1855 $50 Kellogg California Gold - Original Dies Restrike PCGS PR68 DCAM Ex.SS Central America

Treasure Gold Hidden In Plain Sight

By Steve Feltner - June 1, 2020

1855 $50 Kellogg (2001 Restrike) PCGS PR68DCAM. 

In many of the articles I write, I mention that few things get me more excited than numismatic discoveries. These discoveries are often hidden in plain sight, they just require a discerning eye and a bit of research. The rarities I’ll share in this article are no different.

A few months back, an excited collector sent me a photo of an 1855-dated $50 Kellogg commemorative restrike made in 2001. These restrikes honor the very famous territorial gold coins of the same design that were minted during the California Gold Rush. The modern, privately issued commemorative had been graded by PCGS as PR68DCAM using the standard PCGS catalog number “10238” denoting these “restrikes.” But, before we discuss why this particular coin is special, let’s delve into the history behind the gold used in the creation and marketing of the $50 restrikes.

As many know, the California Gold Rush was a game-changer for the western United States, prompting countless prospectors to migrate in hopes of striking it rich in the rugged Pacific Coast territory. The frenzy of gold-seeking activity was still going strong in 1857 where our story begins.

The United States Mint at San Francisco had been in full operation for only three years at this point but was already churning out great numbers of both silver and gold S-minted coinage. As the population of the West Coast was still relatively low in comparison to the booming numbers along the eastern seaboard, a vast amount of the gold and silver acquired in California was eventually transported back east. Transporting large amounts of gold over land would prove logistically infeasible, so transporting the gold to the east coast by ship proved the obvious solution.

On August 20, 1857, the S.S. Sonora was loaded with tons of gold in the form of assayed bars, freshly minted coins from the San Francisco Mint, regionally circulating “pioneer gold,” and nuggets or gold dust. The ship, serving as both a freight carrier and passenger vessel, was also carrying 578 individuals, including 101 crewmen, heading for the opposite side of the country. The S.S. Sonora was to sail a long route starting at the San Francisco Bay and winding down to Panama. From there, the precious metals and travelers crossed the Panama via train and boarded the S.S. Central America for passage to New York – remember, this voyage occurred more than half a century before the Panama Canal was completed in 1914. The journey was mostly calm until September 11, 1857, when the waters became turbulent due to a hurricane. On the next day, the 12th of September, the ship had taken on too much water, sinking into the depths of the ocean off the coast of the Carolinas where its wreckage would remain for over 130 years.

Today, much of the treasure has been recovered, with a vast amount still waiting to be found. Most of the gold bars that were recovered had the assayer’s name stamped on the face along with a bar number, the number of ounces in the bar, its fineness, and the ingot’s monetary value. In 2001, many of the bars were repurposed, the face plate sawn off, and the bulk of the bar utilized to make restrikes of the famous $50 Kellogg & Humbert gold pieces that were minted and used in the San Francisco area.

The leader of the operation was well-known entrepreneur and numismatist Dwight Manley. Dwight was able to procure an original set of 1855 Kellogg & Humbert dies from San Francisco dealer Don Kagin. How these dies were able to survive in such great condition is a miracle in itself! For the project, master engraver and die maker Ron Landis was employed. Ron reminisces, “the original dies had some surface cracks that I was concerned about, so Joe Rust press-fit heavy iron collars around both of them to ensure they couldn’t break when we raised hubs from them.” The hubs went on to make the dies to be used for the restrikes. As there was rust evident on the original dies, once the hubs were pressed, Ron used some abrasive stones to remove the raised features on the hubs.

A punch with the specific date that the coins were struck was made and stamped into the coin post-strike above the eagle’s head. Also, an inscription was added to the ribbon on the reverse denoting that these were struck from gold recovered from the S.S. Central America.

According to Manley, seven specimens were struck using the original dies. “The original dies were used at full pressure, and held up perfectly,” Manley stated. “We only made seven as that’s how many planchets were available at the end.” The originals were given to different individuals who had key roles in the creation, production, and marketing of the treasure. “This project was definitely one of the major highlights of my numismatic career,” Landis remarked.

So, back to the story of the collector… He was able to find one of the seven restrikes from the original dies hidden in plain sight! After extensive research and corroborating accounts, PCGS has decided to create a special catalog number, “812033,” for these amazing coins. Instead of being lumped in with all of the standard restrikes, these seven restrikes will be specially recognized and celebrated for the amazing origin of planchets and production dies. These “original restrike” specimens display die rust on the bust of Lady Liberty, are without the special date punch and wording on the reverse ribbon and display extensive reverse die cracks that are unique.

The wonderful thing about numismatics is that one never really knows all there is to know. This numismatic adventure took me down the “rabbit hole,” and I came out the other end with a greater fascination and appreciation for what still lay out there just waiting to be discovered!