Gold Coin

California Gold Coin: A Reminder Of The California Gold Rush

The state of California is not only famous for its Gold Rush. The California gold coin also makes the state an important aspect of the economic and financial milieu of United States. California gold coins were introduced during the California gold rush of 1848 to 1855. The main reason for introduction of these coins was the lack of enough small denomination coins in public circulation. The rapidly growing commerce in Northern California was suffering due to this.

The coinage condition of the state was almost at the verge of collapse. The federal money was hard to come by and whatever coins that were available, were being hoarded. The easy availability of gold and persistent shortage of smaller denomination currency meant that people had to use alternate commodities like nuggets or gold dust for transactions. Even the amalgam ball was used at one time. Something needed to be done and the California gold coin was introduced.

The California gold coin was first introduced by a number of jewelers and a number of other small enterprises. The California Gold coins were hand stuck and the finesse of the work on these coins can not be compared even to that of circulation federal coinage of the time. The fact that the coin was made of gold made it valuable. It was the value of gold and not the value of coin which was being traded. In some cases, the coins were even produced after sufficient federal coins came in circulation.

These coins are classified in two categories. The classification is done on the basis of time when the coin was stuck. All coins that were minted between 1852 and 1856 fall under the category of California gold coin. These are the coins which went in circulation during the Gold Rush. Most of the coins of this classification have been worn in such a manner as can only be caused by circulation.

The coins were released in both octagonal and circular shapes. The most common denominations of the coins were quarter of a dollar, half a dollar and one dollar. Most of the coins have a female profile face on side and the denomination of the coin encircled by olive branches on the other side. On coin however has a peacock on the reverse side.

The second type of coins are those which were meant for souvenir purposes only. This type of California gold coin was stuck between 1859 and 1882. The are also called the jewelers issue. A California gold coin of this category is more common even though it has comparatively lesser gold than what is rated.

California gold coin of either type is a fine addition to any numismatic collection.