Q.David Bowers
The coinage of Baldwin was quite extensive and was second only to that of the United States Assay Office. From January 1 to March 31, 1851, it outranked the Assay Office by producing $590,000 worth of coins as compared to efforts totaling $530,000 by the latter firm.
In the assay conducted by Augustus Humbert for the Banking House of James King of William, a large number of Baldwin coins were submitted: 13 $20 pieces, 10 $10 pieces and 28 $5 pieces. It was found that the $20 pieces averaged an intrinsic value of $19.40, the $10 pieces averaged $9.74, and the $5 pieces were valued at $4.91. This seemingly unreasonable profit on the partof the coiners caused much public indignation, and from that point forward Baldwin coins were rejected by merchants. Later they changed hands at a 20% discount, a figure significantly less than their metallic value. It is believed that upon disclosure of Humbert's findings the firm ceased coinage immediately.
On April 9, 1851, the Pacific News had the following commentary:
THE GOLD COIN SWINDLE. It is perhaps a matter of no especial wonder that the community feels outraged because of the fact that nearly all of the gold coin put in circulation by the private manufacturing establishments is short of weight. A citizen last evening went to Baldwin's establishment, and, presenting two of their own Twenty Dollar gold pieces, asked their redemption in silver. These were taken, and thirty-eight dollars returned.
This is about as cool and direct a piece of shaving as has come under our eye, touching the short-weight gold coin swindle. Why should the community suffer this to go on longer? Why not refuse every dollar of Baldwin's coin? as well as that of every other that is not of full value and redeemed on demand. A bank-bill is worth no more than the bare paper upon which its pretty picture is printed, except from the fact that securities are pledged for its redemption. So also with Baldwin's coin. It is worth no more than the actual value of the gold when compared with the Government standard.
In the instance we refer to, there was a loss of five percent, and as Baldwin's establishment has an immense deal of coin in circulation the proprietors must make a very neat little speculation out of the country and ultimately amass wealth at the expense of the honest and industrious citizens. The only way to stop this swindle seems to be to refuse the coin altogether, not only that issued from Baldwin's mint, but from every other that proves a short weight and not to be redeemed on presentation.
The end of the enterprise was chronicled by the Pacific News on April 17, 1851:
We hear a story, which is pretty well authenticated, that Messrs. Baldwin & Bagley, the manufacturers of "Baldwin's Coin," left in the steamer Panama on Tuesday for the Atlantic states. This is of course what might have been anticipated as the finale of so magnificent a financial operation as the coinage of one or two millions of circulating medium upon which they have pocketed a profit from 10 to 15 per cent, less the expense of manufacturing the stuff. Unable longer to impose their false tokens upon the community, an outraged public will now pocket the loss and congratulate themselves that the swindle has been exposed even this early.
The amount of this coin in circulation is not less than $1,000,000, and is probably nearer to two. But suppose that the smaller sum be correct, the profit to the manufacturers is one hundred thousand dollars. Whose swindling false token establishment is next to be chronicled amongst the "departures for Panama?"
In addition to Humbert's assay, a $10 piece of 1850evaluated at the Philadelphia Mint was found to have an intrinsic value of $9.96. A group of 100 $20 pieces of 1851, assayed at the same institution, were found to have an average value of $19.33.
In 1850 Baldwin made $5 and $10 pieces, the $10 featuring a vaquero, or mounted horseman. In 1851 $10 and $20 denominations were produced. The dies were cut by Albert Kuner.
Dunbar & Co.
Half eagles bearing the imprint of Dunbar & Co., 1851, were apparently issued by Edward E. Dunbar, who at one time operated the California Bank in San Francisco. An early advertisement noted that the banking office of Edward E. Dunbar would redeem the coin of Baldwin & Co. It is possible that when Baldwin & Co., whose coins were refused in the channels of commerce except at a large discount, stopped striking coins the machinery went to Dunbar & Co. The only examples known today of Dunbar coinage are of the $5 denomination.
At a later time Edward E. Dunbar went to the East to form the Continental Bank Note Company which produced a wide variety of paper currency, of the type known today as "broken bank notes," for numerous banks in the eastern and midwestern section of the country as well as federal issues.
While only three Dunbar & Co. half eagles are known today, apparently at one time they were plentiful incirculation. In 1851 a group of 111 pieces reached the Philadelphia Mint. An assay showed them to have an average weight of 131 grains, a fineness of 883 thousandths, and an intrinsic value of $4.98.
Shultz & Co.
Half eagles were struck in 1851 by the firm of Shultz & Co. The design is a close copy of the contemporary United States $5 gold coin. The obverse bears on the coronet of Liberty the inscription SHULTS & CO., a misspelling incorporating a final S instead of the Z. Today the coins are of considerable rarity. Adams located only three when he studied the series early in the century, but since then additional pieces have appeared.
Shultz & Co. (also spelled Schultz) was comprised of Judge G. W. Shultz and William Thompson Garratt. The latter conducted a brass foundry on Clay Street, San Francisco, behind Baldwin's coining establishment as early as 1850 and produced many of the dies used-for private coinage by other firms in the city.
In Builders of a Great City, published in 1891, the following information appears:
William T. Garratt was born in Waterbury, Connecticut. Judge Shultz and he went into business in October, 1850, making all the dies in use in San Francisco for private coining except those of Moffat, whose $50 slugs will be remembered by all old-timers. Albert Kuner did the engraving for these dies. Besides the actual manufacture of the dies the firm also coined five dollar pieces. Owing to a scarcity of coin in circulation, the firm built the machinery for coining five and ten dollar pieces, and continued until the Legislature passed a law placing private coiners on a banking basis, and on account of this law they discontinued. The firm coined for Burgoyne & Co., and Argenti & Co., brokers. This department of the business had been under the management of Mr. Shultz, and when it was given up he retired. Garratt was originally a mechanic by trade.
In later years William T. Garratt furnished a description of the early activities:
We made a great many dies for private coining. Albert Kuner, who is still in business here, would do the engraving and I the turning-that is, the machine work on the dies, for which at the time we would get $100 per day per man on that special job.