Skip to main content

Rare Georgia Gold Rush Coin Brings Record $480,000 in Atlanta

A rare Georgia gold rush-era Templeton Reid $2.50 denomination gold coin made in 1830 was sold at auction in Atlanta for a record price of $480,000 by Kagin’s, Inc. of Tiburon, Calif., on Feb. 27, 2020. The buyer is a Georgia-based collector who wants to remain anonymous, according to the auction house. (Photo courtesy of Professional Coin Grading Service www.PCGS.com)

On Thursday, Feb. 27, a small gold coin with a face value of $2.50 when it was struck in northern Georgia in 1830 sold for a record price of $480,000 to an anonymous Georgia collector in an auction in Atlanta. It is one of the finest known of less than two dozen surviving examples privately struck by Milledgeville, Ga. cotton gin mill manufacturer Templeton Reid during the state’s historic 19th-century gold rush.

“The Georgia and North Carolina gold rush period started in 1828, about two decades before the California Gold Rush, and this important gold piece was made in 1830 to help alleviate a coin shortage at the time in Georgia,” explained Donald Kagin, Ph.D., president of Kagin’s, Inc. of Tiburon, Calif., the auction house that sold the coin.

The previous record price for an example of this type of coin was $329,000 in 2013. The name of the winning bidder who paid $480,000 for this one was not disclosed.

“Reid was a multi-talented entrepreneur, a cotton gin manufacturer, gunsmith, metallurgist and assayer who struck coins in denominations of $2.50, $5 and $10. These historic items were the first privately issued gold coins in the United States,” explained Kagin, author of the reference book, Private Gold Coins and Patterns of the United States.

Only a little larger than a modern 5-cent denomination coin, the Templeton Reid $2.50 gold piece was independently authenticated by experts at Professional Coin Grading Services and certified Mint State 61 (on a 1 to 70 grading scale).

“It had been part of private coin collections in the Midwest and on the West Coast for more than 50 years, but now this piece is coming back home to Georgia,” said Kagin.

“Despite his inventiveness, Templeton Reid’s gold coins eventually and unfortunately were shunned by the public when a critic falsely claimed they did not contain enough gold. He halted production just a few months after he began striking them,” explained Kagin. “But today, they are national numismatic treasures.”

The auction was conducted in conjunction with the American Numismatic Association 2020 National Money Show, Feb. 27-29, in Atlanta.

The post Rare Georgia Gold Rush Coin Brings Record $480,000 in Atlanta appeared first on Numismatic News.

Comments

Post a Comment

Popular posts from this blog

Stack’s Bowers’ June 2020 Auction Nets Over $5 Million

The Stack’s Bowers Galleries June 2020 Auction continued the trend of high prices realized recently demonstrated in their March Santa Ana and May Hong Kong auctions. Over $5 million was realized in the June sale across United States coins, tokens, and medals, achieving 114 percent of the pre-sale estimate on sold lots. (All prices listed include the buyer’s fee.) Strong demand for high-end gold coinage reflected continued growth in this collecting area, while Numismatic America also saw incredible strength, earning over 50 percent above pre-sale estimates in Internet-Only Session Three. With such strong results in their June sale, Stack’s Bowers Galleries is anticipating considerable interest in their upcoming August 2020 Auction, which will be posted online for viewing and bidding in early July. This Mint State 1824/4 O-110 Capped Bust half dollar featuring Washington and Lafayette countermarks realized $26,400. (All images courtesy Stack’s Bowers) Session One opened with Numism...
Post a Comment
Read more

Mythology Featured on Early Indian Banknotes

The origin of the universe can be explained by modern astronomers and astrophysicists, while archaeologists and historians try to clarify the origin of human societies. A mythology is a collection of stories about a specific culture or religion. They often feature supernatural characters. Cultures around the world are filled with such ales about relationships between gods and humans. In the distant past, however, before any sciences existed, the beginnings of the world and of society were explained by MYTHOLOGY. Mythology is a common topic of expression through artwork. Not just dance; painting, sculpting, the mythology is a way of expression during many facets of day to day life. Even on Indian coins, stamps, and banknotes Mythology is featured with distinct concepts. The blog covers the topic: Mythology Featured on Early Indian Banknotes. As the British colonial reign strengthened in India over the years, their paper currency became the new normal. More denominations came in, layou...
Post a Comment
Read more

Letters to the Editor (September 18, 2018)

Minting a new 3-cent piece wasteful if not silly Mint a three-cents coin? In the Aug. 28 issue of Numismatic News , a Viewpoint article by Wayne Pearson advocated the issuance of a new three-cent denomination coin to replace the cent. I think this idea is silly since nothing can be bought for three cents. Minting such a denomination would be wasteful. The least expensive item I know of is a paper bag, which one can buy for 10 cents in California when buying groceries. Making any coin of a smaller denomination makes no sense. I advocate a complete reworking of all of our coin denominations as follows: A dime, as the smallest; a quarter; a half dollar; and a dollar and a five dollar, all in ascending order of size. Eliminate the $1 bill and the $5 bill and begin the printing of $500 bills. Thomas Miller Santa Rosa, Calif.   Base metal dollar coin designs that have circulated alongside the paper dollar include Eisenhower (top left), Susan B. Anthony (center right), and Sacaga...
Post a Comment
Read more