Territorial gold coins were born out of America’s first Gold Rush in the 1830s when large deposits were discovered in Georgia and North Carolina, and there was a need to convert the newly discovered gold ore into spendable money.
Templeton Reid began minting gold coins in Georgia, followed by the Bechtler family in North Carolina. The California Gold Rush of the 1850s saw the need to turn vast amounts of gold into gold coins quickly. With the Philadelphia Mint 3,000 miles away, and the U.S. Constitution only prohibiting the states from issuing their own money, numerous private firms began producing gold coins and ingots.
Assaying banking firms were quickly established in San Francisco, located closer to the gold Sierra source in Sacramento. Notable Assayers, such as Moffat & Company, Baldwin & Company, Kellogg & Co, Miner’s Bank, Dubosq & Company, and J.S. Ormsby, among others, have become some of the most desired historic gold coins in the Numismatic market. Territorial Gold coins were also minted in Utah and Oregon which are some of the rarest Territorial issues today.