1860 Clark, Gruber & Co. $20. K-4. Rarity-6. AU Details--Graffiti (PCGS). Here is a landmark rarity in the Territorial gold series, a very attractive example for the issue and the assigned grade, with vivid deep olive and golden-orange surfaces that retain faint traces of original satin luster. The peripheral lettering is sharp, as is the word DENVER on the obverse and the date 1860 on the reverse. The iconic mountain motif -- ostensibly depicting Pikes Peak but actually not reminiscent of that distinct feature at all -- is sharp, including the trees at the base. The eagle is also crisply defined with nearly all of the plumage sharp and the eye distinct. A dent in the left obverse field is noted, while the PCGS qualifier seems most concerned with a series of closely spaced marks on the mountain motif.<p>In 1857, gold was discovered in Colorado sparking a new gold rush in the West. In Leavenworth, Kansas, brothers Austin and Milton Clark and merchant Emmanuel Gruber each started out provisioning Colorado-bound miners. Hearing tales from returning prospectors about the difficulties in conducting trade with gold dust, they realized that providing banking and assay services in the gold fields could be profitable. In early 1860 they formed Clark, Gruber & Company as a bank, assay office and mint. While Milton Clark obtained dies and equipment in Philadelphia and New York, his partners headed to Denver to establish their office and mint. In July they began striking coins made of gold dust of high purity.<p>The coins were quickly accepted by the miners and soon Clark, Gruber & Co. became the most prolific of the Colorado coiners. The gold alloy initially used proved to be soft and prone to wear. In 1861, the firm added a higher concentration of silver to the alloy, all the while ensuring that the total gold content was roughly 1% higher than their federal equivalents. That year they also replaced the mountain design on the 1860 $10 and $20 pieces with the familiar Liberty head motif, probably for uniformity with their $2.50 and $5 issues, and also to facilitate the coins acceptance by a public accustomed to United States Mint gold coinage. All told, Clark, Gruber & Co. coined just under $600,000 face value by the time they ceased minting operations in 1862. In April of 1863 the partners sold their facility and equipment to the federal government, which then used it as an assay office for the next 43 years before building a full-fledged branch mint that opened in 1906.<p>Popularly known as the "Mountain Twenty," this type has become symbolic of Clark, Gruber & Co. coinage and, indeed, the Colorado Gold Rush in its entirety. We do not know what percentage of the $600,000 in face value issued by this firm was composed of this type, but the mintage must have been limited since this is the rarest Clark, Gruber & Co. type. Often years pass between offerings, as most of the few known examples are locked away in tightly held collections. Although not a perfect piece, the coin offered here retains sharp detail that allows ready appreciation of this classic design. It is a significant coin -- a highlight of this sale -- that is sure to see spirited bidding among specialists.
