In late January 1849, a year after gold was discovered, these trail pieces were produced. Different alloys of gold were used, together with a number of gold plated silver pieces, struck to show how easily fakes were made of these coins. The coin was perforated by a large square hole, as the limited value of gold would otherwise mean that the coins had to be extremely small. The planchets were crudely engraved by Chief Engraver James Barton Longacre, whose designs were among the most frequently encountered on 19th century American coinage.

The obverse of this coin shows the denomination, the date and 13 stars in a circle around the square hole. The reverse has the country unusually spelled as U. STATES OF AMERICA, as the full name would not easily fit. A small wreath is under it, surrounding the square hole here as well. Unlike the majority of pattern pieces the planchets were not polished before hand, giving the pieces the appearance as being pieces struck for regular circulation. The hole gives the coin an unusual effect, adding to the charm of this particular piece.

The Judd book notes that “analysis of certain of the gold issues reveals them to range widely, from 50% to 100% fine”. On the PCGS holder, the complete composition is noted, as identified by harmless SEM-EDX testing. This testing has revealed the present piece to contain 51% gold, 32% silver and 17% copper, weighing 20.37 grains. This pattern is a true rarity, with only 4 pieces known to exist at most. In fact, two of the major pattern collections sold in recent times, did not include any example of this particular pattern design.

Although graded only MS-61 by PCGS, the grade is totally irrelevant for this rare piece. The fact that it was personally hand engraved by one of the most famous Chief engravers adds much more to it. However, the coin has good eye-appeal with a light golden toning. The present offering is a seldom encountered opportunity of an issue that on average only comes available each 5 years.