1848 LIBERTY HEAD $2.5, CAL. AU53

CAL. ON REVERSE. A HIGHLY COLLECTABLE SPECIMAN FROM THE GOLD RUSH ERA. A VERY PLEASE EXAMPLE OF AN ALMOST UNCIRCULATED COIN. Although properly listed as part of the regular-issue Liberty Quarter Eagle series in the invaluable reference " A Guide Book of United States Coins " by R. S. Yeoman, the 1848 CAL. could also be described as the first commemorative coin struck in the United States Mint. The genesis of this issue lies in James Wilson Marshall's discovery of gold in California's American River on January 24, 1848. At the end of that year, California's military governor Colonel R. B. Mason sent 230 ounces of gold to Secretary of War William L. Marcy. Marcy, in turn, had the bullion delivered to the Philadelphia Mint where it was used to strike 1,389 Liberty Quarter Eagles. To distinguish these 1,389 Quarter Eagles from the 6,500 additional examples struck in the Philadelphia Mint during 1848, the inscription CAL. was punched into the reverse field above the eagle's head while the coins were still in the press. These special coins, therefore, were clearly meant to commemorate Marshall's important discovery. We do not know exactly how the Mint distributed the 1848 CAL. Quarter Eagles, but some examples were probably presented to important government personages. This is, after all, an important issue that was struck using the first official shipment of gold to arrive back East from the rich gold fields of California. Only 60-85 coins of the 1,389 pieces struck are believed to have survived, however, so we must conclude that many 1848 CAL. Quarter Eagles found their way into circulation and were used in the same manner as regular Liberty Quarter Eagles of the era. This use eventually claimed many examples and, thus, prevented them from surviving until the present day. With no more than 85 examples believed extant, the 1848 CAL. Quarter Eagle is one of the leading rarities in the entire U.S. gold series. It is also an important and historic coin with an indelible link to the California Gold Rush. Authors Jeff Garrett and Ron Guth have honored the significance, rarity and popularity of this issue with the #54 ranking in the 2005 book " 100 Greatest U.S. Coins ."