Miami Valley Coin Club

The Intriguing “Horseman” Gold Coin

George C. Baldwin and Thomas S. Holman went into the minting business at the height of the California gold rush. In 1850 they hired premier designer Albert Kuner to design their new coins. One f the gold coins he designed was the $10 “Horseman” or “Cowboy”.

It is unknown how many of the coins were struck, but few have survived due to a scandal that took place in March of 1851. It was determined that the coins were underweight, their true value was only $9.74.

As a result, people refused to accept them in commerce. The odd thing is Philadelphia Mint assays done in 1851 found that several other private minting companies’ coins, including Moffat & Co., Dubosq & Co., and Dunbar & Co. also were underweight.