On Tuesday, February 4, 2025, the finest of three presently accounted for 1849 Pacific Company $5 gold coins sold for $1.26 million, setting a new record for the famously rare California private issue.
On February 4, 2025, the best-preserved of the three known 1849 Pacific Company $5 gold coins sold for $1.26 million, establishing a new record for this extremely rare private California issue. Joe O’Connor, a coin dealer and the winning bidder, spoke with CoinWeek, calling the Pacific $5 coin “one of the most iconic Pioneer gold coins.” He added that it ranks among “six or eight exceptionally rare Pioneer gold coins that attract collectors beyond those focused solely on Pioneer gold.” O’Connor bought the coin for a private collector but said he had received interest from other buyers as well.
The 1849 Pacific Company $5 gold coin is the 58th to hammer at a Stack’s Bowers auction for over $1 million
This 1849 Pacific Company $5 gold coin marks the 58th piece to sell for over $1 million at a Stack’s Bowers auction. It joins a growing list of Gold Rush-era coins that have recently reached seven-figure prices.
The Gold Rush spurred a rapid population boom and demand for private minting
After large amounts of placer gold were found in California, thousands rushed to the territory, dramatically reshaping the region. San Francisco’s population exploded from just 500 to 150,000 within three years. This rapid growth created an urgent need to turn gold bullion into coins, leading several private mints to fill the gap—some with questionable practices. The Pacific Company was one such controversial operator.
The Pacific Company’s brief operation and uncertain origins of its coins
The Pacific Company was active from late 1849 to late 1850. While researchers have tried to uncover the people behind the company, the true origins of these coins remain uncertain.
Surviving coins and their distinct design
Only a few Pacific Company coins remain today: three $1 gold coins, three $5 gold coins, and four $10 gold coins. Of the $5 coins, only two are privately owned, and just one $10 coin is considered collectible. They share a similar design—the front shows a pileus hat surrounded by rays and stars, while the back depicts an eagle in flight clutching a branch and what appears to be a prospecting hammer.
History and grading of the $1.26 million Pacific Company $5 gold coin
This particular $5 gold coin was first recorded by the Chapman Brothers in 1905 and was owned by the Garrett family for nearly 100 years. Before the recent sale, it last appeared at auction in 2014, selling for $763,750 (which equals about $1,030,470 when adjusted for 2025 inflation). The coin is graded PCGS AU58, showing slight, even wear and darkened surfaces in protected areas.
FAQs
Q: How many 1849 Pacific Company $5 gold coins are known to exist?
A: Only three of these coins are currently accounted for.
Q: What makes the Pacific Company $5 gold coin so valuable?
A: Its rarity, historical significance, and association with the California Gold Rush contribute to its high value.
Q: Who was the winning bidder for the $1.26 million coin?
A: Coin dealer Joe O’Connor won the auction on behalf of an unnamed collector.
Q: What is the design on the Pacific Company gold coins?
A: The coins feature a pileus hat with rays and stars on the front, and an eagle flying with a branch and prospecting hammer on the back.
