$2.5 1848-P CAL. Liberty Head Gold Quarter Eagle PCGS AU50

$2.5 1848-P CAL. Liberty Head Gold Quarter Eagle PCGS AU50

The Liberty Head Quarter Eagle, designed by Christian Gobrecht, was struck from 1840 to 1907. This example is one of only 1,389 examples featuring the “CAL.” stamp on the reverse above the Eagle. Gold going to the mint was not generally marked with where it originated from, but that changed when the acting governor of California, Colonel R.B. Mason, sent 228 ounces of gold to Secretary of War William L. Marcy. Secretary Marcy was so impressed with this gold that he wrote in a letter to the Mint Director, “As many may wish to procure specimens made with California gold, by exchanging other coin for it, I would suggest that it be made into quarter eagles with a distinguishing mark on each.” That led to the 1848 CAL Liberty Head Gold Quarter Eagle, a one-year-only issue that some numismatists also consider the first commemorative coin. Out of every 1848 CAL Liberty Head Quarter Eagle struck, only 14 have been graded in About Uncirculated 50 condition with just 78 graded higher. With such a minuscule mintage and so few graded above AU50 condition, this coin is a tremendous Absolute and Condition Rarity.

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