1851 State of California, K-3 Gold Eagle

Coin Details

Auction Record

$15,000 PR65 03-01-1980 Bowers & Ruddy

Description

The 1851 State of California K-3 gold eagle is a ten-dollar denomination from California's unique experiment in state-authorized coinage. The eagle was the largest denomination struck under the program overseen by State Assayer Frederick D. Kohler, and at ten dollars it represented a substantial concentration of gold that magnified the underweight controversy plaguing the state coinage from its inception. The State of California eagle is among the most significant territorial gold coins in terms of governmental authority. While numerous private firms struck gold coins during the Gold Rush, only the State of California operated under direct legislative authorization, making its coins something between private issues and federal coinage in legal standing. This quasi-governmental status gives State of California gold a special appeal to collectors interested in the constitutional boundaries of coinage authority in American history. Despite the scandal that ended the program, State of California eagles circulated in Gold Rush commerce and served their intended economic purpose before the San Francisco Mint rendered all territorial coinage obsolete. Surviving examples command substantial premiums reflecting both their rarity and their unique governmental provenance.

Rarity Notes

Very rare. Fewer than 15 examples estimated. The eagle denomination is scarcer than the quarter eagle.

Cross References

K-3 (Kagin). State of California $10 gold eagle. Frederick D. Kohler, State Assayer.