1850 $5 Mormon Five Dollar AU58 PCGS. CAC. K-5, High R.5....

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1850 Mormon Five Dollar, K-5, AU58
CAC Approved, Conditionally Rare

1850 $5 Mormon Five Dollar AU58 PCGS. CAC. K-5, High R.5. The fairly isolated Mormon community around Salt Lake City, Utah established itself in 1847. The settlers were relatively poor after purchasing supplies to travel westward, leaving behind them property and possessions. The economic and financial situation in the Deseret community was changed by the discovery of gold at Sutter's Mill. The Mormons acquired a significant amount of gold dust and bullion from the California gold fields before the onslaught of the Gold Rush and the arrival of miners and prospectors from the East, and took the precious metal back to Salt Lake City. In 1849, the Deseret mint struck gold coins in four denominations equivalent in face value to the U.S. quarter eagle, half eagle, eagle, and double eagle. The five dollar denomination was struck again in 1850, and then again in 1860. The 1860 issue was produced with gold from Colorado and employed an updated motif that incorporated the Mormon-familiar beehive.

The five dollar pieces of 1850 were minutely lighter than those dated 1849, per Don Kagin. Most examples seen today grade in the XF to low-end AU range, and many have impairments. This near-Mint example is a rarity from a grade perspective, and it is one of just two pieces in at this level with CAC endorsement. Central strike sharpness is surprisingly strong for the issue, and there is little wear. Deep amber-gold patina characterizes this piece, and elements of satin luster cling to the most protected portions of the peripheral fields. Listed on page 408 of the 2022 Guide Book. Population: 4 in 58, 2 finer. CAC: 2 in 58, 0 finer (11/21).
From The Buffalo Bayou Collection of Territorial Gold.

Coin Index Numbers: (NGC ID# 6J6X, PCGS# 10265, Greysheet# 11823)

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