Wednesday, April 19, 2017

1849 Mormon gold coin sells for $705K at auction

A $10 Mormon gold coin fetched $705,000, and a $20 Mormon gold coin sold for $558,000 at auction in 2014.

They were the rarest of a seven-piece collection of Mormon coins made in 1849 that brought in nearly $2 million at an auction staged by Dallas-based Heritage Auctions.
A recently surfaced 1849 Mormon gold $20 coin was tucked away in a family’s lock box for more than 50 years. It has been graded and encapsulated Mint State 62 Secure by Professional Coin Grading Service, and has been called the finest example that PCGS has certified.

The grading service considers the coin to be in a finer state of preservation than the example that has been in the Smithsonian Institution’s National Museum of American History since 1968 as part of the Josiah K. Lilly gold coin collection.
Coins and currency were scare when Mormon pioneers arrived in Utah in 1847, and the settlers began making their own coins primarily to buy goods from the East.

The gold that they used to make these Mormon gold coins came from the original California gold strike, probably right from the American River at Sutter's Mill. Only 46 of the $10 gold coins were made.