Douglas Winter Numismatics (DWN), a Portland Oregon firm specializing in choice and rare United States gold coins, recently sold a CAC approved PCGS PR62 example of the rare 1855 Kellogg $50. One of just 14 or so known to exist, the coin was sold for close to $500,000 to a Southern California collector who is assembling a world-class collection of Pioneer and Territorial gold coinage. His set is called the Palisades Collection.

*1855 Kellogg $50.00 PCGS PR62 CAC, image courtesy of PCGS*

The Kellogg $50 is among the most desirable of all California gold rush issues and it has a great back story. It was issued by the firm of Kellogg & Company, a private San Francisco coiner which struck gold coins for the booming economy of the region from 1852 through 1855.

In 1854, John Kellogg partnered with Augustus Humbert and they continued to strike coins into 1855, despite the presence of a new United States branch mint in San Francisco which opened in a limited capacity in 1854. In early 1855, the only real rival to Kellogg & Company among private coiners was the firm of Wass, Molitor & Company who produced a massive $50 round in gold dated 1855. It is believed that Kellogg and Humbert produced their own $50 round in very limited quantities in 1855 as a way of showing the superiority of their product; a Gold Rush “business sample” if you will.

The result of this speculative endeavor was the most visually impressive coin from the Gold Rush and a coveted rarity which has long been regarded as a cornerstone of any Pioneer gold collection. But the artistry of this issue couldn’t overcome the success of the US branch mint in San Francisco, and by the middle 1855 it was the de facto coiner of the region, having effectively shut down all of its remaining competitors.

It is believed that an estimated 20-25 of these round $50 gold pieces were struck by Kellogg in 1855 and that 14 or so exist today. At least three of these are impaired, and two are impounded in the Smithsonian. A PCGS/CAC PR64 example, likely the best available, was recently sold by a San Francisco numismatic firm to a collector for a figure reported to be in excess of $1,000,000.

This specific example was first offered for sale in the August, 1978 RACOA sale of the N.M. Kaufman Collection where it brought $115,000. It later sold for $130,000 in Paramount’s session of Auction ’80, and then again for $121,000 in Auction ’84. It was placed in a private collection in 1985 and doesn’t seem to have sold publicly until it was acquired by the Palisades Collection in May 2020 from Douglas Winter Numismatics.

According to Doug Winter,

I consider the 1855 Kellogg $50 to be one of a small number of Territorial Gold issues which can be called “iconic.” It is a coin with everything going for it: a beautiful design, massive size, a great story, and indisputable rarity. This example is the first Kellogg $50 I’ve ever sold ,and it is a highlight of numismatic career to have handled this amazing coin.

The new owner of the coin plans to continue adding to his set, and regards the Kellogg $50 as a cornerstone of the collection.

For more information on this coin or to enquire about other choice and rare United States gold pieces, please contact Doug Winter by phone at (214) 675-9897 or via email at dwn@ont.com.

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