1854 Kellogg & Co. $20. K-1a. Rarity-4. Short Arrows. MS-65 (PCGS). CAC.A simply extraordinary specimen, displayed at many conventions and other numismatic gatherings in the past, and always to the wonderment of seasoned numismatists that are usually quite difficult to impress. It has been graded as high as MS-66 by professionals whose opinions we find persuasive and is considered by many to be the single finest circulation strike Kellogg $20 in existence. A single "specimen" is known, once owned by Augustus Humbert himself. This Gem Mint State coin is just as special, perhaps more so considering that it was not specially made to be kept but instead found a way to avoid any measure of circulation or tribulation throughout the days of the Wild West and up through modern auction appearances.<p>The surfaces are brilliantly lustrous, boasting the thorough cartwheel luster of any Gem-quality Liberty Head $20 gold piece. The color is a rich and even yellow gold with a slight green tinge. The fields are immaculate, utterly devoid of any marks or contact points of significance, and certainly not enough disturbances to allow the grade to dip below full Gem. A single line-like planchet flaw is present on the cheek and some texture may be seen within the reverse device. A typical "high grade" survivor of this issue is an AU in UNC clothing, a coin with many marks and significant friction, perhaps showing color different from what was intended, and rarely exhibiting any sort of beauty. This coin, in sharp contrast, is fully detailed and marvelously preserved, a lovely example of what is often an ugly coin. We have not seen a single other specimen that we would classify as anywhere near this quality.<p>Kellogg & Co. produced some 300,000 $20 gold pieces in 1854 and 1855, the firms coining activities filling a critical void in the commerce of Gold Rush California since it came between the dissolution of the United States Assay Office of Gold in 1853 and the delivery of the first double eagles from the San Francisco Mint. Even though the federal Mint placed its first double eagles into circulation in 1854, and operations continued apace through 1855 and beyond, the Kellogg & Co. pieces of both years were eagerly sought by local businesses. On the other hand, once San Francisco Mint gold coinage became firmly established in commercial channels, many of their privately produced predecessors were melted for their bullion content. Survivors of both Kellogg & Co. $20 issues are certainly scarce in an absolute sense. We have little doubt that this piece would surpass any other of this issue to which it is compared, and we expect nothing short of a headline-grabbing price through this important auction offering.PCGS# 10222.PCGS Population: 1; 0 finer.<p>CAC Population: 1; 0.Ex Henry Chapmans sale of the Arthur Nygren Collection, April 1924, lot 77; B. Max Mehl; Virgil Brand (Brand Journal number 130851); possibly B. Max Mehls sale of the Belden Roach Collection, February 1944, lot 294; RARCOAs session of Auction 82, August 1982, lot 991; our (American Numismatic Rarities) New York Connoisseurs Collection sale, March 2006, lot 1383; Heritages sale of the Madison Collection, January 2008 FUN Signature Auction, lot 3447; Simpson Collection; Heritages sale of Selections from the Bob R. Simpson Collection, Part I, September 2020, lot 10166.
