1849 Mormon Gold Half Eagle $5 NGC AU53

LOVELY EXAMPLE OF VERY RARE PIONEER GOLD. The piece, usually found in lower condition, has a few signs of circulation, in keeping with the grade but none so distracting to merit individual description. The strike shows unusually strong borders as well as the typical weakness on the clasped hands, the eye, and on the numeral 8 in the date.

In 1861, Governor Alfred Cumming, a Democrat appointed by President James Buchanan to replace Brigham Young, prohibited the use of Mormon gold despite the fact that the 1850 five dollar piece is reported to have net weight of one-third gram more gold than the Federal coinage of the time. Cumming served at the governor of the Territory of Utah from 1858 to 1861.The 1849 five dollar piece has an estimated mintage of 5,340; however, this figure is largely irrelevant since most of the Mormon coins that went to California were melted in 1851 and 1852; surviving pieces are rare.

The obverse of this 1849 Mormon Half Eagle shows a crude, three pointed Phrygian Crown, which was the emblem of Mormon priesthood above the All-Seeing Eye. The inscription is HOLINESS TO THE LORD with the words separated by dots. The reverse has clasped hands as the central device with the date below it. The reverse inscription consists of the letters G.S L.C.P.G. with the denomination written as FIVE DOLLARS separated by dots.

One of the richest gold discoveries of during the time of the California Gold Rush was at Mormon Island, downstream from Sutters Mill on the American River. James Marshall and Sam Brannan were Mormon Forty-Niners who were involved in the actual discovery of gold. It was Sam Brannan who galloped through the streets of San Francisco shouting about the discovery.