The rare auction appearance of a Mormon gold $20 coin drew 46 bids during the Sept. 8 weekly auction at GreatCollections. With the buyer’s premium, the coin, graded Extremely Fine 40 by Numismatic Guaranty Co., sold for $182,812.50.

GreatCollections founder Ian Russell noted that fewer than 20 examples are known in all grades. In researching the last 20 years of auctions, this coin type has appeared only eight times and it was the first time GreatCollections has had the opportunity to present such a coin.

This particular coin last appeared in auction as part of the Gainsborough Collection, sold in September 1980. The original lot tag from that sale was included in the coin’s latest offering. The 1980 catalog description, where it sold for $19,000, predicted “This seldom offered rarity should see a record bid.”

The winning bidder this time had to raise the bid 16 times to be successful. Bids for the coin eclipsed the $100,000 mark more than two weeks before the sale.

Information found in Private Gold Coins and Patterns of the United States, by Donald H. Kagin Ph.D., revealed that the coin designs were set on Nov. 25, 1848. “On one side the phrase HOLINESS TO THE LORD encircling the emblem of Priesthood — a three-point Phrygian crown over an all-seeing eye of Jehovah; on the reverse encircling clasped hands, the emblem of friendship, should occur the words, PURE GOLD and the denomination of the coin.” The reverse inscriptions were later changed, with PURE GOLD replaced. Instead, as seen on the offered 1849 $20 coin, single letters G.S.L.C. and P.G. appear, abbreviating Great Salt Lake City and pure gold.

According to Coin World Almanac, the Mormon government issued $2.50, $5, $10 and $20 coins in 1849, as well as $5 coins in 1850 and 1860. The last issue was made of Colorado gold from the Pikes Peak area. Most of the early issues of Mormon gold pieces did not receive widespread acceptance, as they were underweight by as much as 15%.

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The rare auction appearance of a Mormon gold $20 coin drew 46 bids during the Sept. 8 weekly auction at GreatCollections. With the buyer’s premium, the coin, graded Extremely Fine 40 by Numismatic Guaranty Co., sold for $182,812.50.

GreatCollections founder Ian Russell noted that fewer than 20 examples are known in all grades. In researching the last 20 years of auctions, this coin type has appeared only eight times and it was the first time GreatCollections has had the opportunity to present such a coin.

This particular coin last appeared in auction as part of the Gainsborough Collection, sold in September 1980. The original lot tag from that sale was included in the coin’s latest offering. The 1980 catalog description, where it sold for $19,000, predicted “This seldom offered rarity should see a record bid.”

The winning bidder this time had to raise the bid 16 times to be successful. Bids for the coin eclipsed the $100,000 mark more than two weeks before the sale.

Information found in Private Gold Coins and Patterns of the United States, by Donald H. Kagin Ph.D., revealed that the coin designs were set on Nov. 25, 1848. “On one side the phrase HOLINESS TO THE LORD encircling the emblem of Priesthood — a three-point Phrygian crown over an all-seeing eye of Jehovah; on the reverse encircling clasped hands, the emblem of friendship, should occur the words, PURE GOLD and the denomination of the coin.” The reverse inscriptions were later changed, with PURE GOLD replaced. Instead, as seen on the offered 1849 $20 coin, single letters G.S.L.C. and P.G. appear, abbreviating Great Salt Lake City and pure gold.

According to Coin World Almanac, the Mormon government issued $2.50, $5, $10 and $20 coins in 1849, as well as $5 coins in 1850 and 1860. The last issue was made of Colorado gold from the Pikes Peak area. Most of the early issues of Mormon gold pieces did not receive widespread acceptance, as they were underweight by as much as 15%.

Connect with Coin World:  
Sign up for our free eNewsletter
Access our Dealer Directory  
Like us on Facebook  
Follow us on X (Twitter)
Keep in touch on MyCollect - the social media platform for collectibles 

Whether you’re a current subscriber or new, you can take advantage of the best offers on magazine subscriptions available in digital, print or both! Whether you want your issue every week or every month, there’s a subscription to meet your needs.