Among the most iconic coins struck using gold mined from the American West after the discovery of gold at Sutter’s Mill in 1848 is the 1850 Baldwin & Co. $10 gold piece, known to collectors as the “Vaquero” or “Horseman.” This exceptionally rare coin is a stunning piece of American history and one of the most distinctive examples of gold coins minted during the California Gold Rush era.
A Highlight in the Robert D. Reed Collection
One of the finest known examples of the Baldwin & Co. $10 Vaquero will be featured in the Stack’s Bowers November 2024 Showcase Auction as part of the Robert D. Reed Collection. Reed, a passionate collector of United States gold coins, assembled an extraordinary cabinet over a decade (1986-1996) through auctions, fixed price lists, and private sales. His collection includes a variety of U.S. gold coins, with a small selection of ancient and world coins. The U.S. portion of this collection will be offered in this prestigious auction.
The Design of the Baldwin & Co. Vaquero $10 Gold Piece
The 1850 Baldwin & Co. $10 gold coin was struck by dies designed by A. Kuner. The obverse features a vaquero (Spanish for “cowboy”) dressed in traditional Mexican attire, riding horseback with a lasso. The inscription CALIFORNIA GOLD, TEN DOLLARS and the date 1850 appear around this striking image. On the reverse, an eagle is depicted, closely resembling the design found on federal $10 gold coins. The words BALDWIN & Co. are shown above the eagle, with SAN FRANCISCO beneath, and five stars frame the image on both sides.
Rarity and Condition: A Coin of Exceptional Value
The Baldwin & Co. $10 “Horseman” is an extremely rare coin, with fewer than two dozen examples believed to have survived. Most are in the AU (Almost Uncirculated) to lower Mint State range, with the finest example graded as PCGS MS64+. The coin in the Robert D. Reed Collection has been off the market for decades and was last sold during the Stack’s October 5, 1988 sale of Rare and Important United States Gold Coins. Recently graded as MS63+ by PCGS, this example is a true gem of numismatic history.
The Reed Collection coin was once part of the John A. Beck Collection, sold by Abner Kreisberg in January 1975. It is renowned for its ultra-flashy surfaces, featuring swirling cartwheels and semi-prooflike reflectivity. The coin’s impeccable strike shows razor-sharp definition, making it a standout piece in any collection.
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The Market for the Baldwin & Co. $10 “Horseman” Gold Piece
Over the past decade, Baldwin & Co. $10 coins have not appeared in auction, making the upcoming sale of the MS63+ example a significant event for collectors. The last known auction of a similar coin was the MS61 example from the Riverboat Collection, which fetched a record $381,875 in April 2014. It is expected that the MS63+ example from the Robert D. Reed Collection will exceed this figure when it goes under the hammer.
For numismatic enthusiasts and collectors of rare gold coins, the 1850 Baldwin & Co. $10 “Horseman” is not only a beautiful example of American history but also a treasure with immense investment potential.
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