1860 Clark, Gruber & Co. $20. K-4. Rarity-6+. Unc Details--Repaired (NGC).

Bright golden-olive surfaces are further enhanced by vivid pinkish-rose highlights. There is universally sharp definition to the design elements, the detail as close to full as one could realistically hope to acquire for the type. The iconic mountain motif - ostensibly depicting Pike's Peak but actually not representative of that distinct feature at all - is complete and includes the trees at the base. The eagle is equally well defined with much of the plumage crisp and the eye distinct. The surfaces have a somewhat matte-like texture that helps to explain the NGC qualifier, but there are only wispy marks, none of which are individually distracting. The in hand appearance is impressive, however, and the rarity and beauty of this issue are sure to result in keen bidder interest. In 1857, gold was discovered in Colorado sparking a new gold rush in the West. In Leavenworth, Kansas, brothers Austin and Milton Clark and merchant Emmanuel Gruber each started out provisioning Colorado-bound miners. Hearing tales from returning prospectors about the difficulties in conducting trade with gold dust, they realized that a profitable enterprise could be had providing banking and assay services in the gold fields. In early 1860 they formed Clark, Gruber & Company as a bank, assay office and mint. While Milton Clark obtained dies and equipment in Philadelphia and New York, his partners headed to Denver to establish their office and mint. In July they began striking coins denominations made of gold dust of high purity. The coins were quickly accepted by the miners and soon Clark, Gruber & Co. became the most prolific of the Colorado coiners. The gold alloy initially used proved to be soft and prone to wear. In 1861, the firm added a higher concentration of silver to the alloy, all the while ensuring that the total gold content was roughly 1% higher than their federal equivalents. That year they also replaced the mountain design on the 1860 $10 and $20 pieces with the familiar Liberty head motif, probably for uniformity with their $2.50 and $5 issues, and also to facilitate the coins' acceptance by a public accustomed to handling the United States Mint's gold coinage. All told, Clark, Gruber & Co. coined just under $600,000 face value by the time they ceased their minting operation in 1862. In April of 1863 the partners sold their facility and equipment to the federal government, which then used it as an assay office for the next 43 years before building a full-fledged branch mint that opened in 1906. Popularly known as the "Mountain Twenty," this type has become symbolic of Clark, Gruber & Co. coinage and, indeed, the Colorado Gold Rush in its entirety. We do not know what percentage of the $600,000 in face value issued by this firm was composed of "Mountain Twenties," but the mintage must have been limited since this is the rarest Clark, Gruber & Co. type. Often years pass between offerings, as most of the few known examples are locked away in tightly held collections. Although not a perfect piece, the coin offered here retains impressive Mint State detail that allows full appreciation of this classic design. It is a significant coin - a highlight of this sale - that is sure to see spirited bidding among specialists.

PCGS# 10138. NGC ID: ANK6.

Estimate: $175000