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

3452

1860 $5 Mormon Five Dollar AU58 NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:67,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1860 $5 Mormon Five Dollar AU58 NGC
<B>1860 $5 Mormon Five Dollar AU58 NGC.</B></I> K-6, High R.5. The Mormon coinage of gold pieces in 1860, all of which bore a denomination of five dollars, was an interesting echo of earlier efforts to create a territorial currency a decade before. The 1849- and 1850-dated issues spanned four distinct denominations, including an 1849-dated double eagle equivalent. Disparagement of the pieces by outsiders, including allegations of debasement, led to an initial cessation of minting activity and an auction of coinage equipment, according to an article by Eric von Klinger in the December 20, 2004 edition of <I>Coin World</B></I>. The purchasers of the coining press continued limited strikings until mid-1851, when the project finally ceased.<BR> Mintages for those issues are speculative, but the net production of the 1860 five dollar pieces is more or less set at 472 pieces. These figures come from the records of Colonel Joseph M. Lock, an engineer whose records were quoted by von Klinger. Minting took place from the last days to February to early March, a period of under two weeks. In the intervening decade, much had changed; the proposed State of Deseret had become the Utah Territory under the jurisdiction of the federal government, and coining money was no longer the prerogative of a provisional government. As recounted in von Klinger, "Utah's first non-Mormon territorial governor, Alfred Cumming, put a quick stop to the project."<BR> The dusky honey-gold and orange-gold surfaces of this near-Mint example show distinct violet shadings near the obverse margins. This well-defined piece shows light but distinct highpoint friction, though that friction has little impact on the subtle luster evident in the fields. Marks are few, and the overall visual appeal is excellent. A gorgeous representative of this challenging and evocative pioneer issue.<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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