1925 年南加州钻禧半美元纪念加州的历史

1925-S 加州钻禧半美元是旧金山铸造的纪念银币，旨在纪念加州建州 75 周年及其淘金热历史。尽管年代久远，它仍然是一款价格实惠的收藏币，价格从低品级未流通币 200 美元到高品级标本超过 20,000 美元不等。这枚硬币的正面是跪着的探矿者，背面是加州熊，均由艺术家乔·莫拉 (Jo Mora) 设计。

The 1925-S California Diamond Jubilee Half Dollar is a silver commemorative half-dollar coin issued during the classic commemorative period of 1892-1954. The coin marks California’s 75th year of statehood by honoring the state’s gold rush history and state animal. It is a popular collector coin that remains affordable despite being nearly 100 years old.

1925 年南加州禧年半美元。图片：Stack’s Bowers / CoinWeek。 1925-S 加州钻禧半美元是 1892-1954 年经典纪念时期发行的银质纪念半美元硬币。该硬币纪念加州建州 75 周年，纪念该州的淘金热历史和州动物。它是一种受欢迎的收藏硬币，尽管已有近 100 年的历史，但价格仍然实惠。

California’s History is Celebrated on the 1925-S California Diamond Jubilee Half Dollar

The Treaty of Guadalupe Hidalgo in 1848 ended the Mexican War. Along with Texas and New Mexico, this newly rich territory of California was ceded to the United States. At the time, the area was largely populated by indigenous tribes, plus small numbers of people of Spanish or Mexican descent.

1925 年加利福尼亚钻禧半美元纪念加利福尼亚州的历史 1848 年的瓜达卢佩·伊达尔戈条约结束了墨西哥战争。加利福尼亚州这片新富裕的领土与德克萨斯州和新墨西哥州一起被割让给美国。当时，该地区主要居住着土著部落，还有少量西班牙或墨西哥后裔。

The discovery of gold in California in 1848 focused attention on that western territory as few other events ever could, and in short order, the siren’s call of “riches for the taking” spread rapidly around the world. Hundreds of thousands of people caught “gold fever” and braved the rigors of voyages “around the Horn,” treks through Panama’s deadly jungles, or braved the dangerous journey through hostile Indian territory. 

1848 年在加利福尼亚州发现金矿，使人们的注意力集中到了这片西部地区，这是很少有其他事件能够做到的，很快，海妖“夺取财富”的呼声迅速传遍了全世界。数十万人患上“淘金热”，勇敢地“绕过非洲之角”航行，徒步穿越巴拿马致命的丛林，或者勇敢地穿越敌对的印度领土。

So many came searching for the yellow metal that, California was admitted into the Union as a state in 1850, and by 1860, California’s population had grown to almost 380,000 people. The draw of gold and the possibility of changing one’s fortunes made California the fastest-growing state in the country, with a population higher than seven U.S. states and all of the American territories. 

如此多的人前来寻找这种黄色金属，以至于加利福尼亚州于 1850 年被接纳为联邦的一个州，到 1860 年，加利福尼亚州的人口已增长到近 380,000 人。黄金的吸引力和改变命运的可能性使加利福尼亚州成为美国增长最快的州，其人口超过美国七个州和所有美国领土。

The Creation of a Popular Commemorative Half Dollar

Seventy-five years later, the San Francisco Citizen’s Committee, chaired by future mayor Angelo J. Rossi, decided to commemorate 75 years of statehood with a half dollar coin.

发行受欢迎的半美元纪念币 75 年后，由未来市长安吉洛·J·罗西 (Angelo J. Rossi) 担任主席的旧金山公民委员会决定用半美元硬币来纪念建州 75 周年。

Commemoratives, however, were already becoming a sore point with United States Mint officials. The proposal might have died aborning but for a similar measure undertaken on behalf of Vermont’s Sesquicentennial that, fortunately, was endorsed by President Calvin Coolidge. The California coin became part of the Act of February 24, 1925, which not only included a coin for Vermont, but one commemorating the 100th anniversary of the founding of Fort Vancouver in the state of Washington.

然而，纪念币已经成为美国造币厂官员的痛处。如果不是为了佛蒙特州一百五十周年而采取的类似措施，该提案可能会胎死腹中，幸运的是，该措施得到了卡尔文·柯立芝总统的支持。加州硬币成为 1925 年 2 月 24 日法案的一部分，其中不仅包括佛蒙特州的硬币，还包括纪念华盛顿州温哥华堡建立 100 周年的硬币。

The San Francisco Citizen’s Committee asked noted local artist and sculptor Jo Mora to design a coin that would capture the spirit of the state’s diamond jubilee.

旧金山公民委员会要求当地著名艺术家和雕塑家乔·莫拉 (Jo Mora) 设计一枚硬币，以体现该州钻石禧年的精神。

Born in Uruguay in 1876, Mora emigrated to California and became a popular artist because of his unique style and ability to work across multiple media.

莫拉 1876 年出生于乌拉圭，移居加利福尼亚州，因其独特的风格和跨多种媒体的工作能力而成为一位受欢迎的艺术家。

Fashioning both the obverse and reverse of the coin, Mora sought to embody the essence of California during the 1850s. He employed two symbolic motifs: a “Gold Rush” prospector and a grizzly bear. The design was rustic and artisanal.

莫拉在设计硬币的正面和反面时，力求体现 1850 年代加利福尼亚州的精髓。他采用了两个象征性图案：“淘金热”探矿者和灰熊。设计质朴而手工。

Initially, James Earle Fraser (designer of the Buffalo nickel), speaking for the Commission of Fine Arts, was critical of Mora’s design, writing:

最初，詹姆斯·厄尔·弗雷泽（James Earle Fraser）（布法罗镍币的设计者）在代表美术委员会发言时对莫拉的设计提出了批评，他写道：

I must say that I am not much impressed with the composition, or any of the indications contained in the drawing. It strikes me that the artist has not had proper experience to do a successful coin. The bear is entirely too short, and the whole thing inexerperienced and amateurish.

我必须说，我对构图或图中包含的任何指示印象不深。令我印象深刻的是，这位艺术家没有足够的经验来制作一枚成功的硬币。这只熊太矮了，而且整个事情缺乏经验且业余。

Commission member Louis Ayres agreed with Fraser’s assessment and even pointed out that the placement of IN GOD WE TRUST made it look like the prospector was frying it in oil.

委员会成员路易斯·艾尔斯（Louis Ayres）同意弗雷泽的评估，甚至指出，“IN GOD WE TRUST”的位置让探矿者看起来像是在油里煎炸。

The San Francisco Citizen’s Committee was undeterred by the doubting Thomases at the CFA, and pushed forward with the design anyway. To Chairman Rossi, Mora had delivered the design that best served their commemoration.

旧金山公民委员会并没有被 CFA 的托马斯多疑所吓倒，无论如何还是继续推进了这一设计。莫拉向罗西主席提交了最适合他们纪念的设计。

How the 1925-S California Diamond Jubilee Half Dollar Was Sold

The legislation authorizing the California Diamond Jubilee half dollar specified a maximum mintage of 300,000 coins, but only 150,200 coins were struck, with 200 pieces reserved for assay. Production began at the San Francisco Mint on August 12, 1925, and that first day saw 100 special pieces struck at the request of Committee Chairman Rossi. These pieces are not true proofs, but business strikes with a bright, chrome-like surface result from being struck with polished dies.

1925-S 加州钻禧半美元是如何出售的 授权加州钻禧半美元的立法规定最大铸造量为 300,000 枚硬币，但仅铸造了 150,200 枚硬币，其中 200 枚保留用于化验。 1925 年 8 月 12 日，旧金山造币厂开始生产，第一天，应委员会主席罗西的要求，铸造了 100 枚特别币。这些作品并不是真正的证据，但商业罢工具有明亮的镀铬表面，是用抛光模具冲压而成的。

Groups in Los Angeles and San Francisco distributed the California halves for $1 apiece, but at the end of the promotion, 63,606 pieces remained unsold and were melted, leaving a net mintage of 86,394.

洛杉矶和旧金山的团体以每份 1 美元的价格分发了加州的半枚，但在促销结束时，仍有 63,606 枚未售出并被熔化，净发行量为 86,394 枚。

One actual Proof is rumored to exist, allegedly with a matte finish. If true, it must have been struck at the Philadelphia Mint before the dies were shipped to the San Francisco facility.

有传言称存在一份实际的证明，据称具有哑光效果。如果属实，它一定是在模具被运往旧金山铸币厂之前在费城造币厂铸造的。

The S-mintmark appearing on all of the coins made at the Western Mint is on the lower reverse beneath the D in DOLLAR.

西部铸币厂制造的所有硬币上都有 S 铸币标记，位于背面下部 D 美元下方。

The Characteristics of the 1925-S California Diamond Jubilee Half Dollar

California halves have various finishes, ranging from semi-Prooflike to chrome-like to satiny. A limited number of early strikes may even feature somewhat frosted or cameo devices.

1925 年南加州钻禧半美元的特征 加州半美元有多种饰面，从半精制版到镀铬版再到缎面版。有限数量的早期罢工甚至可能带有一些磨砂或浮雕装置。

Only a small percentage of this issue is affected by weak strikes, and those will often show a flatness on the bear’s snout and possess a bright, chrome-like finish. In other cases, weakness will be seen in the LIBERTY, JUBILEE, and HALF DOLLAR inscriptions. However, this is not the norm. More frequently encountered are coins suffering from abrasions and detracting marks on the higher, more visible points.

经 CAC 批准的 1925 年南加州钻禧半美元，PCGS 评级为 MS68。这个问题中只有一小部分受到弱打击的影响，而这些打击通常会在熊的鼻子上表现出平坦，并具有明亮的镀铬般的表面。在其他情况下，“自由”、“禧年”和“半美元”铭文会出现弱点。然而，这不是常态。更常见的是硬币在较高、更明显的点上受到磨损和有损痕迹。

The relatively high relief of the design makes this issue especially prone to even the slightest friction, particularly on the bear’s shoulder and leg and the miner’s back, shoulder, and shirtsleeve. These areas will also be the first to show signs of “doctoring.”

相对较高的浮雕设计使得这个问题特别容易受到哪怕是最轻微的摩擦，特别是在熊的肩膀和腿以及矿工的背部、肩膀和衬衫袖子上。这些领域也将最先显现出“被篡改”的迹象。

What is the 1925-S California Diamond Jubilee Half Dollar Worth?

Because these coins were widely distributed to the non-collecting public, the majority of surviving specimens are in XF-AU. Despite costing more than 50¢ to purchase, many 1925-S California half dollars were either spent or carried as pocket pieces, while others were damaged from being haphazardly cleaned. These coins are less desirable to collectors than unimpaired Mint State examples but will trade for prices up to $125 or slightly more.

1925 年南加州钻禧半美元值多少钱？由于这些硬币被广泛分发给非收藏公众，因此大多数幸存的样本都在 XF-AU 中。尽管购买成本超过 50 美分，但许多 1925 年南加州半美元要么被花掉，要么作为口袋随身携带，而另一些则因随意清洗而损坏。这些硬币对收藏家来说不如未受损的铸币厂硬币那么受欢迎，但交易价格可达 125 美元或略高。

Low-grade uncirculated pieces are always available for about $200, but the coin’s value increases with each grade. Expect to pay $350-$400 for an MS64 example. $600 for a gem MS65, and so on… In the top grades of MS68 or MS68+, expect prices to climb to $20,000 or more. Coins at this level are rarely offered for direct sale and usually appear only in major U.S. coin auctions. The record price for a 1925-S California half dollar at auction is $30,375 in September 2022.

低品级未流通硬币的价格始终约为 200 美元，但硬币的价值随着等级的提高而增加。预计为 MS64 示例支付 350-400 美元。宝石级 MS65 价格为 600 美元，依此类推……在顶级 MS68 或 MS68+ 中，预计价格将攀升至 20,000 美元或更高。此级别的硬币很少进行直接销售，通常只出现在美国主要的硬币拍卖中。 2022 年 9 月，1925 年南加州半美元的拍卖纪录价格为 30,375 美元。

Market Data and Noteworthy Specimens

Top Population: PCGS MS-68+ (3, 3/2024), NGC MS-68+ (2, 3/2024), and CACG MS-68 (3:0 stickered:graded, 3/2024)

市场数据和值得注意的样本热门人群：PCGS MS-68+ (3, 3/2024)、NGC MS-68+ (2, 3/2024) 和 CACG MS-68（3:0 贴纸：分级，3/2024 ）

• NGC MS68+* #4829524-002: Heritage Auctions, January 31, 2019, Lot 3977 – $8,400. Swirling rainbow toning with multiple bands of red and green.
• PCGS MS68 #46448206: As NGC MS68. Heritage Auctions, July 27, 2002, Lot 5059 – $8,337.50; “The Cary & Cheryl Porter Collection,” Heritage Auctions, May 10, 2007, Lot 2500 – $5,750. As NGC MS68 #164149-001. Heritage Auctions, October 16, 2020, Lot 3634 – $7,200. As PCGS MS68 #42108177.”The Neon Lights Collection,” GreatCollections, September 18, 2022, Lot 1229508 – View. As MS68 #46448206. Stack’s Bowers, March 21, 2023, Lot 3293 – $10,200. A galaxy of rust, blue, and magenta toning. Dark toning concentrated around the date.
• PCGS MS68 #45371460: GreatCollections, September 25, 2022, Lot 1146226 – View. Toned. Record Price (GreatCollections does not allow us to show price). 
• PCGS MS68 #43563258: “The Gregg Bingham Collection of Silver Commemoratives,” GreatCollections, June 19, 2022, Lot 1157894 – View. Rainbow toning. Greg Bingham on insert.
• NGC MS68 #372971-004: Heritage Auctions, December 6, 2019, Lot 4474 – $4,080. Rainbow rim toning on the obverse and reverse.
• NGC MS68 #4877791-002: Heritage Auctions, July 12, 2019, Lot 3963 – $3,960; GreatCollections, May 3, 2020, Lot 826187 – View.
• NGC MS68 #3811940-004: Heritage Auctions, April 24, 2015, Lot 6636 – $4,230; Heritage Auctions, August 14, 2015, Lot 6632 – $3,995. Splotchy reddish brown toning with rainbow iridescence in obverse exergue area.
• NGC MS68* #3051444-019: Heritage Auctions, February 5, 2010, Lot 784 – $10,925; Heritage Auctions, January 4, 2012, Lot 3393 – $16,100.
• PCGS MS68 #6545169: “The Louis Bassano Collection of U.S. Commemoratives,” Heritage Auctions, July 21, 2009, Lot 1426 – $17,250; “The Empire Collection,” Heritage Auctions, January 7, 2015, Lot 4442 – $12,925. Coin is predominantly brilliant with light rust toning.
• PCGS MS68 #06636088: Heritage Auctions, January 7, 2004, Lot 2237 – $18,400. As PCGS MS68 #21627178. “The JFS Collection, Part Two,” Heritage Auctions, August 18, 2004, Lot 4247 – $13,800. JFS Collection on insert. As PCGS MS68 #21765004. “The Bruce Scher Collection,” Heritage Auctions, February 24, 2005, Lot 4148 – $14.950. Bruce Scher on insert; “The Richard Jewell Collection,” American Numismatic Rarities, March 14, 2006, Lot 1848 – $18,400; As PCGS MS68 #06636088. Heritage Auctions, January 10, 2013, Lot 5974 – $15,275. The obverse right and left rim and field areas have gold and apricot central toning with blue and purple accents. Bruce Scher on insert.
• NGC MS68: Heritage Auctions, January 6, 2001, Lot 9084 – $4,657,50. Gold and magenta toning on the obverse.
• PCGS MS67+ CAC #46366251: Stack’s Bowers, March 24, 2023, Lot 7168 – $4,560.
• PCGS MS67+ CAC #43458463: Heritage Auctions, November 4, 2021, Lot 91160 – $4,680.
• PCGS MS67+ CAC #41786246: Heritage Auctions, June 18, 2021, Lot 3743 – $4,080; GreatColletions, August 8, 2021, Lot 1030756 – View. Rust-colored toning throughout. Spotted toning on reverse.
• NGC MS67+ CAC #5742512-002: Heritage Auctions, April 24, 2021, Lot 4815 – $4,080.
• PCGS MS67+ CAC #25649243: “The Cedar Crest Collection, Part I,” Heritage Auctions, April 26, 2019, Lot 4465 – $4,800.
• PCGS MS67+ CAC #81867692: Stack’s Bowers, June 23, 2017, Lot 11542 – $6,756.25. Dark goldenrod and steel toning.
• PCGS MS67+ CAC #25307487: “The Rolling Thunder 50 Piece Commemorative Collection,” Heritage Auctions, September 18, 2015, Lot 5374 – $4,465; Heritage Auctions, January 6, 2016, Lot 3355 – $4,935.
• PCGS MS67+ CAC #31696461: Heritage Auctions, June 5, 2015, Lot 5541 – $3,995. Green and red toning in the exergue area.

Design

Obverse:

NGC MS68+* #4829524-002：Heritage 拍卖，2019 年 1 月 31 日，拍品 3977 – 8,400 美元。带有多条红色和绿色带的旋转彩虹色调。 PCGS MS68 #46448206：与 NGC MS68 相同。 Heritage 拍卖，2002 年 7 月 27 日，拍品 5059 – 8,337.50 美元； “卡里和谢丽尔·波特收藏”，Heritage Auctions，2007 年 5 月 10 日，拍品 2500 – 5,750 美元。作为 NGC MS68 #164149-001。 Heritage 拍卖，2020 年 10 月 16 日，拍品 3634 – 7,200 美元。 PCGS MS68 #42108177。“霓虹灯系列”，GreatCollections，2022 年 9 月 18 日，拍品 1229508 – 查看。作为 MS68 #46448206。 Stack’s Bowers，2023 年 3 月 21 日，拍品 3293 – 10,200 美元。铁锈色、蓝色和洋红色色调的银河。深色色调集中在日期周围。 PCGS MS68 #45371460：GreatCollections，2022 年 9 月 25 日，拍品 1146226 – 查看。色调。记录价格（GreatCollections 不允许我们显示价格）。 PCGS MS68 #43563258：“格雷格·宾厄姆银质纪念币收藏”，GreatCollections，2022 年 6 月 19 日，拍品 1157894 – 查看。彩虹色调。格雷格·宾汉姆在插入。 NGC MS68 #372971-004：Heritage 拍卖，2019 年 12 月 6 日，拍品 4474 – 4,080 美元。正面和反面均采用彩虹边缘色调。 NGC MS68 #4877791-002：Heritage Auctions，2019 年 7 月 12 日，拍品 3963 – 3,960 美元； GreatCollections，2020 年 5 月 3 日，拍品编号 826187 – 视图。 NGC MS68 #3811940-004：Heritage Auctions，2015 年 4 月 24 日，拍品 6636 – 4,230 美元； Heritage 拍卖，2015 年 8 月 14 日，拍品 6632 – 3,995 美元。正面有斑点的红棕色色调，带有彩虹色。 NGC MS68* #3051444-019：Heritage Auctions，2010 年 2 月 5 日，拍品 784 – 10,925 美元； Heritage 拍卖，2012 年 1 月 4 日，拍品 3393 – 16,100 美元。 PCGS MS68 #6545169：“路易斯·巴萨诺美国纪念币收藏”，Heritage Auctions，2009 年 7 月 21 日，拍品 1426 – 17,250 美元； “帝国收藏”，Heritage Auctions，2015 年 1 月 7 日，拍品 4442 – 12,925 美元。硬币主要是明亮的，带有浅锈色。 PCGS MS68 #06636088：Heritage Auctions，2004 年 1 月 7 日，拍品 2237 – 18,400 美元。作为 PCGS MS68 #21627178。 “JFS 收藏，第二部分”，Heritage Auctions，2004 年 8 月 18 日，拍品 4247 – 13,800 美元。插入时的 JFS 集合。作为 PCGS MS68 #21765004。 “布鲁斯·谢尔收藏”，Heritage Auctions，2005 年 2 月 24 日，拍品 4148 – 14.950 美元。 Bruce Scher 插入； “理查德·朱厄尔收藏”，美国钱币稀世珍品，2006 年 3 月 14 日，拍品 1848 – 18,400 美元；作为 PCGS MS68 #06636088。 Heritage 拍卖，2013 年 1 月 10 日，拍品 5974 – 15,275 美元。正面左右边缘和区域区域采用金色和杏色中央色调，并带有蓝色和紫色点缀。布鲁斯·谢尔（Bruce Scher）插入。 NGC MS68：Heritage 拍卖行，2001 年 1 月 6 日，拍品 9084 – 4,657,50 美元。正面为金色和洋红色色调。 PCGS MS67+ CAC #46366251：Stack’s Bowers，2023 年 3 月 24 日，拍品 7168 – 4,560 美元。 PCGS MS67+ CAC #43458463：Heritage 拍卖，2021 年 11 月 4 日，拍品 91160 – 4,680 美元。 PCGS MS67+ CAC #41786246：Heritage Auctions，2021 年 6 月 18 日，拍品 3743 – 4,080 美元； GreatCollections，2021 年 8 月 8 日，拍品 1030756 – 视图。通体采用铁锈色色调。背面有斑点色调。 NGC MS67+ CAC #5742512-002：Heritage 拍卖，2021 年 4 月 24 日，拍品 4815 – 4,080 美元。 PCGS MS67+ CAC #25649243：“The Cedar Crest Collection，第一部分”，Heritage Auctions，2019 年 4 月 26 日，拍品 4465 – 4,800 美元。 PCGS MS67+ CAC #81867692：Stack’s Bowers，2017 年 6 月 23 日，拍品 11542 – 6,756.25 美元。深黄花和钢色调。 PCGS MS67+ CAC #25307487：“滚滚雷霆 50 件纪念收藏品”，Heritage Auctions，2015 年 9 月 18 日，拍品 5374 – 4,465 美元； Heritage 拍卖，2016 年 1 月 6 日，拍品 3355 – 4,935 美元。 PCGS MS67+ CAC #31696461：Heritage 拍卖，2015 年 6 月 5 日，拍品 5541 – 3,995 美元。运动区的绿色和红色色调。设计正面：

The obverse motif focuses on a kneeling gold prospector. Above the pan is the motto IN GOD WE TRUST. Wrapping around the top of the design is the word LIBERTY. The ground that the prospector kneels on forms an exergue. The exergue contains the words CALIFORNIA’S · DIAMOND · JUBILEE ·, and the date 1925.

正面图案集中于跪着的淘金者。平底锅上方写着“我们相信上帝”的座右铭。环绕设计顶部的是“自由”一词。探矿者跪下的地面形成了一个练习场。勘误表包含“CALIFORNIA’S·DIAMOND·JUBILEE·”字样和日期 1925。

Reverse:

撤销：

On the reverse, artist Jo Mora depicts a California bear walking towards the left. E · PLURIBUS · UNUM wraps around above. The ground that the bear walks on forms an exergue. The exergue contains the words · UNITED · STATES · OF · AMERICA ·, and HALF DOLLAR.

在背面，艺术家乔莫拉描绘了一只向左行走的加州熊。 E·PLURIBUS·UNUM 环绕上面。熊所走的地面形成了一个exergue。勘误表包含单词·UNITED·STATES·OF·AMERICA·和HALF DOLLAR。

Coin Specifications

硬币规格 国家：美国 发行年份：1925 面额：半美元 (USD) 铸币厂标记：S（旧金山） 净发行量：86,594 合金：0.900 银、0.100 铜 重量：12.5 克 直径：30.6 毫米 边缘：Reeded OBV 设计师 Jo Mora REV 设计师 Jo Mora 品质：商业打击

* * *

** **