1851 Dunbar Gold Half Eagle

Coin Details

Auction Record

$60,500 EF40 01-01-1984 Stack's

Description

The 1851 Dunbar & Company Five Dollar gold piece is one of the most elusive issues in the California territorial gold series. Dunbar & Company operated briefly in San Francisco during 1851, a period when the city was experiencing explosive growth as the primary commercial hub of the California Gold Rush. Despite the presence of several competing private minting operations, the demand for reliable coined money remained intense, as raw gold dust was cumbersome for everyday transactions and subject to disputes about weight and fineness. Dunbar & Company's five dollar pieces were struck from native California gold and bear designs that identify the issuing firm and denomination. The half eagle denomination was among the most practical for daily commerce, falling between the smaller quarter eagle and the larger eagle in purchasing power. Very little is known about the firm's principals or the scope of their operations, and their coinage was extremely limited in quantity. The extreme rarity of surviving Dunbar & Company pieces indicates either a very short production run, aggressive melting of their coins once the San Francisco Mint opened, or both factors. Private territorial gold coins were not legal tender and could be refused by merchants who questioned their weight or fineness, creating an ongoing incentive for holders to exchange them for officially minted coins when possible. As a result, many territorial issues were consumed in the melting pots of the San Francisco Mint, and firms with small production runs like Dunbar & Company suffered particularly severe attrition.

Rarity Notes

One of the great rarities of California territorial gold. Only a few examples are confirmed to exist. Most known specimens are heavily circulated. Any appearance at auction constitutes a major numismatic event.

Cross References

PCGS #10183; NGC ID 31143; Kagin K-1; Breen 7832; Adams-Woodin listing