1851 State of California, K-1 Gold Quarter Eagle

Coin Details

Auction Record

$23,000 GEM UNC 10-01-2007 Stack's

Description

The 1851 State of California K-1 gold quarter eagle is a product of the only official state-authorized coinage operation in California Gold Rush history. In 1851, the California legislature authorized production of gold coins under supervision of Frederick D. Kohler, the State Assayer, creating a unique category of territorial gold that carried quasi-governmental authority rather than purely private backing. This two-and-a-half dollar piece features designs specific to the state authorization, with markings identifying it as an official California state issue. The K-1 designation in the Kagin catalog identifies this as the first die variety of the quarter eagle denomination. The State of California coinage program was controversial from the outset. The coins were found to contain significantly less gold than their face value, causing a public scandal that undermined confidence in the state's monetary authority. This underweight controversy was particularly damaging because the coins carried official state sanction. Despite the historical controversy, these coins are highly prized today as the only gold coins struck under the authority of an American state government, a distinction that gives them unique constitutional and numismatic significance.

Rarity Notes

Rare. Estimated 20-35 known examples. Demand exceeds supply due to the unique state coinage historical status.

Cross References

K-1 (Kagin). Frederick D. Kohler, State Assayer. California state-authorized coinage of 1851.