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1850 Moffat & Co. $5
1850 Moffat & Co. $5 gold. K-7a, B-7786. VF-30 (PCGS). Rarity-4. Light yellow gold. Even wear characteristic of the grade. Scarce, but one of the more readily collectible pioneer California gold coins.
Details
1850 Moffat & Co. $5 gold. K-7a, B-7786. VF-30 (PCGS). Rarity-4. Light yellow gold. Even wear characteristic of the grade. Scarce, but one of the more readily collectible pioneer California gold coins.
By early 1850, Moffat & Co., which had issued $10 gold eagles the previous August, soon followed by an emission of $5 half eagles, was firmly established as San Francisco's leading private minter of gold coins, surviving nearly all of its 1849 competitors. The Pacific Company coins were no longer being minted, the Miner's Bank had closed its doors forever, nothing was heard from J.H. Bowie, and coins of the Cincinnati Mining & Trading Co., never numerous, were largely forgotten.
At Moffat & Co. production continued apace for the $5 and $10 coins, which had been accepted widely in local and regional commerce, despite resistance by some bankers and the printing of many unfavorable comments about private coins. There were so many newspapers-over a half dozen dailies-so many editions, and so many stories-that accounts were often forgotten. Today in the year 2000, the only 1850-dated coins known from Moffat are $5 pieces similar to the present piece. It is likely that $10 coins were made as well, but from 1849-dated dies.
By early 1850, Moffat & Co., which had issued $10 gold eagles the previous August, soon followed by an emission of $5 half eagles, was firmly established as San Francisco's leading private minter of gold coins, surviving nearly all of its 1849 competitors. The Pacific Company coins were no longer being minted, the Miner's Bank had closed its doors forever, nothing was heard from J.H. Bowie, and coins of the Cincinnati Mining & Trading Co., never numerous, were largely forgotten.
At Moffat & Co. production continued apace for the $5 and $10 coins, which had been accepted widely in local and regional commerce, despite resistance by some bankers and the printing of many unfavorable comments about private coins. There were so many newspapers-over a half dozen dailies-so many editions, and so many stories-that accounts were often forgotten. Today in the year 2000, the only 1850-dated coins known from Moffat are $5 pieces similar to the present piece. It is likely that $10 coins were made as well, but from 1849-dated dies.
Further details
Die notes: Dies attributed to Kuner. Obverse with Liberty Head similar to the federal half eagle; Moffat & Co on coronet; 13 stars surrounding border, date 1850 below. Reverse with federal-style perched eagle at center, S.M.V. [STANDARD MINT VALUE] CALIFORNIA GOLD above, FIVE DOL. below. Reeded edge. Die state: Reverse die oriented about 240 degrees from the obverse (instead of the normal 180 degrees). Late state of the reverse die with numerous cracks, including through most of the border inscriptions. Breaks from die at top of 1st I (CALIFORNIA), D (GOLD), AND E (FIVE). PCGS Data: This is the only 1850 Moffat & Co. $5 gold coin from the S.S. Central America treasure certified by PCGS.