After the panic of 1857, many Americans saw the West as an opportunity to achieve financial security. In 1858, the Colorado Gold Rush began with more than 100,000 people Flocking in the Rocky Mountain area.
“Pike’s Peak or Chest” was a typical break between early exhibitors in reference to the imposed mountains of the Colorado front range.
Early in the Colorado Gold Rush, there was a shortage of money. Prospecters pay merchants for the goods they need with a pinch of gold dust from their bags. The “pinch” was intended to be equal to $ 1 gold and weigh 0.05 troy ounces. However, the traders of the fat fingers seized the big pinch of gold and the prospectus had small assets left.
The need to standardize money was clear – and it opened the door to private or “regional” gold production. Entrepreneurial merchants have partnered to open private mints that have turned gold dust into usable and value-sized gold coins.
These early private miners refined and refined the gold dust, cast it and rolled it to a certain thickness then cut the gold into round spaces. And, then presses the machine into gold coins for their customers.
During this time Clark, Gruber & Co. was the first and most respected mint in Colorado. In the first three years of the firm’s existence, they reported a ikes 594,305 worth of Pikes Peak Gold.
Eventually, the United States acquired Mint Clark, Gruber & Co., and it became the Denver Mint.
Clark, Gruber & Co. Made $ 2 1/2, $ 5, $ 10 and $ 20 gold coins.
The 1860 version of the $ 10 gold coin had an amateur presentation of Pike’s pick. The 1861 coin was upgraded with the addition of PIKES PEAK to its coronet to look similar to the then-existing Liberty Head Federal Gold Coin.
See 1861 $ 10 pieces here.
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