(1849) $25 K-2 Templeton Reid Copper Restrike, BN (Regular Strike)
Obverse & Reverse
The 1849 Templeton Reid $25 is one of the most legendary and enigmatic issues in American numismatics, and the copper restrikes or trial pieces are tangible links to its storied past. The original coin was a unique specimen struck in gold, representing the only $25 denomination ever produced during the entirety of the U.S. gold rush eras. Templeton Reid, a jeweler and gunsmith, had prior experience as a private minter during the Georgia gold rush of 1830. His initial venture was short-lived due to public outcry and press attacks questioning the intrinsic value of his coins. Nearly two decades later, amidst the fervor of the California Gold Rush, Reid produced two new denominations, a $10 and this unique $25 piece, both dated 1849 and bearing the legend CALIFORNIA GOLD. It is widely believed Reid, now in his 60s and in poor health, did not travel to California but instead struck these coins in Georgia using gold dust shipped from the West Coast. The two 1849 gold coins were sent to the Philadelphia Mint for assay and were subsequently placed in the Mint Cabinet for public display. According to assayers Eckfeldt and Dubois, the $25 piece contained approximately $24.50 worth of gold. In a disastrous security breach in 1858, the unique gold $25 was stolen from the Mint and has never been recovered; it is presumed to have been melted shortly after the theft. The dies, however, were not at the Mint. Their fate is uncertain, but their existence is proven by the few known impressions in copper and white metal. These are referred to by numismatists as either 'trial pieces' or 'restrikes'. The Smithsonian's National Numismatic Collection holds a copper specimen which it oddly attributes as having been made in 1859, a year *after* the gold original was stolen. This suggests they may be restrikes made for numismatic purposes after the original's fame grew post-theft. These copper pieces, cataloged as K-2, are exceptionally rare and serve as the only available representation of the lost gold coin's design, making them immensely significant to collectors of territorial gold.
Associated EventCalifornia Gold Rush
Reason For MintingThe original gold coin was created to convert raw California gold dust into a high-denomination circulating medium; the copper pieces were likely struck later as numismatic trials or records.
Minter HistoryTempleton Reid (c. 1787-1851) was a Georgia-based silversmith, gunsmith, and machinist. He holds the distinction of being the first private individual to mint gold coins in dollar denominations in the United States, operating a mint in Gainesville, Georgia, in 1830. His enterprise was undone by accusations in the press that his coins were underweight in gold content, though their gross weights were accurate. This public relations disaster forced him to close his mint within months. Despite this earlier failure, he leveraged his skills again in 1849 to produce the now-famous California gold pieces, likely as a final attempt to capitalize on the nation's new gold fever before his death in 1851.
Historical SignificanceThe copper K-2 is the physical embodiment of a lost American treasure. Its significance lies not in its intrinsic value, but as a direct impression from the dies that created the unique and stolen $25 territorial gold piece, the highest denomination of the gold rush era. It is a vital historical artifact preserving a design that would otherwise be lost to history.
K-2 (copper striking)
Denomination$25
Minting Periodc. 1849-1859
Assayer/MinterTempleton Reid
Geographic OriginLikely Georgia, United States
Obverse DescriptionThe design is purely typographic. The periphery is inscribed with the assayer's name. Centrally, the denomination is expressed with a dollar sign and Roman numerals, with the date below.
Obverse InscriptionTEMPLETON REID ASSAYER / $ / XXV / 1849
Reverse DescriptionThe periphery contains the words CALIFORNIA and GOLD separated by the denomination TWENTY-FIVE DOLLARS. The central device is a compass-like or ornamental diamond-shaped design.
Reverse InscriptionCALIFORNIA / TWENTY-FIVE DOLLARS / GOLD
CompositionCopper
Stated Fineness Actual Fineness EdgePlain
Extremely low, exact number unknown.
Survival EstimateFewer than 5 believed to exist.
Rarity ScaleR-8 (Unique or Nearly Unique)
This piece is sought after for its extreme rarity and its direct connection to the legendary lost Templeton Reid $25 gold coin. It offers a tangible link to one of the great stories of U.S. numismatics, appealing to advanced specialists in territorial gold and numismatic patterns.
Key Varieties1. **Original Gold Striking (K-2):** Unique, stolen from the U.S. Mint in 1858 and never recovered. 2. **Copper Trial/Restrike (K-2):** The subject of this entry. Struck in copper from the original dies, likely circa 1849-1859. Exceedingly rare. 3. **White Metal Die Trial (K-2):** A die trial struck in white metal, considered unique or nearly so. 4. **Early 20th Century Copies:** Not from the original dies. Impressions made from copy dies are known to have been procured by early collectors such as Stephen Nagy.
Authentication TipsAuthentication is paramount. Any candidate piece must be compared to known genuine examples, such as the one in the Smithsonian. Look for precise die characteristics, as modern replicas and crude counterfeits exist. The strike should be sharp, consistent with a trial striking. The planchet's metallurgy and specific gravity should be consistent with 19th-century copper. Provenance is a critical factor for a piece of this rarity.
Shopping ConsiderationsA potential buyer for this coin would be an advanced, well-capitalized collector. The primary consideration is authenticity, which must be certified by a top-tier grading service (PCGS or NGC) with expertise in territorial coinage. A premium quality example would exhibit a sharp, full strike, clean surfaces free of significant marks or corrosion, and ideally possess an attractive, original brown patina. Given the rarity, even an example with minor imperfections would be highly desirable. Any documented provenance tracing back to major historical collections (e.g., Lilly, Ford) would add immense value and desirability.
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 TypesAs these are special trial strikings, they were not intended for circulation. Therefore, they are encountered and graded almost exclusively as Mint State (MS, 60-70) business strikes. Any circulation would be atypical and likely post-numismatic. There were no Proofs struck in the original period, and the concept does not apply to these special strikings.
Mint State CharacteristicsA Mint State example would be judged on the quality of its strike, the originality of its surfaces, and its eye appeal. The strike may show some areas of minor weakness if the dies were not perfectly set or pressure was inconsistent, which is common for trial pieces. Luster would be typical for a 19th-century copper coin, ranging from original mint red (if perfectly preserved) to a deep, stable chocolate brown (BN) patina. Contact marks from handling over the past 160+ years are to be expected but should not be distracting.
Circulated Wear PatternsCirculation is not expected for this issue. If a piece were to show wear, it would first appear on the highest points of the letters in the inscriptions on both obverse and reverse, and on the raised borders of the central diamond design on the reverse.
Key Factors For ValueFor the K-2 Copper Trial Piece, value is driven by three main factors. First and foremost is authenticity. Second is surface preservation; an example with original, uncorroded, and minimally marked surfaces is vastly superior to a cleaned, tooled, or damaged specimen. Third is eye appeal, with a smooth, even, and attractive patina being highly prized. A CAC sticker would provide strong confirmation of quality for the assigned grade and would command a significant premium.