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Lot
3688

1849 $5 Mormon Five Dollar AU50 NGC. K-2, R.5. The Mormons struck gold coins for the benefit of their own economic communit...

2006 January Orlando, FL (FUN) Signature Auction #394

 
Sold for: Not Sold
Auction Ended On: Jan 5, 2006
Item Activity: 2 Internet/mail/phone bidders
147 page views
Location: Orlando, FL
Description:
About Uncirculated 1849 Mormon Five Dollars
1849 $5 Mormon Five Dollar AU50 NGC. K-2, R.5. The Mormons struck gold coins for the benefit of their own economic community, however, many of the pieces were used to purchase goods throughout the United States. In early 1850, William P. Hort, the assayer of the New Orleans Mint, obtained an example of the Mormon twenty dollar gold piece. He concluded that the coin was only .892 fine instead of .900 fine, and weighed 20% less than the specified weight of the United States' regular issue double eagle. Soon thereafter, bankers throughout the country would only accept Mormon coinage at 10-25% below face value. Eventually, the majority of the coins were melted. The present example offers dusky russet-gold peripheral color, while the centers are lighter olive-gold in hue. Thorough evaluation discovers a faint pinscratch above the hands, but no other marks are substantial. The strike is soft on the clasped hands motif, as usual for the type. Listed on page 361 of the 2006 Guide Book. (PCGS# 10262)

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