Blake & Co. Subseries
From the Blake & Co. (1856) Series
Obverse
Reverse
The coinage of Blake & Company represents a fascinating and exceedingly rare final chapter in the private minting era of the California Gold Rush. Operating in Sacramento in 1856, two full years after the establishment of the U.S. Branch Mint in San Francisco, their existence underscores the persistent monetary challenges of the West. The San Francisco Mint, despite its presence, was initially overwhelmed by the sheer volume of gold dust and was plagued by technical and administrative issues, leaving a critical gap in the regional money supply. Private assayers and minters like Blake & Co. filled this niche, offering a vital service by converting raw gold into reliable, fungible coins. Their $20 gold pieces were well-regarded for their honest weight and fineness, a crucial attribute in a market still wary of the debased private coins of the early 1850s. The Blake & Co. issue, with its professional, federal-style design, was a testament to the increasing sophistication of private enterprise, yet its brief production run highlights the ultimate triumph of federal coinage as the San Francisco Mint's capacity finally grew to meet the region's needs.
Assayer/MinterBlake & Company
Minter HistoryBlake & Company was an assaying firm located at 124 J Street in Sacramento, California, during the mid-1850s. Little is definitively known about the firm's principals or the full scope of their operations beyond the production of their iconic $20 gold pieces in 1856. Unlike some of their more notorious predecessors, Blake & Co. gained a reputation for producing coins of high intrinsic value, closely matching their stated face value. Their operations were short-lived, likely ceasing as the U.S. Mint in San Francisco became more efficient, rendering most private coinage obsolete.
Reason for MintingTo convert raw gold dust into a standardized, reliable medium of exchange during a period when the new San Francisco Mint could not meet regional demand.
Historical SignificanceBlake & Co.'s coinage is historically significant as one of the last and highest-quality private gold issues of the California Gold Rush. It serves as a tangible artifact of the economic transition period when federal authority was established but not yet fully effective, demonstrating the continued necessity of private enterprise in bringing monetary order to the frontier. Its extreme rarity today speaks to a very limited mintage and the eventual melting of most territorial issues.
Geographic OriginSacramento, California
The obverse features a Capped Liberty head facing left, stylistically similar to the federal Coronet Head design but of a more provincial engraving style. The portrait is encircled by thirteen six-pointed stars.
Obverse InscriptionThe obverse inscriptions include 'BLAKE & Co' arched above the portrait and 'ASSAYERS' below it. The date '1856' is positioned prominently below the truncation of the neck.
Reverse DescriptionThe reverse displays a large, heraldic eagle with outstretched wings, clutching an olive branch and arrows in its talons, a design clearly inspired by federal coinage. A shield is emblazoned on the eagle's breast, and a scroll emanates from its beak.
Reverse InscriptionThe reverse inscriptions are 'SACRAMENTO' and 'CALIFORNIA' in an arc above the eagle, with the denomination 'TWENTY D.' appearing below.
CompositionGold
Denomination$20
Stated FinenessNo fineness is explicitly stated on the coin itself.
Actual FinenessAnalysis of surviving specimens has shown the actual fineness to be approximately .887, which was quite high for private issues and made their intrinsic value very close to their $20 face value.
Mintage figures were not recorded, but based on the tiny surviving population, the original output was extremely small, likely numbering only in the few hundreds at most.
Survival EstimateFewer than 20 examples are known to exist across all grades. This abysmal survival rate is a product of the minuscule original mintage combined with the widespread melting of private and territorial gold issues once they were superseded by federal coinage and no longer accepted at par by banks and government agencies.
Rarity ScaleAll known examples are considered great rarities, falling into the R-7 (4-12 known) to R-8 (2-3 known) range on numismatic rarity scales. It is one of the rarest of all U.S. Territorial gold coins.
The Blake & Co. $20 is a legendary rarity coveted by advanced specialists in Territorial gold. Its appeal lies in its extreme scarcity, its attractive federal-style design, its connection to the twilight of the Gold Rush private minting era, and its Sacramento origin.
Key VarietiesThe primary collectible type is the Reeded Edge $20 (K-2). A unique Plain Edge specimen (K-1) was discovered in the 1950s, but its status and origin are debated, and it is not generally considered part of a collectible set. Therefore, the series effectively consists of a single issue.
Kagin #K-1 to K-2
Authentication TipsAuthentication is paramount and requires expert examination. Key diagnostics include the unique letter punch shapes in all inscriptions, the specific details of the eagle's feathers, and the precise die markers, such as small die cracks or rust pits, that are known to exist on genuine specimens. Counterfeits may be cast, struck from modern dies, or even created by altering genuine U.S. Liberty Double Eagles. Comparison against high-resolution plates from major auction catalogs is essential.
Shopping ConsiderationsAcquiring a Blake & Co. $20 is a once-in-a-decade opportunity. 'Good value' is defined by the market at the time of sale. A 'premium quality' example is one that is problem-free (no cleaning, damage, or repairs) with a bold strike, particularly in the central details of the portrait and eagle. Given the rarity, even impaired examples command very high prices, but originality of the surfaces is the key differentiator for top-tier value. A strong provenance is highly desirable.
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 Blake & Co. pieces were business strikes intended for commerce. No original proofs or presentation strikes were made. The finest known examples grade in the About Uncirculated (AU) range, with most survivors being circulated in the VF to EF grades.
Mint State CharacteristicsA theoretical Mint State (MS) example would be a landmark coin. Quality would be judged by the degree of original mint luster, the sharpness of the strike (many are weak on the eagle's head and Liberty's hair), and a lack of distracting marks. Minor planchet flaws or adjustment marks from the crude manufacturing process would be acceptable and even characteristic.
Circulated Wear PatternsOn the obverse, wear first appears on the highest points of Liberty's hair above the eye and ear, her cheek, and the numerals of the date. On the reverse, friction first affects the eagle's head, the top edges of the wings, and the shield on its breast. Inscriptions are relatively protected and remain legible even on heavily worn pieces.
Key Factors for ValueFor Blake & Co. gold, the primary value drivers are rarity, grade, and surface integrity. A problem-free coin certified by a top-tier grading service will command a significant premium. Beyond the technical grade, eye appeal—encompassing strike quality, surface texture, and coloration—is critical. Finally, a documented provenance tracing ownership back through historically significant collections (e.g., Garrett, Eliasberg, Bass) can add substantially to a specimen's value and desirability.