In his Private Gold Coinage of California, 1849-55 Edgar Holmes Adams in 1912, noted that a five dollar Columbus Company gold piece's origin or location at the time was unknown. He added, “Judging by the name, it is not unlikely that this was struck by a Company organized at Columbus, Ohio.

It was customary for the Companies of adventurers preparing to go to California in 1849 to give their organization the name of their home city.” However, a recent discovery of an article in an Ohio newspaper of February, 1849 gave the following information: "The company’s full name was Columbus and California Industrial Association, composed of thirty partners who contributed $225 each.

Officers were John Walton, President; J.G. Canfield, Vice President; P. Decker, Secretary; and G.Q.McColm, Treasurer." They and G. Walton, T.J. Price, H. Moore, G. Breyfogle, and James Bryden were listed as directors. The group was organized on February 15, 1849. That date was scratched on a sliver five-dollar trial piece. The purpose of the association was to begin mining operations in California and elsewhere on the Pacific coast. Evidently ice on the Ohio River delayed their departure until April when the weather improved.

They traveled with ten wagons, mules, and minting equipment and other supplies. They arrived in California in the fall of 1849. Because of only moderate success, Walton, Price, and three others returned to Ohio after less than a year. Breyfogle remained for two years.

Three examples of proposed Columbus Company five-dollar gold coins are known. One, in gilt-silver, is in the National Numismatic Collection at the Smithsonian Institution. A second gilt-silver, Fine-VF with date scratched in the field, was in the 1890 sale of the Lorin G. Parmalee Collection. A third, in copper, 87.5 grains XF, was sold by Bowers & Ruddy in 1980 as part of the Garrett Collection.