1849 $25 Templeton Reid (Regular Strike)
Obverse & Reverse
The 1849 Templeton Reid $25 gold piece holds a unique and tragic place in American numismatics. It stands as the only pioneer gold coin of this unusual denomination struck during any American gold rush. Its story begins not in California, but nearly two decades earlier with Templeton Reid's controversial private mint in Georgia. From July to October 1830, Reid, a skilled watchmaker and metallurgist, operated a private mint in Gainesville, Georgia, striking $2.50, $5, and $10 coins from locally mined gold. However, accusations arose that his coins, while of accurate weight, were of lower fineness than their face value suggested, leading to public outcry and the swift closure of his mint. Reid's reputation was tarnished, and he seemingly vanished from the numismatic scene. Nearly twenty years later, amidst the fervor of the California Gold Rush, two new gold coins bearing his name appeared: a $10 and a unique $25 piece, both dated 1849. It is highly improbable that the aging and perhaps infirm Reid, then in his 60s, traveled to California. The prevailing theory, supported by numismatic scholars, is that Reid assayed and struck these coins in Georgia using gold dust shipped from the California fields, a common practice at the time. This enterprise was a fleeting attempt to re-enter the coining business, leveraging the urgent need for a stable currency in the West. The single known specimen of the $25 coin, along with the $10 piece, was acquired by the U.S. Mint for its Cabinet of Coins. Mint assayers Eckfeldt and Dubois studied the piece and recorded that it contained approximately $24.50 worth of gold. For nearly a decade, it remained a highlight of the collection. Then, in 1858, in a devastating and still unsolved theft, the coin was stolen from its display case in the Philadelphia Mint. It has never been seen since. Most historians presume the magnificent and singular piece was melted down for its bullion value shortly after the theft, its historical importance unknown or ignored by the culprits.
Associated EventCalifornia Gold Rush
Reason For MintingTo convert raw California gold dust into a high-denomination, spendable coin during a period of acute currency shortage on the West Coast.
Minter HistoryTempleton Reid (c. 1787-1851) was a Georgia-based watchmaker, gunsmith, and metallurgist. In 1830, he became the first American to operate a private gold mint, striking coins to serve the needs of the Georgia Gold Rush. His operation was short-lived due to a scandal regarding the fineness of his coins, which were alleged to be below face value, forcing him to close within four months. Despite this early failure, his 1830 issues are historic as the first private gold coins of the 19th century in the U.S. His 1849 California-marked issues represent a brief and mysterious coda to his coining career, undertaken shortly before his death.
Historical SignificanceThe 1849 $25 Templeton Reid is a legendary lost treasure of United States numismatics. It was the first and only $25 denomination private territorial coin ever produced. Its uniqueness, association with the enigmatic Templeton Reid, and its mysterious theft from the U.S. Mint Cabinet in 1858 elevate it from a mere rarity to an object of numismatic folklore. Its loss represents a permanent void in the national collection.
K-2
Denomination$25
Minting Period1849
Assayer/MinterTempleton Reid
Geographic OriginUncertain; possibly Georgia using California gold, or California.
Obverse DescriptionBased on historical descriptions and a surviving die trial piece, the obverse design was simple and utilitarian. It featured the inscriptions '* TEMPLETON REID * ASSAYER' around the periphery. In the center field, it displayed the denomination expressed as a dollar sign '$' above Roman numerals 'XXV', with the date '1849' below.
Obverse Inscription* TEMPLETON REID * ASSAYER / $ / XXV / 1849
Reverse DescriptionThe reverse featured the word 'CALIFORNIA' in an arc across the top periphery and 'GOLD' across the bottom. The central device was a compass-like or ornamental diamond design, surrounded by the words 'TWENTY-FIVE' and 'DOLLARS'.
Reverse InscriptionCALIFORNIA / TWENTY-FIVE / DOLLARS / GOLD
CompositionGold
Stated Fineness Actual FinenessApproximately .871 fine, based on U.S. Mint analysis at the time.
Weight41.80 grams
EdgeReeded
1
Survival Estimate0 (Stolen from the U.S. Mint in 1858 and presumed melted)
Rarity ScaleR-Unique/Missing
The 1849 $25 Templeton Reid is the ultimate 'ghost coin' of U.S. numismatics. Its appeal is rooted in its absolute unobtainability, its unique high denomination, its direct link to the California Gold Rush, and the enduring mystery of its theft from the nation's premier coin collection. It is a story, not a collectible.
Key VarietiesThe original gold strike is unique and missing. A single die trial piece, struck in white metal, is known to exist and is housed in a major institutional collection. There are no other known varieties, restrikes, or patterns related to this issue.
Authentication TipsAuthentication is a purely academic exercise. The original coin is lost. Any piece purported to be the genuine 1849 $25 Reid gold coin would be met with universal skepticism and would require provenance tracing directly back to the 1858 theft, an impossible task. It is virtually certain that any example that surfaces would be a modern replica or fantasy piece.
Shopping ConsiderationsThis coin cannot be bought. It is a 'priceless' item in the truest sense, as it is not available for commerce. The only related collectible item that could potentially trade hands is the white metal die trial, which would be a multi-million dollar transaction if ever offered. Collectors interested in this issue can only purchase books that tell its story or modern replicas, which are clearly marked as such.
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. For the lost 1849 $25 Reid, grading is a hypothetical concept.
Relevant Grade TypesThe single original coin was a business strike produced for potential circulation. When it resided at the U.S. Mint, it was described as being in Mint State (MS). No Proof (PR/PF) examples were ever contemplated or struck. As the coin has been missing for over 160 years, no grading of circulated examples is possible.
Mint State CharacteristicsHypothetically, as a Mint State specimen, the coin would have been evaluated based on its strike, luster, and marks. Given Reid's rudimentary coining methods, it likely would have exhibited a somewhat soft or uneven strike, particularly in the centers. The luster would have been a natural, satiny gold sheen. Being a large, soft gold coin, it would have been highly susceptible to contact marks, though its early entry into the Mint Cabinet likely preserved it from significant damage.
Circulated Wear PatternsAs the coin never circulated, wear patterns are unknown. Hypothetically, wear would first appear on the highest points of the design: the periphery lettering and the edges of the central diamond/compass device on the reverse, and the numerals on the obverse.
Key Factors For ValueThe value of the 1849 $25 Templeton Reid is purely theoretical and incalculable. If it were to be miraculously rediscovered, its value would be determined not by its grade, but by its status as a legendary icon of numismatic history. It would be one of the most famous and valuable coins in the world, with its story and unique status far outweighing any minor imperfections. Its value would be established at a record-breaking, once-in-a-generation auction.