Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Territorial Gold
1860 $10 Clark, Gruber & Co. Ten Dollar, K-3, R.5, MS62 NGC. The discovery of gold in Colorado Territory in the late 1850s attracted a wide variety of businessmen and fortune seekers to the area around Denver City. Initially founded as a banking concern by brothers Austin and Milton Clark and their partner, Emanuel Gruber, Clark, Gruber & Co. quickly evolved into the first, and by far the most important, private coiner in Colorado. As bankers, the firm was one of the heaviest purchasers of gold dust in the region. When a large enough quantity accumulated, it had to be shipped back to Philadelphia to be coined into money, with all the attendant expense of shipping, insurance, etc. Emanuel Gruber reported the firm often had as much as $300,000 worth of bullion and gold dust tied up in transit for weeks in this manner. To alleviate this situation, Clark, Gruber & Co. purchased the necessary equipment and three adjoining lots in Denver to set up their own assaying and coining office. Attorney Milton Clark studied the legal ramifications and determined there was no law against the private coinage of gold in Colorado, as long as it was of the proper weight and fineness. Clark, Gruber & Co. began coinage operations on July 10, 1860, amidst much fanfare in the local press. The firm established an enviable reputation for reliability, while turning out an enormous volume of coinage over a two year period in 1860 and 1861. The United States government purchased their operation in 1863 in anticipation of establishing a federal mint in Denver, but the turmoil of the Civil War delayed that project and the local gold reserves were eventually depleted, delaying the opening of the Denver Mint until 1906.
Clark, Gruber & Co. issued coins of the usual four gold denominations in both years of their operation. The lower denominations featured designs that were very similar to the regular federal issues, but the 1860-dated ten and twenty dollar coins had an artist's depiction of Pike's Peak on the obverse, instead of the usual bust of Liberty. All four denominations displayed the Liberty motif in 1861. The 1860 ten and twenty dollar pieces are quite popular with present day collectors because of their picturesque obverse design.
The present coin is an attractive MS62 specimen of the 1860 ten dollar issue, with the dramatic, if not very accurate, triangular depiction of Pike's Peak on the obverse. The design elements are sharply rendered and the vivid orange-gold surfaces show the expected number of minor contact marks for the grade. A small planchet flaw is evident near the eagle's beak and vibrant mint luster adds to the considerable visual appeal. Listed on page 405 of the 2017 Guide Book. Census: 7 in 62, 1 finer (3/17).
HID02901242017
1860 $10 Clark, Gruber & Co. Ten Dollar, K-3, R.5, MS62 NGC. The discovery of gold in Colorado Territory in the late 1850s attracted a wide variety of businessmen and fortune seekers to the area around Denver City. Initially founded as a banking concern by brothers Austin and Milton Clark and their partner, Emanuel Gruber, Clark, Gruber & Co. quickly evolved into the first, and by far the most important, private coiner in Colorado. As bankers, the firm was one of the heaviest purchasers of gold dust in the region. When a large enough quantity accumulated, it had to be shipped back to Philadelphia to be coined into money, with all the attendant expense of shipping, insurance, etc. Emanuel Gruber reported the firm often had as much as $300,000 worth of bullion and gold dust tied up in transit for weeks in this manner. To alleviate this situation, Clark, Gruber & Co. purchased the necessary equipment and three adjoining lots in Denver to set up their own assaying and coining office. Attorney Milton Clark studied the legal ramifications and determined there was no law against the private coinage of gold in Colorado, as long as it was of the proper weight and fineness. Clark, Gruber & Co. began coinage operations on July 10, 1860, amidst much fanfare in the local press. The firm established an enviable reputation for reliability, while turning out an enormous volume of coinage over a two year period in 1860 and 1861. The United States government purchased their operation in 1863 in anticipation of establishing a federal mint in Denver, but the turmoil of the Civil War delayed that project and the local gold reserves were eventually depleted, delaying the opening of the Denver Mint until 1906.
Clark, Gruber & Co. issued coins of the usual four gold denominations in both years of their operation. The lower denominations featured designs that were very similar to the regular federal issues, but the 1860-dated ten and twenty dollar coins had an artist's depiction of Pike's Peak on the obverse, instead of the usual bust of Liberty. All four denominations displayed the Liberty motif in 1861. The 1860 ten and twenty dollar pieces are quite popular with present day collectors because of their picturesque obverse design.
The present coin is an attractive MS62 specimen of the 1860 ten dollar issue, with the dramatic, if not very accurate, triangular depiction of Pike's Peak on the obverse. The design elements are sharply rendered and the vivid orange-gold surfaces show the expected number of minor contact marks for the grade. A small planchet flaw is evident near the eagle's beak and vibrant mint luster adds to the considerable visual appeal. Listed on page 405 of the 2017 Guide Book. Census: 7 in 62, 1 finer (3/17).
HID02901242017