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Lot
7350

1849 $5 Mormon Five Dollar AU50 PCGS. K-2, R.5. After the ...

2004 September Long Beach Signature Sale #355

 
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Auction Ended On: Sep 10, 2004
Item Activity: 7 Internet/mail/phone bidders
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Location: Long Beach, CA
Description:
Noteworthy About Uncirculated 1849 Mormon Five Dollars
1849 $5 Mormon Five Dollar AU50 PCGS. K-2, R.5. After the Gold Rush in California began in earnest in 1848, at the end of that year enough gold dust had found its way into the Mormon's church treasury to begin private gold coinage. On November 25th of that year, Brigham Young, John Kay, and John Taylor got together and created the symbols used on these unique and interesting territorial coins. Apparently official production records were not kept (or have subsequently been lost) and today we do not know the exact number of pieces struck. However, Breen estimates the total to be around 5,300 coins. Of course, far fewer are extant today since they were underweight and repudiated in commerce. This is the first of the three Five Dollar issues produced by the Deseret Assay Office and it is a rare coin in all grades. The surfaces are bright olive-gold in color and are minutely granular, a bit more so along the lower right reverse border. The clasped hands are softly struck, as is characteristic of the issue. A couple of wispy pinscratches are only detectable under a lens.(#10262) (PCGS# 10262)

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