1849 Moffat & Co., "TEN DOL." Gold Eagle

Coin Details

Auction Record

$102,000 AU58 01-14-2024 Heritage Auctions

Description

The 1849 Moffat & Co. ten-dollar gold piece with the TEN DOL. Reverse inscription represents the higher denomination in Moffat’s inaugural coinage. As the largest standard denomination initially produced by the firm, these eagles were primarily used in larger commercial transactions between merchants, bankers, and shipping agents in Gold Rush San Francisco. The obverse carries a Liberty Head design closely modeled on the contemporary federal eagle, surrounded by thirteen stars and the date. The reverse features a heraldic eagle with the inscription MOFFAT & CO., the denomination TEN DOL., and the critical S.M.V. CALIFORNIA GOLD legend affirming adherence to federal weight and fineness standards. The TEN DOL. Spelling distinguishes this variety from the abbreviated TEN D. version, a distinction that reflects different die preparations during the hurried early production period. Moffat’s ten-dollar pieces filled an essential gap in California’s money supply. The nearest federal mint was in New Orleans, thousands of miles away, and shipping raw gold east for coining was expensive, slow, and risky. By producing trustworthy coined gold locally, Moffat transformed the chaotic dust-based economy into something approaching a functioning monetary system.

Rarity Notes

Rare. Fewer examples survive than the half eagle denomination, as larger denominations were more frequently melted when the San Francisco Mint opened in 1854. Circulated examples in VF to EF grades constitute the majority of the surviving population.

Cross References

K-5 (Kagin); PCGS #10246; NGC #31073; Moffat & Co., San Francisco