Templeton Reid is one of the more enigmatic figures associated with the so-called Territorial gold coinage (see notes below) of the United States.  Relatively little is known about him.  It is reported that as early as 1811, he was earning a living manufacturing cotton gins. Later he changed his career into clock and watch repair and then rifle-making in Milledgeville, Georgia, at the time Georgia’s state capital. Reid  moved to Gainesville, Georgia (close to Dahlonega) in 1830 to set up his Assay and Mint business.

The first Georgia gold was discovered by Benjamin Reed in 1828 near Dahlonega. (The name “Dahlonega” comes from the Cherokee words for “yellow money.”) The discovery caused an influx of thousands of miners that came to be known as “The Intrusion” by native tribes.

Reid saw an opportunity to produce local gold coins as a more convenient medium of commerce than the unassayed gold dust presently in use, and established his private mint a full eight years before the U.S. Mint opened branches in Dahlonega, Georgia; Charlotte, North Carolina; and New Orleans in 1838.

Reid struck two and a half, five, and ten dollar gold pieces in the three-month period from mid-July through mid-October 1830. On July 24, 1830, the Southern Recorder, a local newspaper, commented that Reid  struck approximately $1,500 in gold coinage. (some researchers believe that Reid may have possibly minted some coins in Milledgeville before his move to Gainesville, but to date there is no proof of that assertion). Reid told the newspaper that the gold coins would be accepted at face value (or “par”) at local banks and merchants.

Reid apparently made his coins from local gold “as mined” and  did not refine the gold to a higher purity. Whether this was due to a lack of knowledge as to how to refine the gold or a purposeful attempt on his part to make a few extra dollars is unknown. The native metal contained considerable amounts of silver, tin, and copper. As a result Reid’s coins were not “at par” with the face values marked on the coins,  In the 1830 era, emphasis was on the full intrinsic value of coins. Any gold or silver coin issued by the United State Mint, by a private source, or by any other entity was apt to be viewed with suspicion if it did not contain full weight and value.

For reasons that seem obvious but are still undocumented an anonymous person submitted a $10 Reid coin for assay at the US Mint to check on it purity, weight and value. The submitter of the coin published the results from the Mint in the Georgia Courier Newspaper in August 1830 under the name of “No Assayer” which revealed that the Templeton Reid $10 gold coin worth only $9.38, or a little more than 6% below face value. (Read excerpts of the letter below and Reid’s Response). This revelation caused more than a bit of controversy and concern to both local merchants and miners, and in spite of Reid’s efforts to combat the bad publicity, he was forced to shut down his private mint in mid October 1830, just three months after he had opened it in July of that same year.

Most of the Reid coins were apparently melted, which together with the small original production apparently accounts for their extreme rarity today. Uncirculated examples are incredibly rare. The spectacular Garrett Collection contained two examples of the Templeton Reid gold, and yet the quarter eagle graded only Very Fine, the half eagle Extremely Fine.

The piece being offered in Heritage’s upcoming ANA Platinum Night, July 31 in Baltimore, is one of only 15 Templeton Reid quarter eagles certified in all grades by the major grading services. NGC has certified only three Templeton Reids in Mint State, two MS61s and an MS62 Prooflike. While it is always difficult to assess just how many examples may be known of any issue, it is fairly certain that the two MS61 coins that have been graded by NGC are the same piece that was resubmitted. (It is even possible that the PCGS MS60 coin and the two NGC MS61s are all the same coin, making a total of two Uncirculated specimens certified.)

Unlike most Templeton Reid pieces known, this particular example is well centered. Complete denticles are seen around each side, and the outer circle on the reverse (surrounding GEORGIA GOLD) is perfectly centered. This is especially surprising when one considers the primitive conditions under which these pieces were produced. Magnification reveals a number of small, but individually insignificant abrasions on each side, none of which are especially useful as pedigree identifiers. The orange-gold surfaces show a pronounced outline of reddish patina around the devices, undoubtedly from the higher copper alloy found in native Georgia gold.

Templeton Reid continued to fiddle with and offer cotton gins in his later life. But despite his brief and abortive attempt at producing Georgia gold, he was not quite finished as a minter. There are two enigmatic 1849-dated Templeton Reid pieces known, apparently produced from California gold, although it is unknown if Reid ever went to California. One, a twenty-five dollar piece, was stolen from the Mint Cabinet on Aug. 16, 1858, and never recovered. The second, a unique ten dollar piece reading CALIFORNIA GOLD, is in the Smithsonian Institution, and struck copies exist of both pieces in various metals.

Note on “Territorial Gold”

The Territorial coinage is sometimes called private or pioneer gold (most of the circulating issues were gold with a wide variety of alloys, and there were a few copper trial strikes). There is obviously some overlap and discontinuity from one term to the other. In general, the Territorial gold issues include the 1830s-1850s issues of Reid and the Bechtler family in Georgia and North Carolina; the 1849-1855 California gold issues; the 1849-1860 Mormon gold coinage in Utah or the “State of Desert”; the 1849 Oregon Exchange Beaver coins; and the 1860-1861 Colorado gold pieces.

“Private” gold coinage would include issues such as the famous Brasher doubloons, which were private issues, but certainly not Territorial–Brasher was a New York City metal-smith. While the California pieces are collected as Territorials, California actually became a state on Sept. 9, 1850, and many numismatists consider at least the U.S. Assay Office of Gold issues, with good reason, to be Federally authorized issues from a California branch mint.

The “No Assayer” Letters to the Editor of the Georgia Courier published on August 16, 1830

“Mr. Editor:

Although no assayer, I have taken the trouble of having a piece of Mr. Templeton Reid’s coining, purporting to be worth $10 assayed at the mint. It was found to be but 22.5 carats fine; consequently worth a trifle more than Georgia Gold dust. The actual value is $9.38c, giving Mr. Reid a profit of about 7 percent. The value of Mr. Reid’s coin may be estimated as follows:$10 pieces $9.38; $5 pieces $4.69; $2.50 pieces $2 and 34 cents.

No Assayer”

Templeton Reid prepared a rebuttal which appeared in the Georgia Journal of September 11, 1830:

Messrs. Editors:

I have just seen an article in the Courier of the 16th inst. which I wish you to re-publish, with my remarks on the same. It is over the signature of No Assayer.No Assayer beings by acknowledging he is no assayer, which was unnecessary; for I expect everybody knows that , even before his expose on the subject of my coin. But if he had ended by saying he was no calculator, nor knew anything about the standard worth of gold by the carat, he would deserve some credit for his candor.

He says he “has taken the trouble to have a piece of my coin, purporting to be worth $10, assayed at the Mint. It was found to be but 22.5 carats fine.” Now reckon again —the $10 piece I have estimated at 96 cents per dwt—he at 22.5 carate fine—value $9.38—”a trifle— consequently worth a trifle more than Georgia gold dust.” And another strange calculation, “$9.38 cents, giving him a profit of about 7 per cent” when it is well known that the buyers have to give from 87.5(the lowest) to 90 cents per dwt at the mines, which is more than 22 carat gold is worth at the Mint. And the gold dust taken collectively from the mines, with the ordinary cleaning, will lose from 3 to 6 per cent in fluxing. Where, then is the “7 pe cent profit.” No buyer can average on month’s business, for the gold fluxed, to cost him as low as the worth of 22.5 carats fine a the Mint. I do not know how much “trifle more than Georgia gold dust” is, and it might save some of the heavy buyers, perhaps some in Augusta, to know, if it is not too late, how much they may lose on their gold in fluxing. For according to No Assayer’s weighty statement, they must be engaged in a bad speculation, unless they get premium for the sand, etc.

But as the currency and demand for my coin, and its credit in some of the banks, seem to warrant the course, I shall continue to stamp and issue the Georgia gold and pieces of $10, $5, and $2.50.

TEMPLETON REID

Reid’s case was pursued in the Georgia courier, which reported on September 16, 1830:

We are informed that about $230,000 of Georgia gold has been received this city during the last nine months.

NO ASSAYER’s reply to Mr. TEMPLETON REID is received, and will appear on Monday. Report says, Mr. TEMPLETON REID, wise reply to No Assayer we published today, is coining and stamping, in his mint in Gainesville, not less than $700 of Georgia Gold per day. Allowing No Assayer’s calculation of his profits to be correct at 7 per cent, he is making about $15,000 per annum. This is better business than gold digging.“

Several additional letters were published but the “No Assayer” letters  effectively ended Templeton Reid’s coinage.