NNP

1849 $5 Moffat & Co. Five Dollar MS62 NGC. K-4a, R.4. Die crumbling is prevalent, and a cud is evident above the D in GOLD. Among the earliest pieces of gold that passed as money in Gold Rush California were the Moffat & Co. ingots issued in 1849. After Albert Kuner joined the firm in late July, the firm began issuing five and ten dollar gold coins. The dies for the five dollar coins deteriorated rapidly with later strikings, such as this piece, showing extensive die crumbling and small cuds around the reverse rim. In spite of the large numbers of Moffat fives struck, only a couple of dozen pieces are known today in mint condition. This example shows even reddish patina over each side and only small, inoffensive abrasions. Softly struck, as one would expect from this late die state. Ex: Eric P. Newman Numismatic Education Society.

Heritage Newman IX, November 2017, lot 15111, realized $12600. Images and description courtesy of Heritage Auctions.