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    Description

    Choice AU 1849 Mormon Five Dollars

    1849 $5 Mormon Five Dollar AU55 NGC. K-2, R.5. Although the Mormons struck gold coins for the benefit of their own economic community, 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. After careful inspection, 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. As news of this discrepancy spread, merchants throughout the country started to accept Mormon coinage at 10-25% below face value. Eventually, most of the coins were melted. Better struck than often encountered, this example shows some finger definition on the clasped hands. The light olive and tan-gold surfaces are only minutely grainy and not unduly marked. Listed on page 308 of the 2005 Guide Book.(#10262) (NGC ID# 2BCE, PCGS# 10262)

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    Auction Dates
    September, 2005
    21st-24th Wednesday-Saturday
    Bids + Registered Phone Bidders: 6
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    Due completely to Heritage's thoroughly diligent and professional management and promotion of the collection, the faraday Collection stirred national attention among numismatists and the auction results brought a gross value greater than that last estimated by the experienced collector.
    The Estate of David M. Faraday ,
    San Rafael, CA
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