COINS OF THE CALIFORNIA GOLD RUSH
The Famous 1848 "CAL"
Quarter Eagle
Designer: Christian Gobrecht
Face Value : $2.50
Minted: 1848
Precious Metal Content: .12094 oz. Pure Gold
Diameter: 18 mm
According to many numismatists, the first gold United States Commemorative coin was this 1848 Quarter Eagle produced with the stamp "CAL." on the reverse to create a souvenir of the California Gold Rush. Gold was first discovered in California in 1848 at Sutter's Mill. As soon as other deposits began to surface in the same area, word spread across the east and prospectors flooded west in search of their fortunes. In a short time, the harvested gold began making its way eastward. One lot of gold in particular was sent by the military Governor of California, Colonel R.B. Mason, to Secretary of War, William Marcy. Marcy sent this 230 ounce shipment to the Philadelphia Mint with a suggestion that the gold be transformed into coinage bearing a distinguishing mark indicating its origin.
In late 1848, the Director of the Mint, Robert Patterson, had this gold struck into 1,389 Quarter Eagle gold pieces, each counterstamped "CAL." in commemoration of the California Gold Rush. For that reason, many believe that this coin was a forerunner of later Gold Commemorative coinage.
The overall design of this issue is identical to the Liberty Quarter Eagle, except for the CAL. stamp on the reverse. This basic design, created by Christian Gobrecht, ran from 1840-1907, the longest uninterrupted production for one design in the history of U.S. coinage. The 1848 CAL. is one of the most important issues of that run.
The obverse features a bust of Miss Liberty facing to the left. Her hair is tied back in a bun with a string of beads. A lock of her hair curls down the side of her neck. She is wearing a coronet inscribed LIBERTY. Surrounding Miss Liberty along the perimeter from 8 o'clock to 5 o'clock are thirteen six-pointed stars symbolizing the original thirteen colonies. Directly below the bust is the date, 1848.
The eagle on the reverse has its wings outstretched and a shield over its breast. In one talon the eagle holds an olive branch, a symbol of peaceful intentions and, in the other talon it clutches three arrows, symbols of military preparedness. Around the perimeter from seven o'clock to five o'clock arches UNITED STATES OF AMERICA. Directly below the eagle the denomination is expressed as 2 1/2 D. On this unique issue, the stamp CAL. appears directly above the eagle to commemorate the origin of the gold contained in this coin.
It is believed that less than 200 1848 "CAL." Quarter Eagles remain. Most of the survivors known today show extensive wear. Perhaps a few dozen survive in Mint State grades. This is a spectacular rarity that encompasses the American west, the California Gold Rush, and the heart of 19th century a coin struck from the very ore that sent an entire nation to the West.
The Famous 1848 "Cal" Quarter Eagle
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