1860 Clark Gruber Quarter Eagle - 1860 Clark Gruber $2.50, NGC MS62. K-1, R-4. This Mint State Territorial 1860 Clark Gruber Quarter Eagle has significant mint luster in protected areas of both sides. As usual the centers are weak because the relief was too high. The dentils are strong on both sides of the coin. No wear is seen, as expected for an Uncirculated coin. The fields of this 1860 Clark Gruber Quarter Eagle are original and clean for the grade with no individual marks worthy of description.

With the discovery of gold in Colorado in 1858, prospecting began near the South Platte River. In October a town named Auraria was founded at the junction of the Cherry Creek and the South Platte River. Another town was settled nearby called Denver City, after the governor of the territory, John W. Denver. Eventually, because of the discovery of a large quantity of gold near Central City, Denver City grew and absorbed Auraria.

In 1859, because there was no effective government, people of the area set up their own government and territory, which they called the Territory of Jefferson. It was renamed Colorado in 1861.

Gold nuggets and gold dust were used for commerce because there was no other medium of exchange. Gold dust brokers paid twelve to sixteen dollars an ounce, and there were many abuses. It was impossibly difficult to transport gold to Philadelphia and equally impossible to transport coins from Philadelphia back to Colorado because of the danger and likelihood of stagecoach robbery. To ameliorate these conditions, the Clark brothers and Emanuel H. Gruber became bankers, brokers, assayers, and minters. The Clark brothers were Austin and Milton, the firms attorney. Milton went to Philadelphia to buy dies and other equipment, and in 1860 the firm struck four denominations on July 11th. In their advertisement in the Western Mountaineer they said that The native gold is coined as it is found alloyed with silver. The weight will be greater, but the value the same as the United States coin of like denominations.

In the summer and fall of 1860, they coined $120,000. However, they found that this first coinage was too soft and didnt wear well. To remedy this situation, they add a small amount of alloy but kept their gold content one percent above the federal standard. No one could accuse them of debasing their product.

The coins are inscribed PIKES PEAK GOLD DENVER. This inscription refers to the location of the mint rather than the source of the gold. Most of the gold came from the Central City area and towns west, not from Pikes Peak despite the use of it as a motif on some of the coins.

In 1860 four denominations were issued. All had the same reverse motif, a heraldic eagle facing left with the denomination below. The quarter and half eagles were inscribed PIKES PEAK GOLD DENVER. The lower denominations had a Liberty Head Coronet facing left. On the coronet was the company name, except that Grubers name was omitted because of spacing problems.

Breen estimates that 15,096 1860 quarter eagles were struck. In its population report, NGC shows 3 certified in MS62 with 8 better. At PCGS there are 10 with 7 better, and these numbers do not account for crossovers or resubmissions.