Templeton Reid 10 Dollars, United States, 1830

Description
Before the famous California gold rush, several important strikes were made in the East: in North Carolina, South Carolina, and Georgia. The earliest took place in Mecklenburg County, N.C., in 1799, where a nugget weighing several pounds was discovered. Its finder used it as a doorstop until someone recognized it for what it was! Discoveries multiplied, and a federal branch Mint was eventually set up in Charlotte to process the metal into coinage.
Discoveries in Georgia and North Carolina in the 1820s received wide publicity, and a "gold fever" resulted. Thousands of people began trekking to the areas in search of instant wealth. Most returned home empty-handed, but successful prospectors found millions of dollars' worth of precious metal.
What should they do with their new wealth? Many felt the Philadelphia Mint was too far away for safe travel, and the government wasn't ready to create other coining facilities. A jack-of-all-trades named Templeton Reid had an answer: strike private gold coins, at a private mint. Reid had extensive experience as a watchmaker, gunsmith, and metalworker. In July 1830, he set up shop in the Georgia hamlet of Milledgeville and began his brief career as private moneyer-the first since Ephraim Brasher.
He later moved to Gainesville, which was closer to the gold mining district. His coins came in three denominations: ten dollars, five dollars, and two and one-half dollars, in recognition of "official" denominations. And he put slightly more gold into his products than the federal government did into its coins, just to be on the safe side.
Although historians believe that Templeton Reid conducted business fairly, an unknown adversary, signing himself simply "no assayer," published several notices in newspapers complaining that the coins were not as represented.
Rumors spread and before long Reid was forced to close up the business.
Object Name
coin
date made
1830
obverse designer
Templeton Reid
reverse designer
Templeton Reid
maker
Templeton Reid
Physical Description
gold (overall metal)
0 (overall die axis)
0 (overall die axis measurement)
struck (overall production method)
Measurements
overall: 1 mm x 33 mm; 1/32 in x 1 5/16 in
place made
United States: Georgia
ID Number
NU*68.159.1185
accession number
283645
catalog number
68.159.1185
subject
Coins, Currency and Medals
Legendary Coins
Coins
Numismatics
See more items in
Armed Forces History: National Numismatic Collection
Legendary Coins
Coins
Numismatics
Exhibition
The Value of Money
Data Source
National Museum of American History, Kenneth E. Behring Center
Credit Line
Estate of Josiah K. Lilly
Publication title
Glossary of Coins and Currency Terms
Publication URL
http://americanhistory.si.edu/coins/glossary.cfm
Additional Media

Visitor Comments

11/14/2012 1:02:32 PM
Billy
I have always heard of the largest, or at least, a very large gold nugget being found in Cherokee County, South Carolina or being owned by someone from Cherokee County, S.C. The story goes that it was used by the owner as a doorstop. When I read this article I wanted to inquire about the nugget, which is supposedly on display at the Smithsonian. Any additional info would be greatly appreciated as the the Cherokee County History and Arts Museum is planning a wonderful new geology exhibit.
7/16/2013 2:43:52 PM
National Museum of American History
We haven't got it. My information is that it was eventually discovered, assayed, and melted down and used. And not for a doorstop.
Add a comment about this object

**Please read before submitting the form**

Have a comment or question about this object to share with the community? Please use the form below. Selected comments will appear on this page and may receive a museum response (but we can't promise). Please note that we generally cannot answer questions about the history, rarity, or value of your personal artifacts.

Have a question about anything else, or would you prefer a personal response? Please visit our FAQ or contact page.

Personal information will not be shared or result in unsolicited e-mail. See our privacy policy.

Image CAPTCHA
Enter the characters shown in the image.