LOT Heritage Rare Coin Galleries  /  2006 October Dallas Signature Coin Auction #428  / 

3662

1850 $5 Mormon Five Dollar XF45 NGC. K-5, High R.5. Th

Currency:USD Category:Coins & Paper Money / US Coins Start Price:5,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1850 $5 Mormon Five Dollar XF45 NGC. K-5, High R.5. Th
<B>1850<$5> Mormon Five Dollar XF45 NGC.</B></I> K-5, High R.5. The rarity of these pieces can easily be explained by the quality of workmanship when they were made. The Mormon gold coins were debased and worth substantially less than the five dollar face value that was indicated. Because of this, they were accepted by weight and estimated purity by merchants who naturally undervalued them. Once they passed into the hands of merchants, they were melted down for their gold value. Of course, the merchants would make a profit on the items they sold, and make an additional profit when they melted the pieces down for their material.<BR> The Mormon gold coins are extremely difficult to evaluate today. The original relief was quite flat, and even a short time in circulation would cause substantial weakness in the design as on this example. The light greenish-gold surfaces retain traces of luster that indicate a higher grade.
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