1849 P$2.50 Pacific Company Gold Quarter Eagle

Coin Details

Auction Record

$44,850 AU55 07-27-2008 Stack's

Description

The 1849 Pacific Company gold quarter eagle is a two-and-a-half dollar denomination from one of the most mysterious private minting operations of the California Gold Rush. The Pacific Company produced coins in at least four denominations during 1849, making it among the more ambitious of the early California issuers despite the crude quality of its products. The quarter eagle features the Pacific Company identification and a $2.50 denomination, with designs that reflect the limited die-cutting resources available to this frontier operation. The piece is considerably cruder in execution than products from better-established competitors like Moffat & Company, indicating either less experienced die sinkers or more primitive equipment. As a gold striking in this denomination, the Pacific Company quarter eagle served a practical commercial purpose in Gold Rush California, where coins of all sizes were needed to facilitate transactions. The two-and-a-half dollar piece filled the gap between the tiny one-dollar coin and the more substantial five-dollar half eagle, providing a convenient intermediate denomination for everyday commerce. The extreme rarity of Pacific Company coins in all denominations reflects both limited original production and the attrition of more than 175 years. For the quarter eagle denomination specifically, survival rates appear to have been particularly low.

Rarity Notes

Extremely rare. Among the rarest denominations in the Pacific Company series. Fewer than 5 genuine gold examples known.

Cross References

Kagin reference series. Pacific Company $2.50 denomination.