1074

$5 Norris, Gregg & Norris Gold Piece

Currency:USD Category:Coins & Paper Money / US Coins - Gold Start Price:3,500.00 USD Estimated At:7,000.00 - 12,000.00 USD
$5 Norris, Gregg & Norris Gold Piece
SOLD
4,750.00USDto p****l+ (973.75) buyer's premium + applicable fees & taxes.
This item SOLD at 2018 Mar 23 @ 17:34UTC-7 : PDT/MST
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The first company to issue private gold coins in California in May, 1849, Norris, Gregg and Norris, struck coins at Benicia although the coins are stamped San Francisco.

Obv. California Gold above. Eagle with spread wings, head to left, shield on breast with figure 5 in center. Talons of eagle holding laurel branch in right and three arrows in left. Without Alloy below. Rev.: Full Weight Of above / Half Eagle below. Inner circle of 22 stars surrounding N.G. & N. curved above and San Francisco curved below. 1849 in center of coin. This coin is raw and estimated in extra fine condition with wear on the "5" on the eagle's chest. Reeded edge. 8.3 grams.

The company struck two varieties of $5 gold pieces bearing the date 1849: one with a reeded edge and one with a plain edge. Of these two varieties, there are two types: one has a period after the word ALLOY on the obverse, the other does not. Like so many of the private mint issues that followed, the N.G.N. coins, while of a reasonably full weight, were undervalued. The legend on the obverse CALIFORNIA GOLD WITHOUT ALLOY was only relatively true. Assays conducted by Eckfeldt and Dubois in the Philadelphia mint showed that they were manufactured from virgin gold supplied directly from the diggings. This metal contained a high natural silver content and any additional alloys were not necessary.

It has been speculated that the company later moved from Benicia City to Stockton just prior to April 6, 1850, where they began to mint a $5 gold piece bearing the date of 1850. There is only one known example of the 1850 STOCKTON $5 gold piece. Norris, Gregg and Norris may have discontinued their practice of private minting since the State Assay Office (later to become the U.S. Assay Office of Gold) was established in the same month. Date: 1849 Location: San Francisco, California HWAC# 59578