1861 Clark Gruber Eagle - 1861 Clark Gruber $10 PCGS AU55. K-7, R4. This Civil War dated 1861, Choice AU Clark Gruber & Co. eagle has a sharp strike except for the softness that is usually seen on the eagles claws. Full details are present on the centers of the stars, the date, the shield, and the peripheral elements of the reverse. Bright mint luster is in protected areas of both sides of the coin. The surfaces are original and clean for the grade with no notable abrasion marks worthy of mention.

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 1861 eagle is inscribed PIKES PEAK on Libertys headband and CLARK GRUBER & CO DENVER on the reverse with the denomination. 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.

All Clark, Gruber & Co. gold is rare. The K-7 1861 eagle has an R4 rarity rating meaning that 76 to 200 pieces are known.  In its population report, PCGS shows 23 1861 eagles in AU55 condition with 18 better.