Obverse Description

The series features two distinct obverse motifs. The $5 and $20 denominations use a classic bust of Liberty, facing left, with a coronet inscribed 'BALDWIN & CO' and surrounded by stars. The iconic $10 piece features a dynamic depiction of a vaquero (a Mexican cowboy) on a horse, holding a lariat in the act of roping a bear (implied, not shown), a powerful symbol of Californian life.

Obverse Inscription

Inscriptions vary by denomination but typically include 'BALDWIN & CO' or 'BALDWIN & COMPY', and the date. The Liberty heads are surrounded by 13 stars.

Reverse Description

The reverse designs are more conventional, featuring a heraldic eagle with a shield on its breast, clutching an olive branch and arrows. The style is similar to contemporary U.S. federal gold coinage but with a distinct, somewhat cruder engraving style.

Reverse Inscription

Reverse inscriptions typically include 'CALIFORNIA GOLD', the denomination spelled out (e.g., 'TEN DOL.'), and often the letters 'S.M.V.' for 'Standard Mint Value'.

Composition

Gold

Denomination

$5, $10, $20

Stated Fineness

The coins were intended to trade at face value, implying a fineness near the U.S. standard of .900. No fineness is explicitly stated on the coins themselves.

Actual Fineness

The actual fineness varies. The 1850 issues were generally found to be of acceptable fineness and weight. However, the 1851 issues were discovered by the U.S. Assay Office to be slightly below standard, containing less than their face value in gold, which directly led to the firm's failure.

Estimated Mintage

No official mintage records were kept. Production of the 1850 $10 Horseman was substantial for a territorial issue, likely in the tens of thousands. All other issues were produced in much smaller quantities. All are considered rare today.

Survival Estimate

The survival rate for all Baldwin coinage is extremely low. The 1851 Assay Office crisis caused a massive wave of melting, as the discounted coins were sold as bullion. This event, combined with the extreme wear and tear of frontier circulation, means that only a tiny fraction of the original mintage survives for collectors today.

Rarity Scale

The series spans a wide range of rarity. The 1850 $10 Horseman is the most available type, though still rare (R-4 to R-5). The 1850 $5 is Very Rare (R-6). The 1851 $10 is Extremely Rare (R-7), and the 1851 $20 is a legendary rarity, with only a few examples known to exist (R-8).

Collector Appeal

The Baldwin series is highly prized for its direct connection to the California Gold Rush and for featuring the iconic 'Horseman' design, a celebrated masterpiece of numismatic art. Owning a Baldwin coin is owning a tangible piece of the Wild West and American economic history.

Key Varieties

The major types sought by collectors are: 1. The $5 of 1850 (K-3). 2. The famous $10 'Horseman' of 1850 (K-4). 3. The extremely rare reworked $10 of 1851 (K-5). 4. The exceedingly rare $20 of 1851 (K-6). Minor die varieties exist but are the focus of advanced specialists.

Kagin #

K-3 to K-8

Authentication Tips

Authentication requires careful study. Examine the style of the lettering and numbers, as Baldwin's punches are distinctive. On the 'Horseman' ten, check for known die markers and the specific style of reeding. Counterfeits are common, especially cast copies which will show soft details, pitting, and often a seam on the edge. Genuine pieces have a sharp, if somewhat crude, strike from dies. Any piece should be carefully weighed and its specific gravity checked.

Shopping Considerations

For this series, 'good value' often means a problem-free coin with original surfaces, even in a lower grade. Premium quality is defined by a strong strike—especially on the central devices like the vaquero on the $10 or Liberty's portrait on the $5 and $20—and minimal distracting marks or damage. Avoid coins that have been harshly cleaned, polished, or repaired, as these will always trade at a steep discount. An example with honest, even wear is far more desirable than a damaged higher-grade piece.

Grading Overview

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 Types

All known original Baldwin & Co. coins are business strikes intended for circulation. No proofs were made. Buyers should be exceptionally cautious of any pieces described as proofs or special strikes, as they are likely fantasies or later concoctions.

Mint State Characteristics

Mint State examples are exceedingly rare. Quality is judged by the sharpness of the strike, the quality of the luster, and the absence of marks. A superior strike will show full detail on the horseman's lariat, the eagle's feathers, and the curls of Liberty's hair. Due to the primitive minting technology, minor planchet flaws or adjustment marks made before striking are common and generally acceptable.

Circulated Wear Patterns

On the $10 Horseman, wear first appears on the head and torso of the rider, the horse's hip, and the lariat. On the reverse, the eagle's head and neck, and the top of the wings are the high points. For the Liberty head issues, wear is most evident on Liberty's cheek, the hair above the ear, and the coronet's highest edges.

Key Factors for Value

Value is determined by a combination of the specific Kagin variety's absolute rarity, the coin's certified grade, and its overall eye appeal. For Baldwin coinage, surface quality is paramount; coins free of corrosion, harsh cleaning, or significant damage command huge premiums. A well-documented provenance to a famous collection (e.g., Norweb, Eliasberg, Garrett) can add significantly to a coin's value, especially for the great rarities like the $20.