After the panic of 1857, many Individuals eyed the West as a possibility to realize monetary safety. In 1858, the Colorado Gold Rush started with over 100,000 folks flocking to the Rocky Mountain area.
“Pike’s Peak or Bust” was a standard chorus among the many early prospectors, in reference to the imposing mountain within the Colorado Entrance Vary.
Within the early days of the Colorado Gold Rush, cash was scarce. The prospectors paid retailers for items they wanted with a pinch of gold mud from their pouch. The “pinch” was meant to equal $1 of gold and weigh 0.05 troy ounce. Nonetheless, retailers with fats fingers captured larger pinches of gold and prospectors have been left with smaller wealth.
The necessity for standardization of cash was clear – and this opened the door for the creation of personal or “territorial” gold. Enterprising businessmen partnered to open non-public mints that turned the gold mud into usable and standard-sized gold cash.
These early non-public minters assayed and refined the gold mud, solid and rolled it to a sure thickness then minimize the gold into spherical blanks. And, then machine-pressed them into gold cash for his or her prospects.
Clark, Gruber & Co. was the primary and most well-respected mint in Colorado throughout this time interval. Through the agency’s first three years of existence, they minted a reported $594,305 value of Pikes Peak gold.
Ultimately, the US Mint acquired Clark, Gruber & Co. and it turned the Denver Mint.
Clark, Gruber & Co. minted $2 1/2, $5, $10 and $20 gold cash.
The 1860 model of the $10 gold coin featured an amateurish illustration of Pike’s Peak. The 1861 coin was upgraded to seem just like the Liberty Head federal gold cash in existence at the moment, with the addition of PIKES PEAK on her coronet.
See the 1861 $10 piece right here.
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