The Carpenter-Richardson family established itself in Cle Elum, Washington in 1906 when Frank Carpenter, a native of Girard, Illinois, arrived and organized the Cle Elum State Bank. Norah Carr, also of Girard, joined him at Cle Elum in 1908 and they married soon after. Their daughter, Margaret, was born at Cle Elum about two years after her parents' marriage. In 1943, she married Dr. John Purver Richardson, a physician from Ellensburg, Washington. John Richardson died in 1953, Frank Carpenter in 1959, Norah Carpenter in 1962, and Margaret Carpenter Richardson in 1973. During its sixty-seven years in Cle Elum, the family's place was among the community's relatively well-to-do elite. It was supported by Frank Carpenter's income from the Cle Elum State Bank, a small state bank with branches at Cle Elum and Roslyn, and from his various investments in local real estate. This income enabled his family to conduct a style of life which included an expensive house, travel around the United States, and boarding schools for daughter Margaret.

According to the note on the envelope containing the coin, Frank Carpenter gave it to his mother about 1890, and in 1919 his father presented it to Frank Carpenter's daugher, Margaret.