Dunbar & Company Subseries
From the Dunbar & Company (1851) Series
Obverse
Reverse
The Dunbar & Company coinage represents a brief, yet historically significant, chapter in the monetary history of the California Gold Rush. Established in San Francisco by Edward E. Dunbar and his partner Thomas Thompson in early 1851, the firm sought to capitalize on the urgent need for a circulating medium by converting raw gold dust into coins. At this time, San Francisco was still a chaotic frontier economy, desperately short on federal coinage and reliant on a confusing mix of foreign coins, private issues, and raw dust. Dunbar's operation, located on Portsmouth Square, was one of several private enterprises that sprang up to fill this void before the U.S. government established a branch mint in 1854. However, the Dunbar coins quickly gained a notorious reputation. They were found to be significantly underweight and of lower purity than their face value implied. In a market that was becoming increasingly sophisticated, merchants and bankers swiftly rejected the coins, leading to their near-immediate withdrawal from circulation. This rapid failure, coupled with the establishment of the more reputable U.S. Assay Office of Gold in the same year, spelled the end for Dunbar's coining venture after only a few months. The firm's story is a classic example of the high-stakes, unregulated nature of Gold Rush commerce and the ultimate public demand for trustworthy, full-value coinage.
Assayer/MinterDunbar & Company
Minter HistoryEdward E. Dunbar was a merchant who, like many others, ventured to California to seek his fortune. In 1851, he established an assaying and coining firm with Thomas Thompson. Their operation was short-lived, failing disastrously within months due to their decision to issue underweight coins. The public's swift rejection of their product led to the firm's collapse and the melting of most of their coinage, cementing Dunbar's legacy as a cautionary tale in the annals of private minting.
Reason for MintingTo meet the intense commercial demand for a standardized coinage by converting raw gold dust into a usable medium of exchange.
Historical SignificanceThe Dunbar & Co. coinage is significant precisely because of its failure. It serves as a prime illustration of the monetary challenges in Gold Rush California and highlights the market's intolerance for debased coinage. The episode underscored the urgent need for federal intervention and reliable government-issued money, contributing to the political momentum that led to the creation of the San Francisco Mint in 1854. The coins are now legendary rarities, physical relics of an entrepreneurial miscalculation in one of America's most dynamic economic periods.
Geographic OriginSan Francisco, California
The obverse design for both the $5 and $10 denominations features a stylized eagle perched on a rock or branch, clutching arrows and an olive branch. The artistic rendering is considered somewhat crude compared to contemporary federal issues, with a distinctive, almost naive charm. The design is clearly inspired by the federal Liberty Head gold coinage but lacks its professional refinement.
Obverse InscriptionThe typical obverse inscription consists of 'DUNBAR & Co' arched over the eagle's head, with the date '1851' positioned below the eagle.
Reverse DescriptionThe reverse designs are simple and functional. The $5 reverse features the denomination 'FIVE D.' within a beaded circle, surrounded by the location. The $10 is slightly more ornate, with the denomination 'TEN D.' at the center surrounded by engine-turned lathe work, with the inscriptions around the periphery.
Reverse InscriptionThe reverse inscriptions clearly state the issuing authority's location: 'SAN FRANCISCO' is arched along the top periphery, and 'CALIFORNIA' is along the bottom.
CompositionGold
Denomination$5, $10
Stated FinenessNo fineness is stated on the coins. Territorial gold coins were generally expected by the public to be of native gold, roughly .880 to .900 fine.
Actual FinenessThe actual fineness of Dunbar & Co. gold was found to be substandard and, combined with being underweight, their intrinsic value was significantly less than their face value. This discrepancy was the direct cause of their rejection by the public and the firm's demise.
Mintages were never recorded and are presumed to be extremely small, as the operation lasted for only a very brief period in 1851 before being shut down.
Survival EstimateThe survival rate is minuscule. Because the coins were notoriously underweight, they were actively sought out and melted down almost as soon as they entered circulation. It is estimated that fewer than a dozen $5 coins and only two or three $10 coins have survived, making them among the rarest of all U.S. Territorial issues.
Rarity ScaleBoth denominations are of the highest rarity. The $5 (K-1) is generally considered R-7 (4-12 known), while the $10 (K-2) is considered R-8 (2-3 known) and is one of the ultimate prizes in the entire field of U.S. numismatics.
The allure of Dunbar coinage lies in its extreme rarity, its compelling backstory of failure, and its direct connection to the chaotic, formative years of San Francisco. Owning a Dunbar coin is to own a tangible piece of Gold Rush history that tells a story of ambition and market justice.
Key VarietiesThe series consists of only two issues: the $5 Half Eagle (K-1) and the $10 Eagle (K-2). Given their extreme rarity, collecting is focused on acquiring any representative example, rather than pursuing minor die varieties.
Kagin #K-1 to K-2
Authentication TipsAuthentication is paramount and requires examination by top experts. Key diagnostics include the unique style of the eagle, the specific letter punches used for the inscriptions (note the ampersand), and the planchet's surface texture. Counterfeits exist, both contemporary and modern. Any authentic specimen will have a long-established provenance and should be certified by PCGS or NGC.
Shopping ConsiderationsAcquiring a Dunbar coin is a major event. 'Good value' is relative and is primarily about securing an authentic, problem-free example when one becomes available, which may be only once a decade. Buyers should prioritize coins with clear details for the grade and natural surfaces, avoiding any with significant impairments or questionable toning. Provenance is a massive value driver.
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 Dunbar & Co. coins are business strikes. No proofs or special presentation pieces are known or believed to have been made. The few surviving examples are typically found in circulated grades ranging from Very Fine (VF) to About Uncirculated (AU).
Mint State CharacteristicsA true Mint State Dunbar coin is not known to exist. If one were to surface, it would exhibit full striking details on the eagle's feathers and the reverse lettering. Luster would likely be soft and satiny, not bright and flashy, due to the nature of the planchets used. Minor planchet flaws or adjustment marks would be expected given the crude minting technology.
Circulated Wear PatternsOn the obverse, wear first appears on the highest points: the eagle's head, breast, and the upper portions of its wings. On the reverse, the lettering of the denomination and the words 'SAN FRANCISCO' show the first signs of friction and flattening.
Key Factors for ValueFor this series, value is determined in order of importance by: 1) Authenticity, 2) Rarity (the $10 being exponentially rarer than the $5), 3) Grade and absence of problems (damage, cleaning), and 4) Provenance. A documented history linking a coin to famous collections like Garrett, Brand, or Eliasberg can add tremendously to its value and desirability.