0
Finest Known
Order Today: 888-900-9948 Login
  • Coins For Sale
    • Small Denomination
      • Copper Type Coins
      • Nickel Type Coins
      • Three Cent Silver
    • Early Coinage
      • Early American Silver
      • Early American Gold
      • American Colonials
      • Ancient Greek Coins
      • Ancient Roman Coins
    • Silver Coinage
      • Seated Liberty Silver
      • Silver Barber Coins
      • 1916 Silver Liberties
      • Morgan Silver Dollars
      • Peace Dollars
    • Gold Coinage
      • Liberty Head Gold
      • Indian Princess Gold
      • Indian Gold Coins
      • Gold Double Eagles
    • Other
      • Territorials Items
      • Commemoratives
      • Treasure
      • Other
  • Shop By Category
    • Blank
      • $20 Double Eagle
      • $10 Gold Eagle
      • $5 Half Eagle
      • $1, $2.50 & $3 Gold
      • Silver Dollars
      • Other Silver
      • Cents-Nickels
    • Blank
      • Colonial
      • Territorial
      • Commemoratives
      • Ship Of Gold
      • Rare Ingots
      • Treasure
      • Civil War Money
    • Blank
      • Key Date Rarities
      • Finest Known
      • Top-100 Greatest
      • Proof Grade
      • Proof-Like
      • CAC Sticker
      • VAM Dollars
    • Blank
      • Best Values
      • Featured Items
      • Internet Specials
  • Top-10 to Buy Now
    • Blank
      • Buy Key Date Rare Coins
      • Buy Type I $20 Liberties
      • Buy Carson City Silver Dollars
      • Buy GSA Holder Silver Dollars
      • Buy SS Central America Coins
    • Blank
      • Buy Finest Known Specimens
      • Buy $2.50 Quarter Eagle Indians
      • Buy Private and Territorial Issues
      • Buy Walking Liberty Half Dollars
      • Buy Rare Gold Monetary Ingots
  • How To Purchase Best
    • Blank
      • 14 Reasons to Put Money in Money
      • Why Quality Coins over Quantity
      • Why Collect Morgan Silver Dollar
      • Why Purchase Indian Head Gold
      • 3 Most Beautiful Silver Liberties
    • Blank
      • Buy Early U.S. Gold Coinage
      • Why Purchase Proof Coins
      • Buy Top-100 Greatest US Rare Coins
      • Civil War Money Introductory Sets
      • Books, Catalogs and Literature
  • TV Specials
    • $49 Morgan Silver Dollar Offer
    • Special 20+1 Silver Dollars
    • Special 50+1 Silver Dollars
  • Latest News
  • 0
Order Today: 888-900-9948
Close
  • Coins For Sale
    • Small Denomination
      • Copper Type Coins
      • Nickel Type Coins
      • Three Cent Silver
    • Early Coinage
      • Early American Silver
      • Early American Gold
      • American Colonials
      • Ancient Greek Coins
      • Ancient Roman Coins
    • Silver Coinage
      • Seated Liberty Silver
      • Silver Barber Coins
      • 1916 Silver Liberties
      • Morgan Silver Dollars
      • Peace Dollars
    • Gold Coinage
      • Liberty Head Gold
      • Indian Princess Gold
      • Indian Gold Coins
      • Gold Double Eagles
    • Other
      • Territorials Items
      • Commemoratives
      • Treasure
      • Other
  • Shop By Category
    • Blank
      • $20 Double Eagle
      • $10 Gold Eagle
      • $5 Half Eagle
      • $1, $2.50 & $3 Gold
      • Silver Dollars
      • Other Silver
      • Cents-Nickels
    • Blank
      • Colonial
      • Territorial
      • Commemoratives
      • Ship Of Gold
      • Rare Ingots
      • Treasure
      • Civil War Money
    • Blank
      • Key Date Rarities
      • Finest Known
      • Top-100 Greatest
      • Proof Grade
      • Proof-Like
      • CAC Sticker
      • VAM Dollars
    • Blank
      • Best Values
      • Featured Items
      • Internet Specials
  • Top-10 to Buy Now
    • Blank
      • Buy Key Date Rare Coins
      • Buy Type I $20 Liberties
      • Buy Carson City Silver Dollars
      • Buy GSA Holder Silver Dollars
      • Buy SS Central America Coins
    • Blank
      • Buy Finest Known Specimens
      • Buy $2.50 Quarter Eagle Indians
      • Buy Private and Territorial Issues
      • Buy Walking Liberty Half Dollars
      • Buy Rare Gold Monetary Ingots
  • How To Purchase Best
    • Blank
      • 14 Reasons to Put Money in Money
      • Why Quality Coins over Quantity
      • Why Collect Morgan Silver Dollar
      • Why Purchase Indian Head Gold
      • 3 Most Beautiful Silver Liberties
    • Blank
      • Buy Early U.S. Gold Coinage
      • Why Purchase Proof Coins
      • Buy Top-100 Greatest US Rare Coins
      • Civil War Money Introductory Sets
      • Books, Catalogs and Literature
  • TV Specials
    • $49 Morgan Silver Dollar Offer
    • Special 20+1 Silver Dollars
    • Special 50+1 Silver Dollars
  • Latest News
  • Account Login

1848 $2 1/2 Liberty with “CAL.” on reverse, NGC MS61

Rare Coin News

March 9, 2012 Rare Coin News Monaco Rare Coins

One of the 100 Greatest U.S. Coins

The 1848 $2.50 Liberty with the reverse CAL. stamp is a very significant issue often referred to as a one-year Type coin, not to mention the fact that it is the first commemorative coin struck in the United States to memorialize the historic events of the California Gold Rush. This particular coin, as are all surviving examples, was produced from the first shipment of gold bullion to arrive at the Philadelphia Mint from the fields and streams of “El Dorado”. The shipment provided 230 ounces of the precious metal, a major portion of which was transformed into 1,389 regular-issue quarter eagles, each coin bearing the inscription “CAL.” above the eagle’s head on the reverse. Curiously, coins made from California gold by the Philadelphia mint can not be identified since they were melted and assayed, then placed into the economy at a frenetic rate. Aside from the gold recovered from shipwrecks with a distinct time-line, these 1848 $2.50 Liberty with CAL. coins are the only regular issue coins to be positively identified as being made out of California gold.

1848 $2 1/2 Liberty With “CAL.” on Reverse, NGC MS61

Numismatists, historians and scholars are enlightened by surviving documentary evidence leading up to the production of these coins. Secretary of War William Learned Marcy penned a letter regarding the first shipment of gold from California to Mint Director Robert Maskell Patterson on December 8, 1848:

“If the metal is found to be pure gold, as I doubt not that it will be, I request you to reserve enough of it for two medals ordered by Congress and not yet completed, and the remainder, with the exception of one or two small bars, I wish to have coined and sent with the bars to this department. As many may wish to procure specimens made with California gold, by exchanging other coin for it, I would suggest that it be made into quarter eagles with a distinguishing mark on each, if any variations from the ordinary issues from the Mint would be proper and could be conveniently made …”

Auction catalogs dating back as far as 1851 have described this issue as a “Proof” while modern day numismatists claim the coin to be “Prooflike” struck on freshly polished business strike dies. In most all catalog descriptions, the term excessively rare is used nearly all the time! Regardless of their status as proof or business-strike issues, however, the coins are among the most attractive examples of U.S. coinage ever issued, and collectors of many disciplines pursue this issue with avid determination. Experts have further estimated that fewer than 75 examples of this rare issue survive today in all grades, maintaining the demand on such a remarkable coin.

Of the few remaining examples, we note several have realized well-over $300,000 at public auction and at one point, an superlative example even realized $400,000+.

The present specimen is an impressive Mint State example, with reflective yellow-gold surfaces on the reverse and hints of light green on the obverse. There is definitely a contrast between the devices and the fields, but not enough to merit the classification of “cameo” – a term often reserved for Proof coin.

The NGC Census reports that four (4) coins have been certified as MS61 since 1987, with a mere 17 finer. The Collectors Universe published price is $90,000, while the Numismedia published price is $94,380.

MS60_example_chart

This graph is for the MS60 example of the 1848 $2.50 CAL. Coins in the MS61 grade always trade for higher amounts, but this shows an impressive price history over the past decade.

We are excited to offer this exciting coin for only $89,750.


  • Newsletter
  • Be Among the First to Know of Breaking News and Special Offers on Amazing Rare Coins.
  • This field is for validation purposes and should be left unchanged.

For a confidential, personal consultation on buying or selling specific rare coins, call Monaco Rare Coins today: 888-900-9948

Special Internet Offers
Free Gold Rush Treasure Catalog

Archives by Year

  • 2018 (3)
  • 2017 (2)
  • 2016 (9)
  • 2015 (10)
  • 2014 (5)
  • 2013 (4)
  • 2012 (12)
  • 2011 (12)
  • 2010 (7)
  • 2009 (13)
  • 2008 (8)
  • 2007 (3)
  • 2006 (5)
  • 2005 (10)
  • 2004 (8)
  • 2003 (1)
  • 2002 (6)
  • 2001 (6)
  • 2000 (4)
  • 1999 (7)
  • 1998 (259)
  • Back to Blog
  • Prev
  • Next
FOR MORE INFORMATION
888-900-9948
Contact Us
Sell Your Coins
Payment Methods
About Monaco
Terms of Sale
Terms of Use
Privacy Policy
© 2019 Monaco Rare Coins
All Rights Reserved.
Facebook