Oregon Gold (1849)

About This Series

Among the rarest American territorial gold issues, Oregon gold coins were struck by the Oregon Exchange Company in Oregon City during 1849 to address the acute currency shortage in the Oregon Territory. Only two denominations — five and ten dollars — were produced in small quantities using California gold that had made its way north through trade. The reverse beaver design earned these the enduring nickname "Beaver Money," connecting them to the fur trade that had been Oregon's economic foundation before gold discoveries transformed the Pacific Coast. The beaver was a natural choice for a territory where the Hudson's Bay Company and American fur traders had built commercial infrastructure around the beaver pelt trade for decades. The Oregon Exchange Company operated briefly, producing coins for a territory too remote for adequate federal coinage supply and too far from California's private mints. Surviving specimens are extremely rare and highly prized, with each auction appearance generating intense competition among territorial gold collectors. These coins document the brief moment when Oregon stood on the cusp of transformation from frontier to settled state.