(1849) $10 Oregon $10 Gold Restrike (Regular Strike)
From the Oregon Gold (1849) Series
Obverse & Reverse
The 1849 Oregon Exchange Company $10 gold piece is one of the most storied and sought-after issues in American numismatics, born from a severe economic necessity on the remote frontier. Following the 1848 discovery of gold in California, many settlers from the Oregon Territory rushed south to the goldfields. They returned in late 1848 and early 1849 laden with raw gold dust and nuggets. While this influx represented immense wealth, it created a chaotic commercial environment. Lacking a standardized currency, the Oregon Territory relied on a clumsy barter system of beaver skins, wheat, and other commodities, alongside the imprecise and fraud-prone medium of gold dust. The need for a stable, reliable form of money was acute. In February 1849, the Provisional Legislature of Oregon passed an act to establish a territorial mint. However, the newly appointed territorial governor, Joseph Lane, arrived on March 2nd and nullified the act, deeming it an unconstitutional infringement on the federal government's sole authority to coin money. Faced with a governor adhering to federal law but a populace desperate for a circulating medium, a group of eight prominent Oregon City businessmen took matters into their own hands. They formed a private joint-stock company, the Oregon Exchange Company. The principals included former provisional governor George Abernethy, William K. Kilborne, Theophilus Magruder, James Taylor, W. H. Willson, William H. Rector, J.G. Campbell, and Noyes Smith. Using locally fabricated machinery, including parts from old wagon tires, they began striking $5 and $10 gold coins in March 1849. The $10 piece, which followed the $5, corrected some errors on the smaller denomination. The coins were crudely but charmingly designed, featuring a beaver, the symbol of the region's lucrative fur trade heritage. Crucially, the company decided to strike the coins from 'native gold' without any alloys, and made them intentionally overweight to ensure public confidence. The $10 coin contained about 8-10% more gold than its federal counterpart, making its intrinsic value closer to $11. This over-valuation ensured their immediate acceptance in commerce but also sealed their fate. When the U.S. Assay Office and later the San Francisco Mint began operations in the 1850s, the vast majority of 'Beaver Money' was melted for its significant bullion profit. The Oregon Exchange Company itself ceased operations by September 1849, making the minting period a brief but vital chapter in Oregon's history. Today, these coins are legendary rarities, tangible relics of frontier ingenuity and the unyielding economic forces that shaped the American West.
Associated EventOregon Territory Economic Crisis of 1849 / California Gold Rush
Reason For MintingTo create a standardized and reliable currency for the Oregon Territory due to a chaotic barter system and an influx of uncoined California gold dust.
Minter HistoryThe Oregon Exchange Company was a private enterprise formed in Oregon City in early 1849 by eight influential citizens: W.K. Kilborne, Theophilus Magruder, James Taylor, George Abernethy, W.H. Willson, William H. Rector, J.G. Campbell, and Noyes Smith. Formed in response to the territorial governor's veto of a public mint, the company's sole purpose was to convert raw gold dust into standardized coins to facilitate commerce. The dies were engraved by Victor M. Wallace. Operating for less than a year, the company produced both $5 and $10 gold pieces before ceasing operations in September 1849, having successfully alleviated the region's currency crisis.
Historical SignificanceThe Oregon Exchange Company coinage represents a classic example of private enterprise filling a crucial governmental vacuum on the American frontier. It was an act of economic necessity that stabilized the territory's commerce, allowing for orderly trade and growth. The coins are a direct link to the economic consequences of the California Gold Rush on neighboring territories and stand as an iconic issue of U.S. Territorial gold.
K-2
Denomination$10
Minting Period1849
Assayer/MinterOregon Exchange Company
Geographic OriginOregon City, Oregon Territory
Obverse DescriptionThe central device is a rustic depiction of a beaver standing on a log. Above the beaver are the initials of five partners in the company: K.M.T.R.C.S. (for Kilborne, Magruder, Taylor, Rector, Campbell, and Smith). Below the log is the date, 1849, and flanking the beaver on either side are the initials O.T. for 'Oregon Territory'.
Obverse InscriptionK.M.T.R.C.S. / O.T. / 1849
Reverse DescriptionThe central inscription, arranged in four lines, reads 'NATIVE / GOLD. / TEN D.'. This is encircled by the issuer's name, 'OREGON EXCHANGE COMPANY'. At the top, separating the beginning and end of the company name, is the weight designation '10 D. 20 G.', representing 10 pennyweights and 20 grains.
Reverse InscriptionOREGON EXCHANGE COMPANY / 10 D. 20 G. / NATIVE GOLD. TEN D.
CompositionGold
Stated FinenessStated as 'NATIVE GOLD' with no alloy.
Actual FinenessApproximately .990 fine, as it was unrefined California gold dust which naturally contained trace amounts of silver and other elements.
Weight8.83 grams
Diameter26.00 mm
EdgePlain
2,850
Survival EstimateFewer than 30 believed to exist.
Rarity ScaleHigh R-6
The 1849 $10 'Beaver' is a premier American numismatic rarity. Its appeal lies in its crude but iconic design, its connection to the Westward Expansion and the California Gold Rush, its extreme rarity, and its status as the first $10 coin struck on the Pacific coast. It is a cornerstone of any advanced collection of U.S. Territorial gold.
Key VarietiesThe 1849 $10 is known as a single variety, Kagin-2. There are no known major varieties from the original minting period. The user's query for a 'Regular Strike Restrike' does not correspond to a known, cataloged numismatic item. No official or contemporary restrikes were made. In the early 1990s, the Eastern Oregon Mining Association sponsored the production of modern replicas. These pieces were struck in 24-karat gold, typically in a Proof finish, to replicate the original design and weight. These are considered modern commemorative items or replicas and are distinct from the original 1849 issue.
Authentication TipsOriginals are struck on soft, unalloyed gold planchets and often show a slightly greenish-gold hue due to trace silver content. The strike is characteristically weak, especially in the center of the reverse and on the beaver's fur. The lettering is crude and irregularly spaced. Be highly suspicious of any sharply struck example or one with a finish that appears too uniform or modern. The weight and specific gravity should be consistent with nearly pure gold. All known genuine examples are heavily circulated, and any piece appearing in high grade warrants extreme skepticism and professional authentication.
Shopping ConsiderationsFor a potential buyer, the primary consideration is authenticity, followed by surface quality. No mint state examples are known to exist. A 'premium quality' specimen would be one in the Extremely Fine (XF) range with minimal surface impairments. Look for an example with the least possible number of distracting marks, scratches, or rim bumps, which are common on these soft gold coins. A coin that retains some of its original 'skin' and has not been harshly cleaned or polished commands a significant premium. Pay close attention to the legibility of the delicate inscriptions on the reverse, which are often the first elements to wear away. Given the rarity and value, purchasing a specimen certified by a top-tier grading service (PCGS or NGC) is mandatory.
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 1849 Oregon $10 coins were business strikes intended for circulation and are graded on the 1-70 scale, typically found in Circulated grades (AG-3 to AU-58). No Mint State (MS) examples are confirmed to exist. No Proof (PR/PF) examples were struck during the original period of issue. Later-date replicas or 'restrikes' have been produced, most notably in a Proof finish, but these are modern commemorative issues and are cataloged and valued separately from the original 1849 business strikes.
Mint State CharacteristicsNo confirmed Mint State examples of this coin are known to exist. Hypothetically, an uncirculated specimen would exhibit full, soft, satiny luster typical of unalloyed gold. However, even a perfect example would likely show some central strike weakness, particularly on the reverse lettering and the beaver's fur, as this was characteristic of the crude manufacturing process.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes the beaver's shoulder and back, and the log it stands on. On the reverse, the fine lettering of 'NATIVE GOLD' and 'TEN D.' within the central field is very susceptible to wear and is often weak or partially obliterated even on mid-grade examples. The peripheral lettering and the weight designation at the top of the reverse also wear down quickly. In lower grades (VG and below), the beaver becomes a mere outline and the central reverse inscriptions are illegible.
Key Factors For ValueThe paramount factor is authenticity. After that, value is determined by the grade and the quality within that grade. Surface preservation is critical; examples that are free of harsh cleaning, tooling, or significant planchet defects are prized. Eye appeal is a major driver of value, with collectors paying a premium for coins that have honest, even wear and an attractive, original appearance. The clarity of the legends, especially on the reverse, is a key differentiator between examples of the same numerical grade. A CAC sticker indicating superior quality for the grade would add a substantial premium to any certified example.