1848 $2.50 CAL. MS(PCGS#7749)

Summer 2026 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2219

Grade

VF30

Price

73,200

Lot Description

A desirable example of this impromptu commemorative showing universally definition for the grade. Blooms of original mint luster are found in the protected areas. The coveted CAL. punch is even and distinct in the upper reverse field, with traces of original patina in the lower serifs. Honey-olive gold in hue and somewhat glossy in texture, but free of sizeable or otherwise singularly distracting marks.<p>In 1848 some 230 or so ounces of gold bullion from the recently discovered California gold fields was sent to Secretary of War William L. Marcy by Colonel R.B. Mason, acting military governor of California. Marcy turned the bullion over to the Mint, where it was used to strike 1,389 quarter eagles. In order to denote the origin of the gold used for this special limited mintage, the letters CAL. were punched into the upper reverse field above the eagle's head on all the specimens struck. This distinguishing feature marks the 1848 CAL. quarter eagle as our nation's first commemorative issue, produced 44 years prior to the 1892 Columbian Exposition half dollar.<p>Given the popularity of the California Gold Rush era with numismatists and other collectors, the 1848 CAL. has long enjoyed strong demand. Indeed, the acquisition of an 1848 CAL. quarter eagle is a defining moment in the formation of any collection. Survivors are scarce, and appearances on the open market are rare, so much so that even the offering of a lower grade example represents an important opportunity. As a visually appealing Choice VF, the present coin is sure to see spirited bidding at auction. Ranked #54 in the influential reference <em>100 Greatest U.S. Coins</em> by Jeff Garrett and Ron Guth.<p><em>PCGS Coin Facts</em> notes:<p><em>The stamping appears to have been done while the coins were still in the press, as none of the obverse features appear to have been flattened...Only a single "CAL." punch was used...Placement of the punch relative to other elements on the reverse varies.</em><p>On the present example the CAL. is set high in the field, much closer to the letters TES in STATES than the eagle's head.