1849 Mormon $5 PCGS XF45 CAC
On the morning of January 24, 1848, James W. Marshall, a carpenter from New Jersey partnered with John Augustus Sutter, spotted shiny metal in the tailrace of a newly built sawmill on Sutter’s land, then known as "New Helvetica." After pounding a nugget between two rocks and noting its remarkable malleability, further tests confirmed it was gold. This discovery ignited the California Gold Rush, one of the largest migrations in American history.
Due to their proximity to the goldfields, Mormon settlers from Salt Lake City were among the first prospectors to collect gold dust and nuggets. Under Brigham Young’s leadership, the isolated Mormon community in the Great Basin faced a shortage of circulating currency. To address this, they began minting their own gold coins using the California gold recovered from Sutter's Mill. The first coins ever struck from California gold we'e the 1848 Mormon $10 gold pieces, but only 46 were produced before the crucible shattered, halting production. It took nine months for a replacement to arrive, so it wasn;t until 1849 that smaller denominations had been designed and engraved into the dies for the $20, $5 and $2.50 Denominations.
The "Deseret Mint" produced an estimated 5,500 $5 gold pieces. These coins, bearing the inscription "Holiness to the Lord" and a clasped hands symbol, symbolized Mormon ingenuity and self-reliance. In addition to being substantially underweight, these coins were discovered to have an average fineness of only .866, and as a result most of them met their demise in the melting pot once they reached the east coast.
While the 1849 $5 is the most available Mormon gold issue with an estimated 150-175 pieces in private hands today, they still remain to be an elusive issue for a collector seeking a piece with even a trace of luster or originality. This example displays evidence of moderate but honest circulation, with medium wear on the details, however, that is about the worst thing you could possibly say about this incredibly well preserved, colorful, and original piece of Salt Lake City Gold.
The strike is full, albeit some weakness is noted primarily in the '8' of 1849 and the eye has some weakness. The legend has strong definition, and the eye appeal of this coin is exquisite for the grade. As an XF, this example has it all - originality, crusty surfaces, no issues, and this tough Mormon $5 has beautiful orange-gold toning and pleasing, desireable patina.
Finding one of these pieces with CAC approval alone is a once in a blue moon opportunity, so the top-notch eye appeal of this example sets it over the top. Even with CAC approval, original skin on a mormon $5 is virtually a miracle, and a bright and marked up piece in this grade range would likely cost no less than 35-40k in the current market. The robust demand for these has shown no signs of fatigue, and locating the original coins is becoming more of a challenge with every passing year. These normally stay put for decades after they're acquired, and prying them loose from a collectors hands tends to be a herculean task. We are thrilled to be able to offer a treasure like this to our subscribers, and we hope that it will bring immense joy to whomever decides to add it to their collection.
There are a couple XF40 CAC comps to note. The first sold in June 2024 at HA in a PCGS OGH holder for $34.8k. While this example presents well, there are a couple decent sized abrasions and scratches on both sides of the coin. Another comp is of an XF40 OGH non-CAC example at Stacks Bowers back in April 2025 for $37.2k. The coin has a couple of large digs by the date and hands, we'd very much rather have this example.
PCGS Price Guide - $42,500
CAC Price Guide - $46,000
PCGS Population - 27/44
CAC Population - 5/14