1848 was a pivotal year in American history, marking a significant shift in U.S. gold coinage. That year, James Wilson Marshall’s discovery of gold at Sutter’s Mill ignited the California Gold Rush, sending thousands of migrants westward. This event not only reshaped the nation’s economy but also presented Congress with critical decisions on settling the newly acquired western territories and addressing infrastructure needs—issues that would contribute to the divisions leading to the American Civil War.
The Challenges of Transporting California Gold
Transporting California gold to eastern mints proved to be a slow, expensive, and dangerous task. While some California gold had made its way to eastern mints since 1843, it wasn’t until 1848 that the discovery of gold at Sutter’s Mill dramatically accelerated the flow of gold across the country. This marked the beginning of a new era in U.S. coinage, as the Philadelphia Mint became central to the production of coins using California gold.
Philadelphia Mint Business Strike Coin Production in 1848
In 1848, the Philadelphia Mint struck a wide range of coins, including some of the most important pieces in American numismatics. Here are the figures for the year’s coinage:
- 1848 Braided Hair Cent – 6,415,799
- 1848 Liberty Seated Half Dime – 668,000
- 1848 Liberty Seated Dime – 451,500
- 1848 Liberty Seated Quarter – 146,000
- 1848 Liberty Seated Half Dollar – 580,000
- 1848 Liberty Seated Dollar – 15,000
- 1848 Liberty Head Quarter Eagle – 6,500
- 1848 Liberty Head Quarter Eagle (CAL.) – 1,389
- 1848 Liberty Head Half Eagle – 260,775
- 1848 Liberty Head Eagle – 145,484
Philadelphia Mint produced the majority of U.S. coinage during this period, including both gold and silver coins. Other mints, like New Orleans, Charlotte, and Dahlonega, also contributed, though their output was more localized.
The Historic 1848 Liberty Head Quarter Eagle (CAL.)
Among the coins struck in 1848, the Liberty Head Quarter Eagle stands out for its rarity and historical significance. In late December, a small number of 1,389 Liberty Head Quarter Eagles were struck using California gold deposited by Military Governor Richard Mason. These coins were then stamped with the “CAL.” mark, indicating their origin.
The 1848 “CAL.” Liberty Head Quarter Eagle is among the most sought-after coins in American numismatic history. Despite its lower mintage, it is more commonly found in mint state compared to the “Plain” version of the 1848 Liberty Head Quarter Eagle, which has never been graded above MS64.
Market Value and Collectibility
The 1848 Liberty Head Quarter Eagle (both “Plain” and “CAL.”) commands a significant premium, especially in higher grades. The coin’s value can range from $1,200 to $2,000 in lower grades (XF to low AU), while higher-grade specimens have been sold for much more, including $20,700 for a NGC MS64 example.
Noteworthy specimens include:
- NGC MS64: Sold for $20,700 in 1999
- PCGS MS62: Sold for around $7,480 in 1996
- NGC MS62: Sold for $5,750 in 2009
Collectors continue to be drawn to these coins for their historical significance, limited mintage, and connection to the California Gold Rush.
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Specifications of the 1848 Liberty Head Quarter Eagle
- Denomination: $2.50 USD
- Mintage: 6,500 coins
- Alloy: .900 Gold, .100 Copper
- Weight: 4.18 grams
- Diameter: 18.00 mm
- Edge: Reeded
- Designer (Obverse & Reverse): Christian Gobrecht
- Mintmark: None (Philadelphia)
The discovery of gold at Sutter’s Mill in 1848 not only altered the course of U.S. history but also reshaped the nation’s coinage system. The coins struck in that year, particularly the Liberty Head Quarter Eagles, continue to captivate collectors and historians alike, making them some of the most important numismatic artifacts from the 19th century.
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