There are currently no items available for purchase in this Department. Search our Auction Archives below to find item values.
Opening Bid :
Current Bid:
Reserve Amount:

You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) Buyer's Premium).


Notice: You are the current high bidder on this lot, but the next highest bid is within one increment. That means that any additional bids on this lot will outbid you. To increase your chances of winning, enter your highest maximum bid.

You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) Buyer's Premium).

You are the current high bidder on this lot.
(Sign-In to see your maximum bid)

Your secret maximum bid of %bidPretty% has been outbid.

Your secret maximum bid of %bidPretty% does not meet the reserve.

(Sign-In to see your maximum bid)

Your secret maximum bid does not meet the reserve.
(Sign-In to see your maximum bid)

Lot
3455

1849 $5 Oregon Exchange Co. Five Dollar AU53 NGC....

2008 January Orlando, FL (FUN) Signature Coin Auction #454

 
Sold for: Sign-in or Join (free & quick)
Auction Ended On: Jan 10, 2008
Item Activity: 9 Internet/mail/phone bidders Number of Bidders
2,767 page views
Location:

Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Lot Viewing, Room 220 D, E, F
Auction, Room 230 B

Description:
Lustrous AU53 1849 Oregon Exchange Five Dollar
1849 $5 Oregon Exchange Co. Five Dollar AU53 NGC. K-1, R.5. The news of the discovery of gold in California reached the Oregon Territory in late July 1848. That news was confirmed in Oregon City, seat of Clackamas County, on August 9 of that year, when the brig Henry docked with gold dust, arriving from San Francisco, and by October more than two-thirds of the men in Oregon had departed to seek treasure in the gold fields of California. The Oregon Spectator, founded in 1846, one of the first newspapers west of the Mississippi River, was forced to stop publishing in 1848 "because its printer, with 3,000 officers, lawyers, physicians, farmers and mechanics were leaving for the gold fields." (Kagin, Private Gold Coins and Patterns of the United States.) By spring of the following year, gold dust had almost entirely replaced beaver and other fur pelts as the primary medium of exchange, although it traded at a substantial discount to silver coins (when available) and to its value at the Philadelphia Mint. Miners were losing money.
Against this backdrop, the Oregon Exchange Company was formed, with the express purpose of weighing and stamping gold. Although Oregon was officially declared a territory of the United States on March 3, 1849--rendering any plan to coin gold clearly unconstitutional--several prominent residents determined to proceed with the plan. The surnames of those residents were Kilborn, Magruder, Taylor, Abernethy, Willson, Rector, (Gill) Campbell, and Smith. Their initials K. M. T. A. W. R. G. S. appear around the rim of the five dollar gold pieces, which also picture a beaver on a log and a laurel wreath. In error, the initials T.O. (rather than O.T., for Oregon Territory) were stamped on the obverse. The five dollar contains the reverse legend OREGON EXCHANGE COMPANY around the periphery, with 130 G. / NATIVE GOLD. / 5 D. in the center. The initials of two men were omitted from the ten dollar pieces struck later, and the T.O. was corrected to O.T.
The gold coinage was unalloyed with silver or copper, and succeeded in raising the price of gold dust from $12 to $16 as the pieces circulated. Alloy was purposely omitted to ensure that the pieces would be accepted regardless of variances in the purity of gold dust, but their inherent softness caused them to suffer in contact with the harder alloyed gold coinage from California--and their higher intrinsic value caused them to soon be melted.
The fives were struck to the extent of 6,000 pieces, along with 2,850 of the tens. The present example shows light rub and strike softness on the beaver and his log, along with miscellaneous small abrasions and surface nicks characteristic of a soft, unalloyed gold. A bit of softness is also visible around the N's in OREGON and NATIVE. Much luster remains, however, and the surfaces are enormously appealing. Census: 4 in 53, 4 finer (12/07). Listed on page 364 of the 2008 Guide Book.
From The Madison Collection.
(PCGS# 10288)

View all of [The Madison Collection ]
View large image(s) of this item

Service and Handling Description: Coins & Currency (view shipping information)

Sales Tax information  | NGC Coin Grading Guarantee  |  Terms and Conditions

Bidding Guidelines and Bid Increments

Guides and Pricing Information:

Previous Prices from Heritage Auctions
Sign-in or Join (free & quick)
Price Guide
Sign-in or Join (free & quick)
Population Guide
Sign-in or Join (free & quick)
Find Auction Prices for Comparable Items:

Photographs:
Sign-in or Join (free & quick) to see the full image




FLOOR AUCTIONS View All
Open For Bidding
Coming Soon
HERITAGE MEMBERSHIP
866,481
bidder-members
$936,409,067
sold in the last year
VIEW BENEFITS
  1. Past Auction Values (prices, photos, full descriptions, etc.)
  2. Bid online
  3. Free Collector newsletter
  4. Want List with instant e-mail notifications
  5. Reduced auction commissions when you resell your
    winnings 
CONSIGNMENTS WANTED
Consign to the 2014 August 6 - 11 World and Ancient Coins Signature Auction - Rosemont.
Learn About Consigning With Us
The whole staff at Heritage made the difficult process of selling my husband's treasured collection much less painful through their understanding.
S.J. ,
Clarksburg, WV
HA.com receives more traffic than any other auction house website. To compare for yourself, visit: compete.com
Take our 2014 Coin
and Currency Survey
Grand prize:
A Certified Uncirculated
1907 High Relief $20!*
Take the Survey
HERITAGE VIDEO TUTORIAL
GETTING THE MOST OUT OF SEARCH
RECENT AUCTIONS
2014 March 21 &  23 US Coins Signature Auction - San Francisco
2014 March 21 & 23 US Coins Signature Auction - San Francisco
REALIZED $4,375,539
2014 April 10-12 & 15-16 CICF World and Ancient Coins Signature Auction - Chicago
2014 April 10-12 & 15-16 CICF World and Ancient Coins Signature Auction - Chicago
REALIZED SO FAR $15,008,174
2014 January 9 & 13 FUN World Currency Signature Auction - Orlando
2014 January 9 & 13 FUN World Currency Signature Auction - Orlando
REALIZED $305,199