1848 ‘CAL’ Quarter Eagle

Very soon after the initial reports that gold had been found at Sutter’s Fort in January 1848, California’s military governor dispatched a party to investigate. Following his orders to confirm these reports, his men gathered 288 ounces of the precious metal.

The gold was then sent to Secretary of War, William Marcy, in Washington, and the metal’s courier met with President Polk to deliver a full report. With this information, Polk made his famous report to Congress on December 5, 1848, fueling the gold rush: “The accounts of the abundance of gold in [California] are of such extraordinary character as would scarcely command belief were they not corroborated by the authentic reports of officers in the public service who have visited the mineral districts and derived the facts.”

Secretary Marcy, meanwhile, sent the gold to the Mint at Philadelphia with instructions to produce coins with a special marking to indicate that they were made of California gold. A total of 1,389 quarter eagles were struck and counterstamped with the abbreviation CAL. on the reverse above the eagle, indicating their provenance. Many collectors consider these CAL. quarter eagles to be the first commemorative coins struck in the US, predating the Columbian half dollar by 44 years.