Moran & Clark Subseries
From the Moran & Clark (1849) Series
Obverse
Reverse
The Moran & Clark $10 gold piece is one of the most enigmatic and exceedingly rare issues from the California Gold Rush era. Struck in Benicia City, which briefly served as the state capital, this coinage represents a fleeting attempt to impose monetary order on the chaotic economy of 1849. At the time, gold dust was the primary medium of exchange, an inconvenient and often inconsistently valued commodity. Numerous private minters stepped in to convert this dust into more usable coins before the establishment of the San Francisco Mint in 1854. Moran & Clark's operation was exceptionally short-lived. Historical records are sparse, but it's believed they operated out of a blacksmith shop. Their coins were quickly met with suspicion; a notice in the 'Alta California' newspaper on January 31, 1850, declared their eagles to be underweight by 16 grains and worth only about $9.60. This public denouncement, combined with the influx of other private and, eventually, federal coinage, likely doomed their enterprise. The coins were almost certainly systematically withdrawn from circulation and melted, contributing to their extreme rarity today.
Assayer/MinterJohn W. Moran & Albert G. Clark
Minter HistoryLittle is definitively known about John W. Moran and Albert G. Clark. They were entrepreneurs who seized the opportunity presented by the gold boom. Their operation was based in Benicia City, a town with ambitions to become the economic and political center of the new state of California. Their minting equipment was rudimentary, likely a simple blacksmith's drop hammer, which accounts for the crude quality of the known specimen. Their venture was ultimately a failure due to their coins being underweight and of inconsistent fineness, a common problem that plagued many early private minters and led to public distrust.
Reason for MintingTo convert raw gold dust into a standardized medium of exchange for commerce in the absence of sufficient U.S. federal coinage.
Historical SignificanceThe Moran & Clark $10 is significant precisely because of its failure and rarity. It serves as a tangible artifact of the trial-and-error nature of early Gold Rush commerce and the desperate need for a reliable currency. It represents the multitude of small, localized attempts to create coinage before larger, more reputable firms like Moffat & Co. or Wass, Molitor & Co. dominated the market. Its existence highlights the economic chaos and the vital role private assayers played, for better or worse, in the development of California's economy.
Geographic OriginBenicia City, California
The obverse features a crudely rendered eagle with outstretched wings, clutching an olive branch and arrows in its talons. A scroll or banner is in its beak. Above the eagle, ten stars are arranged in an arc.
Obverse InscriptionThe primary inscription is 'CALIFORNIA GOLD' arched above the stars and 'TEN DOLLARS' in a straight line below the eagle.
Reverse DescriptionThe reverse is plain and does not feature a design or inscription.
Reverse InscriptionNone
CompositionGold
Denomination$10
Stated FinenessNo fineness is stated on the coin itself.
Actual FinenessThe actual fineness is unknown but contemporary reports suggest the coins were significantly debased or underweight, leading to a bullion value below their face value.
Mintage is entirely unknown, but presumed to be exceptionally small, perhaps only a few hundred pieces at most, struck over a very brief period.
Survival EstimateOnly a single specimen is confirmed to exist, making it a unique Gold Rush territorial coin. The reason for the minuscule survival rate is the public outcry over its light weight and low intrinsic value, which would have ensured nearly all examples were promptly melted down by bullion merchants and bankers as soon as they were received.
Rarity ScaleUnique. The single known example places it at the pinnacle of rarity for the entire field of U.S. numismatics, often categorized as R-10 on rarity scales.
The Moran & Clark $10 possesses an almost mythical appeal as a unique and tangible link to the raw, chaotic beginnings of the California Gold Rush. Its crudeness is part of its charm, telling a story of frontier enterprise. For advanced collectors of territorial gold, it represents an ultimate prize, a cornerstone piece that is, for all practical purposes, unobtainable.
Key VarietiesAs a unique coin, there are no varieties. The sole known specimen defines the entire issue.
Kagin #K-13
Authentication TipsAuthentication is largely a moot point as the single known specimen's location is known (it resides in the National Numismatic Collection at the Smithsonian Institution). Any newly discovered piece would require exhaustive, non-destructive metallurgical analysis and direct comparison with the Smithsonian's example. Key diagnostics would be the specific die characteristics: the exact shape of the eagle, the positioning and style of the letter punches, and any unique die cracks or flaws.
Shopping ConsiderationsThis coin is not available on the open market. Its value is considered 'priceless' in a practical sense. Should another example ever be discovered, it would be the numismatic event of the century. The primary considerations would be irrefutable proof of authenticity and a clear, unbroken provenance. Its value would be determined not by grade, but by its very existence, and would certainly be in the multi-million dollar range.
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 TypesThe known example is a business strike. Given its history, it is heavily circulated and impaired, often graded as Good-4 or so, with notable surface problems. No proofs or presentation pieces are known or even theorized to exist.
Mint State CharacteristicsA Mint State example is purely hypothetical. If one existed, it would likely still exhibit a very crude strike due to the primitive minting technology used. Luster would be subdued. The key to its quality would be the absence of circulation wear and post-strike damage, which would be extraordinary.
Circulated Wear PatternsBased on the single known example, wear is extensive and affects all high points. The eagle's head, breast, and wingtips, along with the highest parts of the lettering, are worn nearly flat. The coin shows numerous marks, scratches, and dings consistent with heavy, rough use in frontier commerce before it was saved from the melting pot.
Key Factors for ValueFor the Moran & Clark $10, value is driven by a single factor: its unique status as the only known survivor of this ephemeral Gold Rush mint. Condition is secondary and almost irrelevant. The coin's immense historical importance and legendary rarity are the sole determinants of its incalculable value. A documented provenance tracing back to its discovery would be essential for any potential future transaction involving this or any potential newly discovered specimen.