1849 $5 Mormon Five Dollar, K-2, R.5, VF35 PCGS. CAC....

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1849 Mormon Five, VF35
Elusive Territorial Gold Issue, K-2 Variety

1849 $5 Mormon Five Dollar, K-2, R.5, VF35 PCGS. CAC. Beginning on September 28, 1848, returning Mexican War veterans began showing up at Salt Lake City with gold they had mined on the American River in California on their journey home. The gold dust was most welcome in the Mormon community, as virtually no hard currency was available in the region at that time. However, problems with inaccurate weighing and loss made gold dust less than ideal as a medium of exchange. A mint was soon established in Salt Lake City, under the authority of the Mormon Church. Dies were forged by blacksmith John Mobourn Kay and the first gold deposit was made on December 10, 1848. By 1849, the Mormon coinage program was in full swing, with coins issued in two and a half, five, ten, and twenty dollar denominations. The coins were readily accepted in the Mormon community, but outside assays found them underweight and of improper fineness, so they were only accepted at a steep discount outside the Salt Lake Valley. All the Mormon issues are scarce-to-rare today.

The present coin is a pleasing Choice VF example of the five dollar K-2 issue, with all lettering and the date bold and all major design elements complete in outline. The Mormon fives are always seen softly struck on parts of the eye and clasped hands, and even lightly worn specimens show little interior detail on these features. The orange-gold surfaces are lightly abraded and the overall presentation is quite attractive.

Coin Index Numbers: (NGC ID# 6J6V, PCGS# 10262, Greysheet# 11822)

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