Historic 1850 Cowboy Gold Coin Fetches Over $1 Million at Auction

Historic Gold Coin by Baldwin and Co. 1850-up to Auction: More than 1 Million Dollars. San Jose-Another Mile Mark Auction in History of 1850 Baldwin & Co. $10 termed “Horseman,” or “El Vaquero,” last auctioned for $1,260,000 in November 2024.

This new auction displays what is perhaps the eternal search for the most ancient coins and, indeed, into culture and emotional sensibilities.
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Baldwin & Co. Coin Design

This coin, the 1850 Baldwin & Co. $10 gold coin, marks a period in American history-the California Gold Rush. The front design contains a vaquero (cowboy) on horseback using a lasso and the inscriptions CALIFORNIA GOLD and TEN DOLLARS. The reverse has a heraldic eagle, mimicking the federal designs, with “BALDWIN & Co.” above and “SAN FRANCISCO” below. The design is flanked by five stars on every side.

Historical Importance

Minted at the height of the Gold Rush, the coin represented a standardized currency for people when gold was flowing and banks were few. The coin was struck at Baldwin & Co., a private mint in San Francisco, and its rarity adds to its appeal:

• Surviving Specimens: Believed to exist today, fewer than 20 coins.
• Cultural Reflection: Represents California’s Mexican heritage and Gold Rush history, making it a collector’s treasure.

World Record Sale

Last traded in 1988 for $82,500, this coin, graded MS63+ by PCGS, has sold for $1,260,000 in the Stack’s Bowers Galleries’ Rarities Night Auction last November 2024, more than tripling its previous record of $381,875 in 2014.

Not surprisingly, many factors will have played their roles in producing such record-breaking auction results:

• Historical Significance-As an artifact of the Gold Rush period, it represents tangible American history.
• Artistic Design-Photographs of the vaquero may pay homage to California’s Mexican heritage, making it an even more culturally unique coin.
• Exceptional Preservation: The MS63+ grade goes to extraordinary condition, an anomaly for coins older than 170 years.
• Scarcity and Demand: The coin is gathered by less than 20 known specimens. One of the rarest private mint coins of this era.

Year	Auction House	Grade	Sale Price
1988	Stack’s Rare Coins	Unspecified	$82,500
2014	Stack’s Bowers Galleries	MS61	$381,875
2024	Stack’s Bowers Galleries	MS63+	$1,260,000

Design Inspiration

This obverse design comes from “Californians Throwing the Lasso,” a watercolor by the English naval officer Frederick William Beechy from 1828. The engraving, done by Albrecht Kuner, dramatically captures the importance of that culture and time in California during the Gold Rush.

Conclusion

The sale of the 1850 Baldwin & Co. $10 gold coin named “Horseman” broke records as it showed that even numismatic artifacts penetrating historical, cultural, and artistic lines will lure more collectors and investors into their world. The cornucopia promises to set a new benchmark in the world of coin collection and pays homage to California’s lively history.

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