The 1855 $20 Kellogg & Co Gold Double Eagle is not just a coin; it’s a remarkable piece of American history. This rare coin, linked to the tragic story of the SS Central America, was lost at sea for over a century before being discovered. In this article, we will explore its origins, rarity, value, and the fascinating backstory that makes it a coveted item for collectors.
The Story of Kellogg & Co: Private Minting in the Gold Rush Era
The 1855 $20 Gold Double Eagle was minted by Kellogg & Co., a private mint located in San Francisco. During the California Gold Rush, which started in 1848, there was a huge demand for gold coins. However, the U.S. Mint couldn’t keep up with the growing need.
Table 1: Key Events of Kellogg & Co.
| Year | Event |
|---|---|
| 1848 | California Gold Rush begins |
| 1854 | Kellogg & Co. established |
| 1855 | Minting of $20 Gold Double Eagle |
| 1857 | SS Central America sinks |
John Glover Kellogg and his partner G.F. Richter saw this opportunity and opened Kellogg & Co. in 1854. They began producing gold coins, including the $20 Double Eagle, which became popular because of their high gold content and quality. Although these coins were not official U.S. currency, people trusted them.
The SS Central America: A Tragic Loss at Sea
The story of the 1855 Kellogg & Co Gold Double Eagle took a dramatic turn in 1857 when the SS Central America, also known as the “Ship of Gold,” sank. This steamship was transporting passengers, mail, and a massive amount of gold from California to the eastern United States.
Table 2: SS Central America Details
| Detail | Information |
|---|---|
| Type | Steamship |
| Year Sunk | 1857 |
| Gold Estimated Lost | 30,000 pounds |
| Passengers & Crew Lost | 425 |
In September 1857, the ship encountered a hurricane near the Carolinas. Despite the crew’s efforts, the ship sank, resulting in the tragic loss of 425 passengers and crew, along with about 30,000 pounds of gold. This event contributed to the Panic of 1857, a major financial crisis in the United States.
For over 130 years, the treasure of the SS Central America remained at the bottom of the Atlantic Ocean. It wasn’t until the late 1980s that a team of explorers, led by Tommy Thompson, discovered the wreck and started recovering the gold.
Recovery of the 1855 Kellogg & Co Gold Double Eagle
Among the treasure recovered from the SS Central America were several 1855 Kellogg & Co Gold Double Eagles. These coins had been submerged for over a century but were remarkably well-preserved due to the cold, oxygen-free environment at the ocean’s bottom.
Table 3: Recovery Highlights
| Year | Recovery Event |
|---|---|
| 1980s | Discovery of SS Central America wreck |
| 1980s | Recovery of gold and coins |
| 1990s | Public auction of recovered coins |
The recovery of these coins generated excitement among numismatists and collectors. The shipwreck story and the rarity of privately minted gold coins from the California Gold Rush made the 1855 Kellogg & Co Gold Double Eagles highly desirable. Each coin recovered from the SS Central America represents a tale of adventure, tragedy, and the enduring value of gold.
The Value and Rarity of the 1855 $20 Kellogg & Co Gold Double Eagle
The value of an 1855 Kellogg & Co Gold Double Eagle can differ based on its condition, history, and whether it was recovered from the SS Central America. Coins from the shipwreck tend to be more valuable because of their unique story.
Table 4: Factors Affecting Value
| Factor | Description |
|---|---|
| Condition | Higher grades (MS or AU) fetch higher prices |
| Provenance | Coins with documentation from the shipwreck are more valuable |
| Market Demand | Rarity and collector interest influence pricing |
The 1855 Kellogg & Co Gold Double Eagle is rare, with only a small number of these coins ever produced and even fewer surviving today. Many coins were either melted down or heavily circulated, making them harder to find.
Coins graded and certified by reputable agencies, like the Professional Coin Grading Service (PCGS), are particularly valuable. A coin in high grade, like MS (Mint State) or AU (About Uncirculated), can sell for hundreds of thousands of dollars at auction.
PCGS Details Grading and What It Means
Some of the 1855 Kellogg & Co Gold Double Eagles from the SS Central America have received a “Details” grade from PCGS. A Details grade means that while the coin is genuine, it has some form of damage or cleaning that prevents it from receiving a numeric grade on the standard 1-70 scale.
Despite this, coins with a Details grade can still hold significant value, especially when linked to historical events like the SS Central America. Collectors often appreciate the historical context, even if the coin isn’t in perfect condition.
Historical Significance of the Coin
The 1855 $20 Kellogg & Co Gold Double Eagle is not just a coin; it’s a piece of American history. Minted during a crucial time in the development of the American West, the coin reflects the entrepreneurial spirit of the California Gold Rush. Private minting by companies like Kellogg & Co helped support the economy when the U.S. government struggled to meet the needs of the growing population.
Furthermore, the coin’s connection to the SS Central America shipwreck adds another layer of historical significance. The shipwreck serves as a reminder of the dangerous journeys many Americans took in the 19th century to seek fortune in the goldfields. The loss of the SS Central America and its cargo had a lasting impact on the American economy, leading to the Panic of 1857 and the following recession.
Conclusion: A Coveted Piece of History
The 1855 $20 Kellogg & Co Gold Double Eagle is more than just a rare coin—it symbolizes the American Gold Rush, private enterprise, and maritime tragedy. Its recovery from the ocean’s depths after being lost for over a century has made it one of the most interesting coins for collectors.
Today, owning an 1855 Kellogg & Co Gold Double Eagle, especially one recovered from the SS Central America, feels like possessing a piece of American history. This coin represents an unparalleled connection to the past, appealing to both coin collectors and history enthusiasts. Whether valued for its rarity, its ties to the Gold Rush, or its shipwreck background, the 1855 Kellogg & Co Gold Double Eagle remains a timeless treasure in the world of numismatics.
FAQs
Why was the 1855 $20 Kellogg & Co Gold Double Eagle minted by a private company and not the U.S. Mint?
The 1855 $20 Kellogg & Co Gold Double Eagle was minted by Kellogg & Co., a private mint in San Francisco, due to the California Gold Rush.
What makes the 1855 Kellogg & Co Gold Double Eagle coin so valuable?
The 1855 Kellogg & Co Gold Double Eagle is valuable because of its rarity, historical significance, and its connection to the SS Central America shipwreck.
How did the sinking of the SS Central America impact the value of the 1855 $20 Gold Double Eagle?
The sinking of the SS Central America in 1857, along with the large amount of gold lost in the wreck, contributed to the rarity of the 1855 $20 Kellogg & Co Gold Double Eagle.
What factors affect the value of an 1855 $20 Kellogg & Co Gold Double Eagle coin?
Several factors influence the value of an 1855 Kellogg & Co Gold Double Eagle, including its condition (with higher grades like Mint State (MS) being more valuable), its provenance (coins from the SS Central America shipwreck are more sought after), and overall market demand among collectors.