Faith, Frontier, and Numismatics:
The 1849 Mormon $2.50 Gold Coin in PCGS AU55 CAC
GreatCollections will sell the following example at auction on November 30th
The American West in the mid-19th century was a land of dreams, danger, and determination. Amid the gold-fueled chaos of California and the religious migration across the plains, few stories stand as compelling and as numismatically significant as that of the Mormon gold coinage. The 1849 $2.50 Mormon gold coin, especially in PCGS AU55 with CAC approval, captures the grit and faith of a people building a new life in an unforgiving land.
The Genesis of Mormon Gold Coinage
In the wake of violent persecution in Missouri and Illinois, members of the Church of Jesus Christ of Latter-day Saints (LDS Church) began their storied migration westward under the leadership of Brigham Young. By 1847, they had settled in the Salt Lake Valley—a desolate, remote area far from any established U.S. Mint facility.
When news of the California Gold Rush reached Utah, it wasn’t long before Mormon pioneers traveled west to work claims and bring gold back to fund the construction of their new society. By 1848–1849, raw gold dust and nuggets began arriving from California. However, coinage was scarce, and barter was unreliable. To stabilize their economy, the LDS Church authorized its own coinage: the Deseret Assay Office was established, and Mormon gold coins were born.
The first issues were struck in 1849 in denominations of $2.50, $5, $10, and $20, all of which are incredibly rare today. These were not private “tokens”—they were true circulating coinage, made to address the acute shortage of federal money and allow for consistent trade within the growing Mormon community.
The 1849 $2.50 Mormon Gold Coin: A Rare Frontier Relic
The 1849 $2.50 Mormon gold piece is a remarkable survivor of this period—struck by hand on locally made dies, using California gold, and designed with powerful religious iconography.
The obverse features a Phrygian cap over the all-seeing eye of Jehovah, surrounded by the inscription “G. S. L. C. P. G.” (Great Salt Lake City Pure Gold).
The reverse reads “Holiness to the Lord”, a sacred Mormon phrase, and “2½ D” to indicate denomination.
This issue is rare in any grade, but in PCGS AU55, it is both exceptionally well-preserved and a true prize among western gold coins. Adding to its distinction is the CAC sticker, which certifies the coin’s quality for the grade—a crucial marker in a niche market filled with damaged or impaired specimens.
Many surviving examples are impaired due to the method of striking and extensive circulation. But in AU55, this example offers bold details, crisp legends, and attractive color for a hand-made gold coin that circulated in rough frontier conditions. It bridges the world of territorial gold, pioneer history, and religious numismatics, making it one of the most evocative and valuable quarter eagles in American coinage.
1849 Mormon $2.50 Gold Highlights
- Issuing Authority: Deseret Assay Office (Salt Lake City, Utah Territory)
- Composition: California gold (.900 fine estimated)
- Design: Eye of Jehovah & Phrygian cap / “Holiness to the Lord” reverse
- PCGS Population: Only a handful graded AU55, none higher with CAC
- Historic Role: Circulating currency in early Mormon settlements
- Struck: By hand using local dies and crude press methods
- Market Value: Mid- to high-five figures depending on eye appeal and provenance
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The $5, $10, and $20 1849 Mormon Gold Coins:
Rarity, Reverence, and Raw History
The $5, $10, and $20 Mormon gold coins, all struck in 1849, represent some of the most sought-after and historically rich pieces in the entire field of Territorial and Pioneer Gold. Each denomination was created to serve a real economic function within the isolated Mormon settlements of the Utah Territory and was infused with unmistakable religious and symbolic meaning.
1849 $5 and $10 Mormon Gold Coins
Like the $2.50 issue, the $5 and $10 coins were hand-struck from California gold and display the same fundamental design themes: the Phrygian cap above the all-seeing eye of Jehovah on the obverse and the sacred inscription “Holiness to the Lord” on the reverse. Their larger planchets allowed the design to be more fully realized, though the striking quality varied due to primitive die work and production tools.
Estimates place the mintage for each denomination at fewer than 500 pieces, with surviving populations varying by denomination. These coins often saw hard use in commerce, particularly for tithing and large church transactions, and many surviving examples exhibit heavy wear, mount damage, or cleaning.
Certified examples—especially those with original surfaces and endorsements from CAC—are exceedingly rare and often command six-figure prices at auction. When one appears with solid provenance (such as the Eliasberg or Bass collections), it becomes a headline-worthy event in the numismatic world.
The 1849 $20 Mormon Gold Coin: The Pinnacle of the Series
The $20 Mormon gold piece is the largest and rarest denomination in the 1849 series and holds almost mythical status among collectors. Believed to have been struck in the lowest numbers of the four denominations with less than 2 dozen genuine examples thought to exist today.
The coin’s design is consistent with its smaller counterparts but on a dramatically larger canvas—measuring nearly 35mm and weighing close to a full ounce of gold. Like the others, it was hand-struck, likely with great difficulty, due to its size and the limitations of the coining equipment used by the LDS Church at the time.
Surviving $20 pieces are usually found in well-worn or impaired condition. Authentic examples have been targets of counterfeiting and are rigorously scrutinized by grading services and gold specialists. When certified and CAC-stickered, an 1849 $20 Mormon gold coin becomes a true trophy piece—an object of desire at the highest echelon of U.S. numismatics.
Quick Facts – $5, $10, and $20 Mormon Gold Coins (1849)
- Metal Source: California gold carried back by Mormon prospectors
- Design: Phrygian cap, all-seeing eye, “Holiness to the Lord” motto
- Historical Role: Commerce, tithing, and stabilizing the LDS frontier economy
- Market Value: $5 and $10 can reach six figures; $20 often exceeds them significantly
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