Many people believe the U.S. government was the first organization to mint gold mined in California. In truth, this historical touchstone belongs to Salt Lake City, Utah.

The origin of this story, however, does not begin in Salt Lake City. Instead, it starts in San Diego during the Mexican-American War. This was the destination of the Mormon Battalion. During their march some members of the battalion traveled north and eventually started working for James Marshall at Sutter’s Mill in Coloma, California. During this period the Mormon Battalion members assisted Marshall in discovering gold in early 1848. This find is part of what sparked the California Gold rush.

In time the Mormon Battalion founded their own mining town called Mormon Island. The location proved to be valuable leading to more gold discoveries.

In time, LDS president Brigham Young, and other officials John Taylor, and John Kay began work on dies to be used in the minting of the gold. By the end of 1848 Mormon members had their first gold coins. These original pieces had the words “Pure Gold” printed on one side and “Holiness of the Lord” on the other.

Eventually, the words “Pure Gold” were replaced with “S.L.C.P.G.” which is an abbreviation for Salt Lake City Pure Gold. These first coins included an image of a Phrygian cap which resembled the design of early coins minted by the US government. Below the cap was a design of the “eye of Jehovah” and a picture of hands shaking which symbolized friendship.

These designs changed over time. In 1860, Mormons minted pieces using gold sourced in Colorado. These coins included images of a lion and a beehive. Part of the reason for these new designs was to help territorial gold collectors identify them as belonging to a different sub type.

There were a total of six different coin designs. The first pieces minted in 1848 were $10 coins and were notated with a 1849 mint year. Other coins with this year were of $2.50, $5, and $20 values.

Other versions were minted in 1850 and 1860. The total number of minted coins was low, estimated to be approximately 4,000 pieces.

By 1861, Utah territory governor Alfred Cumming put an end to the minting of Mormon coins. People quickly found the coins to be wanting, as their weights were often below-grade. The $5.00 coin was estimated to hold only $4.30 in gold. These coins were thus accepted in trade at a discount and many fell victim to the melting pot.

These early coins have given credence to the argument that Brigham Young was a crucial part of developing the coin system that came to define commerce in the early days of the U.S.  It is likely that these coins helped spark trade among the early territories and therefore accelerated the development of the country.

These pieces remain rare and are often sought after by collectors. They represent a pioneer spirit, industriousness, and the enduring power of friendship.

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In the 1870’s, several nations began advocating for the creation of a universal coin that could be used in international trade. The idea gained traction in 1879.

That year, John A. Kasson, the U.S. envoy to Austria-Hungary proposed a U.S. $4 gold coin, which would state its metallic content in the metric system to make it simpler for Europeans to use. The proposed $4 coin would roughly equate to the value of the Spanish 20-peseta, the Italian 20-lire and the British sovereign.

This new coin could facilitate international trade and travel for U.S. citizens, its proponents argued.

Today, that $4 gold coin is reverently known as the Stella and the stories around this coin abound. How did it get its name? The Latin word for star is Stella and the coin features a five-pointed star on its reverse.

This ultra-rarity is beyond the reach of most collectors. Demand for these iconic coins far outstrips supply. On the rare occasions they surface for sale it’s typically from a time-honored, monumental collection of historic U.S. coins. Yet, these pattern coins never were created for circulation. The story continues…

Kassen’s idea intrigued members of Congress and they authorized the U.S. Mint to produce a small run of the $4 gold coins so that Congressman could review them and consider the proposal.

Two obverse designs were produced for the $4 gold piece. Chief Engraver Charles Barber created a design that featured a portrait of Liberty facing left with long, flowing hair on the obverse, known today as the Flowing Hair type. George T. Morgan, the creator of the famous Morgan silver dollars, developed the Coiled Hair type. The reverse of the $4 Stella reveals the motto DEO EST GLORIA, which translates into “God is Glorious.”

These coins are scarce. It is estimated that a mere 425 Flowing Hair coins were minted in 1879, with only 12 known Coiled Hair types from 1879. In 1880, there are only 17 known Flowing Hair types and 8 Coiled Hair.

While the quest for an international coin failed and none of these pattern coins ever became a regular issue, collectors then and for generations have coveted these illustrious and historic coins.

Even then, demand was high for these awe-inspiring coins. Yet, there were also scandals. After the limited run was produced, rumors surrounded the highly sought after Stellas. While it was said that no coin collector could obtain a Stella from the U.S. Mint, the Congressmen who had received the special order apparently used them as gifts and perhaps even payment. It was said that these great works of numismatic art were seen in special necklaces adorning the bosoms of Washington’s top madams, whose brothels were said to be patronized by those same Congressmen.

These coins were produced just over 100 years after America gained its independence to England. Our nation’s economy was growing rapidly and part of America’s historic Gilded Age. Wealthy industrialists and businessmen like John D. Rockefeller, Andrew Carnegie, J.P. Morgan and Cornelius Vanderbilt built storied empires and also contributed greatly to society through their philanthropy. The $4 Stella is a historic gem from this exciting time in American history.

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NEW ORLEANS, LA, April 6, 2022 – Blanchard and Company, the nation’s leading tangible asset firm, made numismatic history again following this week’s public auction of the Zito family collection.

Included were two 1907 $10 Indian pieces that shattered previous auction records.  These coins, an NGC MS68 1907 $10 Indian Wire Edge and a CAC PCGS MS67 1907 Rolled Edge, both sold at nearly double their previous record highs.

Over an eight-year period, Blanchard advised the late Dr. Paul Zito, a medical doctor from New York, and his wife Rosalie. Through Blanchard’s deep numismatic connections, the firm sourced for them a historic collection of 92 U.S. gold and silver coins.

This week, 89 lots from their collection were presented at public auction and sold for over $4.3 million. Blanchard helped the Zito family to achieve their goal to diversify their portfolio with a collection of high-quality and ultra-rare tangible assets.

Investors quickly bid on the rare U.S. gold and silver coins once they became available and the entire collection sold immediately. “This underscores the high demand and limited supply for ultra-rare numismatics in today’s environment with inflation at 40-year highs, expansive monetary policies and a slowing U.S. economy,” said David Zanca, Senior Portfolio Manager at Blanchard, who worked with the Zito family over 8 years to build this fabulous collection.

The start of the current boom in rare coin demand can be traced to the beginning of the pandemic in 2020, which triggered a renewed interest in tangible assets, including rare coins. Both the number of sales of rare coins and the prices paid for rarities exploded higher over the past two years industry wide.

The NGC MS68 1907 $10 Indian Wire Edge is tied with one other at MS68.  Interestingly, the other MS68 is the Steinbrenner coin, also placed by Zanca. Until the Zito piece was placed last evening, the Steinbrenner coin held the auction record, having sold in August 2019 for $432,000.  Now, not even three years later, the Zito piece set a new record having sold at nearly double the prior record at $840,000.

One lot later, the CAC PCGS MS67 1907 $10 Indian Rolled Edge made its own bit of history by shattering its previous record price. The Zito piece is tied with the Pogue coin as the finest known within the CAC population.  Just two years ago the Pogue coin was placed at $576,000.  The Zito piece blasted past that number and settled at $1,140,000.

“It’s incredibly satisfying to see the results for these long-term clients.  Seeing the Steinbrenner Wire Edge break the record at $425,000 in 2019 was amazing.  Now, not even three years later to see another of my clients’ pieces nearly double that record is a testament to what is happening in the rare coin market.  As to the Rolled Edge, seeing a client realize well over $1 million for a coin is just wonderful.  It proves that if an investor acquires quality and sticks with a plan that, literally, world records can be broken.”

Other outstanding coins sourced by Blanchard from the Zito collection include:

• 1795 Draped Bust Silver Dollar. BB-52, B-15. Rarity-8 as a Specimen. Centered Bust. Specimen-65
• 1799 Draped Bust Silver Dollar. BB-163, B-10. Rarity-2. MS-63 (NGC). OH.
• 1832 Capped Head Left Quarter Eagle. BD-1, the only known dies. Rarity-4. MS-63 (NGC).
• 1863 Three-Dollar Gold Piece. JD-1, the only known dies. Rarity-6+. Proof-64 Cameo (NGC). CAC.
• 1799 Capped Bust Right Half Eagle. BD-6. Rarity-5. Small Reverse Stars. MS-63 (NGC).
• 1872 Liberty Head Eagle. MS-64 (PCGS). OGH.

The Blanchard sourced collection highlights the firm’s unmatched ability to secure the best rarities for its clients.  “Since 1975, Blanchard & Co. has been the premier rare coin dealer in the country. With a specialty in legacy coins, our firm has placed more significant numismatic coins than anyone in the industry,” Zanca said.

Despite the tight numismatic market supply in 2022, Blanchard has been very successful in unearthing several private holdings. Blanchard recently placed two flagship rarities, including the 1794 Flowing Hair Dollar and the 1808 $2½ Capped Bust. Given the tiny mintages and the concentration of wealth in the United States in that era, these hallmark coins could very well have been owned by one of the American Greats of that time.

“We continue to have incredible reach within the numismatic community and can almost always find whatever you are looking for even in the current extremely tight market conditions,” Zanca said.

About Blanchard

Founded in 1975, Blanchard is the largest and most respected investment firm in the U.S. that specializes in precious metals and rare coins. Headquartered in New Orleans, Blanchard has owned and sold more than half of the published 100 Greatest U.S. Coins with over $1.3 billion in sales in the last four years alone. With over 520,000 customers to date, Blanchard has provided investors and collectors with the expert consultation they need to strategically acquire American numismatic rarities and gold, silver, platinum and palladium bullion.

David Zanca is a 28-year veteran of the precious metals industry and senior portfolio manager at Blanchard. He can be reached at 1-800-880-4653.

MEDIA CONTACT:

Sarah Munson

1-800-880-4653

[email protected]

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After the panic of 1857, many Americans eyed the West as an opportunity to achieve financial security. In 1858, the Colorado Gold Rush began with over 100,000 people flocking to the Rocky Mountain region.

“Pikes Peak or Bust” was a common refrain among the early prospectors, in reference to the imposing mountain in the Colorado Front Range.

In the early days of the Colorado Gold Rush, money was scarce. The prospectors paid merchants for goods they needed with a pinch of gold dust from their pouch. The “pinch” was intended to equal $1 of gold and weigh 0.05 troy ounce. However, merchants with fat fingers captured bigger pinches of gold and prospectors were left with smaller wealth.

The need for standardization of money was clear – and this opened the door for the creation of private or “territorial” gold. Enterprising businessmen partnered to open private mints that turned the gold dust into usable and standard-sized gold coins.

These early private minters assayed and refined the gold dust, cast and rolled it to a certain thickness then cut the gold into round blanks. And, then machine-pressed them into gold coins for their customers.

Clark, Gruber & Co. was the first and most well-respected mint in Colorado during this time period. During the firm’s first three years of existence, they minted a reported $594,305 worth of Pikes Peak gold.

Eventually, the United States Mint acquired Clark, Gruber & Co. and it became the Denver Mint.

Clark, Gruber & Co. minted $2 1/2, $5, $10 and $20 gold coins.

The 1860 version of the $10 gold coin featured an amateurish representation of Pikes Peak. The 1861 coin was upgraded to appear similar to the Liberty Head federal gold coins in existence at that time, with the addition of PIKES PEAK on her coronet.

See the 1861 $10 piece here.

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The Seated Liberty images were one of the most enduring in the history of US coinage. This design appeared on the half dime, dime, quarter, and half dollar between 1836 and 1891. The Seated Liberty image also appeared on the silver dollar from 1836 to 1873.

The design was the work of Mint engraver Christian Gobrecht. He served as the third Chief Engraver from 1840 to 1844. His engraving work started before he was employed by the Mint. Originally, he engraved ornamental clocks. He was a pioneer in his field and invented a medal ruling machine which reproduces relief on smooth surfaces in 1810. He also improved upon the camera lucida, the pump organ, and even a talking doll.

Gobrecht’s first attempt to become chief engraver of the Mint was unsuccessful. He wrote to President James Monroe requesting the position but was denied. Eventually he was appointed “Second Engraver” in September of 1835 after the Chief Engraver, William Kneass suffered a stroke. Five years later Kneass passed away and Gobrecht was appointed Chief Engraver.

His Seated Liberty designs for which he is remembered were based on sketches by portrait painter Thomas Sully and ornithologist Titian Peale.

The obverse of the 1862-S Seated Liberty half dimes and dimes show the figure of Liberty in a flowing dress seated upon a rock. In one hand she is grasping a Liberty pole with a Phrygian cap perched on top. The cap has long been a powerful symbol of freedom and traces back to the Neoclassicism movement. The cap also represents the pursuit of liberty.

The figure has her right hand on top of a striped shield inscribed with the word “Liberty.” This feature of the design is meant to represent America’s willingness to fight for freedom. Above her is an arc of thirteen stars to represent the thirteen original colonies.

The reverse side shows the denomination, in this case reading “Half Dime.” Both the 1862 Seated Liberty half dime and dime pieces feature a wreath surrounding the denomination words.  All coins that predate 1860 include the image of laurel leaves which, like the Phrygian cap, are a Neoclassicism inspired image. By the start of 1860 the design was altered to include agricultural products including wheat and corn.

Originally, the Seated Liberty dimes and half dimes contained no stars. This design element was added in 1839.

The Seated Liberty imagery was standard on US coins ranging from half dimes to half dollars until 1879 when the Bland-Allison act significantly reduced the minting of the coins. In time, tastes changed and there was growing support for a new design. Eventually, the Barber Head design replaced the Seated Liberty.

Today, this design remains one of the most powerful images on US coins. It blends an array of images that represent freedom, patriotism, and liberty.

Gobrecht died in July of 1844 but his contribution to US coinage lived on in the Seated Liberty design.

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