Lot 2252
1850 Mormon $5 Gold. NGC graded AU-55. Light gold tone. Nice mint luster with lightly golden toning. Full struck with full fingers showing. A few minor obverse and reverse lines. Well struck and a fully AU55 coin. One of the better quality survivors from the 1850-dated issue we have handled.
The Mormon gold coins, struck on the orders of Brigham Young, were often of superior quality despite the poor equipment on hand to produce them. The same cannot be said for their purity, which caused some consternation in California and was one of the chief complaints leading to the Federal government establishing a Mint at San Francisco, California in 1854. The Mormon fives were all struck in 1849 and 1850 using a uniform system of determining weight and fineness; none were issued with the 1851 date. Due to the softness of pure gold a small percentage of silver was added to create an alloy, and thus, were more durable in circulation. A later issue in 1860 (the "Beehive" coins) is also noted.
The Mormon gold coins were struck mainly so the people within the settlement would have a sound means of payment to trade for goods produced back East, in the industrial part of the country. However, some were also used in a few non-Mormon businesses located in Utah. Because most of the coins were shipped East, there were virtually none left in circulation in the Mormon local market, according to historical accounts. Pop 5; 13 finer (PCGS # 10265) .
Estimated Value $25,000 - 30,000.
The Stocker Estate.
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| Realized $36,800 |
