1830 $5 Templeton Reid (Regular Strike)
Obverse & Reverse
The 1830 Templeton Reid $5 gold piece stands as a monument to America's first major gold rush and the entrepreneurial spirit that defined the frontier. Following the discovery of gold in the hills of northern Georgia in 1828, a flood of miners descended upon the region, creating a vibrant but chaotic economy. The fundamental problem facing this new boomtown society was a severe shortage of circulating currency. Gold dust and nuggets were plentiful, but their inconsistent purity and the difficulty of accurate measurement made them impractical for daily commerce. Transporting this raw gold overland to the sole U.S. Mint in Philadelphia was a long, perilous, and expensive journey. Recognizing a critical need, Templeton Reid, a skilled watchmaker, gunsmith, and metallurgist from Milledgeville, Georgia, seized the opportunity. In the summer of 1830, he moved his operations to Gainesville, closer to the gold fields, and established the first private mint in the United States to strike gold coins in dollar denominations. For a brief period, from approximately July to October 1830, Reid produced coins of $2.50, $5, and $10, converting raw gold dust into a convenient medium of exchange for a fee. His enterprise was initially praised, with local newspapers lauding the quality of his dies as not inferior to those of the national mint. However, controversy soon erupted. An anonymous writer, styling himself 'No Assayer,' published a letter in the 'Georgia Courier' on August 16, 1830, claiming to have had a Reid $10 piece assayed at the Philadelphia Mint. The result, he alleged, showed the coin contained only $9.38 worth of gold, giving Reid an exorbitant profit of over 6%. This public accusation, whether entirely accurate or the work of a competitor, was devastating. In an era where a coin's value was inextricably tied to its intrinsic metallic content, the suggestion of short weight shattered public confidence. Despite Reid's printed rebuttals, his coinage was quickly shunned by merchants and banks. With his reputation ruined, Reid was forced to cease operations after only about three months. The vast majority of his coins, once a vital solution to a currency crisis, were subsequently melted down. Their transient existence and subsequent destruction have rendered all Templeton Reid issues exceedingly rare, with the $5 denomination being among the most elusive and historically significant artifacts of American territorial finance.
Associated EventGeorgia Gold Rush
Reason For MintingTo convert raw gold dust into a standardized, convenient medium of exchange for commerce due to a severe shortage of circulating coinage in the Georgia gold fields.
Minter HistoryTempleton Reid (c. 1787-1851) was a multitalented artisan skilled as a mechanic, watchmaker, gunsmith, silversmith, and jeweler. Initially based in Milledgeville, Georgia, he astutely identified the economic paralysis caused by the lack of coinage during the Georgia Gold Rush. In a bold entrepreneurial move, he designed and built his own coining press and dies, establishing America's first private gold mint in Gainesville in 1830. His minting career, however, was infamously short-lived, lasting only three months due to a public controversy over the fineness of his coins. After the mint's failure, Reid moved on to other ventures, including manufacturing cotton gins. He later produced a few pattern coins for California gold in 1849, though these never entered production. He died in 1851, leaving a legacy as a brilliant but ultimately tragic pioneer of American private coinage.
Historical SignificanceThe Templeton Reid coinage marks the very beginning of private gold minting in United States history, setting a precedent for dozens of other private minters who would later serve the gold rush communities of California, Colorado, and Oregon. These coins are tangible relics of the nation's first gold rush and represent a fascinating, albeit failed, free-market solution to a currency shortage, predating the establishment of the U.S. Branch Mints in Dahlonega and Charlotte by eight years.
K-2
Denomination$5
Minting Period1830
Assayer/MinterTempleton Reid
Geographic OriginGainesville, Georgia
Obverse DescriptionThe design is simple and utilitarian. At the center is the denomination, expressed as '$ 5'. Arching above along the upper periphery is the inscription 'GEORGIA GOLD'. The date, '1830', is located at the bottom. The field is plain, and a simple raised ring or border encircles the design elements.
Obverse InscriptionGEORGIA GOLD / $ 5 / 1830
Reverse DescriptionSimilar in its stark simplicity to the obverse, the reverse also features the denomination '$ 5' at its center. The name of the minter, 'TEMPLETON REID', arches over the top periphery, with his title, 'ASSAYER', appearing below. A raised ring forms the border.
Reverse InscriptionTEMPLETON REID / $ 5 / ASSAYER
CompositionGold
Stated FinenessReid did not state a specific fineness on the coin, but implied it was worth its face value in gold.
Actual FinenessContemporaneous accounts by an anonymous critic ('No Assayer') claimed a $10 piece was only 22.5 carats fine, making a $5 piece worth about $4.69. However, a later U.S. Mint test in 1842 on Reid's coins reportedly found them to be .942 fine, a higher purity than even U.S. Mint coins of the era. The true fineness remains a subject of historical debate, but the initial controversy was enough to doom the enterprise.
EdgePlain
~300
Survival Estimate6 known specimens
Rarity ScaleR-7+ (High)
As the first private issue gold coin from the first U.S. gold rush, the 1830 Templeton Reid $5 is a numismatic trophy of the highest order. Its immense rarity, combined with a compelling story of frontier enterprise and controversy, makes it one of the most coveted items in the entire field of U.S. private and territorial gold.
Key VarietiesThere are no known major die varieties for the 1830 $5 business strike, which is unsurprising given the tiny mintage and extremely short production window. No patterns, proofs, or restrikes from the original period are known to exist. Templeton Reid did produce some pattern trial pieces for a proposed California coinage in 1849, including a $10 and a unique $25 concept, but these are entirely separate issues and not related to his 1830 Georgia coinage.
Authentication TipsAuthentication of a Templeton Reid $5 should be left exclusively to top-tier grading services. The crude nature of the strike, lettering, and overall fabrication makes it susceptible to counterfeiting. Diagnostics of genuine examples would include precise die markers, lettering shapes, and planchet characteristics known from the handful of confirmed survivors. Any potential purchase must come with an ironclad provenance and certification from PCGS or NGC.
Shopping ConsiderationsAcquiring an 1830 Templeton Reid $5 is a career-defining event for a collector. With only four examples in private hands, opportunities to purchase one are exceptionally rare, often separated by decades. A 'premium quality' example is almost a moot point; any example that is not severely damaged or repaired is a world-class prize. A prospective buyer should prioritize a specimen with the most intact surfaces, minimal marks, and the sharpest possible strike on the central '$ 5' and the peripheral legends. Evidence of cleaning is common on territorial gold, but an example with some remaining original skin or luster would command a significant premium. Given the history, any known provenance tracing back to major 19th or 20th-century collections adds immeasurably to its desirability and value.
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 1830 Templeton Reid coins were business strikes intended for circulation and are found in Circulated (1-58) and, very rarely, Mint State (MS, 60-70) grades. No Proof (PR/PF) examples were struck during the original production period, and no later-date restrikes were ever made. Any example offered would be graded as a business strike.
Mint State CharacteristicsA Mint State example of this coin would be a miracle of survival. Due to the primitive minting process, even an uncirculated specimen would likely exhibit a somewhat weak or uneven strike, particularly in the center of the planchet. The luster would likely be soft and satiny rather than deeply frosty. The surfaces, being of soft, high-purity gold, are highly susceptible to contact marks, so even a choice Mint State piece might show some light chatter from handling over the past two centuries.
Circulated Wear PatternsWear will first appear on the highest points of the coin's simple design. On both the obverse and reverse, this would be the numeral '5'. As wear progresses, the lettering in the legends 'GEORGIA GOLD' and 'TEMPLETON REID' will become soft and begin to merge with the fields. In lower grades (VG and below), the date and the word 'ASSAYER' will be faint and potentially illegible.
Key Factors For ValueFor an ultra-rarity like the Templeton Reid $5, the primary value driver is simply existence and authenticity. Beyond that, value is determined by surface preservation and eye appeal. An example free of significant damage, cleaning, or repairs will be prized. Sharpness of the strike is a key differentiator, as some are better struck than others. Any trace of original mint luster dramatically increases the coin's value and desirability. A CAC sticker on an already-graded coin would provide a further layer of confidence in its quality for the grade assigned.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 30 | $500,000.00 | N/A |
| 35 | $550,000.00 | N/A |
| 40 | $600,000.00 | N/A |
| 45 | $650,000.00 | N/A |
| 45+ | $675,000.00 | N/A |
| 50 | $750,000.00 | 1 |
| 50+ | $800,000.00 | N/A |
| 53 | $950,000.00 | 1 |