"Territorial" is a term that encompasses a wide range of coins issued by private minters, semi-official entities, fly-by-nighters, entrepreneurs, and opportunists in a variety of locations.  Nearly all of the coins arose out of necessity and were created to fill a void that the U.S. government could not or would not fill.  Until the government intervened, these issue flourished; once the government entered the market, they effectively disappeared or were made illegal.

The first Territorial issues appeared in Georgia and North Carolina, when gold was discovered in those regions.  In 1830, Templeton Reid of Georgia produced $2.50, $5, and $10 of proper weight but improper content, so his coins lost credibility quickly (this will be a recurring theme among most Territorial gold coins).  The Bechtler family produced gold coins of $1, $2.50 and $5 denominations beginning in 1831.  Their coins were more credible and were accepted locally until the 1850s.