NNP

1849 $5 Oregon Exchange Co. Five Dollar -- Reverse Graffiti -- NGC Details. AU. K-1, R.5. Territorial gold coinage in Oregon differed in one important aspect from coins struck during gold rushes in other parts of the country: There was no gold rush in Oregon. Traders brought gold dust into Oregon from California, where it was used in exchange for lumber and foodstuffs. The results were the same as in other gold rushes, with varying differences of opinion between buyers and sellers as to whether transactions were equitable. The inevitable consequence was the need for local conversion of gold dust into coinage of uniform fineness and weight. The five dollar Oregon Exchange Co. coins weighed approximately 130 grains, and the native gold quality of the coins made them 8 to 10 percent more valuable than the federal standard for gold coins. As a result, most were melted for their intrinsic value and soon disappeared from circulation. Few are known today in any grade. This is a well-detailed example with light reddish patina over each side. Unknown letters were scratched in the upper part of the reverse, just above 130 G. Ex: Eric P. Newman Numismatic Education Society.

Heritage Newman IX, November 2017, lot 15119, realized $43200. Images and description courtesy of Heritage Auctions.