Mormon $5 Gold Among Highlights of Heritage’s Summer FUN Auction of Rare U.S. Coins

For many, any discussion about privately issued U.S. gold coins conjures images of the California gold rush, and with good reason.

But the Golden State was not alone as a source of the needed gold. Among the other states that contributed to the growing domestic gold production was Colorado. Discovery of gold in the Centennial State prompted the coinage of a rare gold piece by the Mormon community in Salt Lake City, an example of which will be among the treasures grabbing a share of the spotlight in Heritage’s Summer FUN US Coins Signature® Auction July 17-20.

Once believed to have been first coined in May 1859, the 1860 Mormon Five Dollar, AU53 PCGS. CAC. K-6, R.5 offered in this auction is a beautiful example of the rare lion and beehive issue struck between January and March 1860, with a likely total mintage of only 587 pieces.

"The desire for financial independence led to the striking of many gold denominations," says Todd Imhof, Executive Vice President at Heritage Auctions. "Gold was discovered in Colorado in 1858, some reaching the Mormon community through prospecting and trade, especially through the family of S.M. Rooker, who were Mormons in Cherry Creek. Not many were struck in 1860, making this a rarity that is actively sought by serious collectors."

Also offered is an 1851 $50 Humbert Fifty Dollar, Reeded Edge, 887 Thous. MS60 NGC. K-7, R.5. The K-7 fifty is rare and desirable in all grades, but particularly so in Mint State condition. Because of its contract to manage the United States Assay Office of Gold and the accompanying support of United States Assayer Augustus Humbert, Moffat & Company briefly became the sole surviving firm among all California private minters in 1851. It was respected for its honesty and reliability, but roundly criticized for the cumbersome octagonal fifties it produced that were considered a "decided nuisance." This K-7 fifty dollar gold piece features Albert Kuner’s new reverse die paired with the late die state 887 Thous obverse, with extensive die rust and light abrasions visible in the fields. This example is one of just two carrying a grade of 60; there are only 23 with higher grades.

An 1889-CC Dollar MS63 Deep Mirror Prooflike PCGS. CAC is a key to the Carson City series. The 1889-CC and 1893-S silver dollars are the two business strikes that top the want lists of more collectors than any other Morgan issues, and the 1889-CC is by far the single most desirable Morgan dollar from the Carson City Mint, bolstered by a mintage that was low even by the latter-year standards of the Nevada facility – and one where many specimens wound up being melted later. One estimate from Carson City specialist Rusty Goe suggests as many as 92%, or 325,000 of the 350,000 pieces struck, may have been destroyed under terms of the 1918 Pittman Act. Less than 3% of the 1889-CC date qualify for Deep Mirror Prooflike recognition, and far fewer pieces also achieve CAC endorsement.

An 1818 BD-2 Half Eagle, MS64 NGC is tied for the fifth-finest 1818 half eagle of any variety, from a suggested total population of just 200-250 coins. The BD-2 die pair is the so-called "STATESOF" reverse, with the "S" in "STATES" over the first "U" in "UNUM."

A 1795 Capped Bust 13 Leaves Right Eagle, AU55 NGC is an attractive AU specimen. After the Philadelphia Mint began circulating gold coins in 1795 with an early mintage of half eagles, its focus turned to eagles, including an initial batch of 1,097, likely of the BD-1 variety. The offered coin represents the BD-1 variety and may have been included in the first delivery. A total of 5,583 Capped Bust Right eagles were struck in late 1795 – some of which may have been struck early in 1796, as well. The surviving BD-1 population has been estimated at 225-325 in all grades.

An 1867 Quarter Eagle, PR67 Deep Cameo PCGS is tied for the finest certified example. The Philadelphia Mint struck a relatively generous mintage of 50 proof Liberty quarter eagles for collectors in 1867, along with a meager business-strike production of 3,200 pieces. Despite the larger-than-average mintage, the 1867 proof quarter eagle is just as rare as the proofs of earlier years that had half the production totals. It is believed that many examples went unsold and were melted after the end of the year. John Dannreuther estimates the surviving population at 14-16 examples in all grades.

Other top lots in the auction include, but are not limited to:

• An 1855 $50 Wass Molitor Fifty Dollar XF40 NGC. K-9, R.5

  

• A 1797 $10 Large Eagle, BD-4, High R.4, MS61 NGC

  

• A 1915-S $50 Panama-Pacific 50 Dollar Round MS64 NGC. CAC

  

• An 1863 Liberty Eagle AU50 PCGS

  

• An 1885 Three Dollar Gold, PR66 Cameo PCGS. CAC

  

• A 1913 Saint-Gaudens Double Eagle, MS65 PCGS. CAC

  

Images and information about all lots in the auction can be found at HA.com/1384.

About Heritage Auctions

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