1862 Smith & Company Five Dollar - Uniface Lead Obv

Coin Details

Description

The 1862 Smith & Company Five Dollar piece is a uniface lead obverse striking from one of the most chronologically anomalous issuers in the California territorial gold series. By 1862, the United States Mint branch in San Francisco had been operating for eight years, and the era of private gold coinage in California had effectively ended. The persistence of Smith & Company in producing or at least preparing dies for gold coinage at this late date raises significant questions about the firm's purpose and the circumstances of production. This uniface lead specimen preserves only the obverse die impression, struck into a soft lead planchet that was ideal for capturing fine die details. Lead was even softer and more impressionable than copper, making it the preferred medium for die trials when maximum detail was desired. The uniface nature of this piece indicates it was struck without a reverse die in place. The 1862 date places Smith & Company's operations squarely in the Civil War period, when the United States monetary system was under severe stress. The suspension of specie payments in December 1861 and the subsequent chaos in gold markets created unusual circumstances that temporarily renewed demand for privately coined gold on the Pacific coast, where gold remained the standard medium of exchange even as the eastern states transitioned to paper currency.

Rarity Notes

unique. The uniface lead obverse trial from Smith & Company is among the most unusual and rarest items in the California territorial gold series.

Cross References

NGC ID 31063; Kagin K-1 (Uniface Lead Obverse); Smith & Company 1862 -- one of the latest California territorial gold attributions