Wright & Co. of San Francisco requested permission to mint five and ten dollar coins on August 7, 1849. They said that the coins would be of the same value as Federal issues. When authorization was not given, the company reorganized and formed the Miners’ Bank. The new company’s principals were Stephen A. Wright, John Thompson, Samuel W. Haight, and J.C.L. Wadsworth.

Before the company was reorganized, they made ten dollar coins that were assayed by William P. Hoit, assayer of the New Orleans Mint. He found the coin to be worth $9.65. David C. Broderick of the Broderick and Kohler firm actually produced these coins on behalf of the bank.

The Alta California, a 19th century San Francisco newspaper, reported on April 11th, 1850: "The issue of the Miners' Bank is a drug on the market. Brokers refuse to touch it at less than 20 percent discount.…" The bank dissolved on December 14, 1850. Those coins that were still in the hands of the public were melted for bullion at a discount.

Two different issues of coins were produced. One was brilliant orange-gold in color, believed to have been produced in the East. The other was green-gold in color. It is believed to have been made from native California gold. The earlier ones were struck in a collar, while the California issue were made without a collar and had weak lettering on CALIFORNIA.