ND $10 Templeton Reid (Regular Strike)
Obverse & Reverse
The No-Date $10 gold piece struck by Templeton Reid represents one of the most significant and ephemeral chapters in American monetary history, born from the nation's first major gold rush in Georgia. Following gold discoveries in the late 1820s, the region was flooded with prospectors, creating an economic boom but also a severe shortage of reliable currency. Miners were often forced to trade gold dust, an inefficient and frequently unfair process. Recognizing this critical need, Templeton Reid, a multi-talented watchmaker, gunsmith, and machinist from Milledgeville, Georgia, took the bold step of establishing the first private mint for gold coinage under the U.S. Constitution in July 1830. He initially set up in Milledgeville, the state capital, before moving his operation to Gainesville to be closer to the mining districts. Reid's mint produced coins in denominations of $2.50, $5, and $10, which were eagerly accepted into local commerce. However, his enterprise was short-lived, lasting only about three months. In August 1830, a series of anonymous, damaging letters were published in local newspapers by an individual signing as 'No Assayer.' This critic claimed to have had a Reid $10 piece assayed at the U.S. Mint in Philadelphia, alleging its intrinsic value was only $9.38. This accusation, coupled with questions about the constitutionality of private coinage, swiftly eroded public confidence. Reid vehemently defended his integrity and the quality of his coins, but the damage was done. By October 1830, facing widespread distrust, he was forced to cease operations. The vast majority of his coins, having lost their monetary premium, were subsequently melted down. The ND $10, or K-4 variety, is an artifact of this brief, pioneering venture. Its extreme rarity today is a direct consequence of the public controversy that destroyed Reid's business, making it a tangible link to the turbulent economic conditions of the Georgia Gold Rush and a testament to one man's innovative but ultimately doomed solution.
Associated EventGeorgia Gold Rush
Reason For MintingTo convert raw gold dust and nuggets into a standardized, convenient medium of exchange for commerce in a region experiencing a currency shortage.
Minter HistoryTempleton Reid (c. 1787-1851) was a skilled mechanic, watchmaker, gunsmith, jeweler, and cotton gin manufacturer. Possessing remarkable ingenuity, he designed and built his own coining press and dies. He established his private mint first in Milledgeville and then Gainesville, Georgia, in 1830 to serve the miners of the Georgia Gold Rush. His operation was the first of its kind in the 19th-century United States. After his coining venture was forced to close due to public controversy over the value of his coins, he returned to his other mechanical pursuits. He later produced two enigmatic patterns for California gold in 1849, a $10 and a unique $25 piece, though it is unlikely he ever traveled to California himself.
Historical SignificanceThe Templeton Reid coinage marks the first private issuance of gold coins in dollar denominations in United States history. Though his mint operated for only three months, it set a precedent for the private territorial coinages that would become crucial during subsequent gold rushes, particularly in California. The ND $10 is an iconic relic of this pioneering enterprise.
K-4
Denomination$10
Minting Period1830
Assayer/MinterTempleton Reid
Geographic OriginGainesville, Georgia
Obverse DescriptionA central inscription of 'GEORGIA GOLD' is encircled by a ring of forty six-pointed stars. The design is simple, with crudely punched letters, reflecting the primitive nature of the minting operation.
Obverse InscriptionGEORGIA GOLD
Reverse DescriptionThe words 'TEMPLETON REID' are arranged in an arc at the top, with 'ASSAYER' in a straight line below. The denomination 'TEN DOLLARS' appears at the bottom, also arranged in an arc. All known examples share a reverse die with the dated K-3 variety.
Reverse InscriptionTEMPLETON REID / ASSAYER / TEN DOLLARS
CompositionGold
Stated FinenessReid did not explicitly state a fineness, but intended for the coins to trade at face value, implying a standard close to federal issues. He believed the native gold to be nearly pure.
Actual FinenessApproximately .900, though this varied. The famous 'No Assayer' letter claimed a $10 coin was worth only $9.38, suggesting a fineness below the accepted standard, likely due to Reid's inability to properly refine the native gold which contained natural alloys.
Diameter34.00 mm
EdgePlain
Extremely low, included within the total estimate of 250 for both $10 varieties.
Survival EstimateOnly 3 specimens are reliably reported to exist.
Rarity ScaleR-8
As one of the rarest and most historically significant U.S. Territorial coins, the K-4 ND $10 is a numismatic trophy of the highest order. Its appeal lies in its connection to the first American gold rush, its status as the first private gold eagle, and its legendary rarity. All known examples are impounded in institutional collections (the National Numismatic Collection at the Smithsonian Institution), making it effectively uncollectible for private individuals.
Key VarietiesThe primary variety is the dated 1830 $10 (K-3). The No-Date version (K-4) is a distinct and even rarer variety. Later, in 1849, Reid produced pattern coins using California gold: a $10 piece (K-1, unique, in the Smithsonian) and a $25 piece (K-2, also unique but stolen from the U.S. Mint in 1858 and never recovered). These 1849 issues are entirely separate from his 1830 Georgia coinage.
Authentication TipsAuthentication is largely academic as all known specimens are accounted for. Any newly discovered piece would require rigorous examination by top experts. Diagnostics would include comparison to the known examples' die states, strike characteristics, and planchet features. The lettering is characteristically crude and uneven. Counterfeits of Reid's coinage exist and are typically cast or struck from modern dies that fail to replicate the unique character of the originals.
Shopping ConsiderationsThis coin is not available on the open market. If an example were to be discovered and offered for sale, it would be a multi-million dollar event. A potential buyer would prioritize pedigree above all else. The definition of 'premium quality' for such an item would be its state of preservation relative to the few others known, focusing on originality of surfaces, lack of significant damage or repairs, and overall eye appeal. Given the crude striking process, a fully struck coin would be highly unusual and likely nonexistent.
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 Templeton Reid coins were business strikes intended for circulation and are found in Circulated (1-58) and, theoretically, Mint State (MS, 60-70) grades. Due to their immediate controversy and subsequent melting, virtually all survivors are circulated. No Proof (PR/PF) examples were struck during the original minting period, and no later-date restrikes or special collector issues are known to exist for the Georgia coinage.
Mint State CharacteristicsA true Mint State example of a K-4 is unknown. If one were to exist, it would likely exhibit a soft, satiny luster typical of unrefined gold. The strike would be expected to be weak in areas, particularly on the stars and central lettering, as Reid's screw press was manually operated and likely lacked the force for a uniform, sharp impression. Planchet quality would be poor, with adjustment marks, roughness, and other irregularities being common and acceptable.
Circulated Wear PatternsOn the obverse, wear would first appear on the stars and the letters of 'GEORGIA GOLD'. On the reverse, the high points of the letters in 'TEMPLETON REID' and 'ASSAYER' would show the first signs of friction. In lower grades, the legends would become soft and begin to merge with the fields. The crude nature of the strike can sometimes be mistaken for wear.
Key Factors For ValueGiven that all known examples are in museums, value is theoretical. For any pioneer gold coin of this magnitude, the key factors are rarity, historical importance, and condition. An example's value would be determined by its grade, but more importantly by its surface quality. A specimen free of cleaning, tooling, repairs, or major distracting marks would command an immense premium. Originality is paramount; any remaining 'skin' or luster from the original strike would be exceptionally desirable. A solid provenance and a CAC sticker would be essential for market acceptance and would add a significant premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 65 | N/A | N/A |
Graysheet Price Guide
| Coin | Price Range |
|---|---|
| (1830) G$10 Templeton Reid, K-4 MS | $1,500,000 - $1,500,000 |