commerce
throughout the 19th and early 20th centuries.
This coin’s private origins are shown by the title BALDWIN&CO that
replaces LIBERTY in the headband of the obverse bust along with the legend
CALIFORNIA above the eagle at the upper reverse border. Baldwin & Company
established their coining operations in San Francisco in March of 1850. That
spring, partners George C. Baldwin and Thomas S. Holman took over the
facilities of minting firm F.D. Kohler & Company, though it wasn’t until
May that a notice was posted advertising their own assay, refining and coining
business.
With
an endorsement from the outgoing firm, the early $5 and $10 gold coins of
Baldwin & Co. were readily embraced by the public and soon the new
operation was striking quantities rivaling the United States Assay Office of
Gold. This acceptance did not last long, however, as the Baldwin coins were
accused of being underweight in a somewhat unscrupulous scheme spearheaded by
banker James King of William in the spring of 1851. King sent a deliberate
selection of coins from the firms of Baldwin & Co., Dubosq & Co., and Schultz
& Co. to be assayed by Augustus Humbert, and made sure that the
disappointing results were well published by the press. Though Baldwin &
Co. attempted to rebut these accusations with a favorable assay of their
coinage from Kohler, their reputation was already soiled in the eye of the
public and their coinage was unwanted. James King of William and his cohorts
used this public distrust to buy coins of these discredited firms at a steep
discount, only to sell them to the United States Assay Office for a
profit.
Because
of this smear campaign and the ensuing melting, the $5 gold coins of Baldwin
& Co. are scarce in today’s market, even within the challenging sphere of
territorial gold. Very few examples exist in any condition, and problem-free
survivors like the present piece are truly exceptional. Certified AU-55 by PCGS, this specimen
approaches the condition census and represents a significant opportunity for
Gold Rush era enthusiasts.
The
surfaces are nicely preserved, exhibiting just light friction. Light
reflectivity is seen on both sides, amplifying the vibrant sunflower-yellow
patina. With ample luster and
superlative eye appeal, there is little doubt that this will serve as the
highlight of a territorial gold cabinet.
This
Choice AU $5 will be featured among otherworld-class rarities in our March 2017
Official Auction of the Whitman Coin & Collectibles Expo. To consign your
collection to this exciting showcase event, please contact our offices today at
1-800-458-4646 to speak with a Consignment Director and see what Stack’s Bowers
Galleries can do for you.
