(1849) $10 Oregon $10 WM Restrike 10.89 grams (Regular Strike)
From the Oregon Gold (1849) Series
Obverse & Reverse
The 1849 Oregon Exchange Company ten dollar gold piece stands as one of the most iconic and historically significant issues in the entire territorial gold series. Its story begins not in Oregon, but in California. Following James Marshall's 1848 discovery of gold at Sutter's Mill, a significant portion of Oregon Territory's male population rushed south to the gold fields. These enterprising Oregonians were among the first on the scene and proved remarkably successful, returning home by late 1848 with a substantial quantity of gold dust and nuggets. This influx created an immediate and severe economic problem: the territory lacked a standardized medium of exchange. Commerce was reduced to the clumsy and often untrustworthy system of barter or weighing raw gold dust for every transaction, a process rife with potential for dispute over weight and purity. To solve this crisis, a petition was presented to the territorial legislature in February 1849 to establish a public mint. An act was passed, but it was swiftly vetoed by the newly arrived territorial Governor, Joseph Lane, who correctly asserted that establishing a mint was a power reserved for the federal government. Faced with a governor adhering to federal law but a populace in desperate need of a stable currency, a group of eight prominent citizens took matters into their own hands. In Oregon City, they formed a private joint-stock venture, the Oregon Exchange Company. The partners included Governor George Abernethy, William K. Kilborn, Theophilus Magruder, William H. Willson, James Taylor, William H. Rector, J.G. Campbell, and Noyes Smith. Using locally sourced equipment, including a rolling mill fashioned from old wagon tires, they began striking coins in March 1849. The first coins produced were $5 pieces, which contained several die errors. The subsequent $10 pieces, with dies engraved by Victor M. Wallace, corrected these mistakes. The coins were colloquially known as 'Beaver Money' for their distinctive obverse design. Crucially, the company decided to strike the coins from unrefined native gold, without adding any alloys for durability. To compensate for any potential variance in purity and to ensure public confidence, they were deliberately made overweight compared to federal standards. A U.S. Mint assay later confirmed that the $10 coins contained approximately $10.80 worth of gold. This high intrinsic value ensured their immediate acceptance in commerce but also sealed their fate. When the San Francisco Mint opened in 1854, these overweight Beaver coins were actively sought out, exchanged at a premium, and promptly melted for their significant profit margin. This aggressive recoinage is the primary reason for their extreme rarity today.
Associated EventCalifornia Gold Rush and subsequent Oregon economic development
Reason For MintingTo provide a standardized and reliable medium of exchange for the Oregon Territory, which was flooded with raw gold dust but lacked official coinage.
Minter HistoryThe Oregon Exchange Company was a private enterprise formed in Oregon City in 1849 by eight influential settlers to address a severe currency shortage. The partners—W.K. Kilborn, T. Magruder, J. Taylor, G. Abernethy, W.H. Willson, W.H. Rector, J.G. Campbell, and N. Smith—established their own mint after the territorial governor vetoed a public mint. The company operated for less than a year, ceasing operations in September 1849 as key members returned to the gold fields, but their 'Beaver Money' served its purpose effectively, stabilizing the local economy until official U.S. coinage became available.
Historical SignificanceThe Oregon Exchange Company coinage is a prime example of American frontier ingenuity and the de facto exercise of sovereignty in a region geographically isolated from federal authority. It successfully stabilized a regional economy, demonstrated the immediate need for official minting facilities on the West Coast, and produced one of the most beloved and storied territorial coin series. Its high intrinsic value and subsequent melting created a classic numismatic rarity.
K-2
Denomination$10
Minting Period1849
Assayer/MinterOregon Exchange Company
Geographic OriginOregon City, Oregon Territory
Obverse DescriptionA depiction of a beaver, facing left, on a log. Above the beaver are the initials of five partners in the Oregon Exchange Company: K.M.T.R.C.S. (for Kilborn, Magruder, Taylor, Rector, Campbell, Smith). Below the log is the date, 1849, flanked by laurel branches, with the initials O.T. for Oregon Territory.
Obverse InscriptionK M T R C S / 1849 / O T
Reverse DescriptionThe central inscription is arranged in five lines, denoting the value and composition. This is encircled by the issuer's name.
Reverse InscriptionOREGON EXCHANGE COMPANY / 10. D. 20. G. / NATIVE. / GOLD. / TEN D.
CompositionGold (unalloyed native gold with natural silver content)
Stated FinenessNATIVE. GOLD.
Actual FinenessApproximately .870 to .880 fine, varying with the source of the gold dust.
Weight8.80 grams
Diameter26.00 mm
EdgePlain
2,850
Survival EstimateFewer than 30 known
Rarity ScaleR-7 (High)
The 1849 $10 Oregon is a legendary rarity combining a charming, quintessentially American 'Beaver' design with the compelling history of frontier economics and the California Gold Rush. Its extreme scarcity and status as a key territorial issue make it a centerpiece coin for advanced collectors.
Key VarietiesThe primary issue is designated as Kagin-2. There are no major varieties from the original 1849 minting period. NOTE ON 'WM RESTRIKE': The user's specific query for a '(1849) $10 Oregon $10 WM Restrike 10.89 grams' does not correspond to any known historical numismatic item cataloged in authoritative sources like Kagin, Breen, or major auction archives. The initials 'WM' are famously associated with the California private minting firm of Wass, Molitor & Co., who were not involved with the Oregon Exchange Company. The specified weight of 10.89 grams does not match the original issue. Items described as such are almost certainly modern, privately-made replicas or tribute pieces and should not be confused with the historic and valuable original coinage.
Authentication TipsOriginals have a distinctive soft, slightly greenish-gold luster due to the unalloyed native gold with natural silver content. The strike is almost always weak in the center on both sides, particularly on the beaver's fur and the central reverse inscriptions. The lettering has a hand-punched, slightly irregular character. Modern forgeries are common; many are cast and will show pitting or a soapy texture under magnification. Struck copies often have sharper details than originals and may use a different gold alloy, resulting in an incorrect color and weight. Any piece marked 'Copy' is a modern replica.
Shopping ConsiderationsFor a genuine K-2, the concept of 'premium quality' is relative due to the issue's rarity and crude production. A desirable example would exhibit minimal surface marks and abrasions, which are common due to the soft, unalloyed gold. Even wear that leaves the main devices bold is prized. Original, uncleaned surfaces are paramount. Any evidence of tooling, harsh cleaning, or repairs should be a major deterrent. Given that no Mint State examples are known, a choice AU specimen represents the pinnacle of condition. The weakness of the central strike is characteristic, so a coin should not be penalized for this; rather, a coin with a comparatively stronger strike in the center would command a significant premium. All examples will be found in circulated grades, typically ranging from VF to AU.
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 Exchange Company coins were struck as business strikes intended for circulation. Therefore, they are graded on the standard 1-70 scale and can be found in Circulated grades (e.g., VF, XF, AU) and, theoretically, Mint State (MS, 60-70), though no true MS examples are known to exist. There were no Proofs struck during the original period of issue, and there are no known official, later-date restrikes made by the original minters or a successor entity.
Mint State CharacteristicsA true Mint State example of this coin is not known to exist. Hypothetically, an MS specimen would exhibit full, unbroken, soft satiny luster characteristic of unalloyed gold. It would be free of wear, but would still likely show significant planchet adjustment marks, a weak central strike on the beaver and reverse inscriptions, and scattered contact marks from the crude minting and handling process. The color would be a distinctive greenish-yellow.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes the beaver's shoulder, head, and the high point of its back. On the reverse, the lettering of 'NATIVE. GOLD.' in the center and the surrounding legend 'OREGON EXCHANGE COMPANY' will show the first signs of friction. In lower grades (Fine and below), the beaver's fur details will be completely smooth, and the finer inscriptions, particularly the partners' initials, will become faint.
Key Factors For ValueGiven the extreme rarity, any genuine example is valuable. The primary value drivers are grade (condition) and surface quality. An example with minimal distracting marks, scratches, or rim bumps will command a substantial premium. Original, uncleaned 'skin' with a pleasing greenish-gold hue is highly desirable. While the strike is inherently weak in the center, examples that show superior detail on the beaver or the reverse inscriptions are prized. A coin with a solid provenance traced back to famous collections (e.g., Garrett, Ford) also carries a premium. CAC verification for this issue is highly sought after as confirmation of quality for the grade.