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ANA Signature US Coin Sale 1258 2-6 Aug 2017
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Territorial Gold
1849 $5 Oregon Exchange Co. Five Dollar AU50 NGC. K-1, R.5. The California Gold Rush brought about profound changes in the economy of its sparsely settled neighbor to the north, as much of the male population of Oregon promptly pulled up stakes and headed for the gold fields when word of the discovery at Sutter's Mill got out. They were among the first outsiders to arrive in the gold region, had their pick of prime locations, and generally prospered greatly. The loggers and miners who remained behind in Oregon also benefited from the boom, as burgeoning population centers like San Francisco provided a rapidly expanding market for building materials and foodstuffs. It is estimated that more than $2 million worth of gold dust made its way northward into Oregon Territory by the end of 1851, an enormous influx of wealth for the thinly populated region to absorb.
As the economy expanded, the Oregon Territory experienced a dire need for a practical medium of exchange, as gold dust is difficult to transport, easily lost in handling, and vulnerable to inaccurate scales used by unscrupulous merchants. There was virtually no circulating federal currency in the region, so enterprising businessmen set up a private mint under the auspices of the Oregon Exchange Company. The principals of the firm were William Kilborn, Theophilus Magruder, James Taylor, George Abernethy, William Wilson, William Rector, John Gill Campbell, and Noyes Smith. It was intended to place the initials of the principals on the coins, but the engraver accidentally used a G punch instead of a C for Campbell. Henry Chapman described the design of the Oregon five in lot 1960 of his catalog of the Matthew Stickney Collection (Chapman, 6/1907):
"849 $5. Beaver on a log faces right, above the initials of the members of the Oregon Exchange Co. as follows. K.T.A.W.R.G.S., (Kilbourn, Magruder, Taylor, Abernethy, Wilson, Rector, Campbell, Smith,) Below T.O. (Thomas Ormsby), 1849, branch at either side of date. R. OREGON EXCHANGE COMPANY, in center 130 G. NATIVE GOLD, 5D. Borders and edge plain. Very good. Extremely rare. See Plate."
Apparently, the engraver also transposed the initials of the Oregon Territory, causing Chapman to suppose the T.O. stood for Thomas Ormsby.
The mint began operations in late March of 1849 and struck about 6,000 five dollar gold pieces and 2,850 ten dollar coins over the next six months. The Oregon Exchange Company suspended coinage operations after that time, as the crucibles used to melt the gold dust were broken and some key personnel departed to return to the gold fields. The Oregon "Beaver Money" served the region well until the San Francisco Mint opened in 1854. The Oregon Exchange Company coins were struck from unalloyed gold, which made their intrinsic value higher than their face value in most cases, so the coins were promptly turned in for recoinage once the San Francisco facility began operations. "Beaver Money" was seldom seen in circulation after that time and the coins are rare today.
The coin offered here is an impressive AU example that exhibits some light wear on the well-detailed design elements. The beaver is complete in outline and all lettering and the date remain legible. The orange-gold surfaces show numerous minor contact marks, as the gold composition, unalloyed with harder metal, made the coins susceptible to surface marks and wear. The surfaces are problem-free however, and none of the marks are large or distracting. The overall presentation is quite appealing. Listed on page 407 of the 2018 Guide Book. Census: 3 in 50, 9 finer (6/17).
HID02901242017
1849 $5 Oregon Exchange Co. Five Dollar AU50 NGC. K-1, R.5. The California Gold Rush brought about profound changes in the economy of its sparsely settled neighbor to the north, as much of the male population of Oregon promptly pulled up stakes and headed for the gold fields when word of the discovery at Sutter's Mill got out. They were among the first outsiders to arrive in the gold region, had their pick of prime locations, and generally prospered greatly. The loggers and miners who remained behind in Oregon also benefited from the boom, as burgeoning population centers like San Francisco provided a rapidly expanding market for building materials and foodstuffs. It is estimated that more than $2 million worth of gold dust made its way northward into Oregon Territory by the end of 1851, an enormous influx of wealth for the thinly populated region to absorb.
As the economy expanded, the Oregon Territory experienced a dire need for a practical medium of exchange, as gold dust is difficult to transport, easily lost in handling, and vulnerable to inaccurate scales used by unscrupulous merchants. There was virtually no circulating federal currency in the region, so enterprising businessmen set up a private mint under the auspices of the Oregon Exchange Company. The principals of the firm were William Kilborn, Theophilus Magruder, James Taylor, George Abernethy, William Wilson, William Rector, John Gill Campbell, and Noyes Smith. It was intended to place the initials of the principals on the coins, but the engraver accidentally used a G punch instead of a C for Campbell. Henry Chapman described the design of the Oregon five in lot 1960 of his catalog of the Matthew Stickney Collection (Chapman, 6/1907):
"849 $5. Beaver on a log faces right, above the initials of the members of the Oregon Exchange Co. as follows. K.T.A.W.R.G.S., (Kilbourn, Magruder, Taylor, Abernethy, Wilson, Rector, Campbell, Smith,) Below T.O. (Thomas Ormsby), 1849, branch at either side of date. R. OREGON EXCHANGE COMPANY, in center 130 G. NATIVE GOLD, 5D. Borders and edge plain. Very good. Extremely rare. See Plate."
Apparently, the engraver also transposed the initials of the Oregon Territory, causing Chapman to suppose the T.O. stood for Thomas Ormsby.
The mint began operations in late March of 1849 and struck about 6,000 five dollar gold pieces and 2,850 ten dollar coins over the next six months. The Oregon Exchange Company suspended coinage operations after that time, as the crucibles used to melt the gold dust were broken and some key personnel departed to return to the gold fields. The Oregon "Beaver Money" served the region well until the San Francisco Mint opened in 1854. The Oregon Exchange Company coins were struck from unalloyed gold, which made their intrinsic value higher than their face value in most cases, so the coins were promptly turned in for recoinage once the San Francisco facility began operations. "Beaver Money" was seldom seen in circulation after that time and the coins are rare today.
The coin offered here is an impressive AU example that exhibits some light wear on the well-detailed design elements. The beaver is complete in outline and all lettering and the date remain legible. The orange-gold surfaces show numerous minor contact marks, as the gold composition, unalloyed with harder metal, made the coins susceptible to surface marks and wear. The surfaces are problem-free however, and none of the marks are large or distracting. The overall presentation is quite appealing. Listed on page 407 of the 2018 Guide Book. Census: 3 in 50, 9 finer (6/17).
HID02901242017