Lot 2854
1850 Mormon $5 Gold. PCGS graded AU-58. PCGS holder 7996479. Nice mint luster with lightly golden toning. Full struck with full fingers showing. A few minor obverse nicks above LORD and to the right of the crown. Well struck and a fully mint state coin down graded slightly for the minor nicks. One of the finest examples we have ever handled. This coin has been in the same family for over 100 years and never auctioned before. Housed in PCGS holder 07996479.
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 coins 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.
The Mormon gold coins were struck mainly so the people within the settlement would have a sound means of exchange to purchase goods produced back East, in the industrial part of the country. However, some were also traded to the 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 records (PCGS # 10265) .
The devices chosen on this piece are significant to the Mormon Church. On the obverse, the Emblem of the Mormon Priesthood was placed, a three pointed Phrygian crown above the all-seeing eye. HOLINESS TO THE LORD surrounds these central devices. On the reverse, the clasped hands symbolize friendship, G.S.L.C.P.G. is abbreviated for Great Salt Lake City Pure Gold despite the gold having come from California.
Estimated Value $50,000 - 55,000.
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| Realized $57,500 |
