SOLD
400,000.00USD+ buyer's premium (80,000.00)
This item SOLD at 2020 Feb 27 @ 21:26UTC-5 : EST/CDT
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1830 Templeton Reid $2.50. Georgia Gold. Kagin-1. Reeded Edge. Rarity-6. MS-61 PCGS. CAC.
Medal turn die alignment. A lustrous warm olive-yellow specimen of America’s first privately minted gold coinage, predating by some few years the more prolific Bechtler family’s gold coinage. The fields here are modestly reflective in the protected areas, and a bold light source brings out lively sunset-orange highlights. The strike is particularly sharp on the date side, including at the dentils, though the denomination side shows weakness through most of the dentils.
The first major U.S. gold rush began in 1828 with the discovery of large deposits in the southern Appellation area of Georgia and North Carolina. This underdeveloped area existed largely on a barter economy as precious metal coins were shipped to Europe or hoarded by the banks to pay import duties.
While these rich deposits brought new wealth to the area it was difficult to use the gold dust and nuggets in trade. Weighing the coins was inaccurate due to the impurities in the dust and trading a “pinch” for a shot of whisky was woefully inefficient. Alternatively, it was hazardous and costly to transport gold dust to the nation’s only mint in Philadelphia for assaying and coining. With the need for an adequate medium of exchange in this burgeoning area, coining money was the only logical solution.
In July, 1830, Georgia cotton gin manufacturer, gunsmith, metallurgist and assayer, Templeton Reid became the first to answer this pressing need and privately mint gold coins. Reid made two-and-one-half, five and ten-dollar gold pieces which circulated throughout the area. Unfortunately, a critic describing himself as, “No Assayer”, questioned the intrinsic value of Reid’s coins and even suggested that they were unconstitutional to own. Even though these allegations were later proven to be false, they hurt Mr. Reid reputation and his coinage’ credibility. Many of his coins were either returned or refused. Within a few months, Reid was forced to close down, leaving a legacy of privately issued pioneer gold coins for more than 30 other merchants over almost 35 years to follow.
This specimen is the finest PCGS-certified example of the issue, and the only Mint State example seen by PCGS! (NGC has certification events for two MS-61 examples of the issue, plus a MS-62 PL piece). In fact, this is the Finest Templeton Reid coin of any denomination. At one point, the actual gold content of Reid’s coinage was found to be somewhat lacking and around seven percent in Reid’s favor. As a result, much of his coinage output may have been cavalierly melted; this would account for their elusive nature today. This spectacular Georgia is made from local ore found during America's first Gold Rush. Its rarity in Mint State and its aesthetically appealing appearance add up to what promises to be an exciting moment or two at bidding time.
Less than two dozen specimens are known in all grades.
Ex: Clifford-Kagin Collection; Kagin Plate Coin
PCGS Population: 1; none finer.
PCGS #10320
Grading Company: PCGS MS61CAC
Pedigree/Collection:
Auction Location:
Cobb Galleria Center- 2 Galleria Pkwy SE, Atlanta, Georgia, 30339, United States
Previewing Details:
auctions.kagins.com
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Sales tax applies only on currency invoices shipped to:AL,CA,CO,CT,DC,KS,KY,LA,MD,MA,MN,MI,MS,NV,KS,KY,MN,MI,NV,NJ,NM,NY,OH,OK,PN,RI,TN,TX,VI,WA & WI.
Sales tax applies to invoices shipped to: CA if <$1500, CT,LA,MD,MA if <$1000 & DC,KS,KY,MN,MI,NV,NJ,NM,NY,OH,TN,WI.
Taxes:
| Tax | Rate | Desc. |
| GA |
8.9% |
GA Sales Tax |
| DC |
5.75% |
DC Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
20% |
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www.kagins.com xv
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