Beaver Coins
Encyclopedia
Beaver Coins, also known in pioneer days as Beaver Money, were gold coin
s briefly minted by the Provisional Government of Oregon
in 1849. The coins were available in 5 and 10 dollar denominations. Their name comes from the prominent beaver
depicted on the obverse of the coins. Today these coins are quite rare and valuable.
The influx of settlers into the Oregon Country
produced a shortage of circulating currency. The population at the time resorted to using gold specks or minting their own gold coins for use in trading. Many settlers began lobbying the territory's new government to correct this situation.
The Provisional Legislature
at Champoeg
then gave the approval for the Oregon Exchange Company to mint currency. Although the Oregon Exchange Company was mostly a private organization, the provisional legislature set the coin's values, authorized a mint, and appointed the officers to the mint. The mint was located in Oregon City, Oregon
.
After Oregon's official U.S. territory status, the Oregon Exchange Company became an entirely private enterprise continuing its operations until Governor Joseph Lane
ruled the operation unconstitutional
.
The opening of the United States Mint
branch in San Francisco, California
would also play a part in the demise of the "Beaver Coins". The new mint branch made a large supply of gold and silver
U.S. currency both available and nearby.
However, after Oregon was officially organized as a U.S. Territory the coins were clearly unconstitutional. Joseph Lane, the first U.S. territorial governor, remedied this upon his examination of all the provisional government's laws, striking only the law calling for the minting of coinage.
The formal U.S. Government's reaction to the coins was to buy them up at a premium rate in exchange for U.S. currency. The coins were called up by the San Francisco Mint
and taken out of circulation.
Gold coin
A gold coin is a coin made mostly or entirely of gold. Gold has been used for coins practically since the invention of coinage, originally because of gold's intrinsic value...
s briefly minted by the Provisional Government of Oregon
Provisional Government of Oregon
The Provisional Government of Oregon was a popularly elected government created in the Oregon Country, in the Pacific Northwest region of North America. It existed from May 2, 1843 until March 3, 1849. Created at a time when no country had sovereignty over the region, this independent government...
in 1849. The coins were available in 5 and 10 dollar denominations. Their name comes from the prominent beaver
Beaver
The beaver is a primarily nocturnal, large, semi-aquatic rodent. Castor includes two extant species, North American Beaver and Eurasian Beaver . Beavers are known for building dams, canals, and lodges . They are the second-largest rodent in the world...
depicted on the obverse of the coins. Today these coins are quite rare and valuable.
The influx of settlers into the Oregon Country
Oregon Country
The Oregon Country was a predominantly American term referring to a disputed ownership region of the Pacific Northwest of North America. The region was occupied by British and French Canadian fur traders from before 1810, and American settlers from the mid-1830s, with its coastal areas north from...
produced a shortage of circulating currency. The population at the time resorted to using gold specks or minting their own gold coins for use in trading. Many settlers began lobbying the territory's new government to correct this situation.
The Provisional Legislature
Provisional Legislature of Oregon
The Provisional Legislature of Oregon was the single-chamber legislative body of the Provisional Government of Oregon. It served the Oregon Country of the Pacific Northwest of North America from 1843 until early 1849 at a time when no country had sovereignty over the region...
at Champoeg
Champoeg, Oregon
Champoeg is a former town in the U.S. state of Oregon. Now a ghost town, it was an important settlement in the Willamette Valley in the early 1840s. It is positioned halfway between Oregon City and Salem and the site of the first provisional government of the Oregon Country...
then gave the approval for the Oregon Exchange Company to mint currency. Although the Oregon Exchange Company was mostly a private organization, the provisional legislature set the coin's values, authorized a mint, and appointed the officers to the mint. The mint was located in Oregon City, Oregon
Oregon City, Oregon
Oregon City was the first city in the United States west of the Rocky Mountains to be incorporated. It is the county seat of Clackamas County, Oregon...
.
After Oregon's official U.S. territory status, the Oregon Exchange Company became an entirely private enterprise continuing its operations until Governor Joseph Lane
Joseph Lane
Joseph Lane was an American general during the Mexican-American War and a United States Senator from Oregon.-Early life:...
ruled the operation unconstitutional
Constitutionality
Constitutionality is the condition of acting in accordance with an applicable constitution. Acts that are not in accordance with the rules laid down in the constitution are deemed to be ultra vires.-See also:*ultra vires*Company law*Constitutional law...
.
The opening of the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
branch in San Francisco, California
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
would also play a part in the demise of the "Beaver Coins". The new mint branch made a large supply of gold and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
U.S. currency both available and nearby.
Circulating value
The "Beaver Coins" were meant to be equal to gold U.S. currency of the same value. However, it was found that these coins contained ten percent more gold than their intended counterparts.Legality of the coins
While the U.S. Constitution expressly forbids component polities of the U.S. to produce coinage, it was argued by the Provisional Government of the Oregon Territory that "necessity knows no laws". It could also be argued that during the Anglo-American joint occupation of Oregon, the territory was not officially part of either government, and any established government could act as it wished. This runs contrary to the agenda of the provisional government which actively sought to be brought into the United States.However, after Oregon was officially organized as a U.S. Territory the coins were clearly unconstitutional. Joseph Lane, the first U.S. territorial governor, remedied this upon his examination of all the provisional government's laws, striking only the law calling for the minting of coinage.
The formal U.S. Government's reaction to the coins was to buy them up at a premium rate in exchange for U.S. currency. The coins were called up by the San Francisco Mint
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...
and taken out of circulation.
External links
- Union County, Oregon Genealogy and History History page with article about the Beaver Coins.
- Oregon State Library Photographs Replica Beaver Coin and other medallions used as window decorations at Oregon State Library (fourth photo down).