LOT Old Heritage Auctions  /  2008 February Long Beach Signature Coin #460  / 

2853

1861 $20 Clark, Gruber & Co. Twenty Dollar AU50

Currency:USD Category:Coins & Paper Money / US Coins Start Price:29,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1861 $20 Clark, Gruber & Co. Twenty Dollar AU50
<B>1861 $20 Clark, Gruber & Co. Twenty Dollar--Tooled, Cleaned--ANACS. Unc Details, Net AU50.</B></I> K-8, High R.5. There is a star immediately to the right of the coronet tip, and on the reverse the V in DENVER is recut over an N. <BR> Clark, Gruber & Co. established a "bank and mint" in Denver in 1860, opening for business on July 10. The mint facility was completed by the 16th, and on July 20 the firm invited newspaper editors and dignitaries to come inspect the new facility. The 1860 coinage consisted of quarter eagles and half eagles that greatly resembled Federal gold pieces, along with the famous "Pike's Peak Gold" eagle and double eagle coins, from dies produced by an engraver who had manifestly never seen that picturesque peak. The 1861 pieces consisted of the same four denominations, but the tens and twenties were redesigned to the more familiar--and aesthetically pleasing--Federal-type designs. PIKES PEAK appears on Liberty's coronet on all four 1861 denominations.<BR> In 1861 the Federal government began issuing paper currency to finance the Civil War. Unknown to many coin collectors who are not also paper money aficionados, Clark, Gruber & Co. also issued paper currency; at first the bills were five dollar demand notes, payable in gold at the Denver office. Soon afterward, one, two, and three-dollar notes followed. These well-produced notes were also well received, creating the unusual situation where, by 1862, the Clark, Gruber currency actually traded at a premium to the Federal paper. They were, after all, redeemable in gold at par from a local establishment, whereas the Federal government had suspended specie payments as of December 18, 1861.<BR> This remains an extremely attractive and rare coin, despite the modest attempts at "improvement." The hair details appear to have been reengraved, and the tailfeathers of the eagle and the fletchings appear suspiciously sharp. The yellow-green surfaces are overly bright from a cleaning, but they are also nearly mark-free, with the exception of a few trivial abrasions seen under a loupe. A beautiful coin of this rare Territorial type. Listed on page 367 of the 2008 <I>Guide Book.</B></I><BR> <BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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