Wells Fargo museums explore the various stages of money

It may come as no surprise that the main currency of California during the Gold Rush era was gold dust. But another form of exchange was Spanish-Mexican silver coins, which were legal tender until 1857, according to Robert Chandler, curator of the five Wells Fargo history museums in California.

The offices of Wells Fargo Bank in San Francisco Photo courtesy "California's Gold Rush Country"

"All the prices of things were in "bits' until after the 1860s. The expression "pieces of eight' comes from those coins. You took a Mexican silver dollar, whacked it with a chisel, and you'd get eight bits. Two bits would be 25 cents.

"The mint in San Francisco opened in 1854 and then American coins were used. Everything was based on U.S. gold coins, minted at the $20.67 per Troy ounce standard. There were also some fractional gold coins. The weight and purity was very important. Bankers would discount private coins that didn't weigh enough. When gold coins got worn or chipped they were pulled out of circulation and melted down," Chandler said.

Private gold coin makers, of which there were maybe a dozen, also minted gold coins, he said. Among the more interesting private money minters was "His Majesty Norton the First, (self-proclaimed) Emperor of the United States and Protector of Mexico," whose 50-cent bonds were immediately accepted in California around 1870, Chandler said.

"They had his picture on them and each of the bonds could buy the guy a few meals," said Chandler, an encyclopedia of money information.

Of Wells Fargo Bank's five museums, two are in Sacramento, one at the main bank at 400 Capitol Mall, the other in the Hastings Building at 2nd and J streets in Old Sacramento. The others are in San Francisco, Los Angeles and San Diego.

Sacramento was the main gold dust center when Wells Fargo Bank was founded on March 18, 1852. Its first two offices were in Sacramento and San Francisco. At the Capitol Mall museum, one of the original Wells Fargo stagecoaches is a major attraction.

"It's a fully restored 1866 Concord stagecoach made by Abbott and Downing in Concord, N.H. The stagecoach is one of the top recognized trademarks in the world," says Indulis Kalnins, assistant museum curator for Wells Fargo.

"All the things here document Wells Fargo's commercial history in Sacramento. The company was founded by Henry Wells and William Fargo, who had already founded the American Express Co. They realized California was going to have a need for express and exchange, so they came out here."

The most popular item at the Old Sacramento museum is a rare Howard Davis gold scale, according to Robert Casado, a museum attendant.

"It's striking looking and has all the gold weights," Casado said. "The company still exists. It's called E. Howard & Co., and they make clocks and weighing and measuring equipment. They also made the banjo clocks for Wells Fargo. We have one here, but it's a reproduction. There's a real one in the San Francisco museum.

The Old Sacramento museum is open from 10 a.m. to 5 p.m. Monday through Sunday. The Capitol Mall museum is open from 9 a.m. to 5 p.m. Monday through Friday.