1848 “CAL.” Liberty Head Quarter Eagle : A Collector’s Guide

1848 CAL Quarter Eagle: History, Rarity, Market Data, and Design

The 1848 CAL quarter eagle holds a unique place in American numismatics. However, its importance becomes clearer when it is set against the broader history of gold production in California.

Many collectors trace the beginning of the California Gold Rush to James Wilson Marshall’s discovery of gold at Sutter’s Mill on January 24, 1848. Yet commercial gold extraction in California had already been underway for eight years by then. That earlier production matters because, contrary to popular belief, the 1848 CAL quarter eagle is almost certainly not the first federal coin struck from California gold.

That distinction probably belongs to 18.34 ounces of gold sent to the Philadelphia Mint in 1842 on behalf of Abel Stearns, a prominent trader and landowner in the Los Angeles area. The United States Mint received that gold on July 8, 1843, and converted it into $344.75 in coin.

California Gold Before Sutter’s Mill

California gold production continued at a modest pace for the next several years. Even so, those early discoveries attracted hundreds of hopeful prospectors who hoped to earn a living by extracting gold from the banks of alluvial springs.

The 1848 discovery at Sutter’s Mill changed everything. Unlike the comparatively modest finds of 1840 and 1841, the discoveries that followed in 1848 reshaped the history of the American continent. Gold yields in 1848 exceeded $10 million. In 1849, that total quadrupled. From 1851 through 1854, annual production reached $60 million or more after gold was discovered along the banks of the Kern River in Southern California.

By the opening of the Civil War in 1861, most placer deposits had been exhausted. Nevertheless, California remained one of the leading producers of American gold well into the 20th century.

How the 1848 CAL Quarter Eagle Was Created

The 1848 CAL quarter eagles were struck from gold delivered to the United States Mint in Philadelphia on December 15, 1848. War Secretary William L. Marcy shipped the metal after receiving it from California Military Governor Richard Mason. In total, the parcel contained $3,910.10 in refined gold.

According to the best estimates of numismatic researchers, the Mint likely struck the 1848 CAL quarter eagles during the last week of December 1848. It then delivered them to Marcy in 1849.

When the Mint first struck the coins, they did not carry the incuse inscription CAL above the eagle’s head. U.S. Mint Chief Engraver James B. Longacre added that feature later. He impressed the three letters into each coin with a single punch. Longacre completed that work on January 4, 1849.

The Longacre Proofs

Longacre understood the importance of the moment. As a result, he created and retained three Proofs for his private collection. It is possible that these Longacre Proofs were not struck from the gold in Marcy’s deposit. In fact, it is highly likely that they were not.

One of the Longacre Proofs appeared at auction in 1869, only months after Longacre’s death.

Is the 1848 CAL the First Federal Commemorative?

In all, the Mint struck 1,389 CAL quarter eagles. Some specialists have argued that the issue represents the first federal commemorative coin.

There is some logic behind that view. The issue clearly commemorates the discovery of California gold. Even so, the incuse CAL punch does not elevate the coin to the status of a Congressionally authorized commemorative. The first United States coin to carry that distinction did not appear until 1892, when the Mint issued the World’s Columbian Exposition half dollar.

Circulation, Survival, and Overall Rarity

Whether commemorative or not, the Mint released most of the issue into circulation. Today, possibly 200 examples survive, or a little more. The overwhelming majority are circulated pieces.

The issue became difficult to locate by the late 1860s. In fact, many serious collectors of that era could not obtain an example for their cabinets.

In Mint State, the 1848 CAL quarter eagle is rare. At the time of the original writing, NGC reported only 20 grading events in uncirculated grades, with 12 of those coins graded between MS-61 and MS-63. NGC listed a single finest example at MS-68. That coin realized $340,000 at a Heritage auction held on January 10, 2008.

How Many Survive in Mint State?

At PCGS, only 27 Mint State grading events had been recorded over more than 37 years of operation at the time of the original writing. Most of those Mint State pieces graded MS-64 or lower. Gem examples are rare at both major services. Like NGC, PCGS reported a single MS-68 example. No public auction record for that coin could be found in the source text, although PCGS estimated its value at more than $1 million.

Lower-level Mint State examples routinely trade for $100,000 or more. Proofs are rarer still. All Proofs display a prominent die chip on the neck, and their date sits lower than the date seen on business strikes. The finest Proof resides in the National Numismatic Collection. PCGS has graded the second-finest Proof PR-64 and the third PR-62.

As a numismatic rarity tied to a pivotal chapter in American history, the 1848 CAL quarter eagle remains one of the most important objects in the federal coinage series. In the most recent edition of 100 Greatest U.S. Coins by Ron Guth and Jeff Garrett, the coin ranks 54th. Gold specialist Doug Winter has also described the issue as a “stretch date” that collectors should consider.

Market Data and Noteworthy Specimens

The 1848 CAL. Liberty Head quarter eagle was already difficult to find by the late 1860s. Specialists have estimated that more than 200 examples survive. Most show signs of circulation. Gem examples are known, and a few pieces display Prooflike surfaces. In addition, die striations and softness in the hair behind Liberty’s ear and at the eagle’s neck are normal for the issue.

Unfortunately, pre-2000 pedigree information for this issue is seldom reported.

Notable Mint State Coins

NGC MS-68 #1787965-004*
“The Franklinton Collection,” American Numismatic Rarities, August 11, 2006, Lot 1201 — $322,000.
Stack’s Bowers, August 16, 2023, Lot 5103.

NGC MS-68 #1734047-002*
Heritage Auctions, January 2006, Lot 3419.
“The Madison Collection,” Heritage Auctions, January 10, 2008, Lot 3091 — $345,000.
Heritage Auctions, April 23, 2020, Lot 3774 — $300,000.
Diagnostics noted in the source text include a rim hit to the right of Star 4, two small depressions near Star 3, a tick between Stars 12 and 13, and frosty devices.

PCGS MS-64 CAC #46092972
“Harry W. Bass, Jr. Core Collection, Part One,” Heritage Auctions, September 29, 2022, Lot 11013 — $552,000.

This piece included a Harry W. Bass, Jr. Collection novelty insert. The source text notes a hit above the eye, scattered scruffiness in the left field, a hit in the hair above R, and a copper spot between Stars 9 and 10. On the reverse, two dark marks bracket the dot between D. and the second A in AMERICA.

Once thought to be a Proof

NGC MS-64 #628834-001
This coin was once described as a “Brilliant Proof.” It appeared in the “Jerome Kern Collection,” B. Max Mehl, 1950, Lot 37. It later appeared in the “Grant Pierce & Sons Collection of United States Gold, Silver & Copper Coins,” Stack’s, May 6-8, 1965, Lot 1130 — $6,500, where Rufus L. Miles, Jr. purchased it. It then reappeared in “The R.L. Miles, Jr. Collection of United States Coins,” Stack’s, October 25-26, 1968, Lot 142 — $7,600, where Winner F. Delp purchased it. It appeared again in “The Winner F. Delp Collection of United States Coins,” Stack’s, November 17-18, 1972, Lot 780 — $7,750.

The source text also records that A-Mark Coin Company offered the R.L. Miles, Jr. 1848 CAL. Liberty Head quarter eagle in a full-page advertisement in the October 1974 issue of The Numismatist. In that promotion, the company compared the coin’s value trajectory with the 1804 dollar, the 1913 Liberty Head nickel, the 1894-S Barber dime, and the 1876-CC Twenty-Cent piece. The same source notes that the firm did not mention the coin’s 1972 hammer price and instead asked $65,000.

Design of the 1848 CAL Quarter Eagle

Obverse

Christian Gobrecht’s obverse design shows a left-facing bust of Liberty. Her hair is tied in a bun and secured with a string of beads. She wears a diadem inscribed LIBERTY. Thirteen six-pointed stars surround the portrait, leaving room for the date, which sits centered below the bust truncation. Beaded denticles frame the rim.

Reverse

The reverse features a heraldic eagle with the federal shield on its chest. The eagle raises its wings and holds arrows and olive branches in its talons. The legend UNITED STATES OF AMERICA encircles the design. Above the eagle’s head, and beneath the word STATES, appears the incuse inscription CAL. The denomination 2 1/2 D. is placed at the bottom of the reverse between two dots that separate the beginning of UNITED from the end of AMERICA. Beaded denticles border the rim.

Edge

Like all other Liberty Head quarter eagles, the edge of the 1848 CAL gold coin is reeded.

Designer

Christian Gobrecht served as the third Chief Engraver of the United States Mint. He first joined the Mint in a temporary capacity after the death of Chief Engraver Robert Scot. Later, the Mint hired him to assist the ailing Chief Engraver William Kneass. During his tenure, Gobrecht produced several important designs, including the Seated Liberty type, the Liberty Head gold type, and the Flying Eagle cent.

Coin Specifications

• Country: United States of America
• Year of Issue: 1848
• Denomination: Quarter Eagle ($2.50)
• Mint: Philadelphia
• Mint Mark: None
• Mintage: 1,389
• Alloy: .900 gold, .100 copper
• Weight: 4.18 grams
• Diameter: 18.00 millimeters
• Designer: Christian Gobrecht
• Quality: Uncirculated

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