1840-42 Gold $1 A BECHTLER 27.G. 21.C. DOL: Plain Edge PCGS MS62

Here’s a rarity from the Southern Gold Rush that will be an exciting addition to your collection or territorial gold coins.

Ron Guth writes in PCGS Coinfacts, “Kagin 24 is a $1 gold coin, produced by Augustus Bechtler, weighed 27 grains and contained gold of 21 Carat gold purity (87.5% pure). The design is simple but efficient, consisting solely of letters and numerals. This variety is fairly common in general but, like most Bechtler gold coins, it is very rare in Mint State.” PCGS has graded 12 as MS62 with 10 finer. Collectors Universe gives this issue a price of $10,000.00 in MS62.

A gold nugget. Photo: Wikimedia Commons.

The Betchlers minted three denominations: $1, $2.5 and $5, struck in 20kt, 21kt and 22kt fine gold. The coins were considered to be of honest weight; the variation in fineness was attributed solely to the limited technology available at the time. Bechtler’s services were reasonably priced: he charged 2 to 2.5 percent for assaying and coining gold dust.

The federal standard for gold coins was lowered on August 1, 1834, and the Secretary of the U.S. Treasury recommended to the Philadelphia Mint director that coins struck thereafter carry that date. This was not done on federal coins, but Bechtler placed the August 1, 1834, date on four varieties of his $5 pieces to avoid problems with Treasury officials.