1861 Clark Gruber $20 (1861 Clark Gruber Double Eagle), PCGS XF40. Traces of mint luster remain within the devices of this circulated Colorado territorial gold issue. A few light abrasion marks are seen on the obverse at Libertys neck and in the left field. The same is true for the reverse within the circle of stars. There is very light wear on the high points of both sides, in keeping with the grade. Typical weakness is noted on the hair under PIKES PEAK and to the left of the ear. On the reverse the shield and right scroll is weak. The left scroll, which is usually weak, is strong on this piece. All of the legends on the coin are clear and readable, although slightly weak on CO and D in DENVER.

The Clark Gruber twenty dollar coin resembles the federal issued coronet motif Liberty Head double eagle designed by James Longacre. However, instead of a LIBERTY inscribed headband, Clark Gruber used PIKES PEAK. On the reverse, instead of UNITED STATES OF AMERICA the legend reads CLARK GRUBER & CO DENVER.

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, 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 1862 the company switched from making coins to making gold bars or ingots. These were accepted at the value stamped nationwide and in Europe. The next year the federal government bought out the firm and opened a federal assay office. It became a branch Mint in 1906.

All Clark, Gruber & Co. gold is rare. In its population report PCGS has certified 7 double eagles in XF40 with 14 better. NGC has certified 1 double eagle with 4 better. These numbers do not account for resubmissions and crossovers.