1849 Miners Bank Gold Eagle

Coin Details

Auction Record

$264,000 MS61 01-16-2022 Heritage Auctions

Description

The 1849 Miners' Bank Ten Dollar gold piece is the sole denomination produced by this San Francisco banking institution, which was operated by Wright & Company. The Miners' Bank name reflects the institution's primary clientele: the thousands of miners who flooded into California during 1849, many of whom needed banking services to safeguard their gold, convert dust to coin, and transmit funds back to families in the eastern states. Wright & Company established the bank to serve this burgeoning market, and the production of gold coins was a natural extension of their banking and assaying activities. The Miners' Bank eagle features designs that identify the issuing institution and denomination, struck from native California gold processed through the bank's assaying operation. The ten dollar denomination was well-suited to the bank's clientele, as miners typically accumulated gold in quantities that translated naturally into eagle-sized coins. San Francisco in 1849 was transforming from a small settlement into a major city almost overnight, and institutions like the Miners' Bank played a crucial role in establishing the financial infrastructure needed to support this explosive growth. The bank's gold coins circulated alongside federal currency, Mexican coins, and the products of other private minters in what was one of the most diverse and dynamic monetary environments in American history.

Rarity Notes

Very rare. The Miners Bank eagle is a scarce California territorial issue with a dozen or fewer confirmed survivors.

Cross References

PCGS #10236; NGC ID 31122; Kagin listing; operated by Wright & Company; Breen 7853