LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

3450

1850 $5 Mormon Five Dollar AU55 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:30,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1850 $5 Mormon Five Dollar AU55 PCGS
<B>1850 $5 Mormon Five Dollar AU55 PCGS.</B></I> K-5, High R.5. An excellent example for the specialist as very few of these Mormon gold coins survived and they are virtually impossible to find in Uncirculated condition, with PCGS noting a single certified example as Mint State. The surfaces retain traces of luster in the protected areas, and the strike is quite sharp for issue. Note the details on the all-seeing eye, the halo and the cap, all of which are clearly defined. Well centered and preserved, and a coin which boasts outstanding quality for the issue. We do note three tiny nicks in the field near the left rim on the obverse, just past the O of TO, and three similar tiny nicks above the F of FIVE on the reverse, and these will serve to identify this coin. On the reverse, the clasped hands are a different style than seen on the 1849 five dollar issue, and show more delicate engraving. The same letter punches were used for the 1849 and 1850 issues, with the extension at the top of the middle bar of the E present on each die where that letter was used. As to rarity, there are perhaps 150-200 of this date to have survived, the present coin is very near the finest condition seen and would make a welcome addition to any advanced collection.<BR> On Brigham Young's orders, new coins dated 1850 were struck. These were alloyed with silver and struck from the newly designed dies. Nevertheless, the reputation of the 1849 Mormon gold coins haunted those struck in 1850, and the 1850 coinage also came under fire for being debased. This debased claim was found to have merit, as tests by Eckfeldt & DuBois conducted during 1850 found the average Mormon coin fineness to be .866, below the expected .90 standard. With the additional silver alloy added to these 1850 pieces, the fineness may have been lower. This is notable on a coin which claims to be "Pure Gold" as stated in the abbreviated motto. Of the Mormon gold which circulated, any that found its way to California was accepted only at a discount, and virtually all were subsequently melted. Survival rates on these early Mormon issues are thus understandably low. Listed on page 365 of the 2008 <I>Guide Book.</B></I> Population: 12 in 55, 2 finer (11/07).<BR><I>Ex: The Great Western Collection of Territorial Gold, San Francisco ANA (Heritage, 7/05), lot 10466, which realized $34,500.<BR>From The Madison Collection.</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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