(1831-34) $5 C. Bechtler, Assayer, No 150.G. (Regular Strike)
Obverse & Reverse
The Bechtler $5 gold piece, Kagin-15, stands as a pivotal artifact from America's first gold rush. Prior to the 1848 California discovery, the foothills of the Appalachian Mountains in North Carolina and Georgia were the epicenter of domestic gold production. However, miners faced a significant logistical challenge: converting their raw gold dust and nuggets into a usable medium of exchange. The sole U.S. Mint was in Philadelphia, a long, perilous, and expensive journey away. This economic vacuum created a fertile ground for private enterprise. Enter Christopher Bechtler, Sr., a skilled German metallurgist, watchmaker, and jeweler who immigrated to the U.S. in 1829 and settled in Rutherford County, North Carolina, by 1830. Recognizing the local need, he established a private mint on his property, beginning operations in July 1831. Unlike his Georgia predecessor Templeton Reid, whose coins were quickly found to be underweight, Bechtler built an impeccable reputation for honesty and accuracy. His coins contained the full stated weight and fineness, and sometimes slightly more, fostering immense public trust. This K-15 variety represents a key evolution in his process, struck from the same dies as the earlier K-14 but with the crucial addition of the weight, '150. G.', to the obverse. This act of transparency, explicitly stamping the coin's intrinsic value alongside its fineness ('20. CARATS.') and denomination, cemented his reputation and ensured his coins circulated freely and were often preferred over government issues in the Southeast. The Coinage Act of June 28, 1834, which reduced the weight of gold in official U.S. coins, made these already honest Bechtler issues overweight relative to their face value. This led to the widespread melting of most K-15s, as they were worth more as bullion than as currency. This historical culling is the primary reason for their extreme rarity today, with modern numismatists considering them a landmark issue in the history of American currency and free enterprise.
Associated EventCarolina Gold Rush
Reason For MintingTo convert locally mined gold dust into a reliable, standardized, and trusted medium of exchange for commerce in a region far from the U.S. Mint in Philadelphia.
Minter HistoryChristopher Bechtler, Sr. (1782-1842) was a German watchmaker, jeweler, and metallurgist who moved to Rutherford County, North Carolina, in 1830 to be at the center of the Carolina Gold Rush. He established a private mint in 1831, producing $1, $2.50, and $5 gold coins. His operation was known for its integrity, as his coins consistently met or exceeded their stated weight and purity. This honesty allowed his coinage to flourish and be widely accepted in commerce, even after the establishment of federal branch mints in Charlotte and Dahlonega in 1838. From 1831 to 1840, his mint coined over $2.2 million in gold. After his death in 1842, the minting operation was continued by his son, Augustus Bechtler.
Historical SignificanceThe Bechtler K-15 $5 is historically significant as a successful and trusted form of private currency during America's first gold rush. It demonstrates the critical role of private enterprise in filling economic voids left by the federal government. The explicit marking of weight and fineness set a standard for integrity that was crucial for its acceptance and circulation, and its high intrinsic value led to its eventual rarity through melting after the Coinage Act of 1834, making survivors treasured relics of antebellum Southern commerce.
K-15
Denomination$5
Minting Period1831-1834
Assayer/MinterChristopher Bechtler, Sr.
Geographic OriginRutherfordton, North Carolina
Obverse DescriptionA purely typographic design featuring a four-line inscription in the center stating the value, fineness, and weight, surrounded by the legend 'NORTH CAROLINA GOLD' and a single star. The entire design is enclosed by a beaded border.
Obverse InscriptionNORTH CAROLINA GOLD ⋆ / 5 DOLLARS / 20. CARATS. / 150. G.
Reverse DescriptionA purely typographic design with two concentric rings of text. The outer ring contains 'C. BECHTLER, ASSAYER.' with a star, and the inner ring contains 'RUTHERFORD COUNTY.'. The entire design is enclosed by a beaded border.
Reverse InscriptionC. BECHTLER, ASSAYER. ⋆ / RUTHERFORD COUNTY.
CompositionGold
Stated Fineness20 Carats (.833 fine)
Actual FinenessApproximately 20 Carats; Bechtler's assays were known for their accuracy and honesty.
Weight9.65 grams
Diameter25.00 mm
EdgeReeded
Unknown
Survival Estimate15-20 coins
Rarity ScaleR-7 (High)
This coin is highly coveted as a landmark piece of U.S. Territorial gold. Its appeal lies in its extreme rarity, its direct connection to America's first gold rush, and the unimpeachable reputation of its maker, Christopher Bechtler. It represents a fascinating period of private coinage that thrived before the expansion of federal mints.
Key VarietiesThe K-15 is a distinct variety, created by adding '150. G.' to the obverse die used for the K-14 variety. No major sub-varieties from the original minting period are known. It is critical to distinguish these original business strikes from the later-date (circa 1922) Proof restrikes produced for collector Henry Chapman. The Chapman restrikes, designated K-30 and K-31, were struck from different dies, have a different weight ('141 G.'), and are stylistically distinct collector pieces, not part of the original circulating currency.
Authentication TipsGenuine examples often exhibit a slightly crude, rustic strike characteristic of a hand-operated screw press. The planchets can be irregular, and tiny planchet cracks at the border are not uncommon and can be a marker of authenticity. Lettering should be sharp but may show slight unevenness in placement. Many known examples have mildly reflective or prooflike fields from polished dies. Counterfeits may have incorrect weight, a 'soapy' or cast appearance with loss of detail, incorrect letter fonts, or edges that are inconsistent with the original reeding.
Shopping ConsiderationsA 'premium quality' example for its grade will show a bold strike, particularly on the central inscriptions which are often softly struck. Look for original, undisturbed surfaces with some remaining luster; many survivors have been cleaned. The presence of rich, original greenish-gold or reddish-gold toning adds significant eye appeal and value. While minor, mint-made planchet flaws are common and acceptable, carefully inspect for post-mint damage, harsh cleanings, or tooling in the fields, which would significantly reduce the coin's value. Given the rarity, any example without significant impairments is a major prize.
A coin's grade is its condition, rated on a 1-70 scale. For rare coins, this is the most critical factor in determining value, as a tiny difference in preservation can mean a huge difference in price.
Relevant Grade TypesAll original Bechtler K-15 coins were struck as business strikes intended for circulation and are found in Circulated (1-58) and, very rarely, Mint State (MS, 60-70) grades. No Proofs were struck during the original period of issue. Later-date Proof restrikes (the 'Chapman restrikes,' K-30 and K-31) were struck c. 1922 from different dies and are considered distinct numismatic items, separate from the original issue.
Mint State CharacteristicsAn uncirculated (MS) K-15 will exhibit full luster, though the quality can range from satiny to semi-prooflike. The strike is a key factor; many were struck with the beaded borders slightly off-center. Central legends are often weaker than the peripheral lettering. Contact marks are to be expected due to the softness of the gold, but large, distracting marks will limit the grade. The presence of small, mint-made planchet fissures or cracks at the edge is not unusual for the issue and is generally accepted by graders.
Circulated Wear PatternsWear first appears on the highest points of the letters and numerals in the central inscriptions ('5 DOLLARS', '20. CARATS.', '150. G.') and on the letters of 'BECHTLER'. On more heavily circulated examples, the beaded border will begin to merge with the rim, and the peripheral legends will show significant flattening. In lower grades, the finer details of the inscriptions can become faint and difficult to read.
Key Factors For ValueFor the K-15, rarity is paramount, so any example is valuable. Key value drivers are grade and surface quality. An example with original, uncleaned surfaces commands a significant premium over a cleaned or polished coin of the same grade. Strike sharpness is critical; a coin with a bold central strike is highly desirable. Eye appeal, driven by attractive original color and minimal distracting marks, plays a major role. A CAC sticker, verifying solid quality for the grade, will add a substantial premium due to the rarity and historical importance of this issue.
Graysheet Price Guide
| Coin | Price Range |
|---|---|
| (1831) G$2 1/2 C. Bechtler, No 75 GR, Finely Beaded Reverse, K-5 MS | $31,000 - $151,000 |
| (1831) G$2 1/2 C. Bechtler, No 75 GR, Coarse Beads, K-6 MS | $60,000 - $216,000 |
| (1831) G$2 1/2 C. Bechtler, CAROLINA, K-7 MS | $39,000 - $79,000 |
| (1832-34) G$2 1/2 C. Bechtler, 75 GR, with Star, K-9 MS | $96,000 - $115,000 |
| (1831) G$5 C. Bechtler, RUTHERFORD, 20C, Without 150 GR, K-14 MS | $17,000 - $137,000 |
| (1834) G$5 C. Bechtler, RUTHERFORD, 140 GR, 20C, Dated Obverse, No Initial or Star, K-Transitional MS | $8,750 - $75,000 |