Gold Pieces From Era of Private Coinage Have Value

Question: I have a California $20 gold (I hope) “coin of necessity” .900 fine, coined by Blake & Co. Assayers of Sacramento, dated 1855. What I would like to know is, does this coin have any value and, if so, what is it worth? Also, is it apt to be counterfeit? If it is not gold it must be gold-plated, because it does not tarnish and always remains bright.--G.H.B.

Answer: Whenever I receive a letter such as this, I’m always a bit skeptical. After all, most reference books don’t even mention Blake & Co. What we’re dealing with here is private or territorial gold. It’s an interesting area of numismatics, and much of it is centered in California during the Gold Rush period. Quite a bit is known about this phenomenon, which was created by a coin shortage and the inability of the United States mint to meet the demand. This, coupled with the availability of gold in California, led to numerous private issues.

One of the lesser-known coiners was Gorham Blake. However, Donald H. Kagin in his “Private Gold Coins and Patterns of the United States” (Arco Publishing, New York) has done a good job of tracking him down. Blake, it seems, moved to Sacramento in 1854 and opened an assay office where he issued ingots under the name “G. Blake Assayer.”

This was followed by a partnership with John Agress, which was dissolved after some coins and ingots were issued. Then came $20 gold pieces dated 1855 under the Blake & Co. banner. Examples of these coins are considered scarce, which would lead me to believe that your coin is a replica, probably made of brass, which explains why it doesn’t tarnish.

You might want to do more research on your coin. You might want to submit it to an authentication service or have it examined by an expert.

Kagin says: “The passing of California private coinage ended an era . . . unparalleled in mystery and romance.” It’s a subject well worth pursuing, whether your coin is genuine or not. I wouldn’t want to estimate the value of a genuine Blake $20 gold piece. It could be considerable.

Q: I have recently come across three bills of U.S. currency among the papers of my deceased father-in-law. One is a Federal Reserve Note, Series of 1914, issued from the Federal Reserve Bank of San Francisco. The bill is a $10 denomination. The next one is also for $10 from the Mechanics Bank of Augusta, Ga. The third bill is from the Lake Washington & Deer Creek Railroad & Banking Co., dated in script June 16, 1844. Are these old bills of any value, and is the Federal Reserve Note still redeemable?--S.H.M.

A: Your $10 Federal Reserve Note is worth about its face value to collectors. I don’t believe it’s redeemable. The other two bills are called broken bank notes and are worth $3 to $25, depending upon condition.

Q: Being an old, old man, I’m not into coins, stamps or other valuables. But in cleaning out old files, I ran across several penny postal cards. I’m not thinking of their value, but before giving them to my very young grandson (through his father), I would like to give him some facts about them. Should I really bother about them at all? From whom can I become better informed?--E.M.F.

A: The penny postal cards would be a wonderful gift for your grandson. They might trigger his imagination and get him involved in collecting, which can be educational and stimulating. Check with some stamp dealers or use a Scott stamp catalogue as a guide for background information. If he’s not interested in the cards, try coins or even baseball cards. Anything that will get your grandson started could stay with him for a lifetime of fun and excitement.

Q: I have inherited a coin that my grandfather received as payment of a debt. It is bronze colored with flowers embossed on one side, a large No. 1 and Sultinate Grunci 1304 on the other side. This must be a museum piece. I don’t know how to trace its origin.--L.M.

A: Your coin will have to be seen to be identified. Take it to a knowledgeable dealer.

Q: I have a $500 bill (Federal Reserve Note), Series of 1934. Although circulated after 1928 (later dates seldom have premium value), does it have any collector value due to the amount and its being in good condition?--J.R.

A: Some collectors and dealers will pay 10% more than the face value of $500 and $1,000 bills--just because they want them. You will have to find people with that interest. A major coin show would probably be your best bet.

Q: My coin has printing around the outside edges, a woman’s profile, and there are little scrolls or designs in between. It weighs about one ounce. Can you identify that as a coin, medal or what?--M.B.

A: Your coin is an Austrian Maria Terissa. It’s worth about $9 and is probably one of the most widely circulated coins worldwide. It’s essentially a trade dollar, has been minted in several countries and is still used in some parts of the world. It is, indeed, silver.

Q: During World War II, I picked up some Filipino currency that is similar in appearance to U.S. currency. The photos on the 1- and 2-peso bills appear to be heroes of the Commonwealth, but the 5, 10 and 20 vary: The first two depict U.S. presidents, and the 20 peso has Mt. Mayon. On the reverse side of each bill is “Victory,” while on the front it mentions Victory Series 66. Does it have collector or souvenir value?--G.S.

A: The value of your bills depends (not surprisingly) on the condition. If your bills are circulated, they have little or no collector value. They might, in fact, be worth more to collectors of World War II memorabilia than to bill collectors. You’ll have to shop around for the best offer.

Coin News

More than 3,000 lots will be sold at the St. Moritz Hotel in New York Nov. 10-12 in an auction featuring coins from the Baron von Stetten-Buchenbach collection plus United States coins from the Harvey E. Smith collection. Foreign coins include a German 3-mark piece of Saxony, 1917-E (pictured). It is one of only 100 proofs struck for the 400th anniversary of the Reformation. Smith’s coins include proof sets he ordered from the Philadelphia Mint from 1936 to 1942. Catalogues are $10 from Auctions by Bowers & Merena, Box 1224-NR, Wolfeboro, N.H. 03894; telephone (603) 569-5095.

Uncut currency sheets are now being offered for sale through the United States Mint Catalogue of Official Coins and Medals. Four-subject sheets of $1 bills plus sheets of 16 and 32 $1 bills and four and 16 $2 bills are also available. To order uncut currency, write the Bureau of Engraving and Printing, Currency Information Sheet, Room 533M, 145th and C streets S.W., Washington, D.C. 20228.

Coin Calendar

Monday--Actor Richard Dysart of “L.A. Law” is scheduled to be the guest speaker at 8 p.m. when the Bay Cities Coin Club celebrates its 500th meeting. The club meets at Mercury Savings & Loan, 2920 S. Sepulveda Blvd., West Los Angeles. An auction is also planned. Contact the Bay Cities Coin Club at P.O. Box 943, Santa Monica, Calif. 90406, or call Paul Borack, days, at (213) 821-7000.

Don Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.