1849 Moffat & Co. $5. K-4a. Rarity-4. AU-50 (PCGS). A richly original piece with dominant olive-gold patina, and subtle rose-russet highlights at the peripheries. Struck from a rusted state of the dies, yet with all major design elements boldly to sharply rendered and showing no significant wear. Also conspicuous by their absence are detracting marks, the surfaces remarkably smooth for a lightly circulated example of the type. Moffat & Co. was arguably the most important private minting establishment in Gold Rush California, so much so that the firm eventually received the federal contract to serve as the United States Assay Office in the years prior to the opening of the San Francisco Mint. This is an exceptionally appealing AU survivor from the firms first $5 gold issue. From Lester Merkins sale of February 1972, lot 438. Lot tag included.
