The 1849 Mormon $10 ranks among the great rarities of American territorial gold. Only about 10 examples survive today. Therefore, every public offering of this coin matters. This example matters even more.
Stack’s Bowers Galleries offered the coin from the Larry H. Miller Collection in December 2020. The coin carried the historic Green-Kern-Carter-Miller pedigree. It also graded AU-53 by PCGS and carried CAC approval. When bidding closed, the coin realized $840,000, which set an all-time auction record for the issue.
A Legendary Mormon Gold Rarity
The coin appears in the catalog as:
Few territorial gold coins match its combination of rarity, history, grade, and pedigree. PCGS CoinFacts calls the 1849 Mormon $10 one of the rarest territorial gold issues. PCGS also notes its Rarity-7 status and an estimate of roughly 10 known examples.
This specimen also ranks among the finest known. In the 21st-century market, only two other 1849 Mormon $10 coins of similar quality have received broad confirmation. One belongs to the National Numismatic Collection at the Smithsonian Institution. Experts estimate that coin at AU-55, but collectors cannot own it privately. The other is the AU-58 coin that Heritage sold in April 2014 as part of the Riverboat Collection.
As a result, the Larry H. Miller coin stands as one of the highest-quality examples available to collectors. At the time of the Stack’s Bowers cataloging, the combined PCGS and NGC population showed one example at AU-53 and one finer, the AU-58. Both had PCGS certification.
The Green-Kern-Carter-Miller Specimen
This coin carries one of the great pedigrees in territorial gold. Earlier owners include “Colonel” E.H.R. Green, Jerome David Kern, Amon G. Carter, Sr., Amon G. Carter, Jr., Dwight Berger, Robert L. Hughes, Heritage Auctions, Don Kagin, and Larry H. Miller.
Stack’s first offered this specimen in January 1984, in the Amon G. Carter, Jr. Family Collection sale. At that time, the catalog praised the coin’s luster, orange toning, and outstanding preservation. It even raised the possibility that the coin never entered real circulation and instead showed only the faintest friction.
That judgment echoed B. Max Mehl. In his May 1950 Jerome David Kern Collection, or Golden Jubilee Sale, Mehl called it the finest known specimen of the exceedingly rare Mormon $10 coin.
Only a Handful Remain for Collectors
The 1849 Mormon $10 started rare and stayed rare. The original mintage totaled only 46 coins. Records show that the mint struck 25 pieces on December 12, 1848. Then it delivered another 21 coins the following week. Although the coins carry the date 1849, records cited by P. Scott Rubin show that five coins from the first group entered use on the day of striking.
Heritage catalogers listed 11 known specimens in 2014, ranging from AU-58 to “VG details.” However, several examples sit outside the private market. The Smithsonian holds two examples. In addition, the Church of Jesus Christ of Latter-day Saints holds two. Therefore, only a small number remain available to collectors.
Born From the California Gold Rush
The story of the 1849 Mormon $10 begins with the Mormon exodus from Nauvoo, Illinois, in the 1840s. Members of the Latter-day Saint movement moved west after severe conflict with neighbors. Many settled in the Great Salt Lake Valley and called their new home the State of Deseret.
Soon after, Deseret became a launching point for further migration toward California. Several Mormon Battalion veterans moved into the San Francisco region after service in the Mexican-American War. Some worked for James W. Marshall at John Sutter’s mill in Coloma, California.
Then history changed. On January 24, 1848, Marshall found gold in the mill’s tailrace. The discovery ignited the California Gold Rush.
Gold Dust Created a Problem
The early Mormon presence in California gave the community access to gold at a critical moment. Members sent large amounts of gold back to Salt Lake City. The Church used that gold to pay tithes and ease economic strain in the Deseret.
Note: Members of The Church of Jesus Christ of Latter-day Saints (“Mormons”) are asked to pay 10% of thier annual income as “tithing”. This is considered a commandment, a sacred privilege, and a requirement to enter temples and achieve the highest level of heaven.
However, most of the gold arrived in raw form. Gold dust quickly entered local commerce. At first, that seemed practical. Yet gold dust created problems. It could vary in quality. It could also suffer adulteration.
Therefore, Brigham Young and John Kay moved toward a coinage solution. By late 1848, they planned a small mint in Salt Lake City. Young designed the coins. Kay cut the dies and helped produce the coinage.
The First Mormon Gold Coins
The first Mormon gold coins were the 1849-dated $10 pieces. The mint struck 25 of them on December 12, 1848. Soon after, the mint produced $2.50, $5, and $20 coins.
The $10 coins show a simpler reverse inscription than the other 1849 Mormon gold denominations. The $2.50, $5, and $20 coins carry the abbreviation G.S.L.C.P.G., meaning “Great Salt Lake City Pure Gold.” By contrast, the $10 coin states only PURE GOLD. PCGS confirms that the 1849 $10 stands alone among the 1849-dated Mormon gold coins in this respect.
The inscriptions created a problem. The gold did not come from Salt Lake City. It came from California shipments. Also, the coins did not contain full face value in gold. Primitive assay and minting equipment contributed to that shortfall.
Assay Trouble at the Philadelphia Mint
In 1850, Jacob R. Eckfeldt and William E. Du Bois examined Mormon gold coins at the Philadelphia Mint. They published their findings in New Varieties of Gold and Silver Coins. Their assay found that the coins fell short of their stated values.
The Assay reported the $10 coins at 219 to 224 grains, with values of $8.50 to $8.70. They valued the $5 coin at about $4.30. and valued the $2.50 coin at about $2.25.
That report damaged the reputation of Mormon gold. Outside the Great Salt Lake Valley, merchants accepted the coins only at steep discounts. Consequently, the coinage project lost credibility. By late 1850, the mint had shut down after producing about $70,000 in gold coins.
An 1860 attempt brought additional $5 coins. Even so, Mormon gold never played a major role in the economy of the region that became Utah.
Why the 1849 Mormon $10 Is So Rare
Several factors explain the rarity of the 1849 Mormon $10. First, the mint made only 46 coins. Second, the coins traded at a discount after assay results raised doubts. Third, many Mormon gold coins eventually went to the melting pot.
Because of that history, survivors remain few. High-grade examples remain far rarer. That makes the Green-Kern-Carter-Miller specimen one of the key territorial gold coins of the American West.
Auction Information
- Collection: Larry H. Miller Collection
- Sale: December 2020 Auction, Session 1
- Session Title: The Larry H. Miller Collection Part Two
- Lot Range: Lots 1001-1533
- Live Bidding Began: December 17, 2020, at 1:00 PM PST
- Result: Sold for $840,000
Provenance
From the Larry H. Miller Collection. Earlier from “Colonel” E.H.R. Green; Jerome David Kern; B. Max Mehl’s Golden Jubilee Sale, May 1950, lot 728; Stack’s sale of the Amon G. Carter, Jr. Family Collection, January 1984, lot 1163; Heritage’s ANA Sale of July 1988, lot 2691; Dwight Berger; Robert L. Hughes; Heritage’s ANA Sale of August 1992, lot 2592; Heritage Auctions; and Don Kagin.
Why Collectors Still Watch This Coin
The 1849 Mormon $10 represents more than a rare gold coin. It connects the Mormon migration, the California Gold Rush, the State of Deseret, and the early private gold coinage of the American West.
Moreover, this specimen carries elite preservation and a major pedigree. It also ranks among the finest examples that collectors can realistically own. For that reason, the Green-Kern-Carter-Miller coin deserves its place among the great territorial gold rarities.
