A historic 1850 $10 gold coin, popularly known as “El Vaquero” or the “Horseman $10,” was recently sold for $1,260,000 at a California auction hosted by Stack’s Bowers Galleries in Costa Mesa. The coin, a stunning relic of California’s Gold Rush era, celebrates the region’s Mexican cowboy heritage, with its design paying homage to the vaquero — the Spanish word for “cowboy” and the root of the American slang term “buckaroo.”
A Unique Legacy of the California Gold Rush
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Struck by the private banking firm Baldwin & Co. during the California Gold Rush, the coin originally held a face value of $10. Its design features a vaquero on horseback, lasso raised, surrounded by the inscriptions CALIFORNIA GOLD and TEN DOLLARS. The coin was produced to address the surge of gold extracted during 1849 and 1850, which required efficient methods of converting gold dust and nuggets into trade-ready forms.
Private companies like Baldwin & Co. stepped in to mint gold coins that circulated alongside U.S. currency and foreign coins brought by immigrants. Today, fewer than 20 specimens of the Baldwin Horseman $10 are believed to exist, making them highly sought after by numismatists.
Record-Breaking Sale
The coin sold this week was graded MS63+ by PCGS, a leading coin grading service, and is considered one of the finest examples of its kind. Previously sold in 1988 for $82,500, its recent auction price marks a staggering increase in value. Remarkably, the gold content of the coin is worth just $1,300 in today’s market, underscoring its historical and cultural significance.
The sale breaks the previous record of $381,875 for a Baldwin $10, set in August 2014.
A Design Rooted in California’s Heritage
The coin’s iconic design was inspired by an 1828 watercolor, Californians Throwing the Lasso, by English naval officer and explorer Frederick William Beechey. The artwork, which captures a vaquero in action, was published in Beechey’s 1831 book Narrative of a Voyage to the Pacific and Bering’s Strait. Bavarian-born engraver Albrecht Kuner adapted this image for Baldwin & Co.’s coin, crafting a design that encapsulated California’s unique history and cultural identity.
“This coin is more than just currency; it’s a piece of art and history,” said John Kraljevich, Director of Numismatic Americana at Stack’s Bowers Galleries, who has extensively researched the Baldwin $10 design. “The vaquero motif is a testament to California’s Mexican heritage and the multicultural roots of the American West.”
Brian Kendrella, President of Stack’s Bowers Galleries and a native Californian, emphasized the coin’s emotional resonance: “Few coins speak to California’s rich history as powerfully as this one. Its design is a landmark image evocative of the state’s Gold Rush era and cultural legacy.”
A Piece of History in Modern Times
The Baldwin $10 gold coin exemplifies the creative ingenuity of private mints during the Gold Rush, blending practical necessity with artistic expression. Its latest sale highlights the enduring allure of California’s cowboy heritage and the global fascination with artifacts of the American West.
This record-breaking auction solidifies the Baldwin $10’s place among the most prized coins in American numismatics.
