1849 $5 Oregon MS(PCGS#10288)

August 2018 ANA U.S. Coins Auction Philadelphia, PA

拍卖行

Stack's Bowers

批号

1423

等级

AU55

价格

820,971

详细说明

Rare and Intriguing Oregon Exchange Company $5 Gold 1849 Oregon Exchange Company $5. AU-55 (PCGS). A highlight of the extensive gold offerings in this sale, this $5 Oregon "Beaver" would serve as a focal point in the finest collection of California Gold Rush and related coinage. Warm, even, khaki-gold patina blankets both sides, direct lighting also calling forth subtle rose-orange undertones. All design elements are boldly outlined and fully appreciable, the beaver with a clear eye and some of its "fur" also discernible. Traces of original luster persist in the protected areas to further tempt the viewer as the coin dips into a light. Pleasingly smooth in hand for a lightly circulated example of this elusive and challenging type, we anticipate strong competition for this coin among advanced collectors. Many Oregonians who traveled to California to seek their fortune in the gold fields returned home bringing with them quantities of nuggets and gold dust. As in neighboring California, local money was in short supply and use of gold dust as a medium of exchange was fraught with difficulties. To address this issue, the Oregon Exchange Company was established by several prominent Oregon City residents in early 1849. The obverse of the five-dollar coins all bear a rustic depiction of a beaver on a log and the initials of the company officers who contributed to the purchase of the coining equipment: Kilborn, Magruder, Taylor, Abernethy, Willson, Rector, Campbell (which was erroneously entered as a G), and Smith. The T. O. -- another die engraver error -- represents Oregon Territory. This transposition was corrected on examples of the $10 denomination attributed as Kagin-2.While no effort was made to standardize the alloy, the coiners compensated for this by deliberating making the coins overweight. U.S. Mint assays report that the five-dollar coins were valued at $5.50. While this helped to guarantee their acceptance, being worth more than their stated value ensured that the pieces would be taken in at face and melted down for their intrinsic value. It has been estimated that roughly 6,000 of the $5 coins were produced before minting operations ceased in September 1849 when the company's two crucibles broke and the principals decided to disband. "Beaver Money," as the coins were soon nicknamed, proved popular in commerce as evidenced by the wide range of grades in which they have been found. Mint State examples of the $5 are among the rarest of the rare and undamaged, lightly circulated specimens such as this are nearly as challenging to find. With their charming beaver design and rich history, Oregon Exchange Company gold coins have been favored by the territorial gold collecting community for generations. Opportunity is the byword here and it is one that should not be passed up. Provenance: From the Blue Ridge Mountains Portfolio. PCGS Population: 1; 3 finer, only one of which is Mint State (MS-62). PCGS# 10288. NGC ID: ANJV. Click here for certification details from PCGS.