1830 $10 Templeton Reid (Regular Strike)
Obverse & Reverse
The 1830 Templeton Reid $10 eagle stands as the inaugural private gold coin struck under the U.S. Constitution and a tangible relic of America's first major gold rush. Following the discovery of gold in the North Georgia mountains in 1828, a flood of miners descended upon the region, creating booming communities like Dahlonega and Auraria. This influx of raw gold created a severe economic problem: a lack of circulating coinage. Miners were forced to transact business with gold dust, an inefficient and often inequitable system. Shipping their gold to the sole U.S. Mint in Philadelphia was a slow, perilous, and expensive journey. Into this void stepped Templeton Reid, a skilled watchmaker, gunsmith, and metallurgist from Milledgeville, Georgia. Recognizing the commercial opportunity, Reid established a private mint in Gainesville, the heart of the mining district, in the summer of 1830. On July 24, 1830, local newspapers announced his venture, praising his ingenuity in creating an apparatus to coin gold into standard denominations of $2.50, $5, and $10. His operation was short-lived, lasting only about three months. Reid's enterprise was swiftly undermined by a public campaign of doubt led by an anonymous critic writing under the pseudonym 'No Assayer.' This individual published articles claiming to have had a Reid $10 coin assayed at the Philadelphia Mint, which allegedly valued its gold content at only $9.38. This accusation, coupled with the inherent illegality of private coinage under the Constitution (a point 'No Assayer' also raised), shattered public confidence. Despite Reid's public rebuttals and the likely falsehood of the assay claims—modern analysis shows his coins were actually of higher purity than federal issues—the damage was done. By October 1830, his minting operation ceased. Most of his coins, estimated to be only around 1,500-1,600 pieces across all denominations, were subsequently melted down, ensuring their extreme rarity today. The $10 piece, as the highest denomination, is the rarest of the series and a cornerstone of any collection of American pioneer gold.
Associated EventGeorgia Gold Rush
Reason For MintingTo convert raw gold dust from the Georgia Gold Rush into a standardized, convenient medium of exchange for local commerce due to the scarcity of federal coinage.
Minter HistoryTempleton Reid was a multi-talented artisan, known as a watchmaker, jeweler, gunsmith, and blacksmith in Milledgeville, Georgia. An ingenious mechanic, he saw the economic need created by the Georgia Gold Rush and applied his metallurgical skills to establish the first private mint in the United States since the ratification of the Constitution. Despite his technical abilities and seemingly honest intentions, his three-month minting career in 1830 was destroyed by public controversy and accusations of underweight coins. After his minting venture failed, he returned to making cotton gins. Reid later traveled to California during its gold rush and may have produced pattern $10 and $25 pieces in 1849, though these never entered commercial production.
Historical SignificanceThe 1830 Templeton Reid coinage marks the first private issuance of gold coins in the United States following the Constitution. It represents a crucial, albeit short-lived, solution to a severe currency shortage on the American frontier and set a precedent for the many private and territorial issues that would follow during the California and Colorado gold rushes.
K-3
Denomination$10
Minting Period1830
Assayer/MinterTempleton Reid
Geographic OriginGainesville, Georgia
Obverse DescriptionThe simple obverse design features the date '1830' centrally, encircled by the legend 'GEORGIA GOLD.'
Obverse InscriptionGEORGIA GOLD 1830
Reverse DescriptionThe reverse is dominated by the denomination 'TEN DOLLARS' in two lines at the center, surrounded by the issuer's name, 'TEMPLETON REID,' above and his title, 'ASSAYER,' below.
Reverse InscriptionTEMPLETON REID / TEN DOLLARS / ASSAYER
CompositionGold
Stated Fineness Actual FinenessApprox. .942 fine (22.5 carats)
Weight15.80 grams
Diameter33.00 mm
EdgePlain
Part of a total of approx. 250 eagles of both K-3 and K-4 types.
Survival Estimate5-6 known examples
Rarity ScaleR-7+
As the first privately issued gold coin of the United States and the highest denomination from this legendary and brief minting period, the 1830 $10 is a 'trophy coin' of the highest order. Its extreme rarity and profound historical significance make it one of the most desirable items in all of American numismatics.
Key VarietiesThe primary variety is the dated 1830 issue (K-3). Templeton Reid also produced an undated $10 eagle (K-4), featuring a circle of 40 stars on the obverse; it is even rarer than the K-3, with only about three specimens known. No later-date restrikes or special collector issues were produced.
Authentication TipsAuthentication is paramount. All known examples are pedigreed. The strike is characteristically uneven, with softness in parts of the legends and date. The planchets were not perfectly flat, and the surfaces often show a slightly granular texture. Any new specimen appearing without a solid provenance must be regarded with extreme suspicion. Compare against high-quality images of known genuine examples, paying close attention to the die characteristics and letter/number shapes.
Shopping ConsiderationsAcquiring an 1830 Templeton Reid $10 is an event, as they appear for sale publicly only once every decade or so. Given the rarity, buyers must accept whatever condition is available. A 'premium quality' example would be one without significant impairments like repairs, harsh cleaning, or major marks. Even on a moderately worn coin, look for as much remaining detail in the central legends and date as possible. The 'Norweb' specimen, for example, is graded VF Details due to a repair. Any coin with some remnant of original luster would be extraordinary. Focus on provenance and originality above all else; a well-worn but honest coin is far superior to a higher-grade but problematic one.
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. They are found in Circulated grades (VG-8, Fine, VF, XF). No Mint State examples are known to exist, and any such claim would require extraordinary proof. No Proofs were struck during the original period of issue, and no later-date Proof restrikes were ever made.
Mint State CharacteristicsNot applicable, as no Mint State examples are known to exist. Hypothetically, an MS example would exhibit full striking details, particularly on the letters of 'GEORGIA GOLD' and 'ASSAYER.' Its luster would likely be soft and satiny rather than deeply prooflike, reflecting the crude minting technology of the era. Bag marks would be expected due to the softness of the high-purity gold.
Circulated Wear PatternsWear first becomes evident on the highest points of the letters and numbers on both the obverse and reverse. The date '1830' and the denomination 'TEN DOLLARS' are the most exposed elements and will show initial friction. In lower grades (like VG), the legends will be complete but soft, with the finer details of the letterforms beginning to merge. All known examples are moderately to heavily worn.
Key Factors For ValueFor a coin of this magnitude, survival itself is the primary value driver. However, among the few known examples, value is determined by several factors: 1) Grade and surface originality: A higher-grade, problem-free example (e.g., XF) is vastly more valuable than a repaired or heavily damaged coin (e.g., VF Details). 2) Eye Appeal: Even on worn coins, attractive, unmolested surfaces with a hint of original coloration are prized. 3) Provenance: A distinguished pedigree tracing back through famous collections (like Norweb, Lilly, or Brand) adds significant value and desirability. A CAC sticker on a coin of this caliber would provide significant assurance of quality for the assigned grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 8 | $700,000.00 | 1 |
| 10 | $725,000.00 | N/A |
| 12 | $775,000.00 | N/A |
| 15 | $800,000.00 | N/A |
| 20 | $825,000.00 | N/A |
| 25 | $850,000.00 | N/A |
| 30 | $900,000.00 | N/A |
| 35 | $950,000.00 | N/A |
| 40 | $1,000,000.00 | N/A |
| 45 | $1,050,000.00 | N/A |
| 45+ | $1,125,000.00 | N/A |
| 50 | $1,250,000.00 | N/A |
| 50+ | $1,350,000.00 | N/A |
| 53 | $1,750,000.00 | N/A |