Heritage World Coin Auctions
Long Beach Signature US Coin Sale 1256 8-9 Jun 2017
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Territorial Gold
1849 $2 1/2 Mormon Quarter Eagle -- Scratch -- PCGS Genuine. AU Details. K-1, High R.5. Some soldiers of the Mormon Battalion, who were stationed in California during the Mexican War, were among the early discoverers of gold in the waters of the American River late in 1848. Four denominations of gold coins ($20, $10, $5, and $2 1/2) were struck from gold dust found by these soldiers after their return to Salt Lake City, where the local economy was suffering from an almost complete lack of circulating coinage. Unfortunately, the Mormon assayers lacked experience in this field, and their coins were determined to be of low weight and fineness when examined by the assayers at the United States Mint. Reports of this low intrinsic value caused the Mormon coinage to be widely repudiated outside the Mormon community, and most of the coins were melted for recoinage at an early date. The five dollar denomination was struck again in 1850 and 1860, but the other denominations were one-year issues. The 1849 Mormon quarter eagle is elusive in all grades today.
The present coin shows some light wear on the well-detailed design elements, but the pleasing orange-gold surfaces are lightly abraded, outside of a thin gouge on the reverse that extends from the H in HALF to the Clasped Hands. Listed on page 408 of the 2018 Guide Book.
HID02901242017
1849 $2 1/2 Mormon Quarter Eagle -- Scratch -- PCGS Genuine. AU Details. K-1, High R.5. Some soldiers of the Mormon Battalion, who were stationed in California during the Mexican War, were among the early discoverers of gold in the waters of the American River late in 1848. Four denominations of gold coins ($20, $10, $5, and $2 1/2) were struck from gold dust found by these soldiers after their return to Salt Lake City, where the local economy was suffering from an almost complete lack of circulating coinage. Unfortunately, the Mormon assayers lacked experience in this field, and their coins were determined to be of low weight and fineness when examined by the assayers at the United States Mint. Reports of this low intrinsic value caused the Mormon coinage to be widely repudiated outside the Mormon community, and most of the coins were melted for recoinage at an early date. The five dollar denomination was struck again in 1850 and 1860, but the other denominations were one-year issues. The 1849 Mormon quarter eagle is elusive in all grades today.
The present coin shows some light wear on the well-detailed design elements, but the pleasing orange-gold surfaces are lightly abraded, outside of a thin gouge on the reverse that extends from the H in HALF to the Clasped Hands. Listed on page 408 of the 2018 Guide Book.
HID02901242017