|1849 25C MS65 NGC. Gold was discovered in California in 1848, leading to the great California Gold Rush that began in earnest in 1849, the year this lovely piece was minted. The result of the gold rush was predictable, with silver prices rising in relation to gold; massive quantities of the precious yellow metal were being mined and minted into coinage at Philadelphia and New Orleans. Although the Philadelphia Mint coined 340,000 quarter dollars in 1849, most of those coins were hoarded and eventually melted by bullion speculators. The actions of those bullion speculators created a prize for present-day numismatists as few Mint State examples of this issue survive. NGC has only certified 27 Mint State examples of this issue that range from MS61 to MS65. To explain the rarity of these silver issues in relation to gold, consider the 1849 half eagle, having a mintage of only 133,070 coins, with 29 NGC certified Mint State examples ranging from MS60 to MS64. Clearly, gold coins from that era survived in greater proportion than silver coins. The silver centers of each side blend into russet and charcoal-gray on the reverse, and into concentric rings of pale green, gold, sky-blue, and amber on the obverse. The strike is quite sharp throughout both sides, and there are few marks for the assigned grade, with copious eye appeal. Census: 3 in 65, 0 finer (10/13). Ex: Eric P. Newman Numismatic Education Society.
Realized $10,575.00 . Description courtesy of Heritage Auctions, ha.com.