Historically Significant 1849 Oregon $5.00 in PCGS F15

Kagin/McCarthy-1. High R-5.
 
A number of Oregonians were successful miners during the early days of the California Gold Rush, and they returned to their homes with significant amounts of gold dust and nuggets which couldn’t efficiently be used in daily commerce. Their solution was to form the Oregon Exchange Company, which produced half eagles and eagles in 1849.
 
The OEC’s mint produced around 6,000 of the half eagles, of which an estimated 40-50 exist. At least one third of these are either no grades or they show major problems. In addition, around 2,850 of the $10 coins were made with an estimated 10-15 known; many of which are severely impaired. Any problem-free Oregon $5 is quite rare; even one with as much wear as the present example.
 
To be totally accurate, this coin should be split graded as the obverse grades at least F15 if not a bit higher while the reverse looks more like a VG8 in my opinion. There is some weakness of strike on the obverse border from 1:00 to 3:00 which slightly weakens the top of the lettering; the reverse is worn up through the tops f many of the letters but all are legible. There is a deep old scratch at the left side of the X in EXCHANGE, and a planchet pit at the left side of the T in NATIVE. Overall, this piece has a warm appearance which represents outstanding quality for this charismatic issue
 
I felt this coin was an excellent value, as a plugged and nasty-looking PCGS VF details brought $31,200 as Heritage 2023 ANA: 3316. There are no real comparables for this coin, but a remarkably worn but still identifiable FR2 (that’s “Fair 2,” in case you missed it…) 1849 Oregon $5 sold for a strong $17,625 back in April 2013.
 
If you are a resident of the State of Oregon, or if you were born in this great state and you collect coins, or love Pacific Northwest history, you almost have to own this fantastic coin!
 
Ex Stack's Bowers 3/2024: 4422, where I purchased it directly for $43,200.
 
CAC has approved eight examples in all grades with one lower than this, and six higher. None have been approved in any grade between VF25 and EF40.

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