1850 Baldwin $5 PCGS AU55. 1850 Baldwin & Co. $5 (K-2, R-5) PCGS AU-55; Baldwin & Co. produced private gold coinage in 1850 and 1851. Best known for their Horseman issue, considered by many to be among the finest looking of territorial gold issues, the other coins are often overshadowed. Mostly just as rare or even more so, this Five dollar gold piece is one of those pieces that comes in exceptional quality. While not among the finest known of this issue it surely is among the most eye-appealing, and thus is an important offering for the specialist of California and Territorial gold.

Adams (Private Gold Coinage of California, 1849-1855) notes that Baldwin & Co. were among the most productive of all private gold coiners located in San Francisco in those years. For a short period these gold coins circulated heavily, but thanks to a report of assayer Augustus Humbert (requested by James King of William for this purpose) ceased all circulation of private gold coinage, including the Baldwin pieces. Humberts report concluded that the majority of private gold coins circulating were underweight, and some heavily so. Due to the devastating results of this assay Baldwin & Co. went out of business in early 1851 and the founder George D. Baldwin returned to his home city of New York, where he had left in late 1849 or early 1850.

Mainly because of the results of the assay report the majority of Baldwin & Co. gold coins were melted, and all issues are rare. Pieces that do exist often do so in damaged or heavily circulated condition, indicating that pieces were accepted in commerce for at least some time prior to the report. The remaining pieces that do exist are often of poor quality and lack much eye-appeal. Offered here, however, is a piece that is completely different on all accounts.

Both sides feature a strong strike with only some minor circulation wear visible on the highest points. Nearly all of the coin retains its original luster, and prooflike characteristics are visible on both sides. Orange-gold color with green highlights is visible on both sides, and is completely original. No individual blemishes are worth mentioning, and the coin looks to be a much higher grade at first glance. Seldom offered in any grade the present offering is extremely important for the specialist of territorial gold, and it could take many years before the next chance to buy such a coin will come along.