A piece of America's frontier history emerges from the shadows. The Oregon Beaver $10, known to collectors, is one of the rarest territorial gold coins and one of the rarest US coin issues.
On August 28th, 2025, at 6 PM PST (9 PM EST), collectors will have an extraordinary opportunity to acquire one of the most coveted pieces in American numismatics: an 1849 $10 Oregon Gold Beaver coin. The auction, hosted online at BidNow.VegasCoinDealer.com, features a specimen graded PCGS VF Details with an illustrious pedigree tracing back to the legendary Zabriskie Collection.
The Birth of the Oregon Beaver
In the rugged Oregon Territory of 1849, a decade before statehood, commerce faced a critical challenge. While gold dust flowed north from California's booming goldfields, approximately $400,000 worth from what we know by winter 1849. Because the territory lacked any standardized currency, settlers, trappers, farmers, and merchants were forced to rely on primitive barter systems or unwieldy gold dust for transactions.
The solution came from eight enterprising businessmen who formed the Oregon Exchange Company in Oregon City. When territorial Governor Joseph Lane vetoed legislation to establish an official mint (citing potential federal law violations), these pioneers took matters into their own hands, creating one of America's first private territorial mints.
The founders—W.K. Kilborne, Theophilus Magruder, James Taylor, George Abernathy, W.H. Willson, William H. Rector, J.G. Campbell, and Noyes Smith—immortalized themselves on their creation. Their initials (K.M.T.A.W.R.G.S.) encircle the iconic beaver design on the coin's obverse, while "T.O." for Territory of Oregon appears below the industrious rodent perched on its log.
Rarity Beyond Measure
The Oregon Exchange Company struck approximately 2,850 of these $10 gold pieces and 6,000 of the $5 denomination during their brief operation in 1849. However, these coins contained a fatal flaw that would ensure their rarity: they were too valuable for their own good.
Struck from California gold dust, the Oregon beavers contained roughly 10% more gold than their face value indicated, making each $10 coin worth approximately $11 in melt value. This premium content made them highly trusted in commerce but also sealed their fate. When the San Francisco Mint began operations in 1854, most Oregon beavers met their end in the melting pot.
Today, fewer than 20 examples of the $10 Oregon beaver are known to exist, making it one of America's rarest gold coins. The Professional Coin Grading Service (PCGS) has certified only eight specimens in their decades of operation, with none achieving Mint State condition and only two grading higher than Extremely Fine.
The Zabriskie Legacy
This particular specimen carries the prestigious Zabriskie pedigree, connecting it to one of America's most distinguished numismatic collections. Captain Andrew Christian Zabriskie (1853-1916) was a towering figure in 19th and early 20th-century collecting circles.
Born into one of New York City's largest real estate families, Zabriskie graduated from Columbia University and served 24 years in the New York National Guard, rising to captain. But his true passion lay in numismatics. He joined the American Numismatic Society in 1874, becoming a life member in 1894 and serving as president from 1896 to 1904.
Zabriskie's collecting achievements were legendary. He authored the foundational work on Lincoln medals, assembled magnificent collections of large cents and Polish coins, and even donated a Japanese gold Oban (the largest Japanese gold coin) to the ANS. His expertise was so respected that he served various leadership roles in the organization for over two decades.
The Captain's collection was dispersed through Henry Chapman's sale on June 3-4, 1909, in what became one of the greatest offerings of territorial coins ever assembled. The Oregon $10 beaver from this sale was notably described as "mounted and holed," yet its historical significance and extreme rarity made it a centerpiece of the auction.
Market Performance and Collecting Significance
The market performance of Oregon $10 beavers reflects their legendary status. The 1980 Garrett auction specimen, graded VF-20 despite planchet flaws, realized $40,000. A net VF-20 example with cleaning and planchet defects brought $50,600 in the 2000 ANA sale. Most remarkably, the beautiful XF40 (PCGS) Klausen specimen achieved $126,500 when Heritage auctioned it in 2002, the only Oregon $10 beaver that firm has ever offered.
For specialists in Pioneer and Territorial gold, the Oregon beaver represents a Mount Rushmore like Top 5 acquisition. These coins embody the entrepreneurial spirit of America's westward expansion, when private citizens stepped forward to solve monetary crises through ingenuity and determination.
A Once-in-a-Generation: Possibly Lifetime Opportunity
The upcoming auction presents what may be a once-in-a-generation opportunity for serious collectors. With fewer than 20 examples known, only eight graded by PCGS and several permanently housed in institutional collections like the Smithsonian, the appearance of any Oregon $10 beaver at auction is a significant numismatic event.
The Zabriskie pedigree adds immeasurable historical value, connecting this coin to one of America's most respected collectors and one of the hobby's most important early sales. For the successful bidder, this represents far more than a mere acquisition, it's the chance to own a tangible piece of American frontier history, a testament to the resourcefulness of territorial pioneers, and one of the rarest gold coins ever produced on American soil.
As the auction approaches, collectors worldwide will be watching to see where this magnificent piece of territorial gold history finds its new home. In the annals of American numismatics, few coins can match the historical significance, rarity, and sheer collecting desirability of the 1849 Oregon $10 Gold Beaver.
The auction will be conducted online at BidNow.VegasCoinDealer.com on August 28th, 2025, closing at 6 PM PST (9 PM EST).