1849 $10 Moran & Clark PCGS XF45. (1849) Moran & Clark $10 Copper Die Trail (K-1, high R-7). Moran & Clark is one of those companies that arose during the California gold rush of which very little is known. The company is only known in the numismatic world by the extremely rare copper die trail pieces for a ten dollar gold piece, of which we presently offer a lightly circulated example, presumably from handling at their office, our by collectors in later times. It is one of the key companies in a set of California gold and patterns, with less than a handful of examples known to exist in all grades.

The two major references on California territorial gold, Adams (published in 1913) and Kagin (published in 1981) basically printed the same information. Despite the coin bearing the imprint of San Francisco the firm appears to have been located in Sacramento, where it was hit by the flood of early 1850. Kagin notes that the company was located in Sacramento from August 23, 1849 to November 1 and consisted of Daniel E. Moran and John C. Clark. The trail pieces would have been struck in that period, perhaps a little later. The New York City directory of 1850-1851 lists Daniel E. Moran, so it appears is stay in California was short.

Only five pieces have been graded by the major grading companies, and it appears that is very close to the actual number known to exist. Kagin notes that most examples are struck off-center, but the present example is nicely centered on both sides. The present piece is one of the finest known examples of this California gold pattern, and is the plate coin on the PCGS Coinfacts website. Glossy dark-brown surfaces are noted on both sides, with some minor scratches on the obverse limiting the grade. Fully detailed on both sides and a rarely encountered opportunity for the specialist of territorial gold coinage.