1849 $10 T. Reid (Regular Strike)
Obverse & Reverse
The 1849 Templeton Reid ten-dollar gold piece stands as one of the most enigmatic and legendary issues in the annals of U.S. private and territorial coinage. Its story is inextricably linked to two separate American gold rushes and the tarnished reputation of its creator. Templeton Reid, a skilled Georgia gunsmith, watchmaker, and machinist, had previously entered the numismatic world in 1830 during the Georgia Gold Rush. Seizing an opportunity to convert raw gold dust into a convenient medium of exchange, he established the first private mint in the nation's history, producing $2.50, $5, and $10 coins. However, his venture was short-lived, collapsing after just a few months amidst a firestorm of controversy. An anonymous critic, writing under the pseudonym 'No Assayer,' publicly accused Reid of debasing his coins, claiming a $10 piece contained only $9.38 worth of gold. The accusations, whether entirely accurate or exaggerated, destroyed public confidence and forced Reid to shutter his operation. Nearly two decades later, in the frenzy of the California Gold Rush, two new coins bearing Reid's name appeared: this unique ten-dollar piece and an even more mysterious twenty-five-dollar coin (K-2). Despite the prominent 'CALIFORNIA GOLD' inscription on the $10, historical consensus, championed by experts like Donald Kagin, holds that Reid never traveled to California. By 1849, he was around 60 years old, in declining health, and operating a cotton gin factory in Columbus, Georgia. The most plausible theory is that Reid, seeking to capitalize on the immense flow of gold from the West, acquired a quantity of California gold dust that had been shipped east and struck a small, perhaps experimental, batch of coins from his Georgia workshop. This would have been an attempt to re-enter the coining business, leveraging the high demand for coinage that the California discovery had precipitated nationwide. The two 1849 specimens, the $10 and $25, were deposited at the Philadelphia Mint in early 1850 for evaluation. Mint assayers Eckfeldt and Dubois confirmed that, like his 1830 issues, the coins were underweight for their stated value. The $10 coin was subsequently acquired for the U.S. Mint's Cabinet Collection, the precursor to the Smithsonian's National Numismatic Collection, where it remains today as the sole known survivor. Its counterpart, the unique $25 coin, was tragically stolen from the Mint in 1858 and has never been recovered, likely melted for its bullion value. The 1849 $10 is thus a tangible link between America's first and most famous gold rushes, a final numismatic chapter in the story of a talented but controversial pioneer minter.
Associated EventCalifornia Gold Rush
Reason For MintingLikely an experimental or small-scale attempt by Templeton Reid in Georgia to convert newly-mined California gold into coinage to meet the immense national demand.
Minter HistoryTempleton Reid (c. 1787-1851) was a versatile machinist, gunsmith, and watchmaker based in Milledgeville and Gainesville, Georgia. In 1830, he established the first private mint in the United States to coin gold from the Georgia Gold Rush. His operation was shut down within months due to public controversy over the fineness of his coins. Despite the failure, his 1830 issues are historic as the first private gold coins of the 19th century. He later manufactured cotton gins and is believed to have struck his enigmatic 1849 'California Gold' pieces in Georgia shortly before his death.
Historical SignificanceThis coin is a unique and pivotal piece of numismatic history, representing the only known tangible link between the Georgia Gold Rush coiner Templeton Reid and the subsequent, much larger California Gold Rush. It is one of only two denominations from Reid's mysterious 1849 issue and serves as the final, enigmatic testament to his controversial coining career.
K-1
Denomination$10
Minting Period1849
Assayer/MinterTempleton Reid
Geographic OriginLikely Gainesville or Columbus, Georgia
Obverse DescriptionA simple, utilitarian design. The periphery is inscribed 'CALIFORNIA GOLD', with the words separated by six-pointed stars. The center of the field features the denomination 'TEN DOLLAR' in two lines.
Obverse InscriptionCALIFORNIA * GOLD / TEN DOLLAR
Reverse DescriptionThe reverse features the assayer's name and the date. The periphery is inscribed '*TEMPLETON REID* ASSAYER'. The date, '18 49', is separated into two pairs of digits and placed prominently in the center of the field.
Reverse Inscription*TEMPLETON REID* ASSAYER / 18 49
CompositionGold
Stated FinenessReid estimated his coins were .893 fine.
Actual FinenessThe U.S. Mint assay determined the fineness to be approximately .871.
EdgePlain
Effectively 1; likely struck as a trial or pattern piece.
Survival Estimate1
Rarity ScaleR-8 (Unique)
This coin's appeal is absolute, as it is a unique specimen of a legendary territorial issue that bridges two major American gold rushes. Struck by the controversial first private minter, Templeton Reid, it is a 'holy grail' piece whose only known example is permanently housed in the Smithsonian Institution, making private ownership impossible and elevating its status to that of a national treasure.
Key VarietiesThere are no known varieties of this coin, as only one specimen was ever produced or has survived. The only associated piece from this period is the unique Templeton Reid $25 (K-2), which was struck at the same time and also sent to the U.S. Mint for assay. It was stolen from the Mint Cabinet in 1858 and has never been recovered. Modern replicas and fantasy pieces of both the $10 and $25 exist.
Authentication TipsAuthentication is a moot point for collectors as the only known genuine specimen is impounded at the Smithsonian. Any example offered on the open market would be, by definition, a counterfeit or replica. These replicas often have incorrect weight, luster, and strike characteristics. They are typically made of base metal plated with gold and lack the specific gravity of a genuine gold coin.
Shopping ConsiderationsPrivate ownership of a genuine 1849 $10 Templeton Reid is impossible. For the advanced collector of territorial gold, acquiring literature, historical documents, or even high-quality replicas related to Reid's coinage can be a way to represent this important issue in a collection. When considering replicas, look for those that are clearly marked as copies to avoid confusion with historical counterfeits.
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 TypesThe unique 1849 $10 Templeton Reid is a business strike, intended for commerce even if it never circulated. As it was sent to the U.S. Mint for assay shortly after its creation and preserved in the Mint Cabinet, it has remained in a high state of preservation, generally described as Mint State (MS). No proofs of this issue were ever created, and as a unique, non-circulated coin, there is no scale of circulated grades (1-58) to consider.
Mint State CharacteristicsThe single known specimen at the Smithsonian exhibits a characteristically crude but sharp strike, consistent with Reid's primitive minting technology. The surfaces show some original mint luster, though perhaps slightly subdued from nearly two centuries of preservation. Being a unique piece, its specific characteristics—minor planchet flaws, die state, and strike sharpness on specific letters—define the 'type' rather than being points of comparison against other examples. The overall appearance is simple and utilitarian, lacking the artistry of contemporary federal issues.
Circulated Wear PatternsAs the unique specimen never circulated, wear patterns are not applicable. If a hypothetical example were to have circulated, wear would first appear on the highest points of the letters in 'TEN DOLLAR' and 'TEMPLETON REID', as well as the numerals of the date, due to the flat, relief-only design.
Key Factors For ValueThe concept of market value is purely theoretical for this coin, as it will never be sold. Its numismatic value is priceless and lies in its absolute rarity (uniqueness), its direct connection to the pivotal California Gold Rush, and its association with the enigmatic and controversial figure of Templeton Reid. Were it ever to be sold, it would be among the most valuable coins in the world, with its value determined not by grade nuances but by its singular place in American history.