1850 Moffat $5.00 gold (front and back pix)

[Tom_in_CA]

In a Monday post, I had incorrectly titled a gold coin as a philly mint. It was quickly realized it was a private territorial mint coin my friend had found that day. 1850 Moffat $5.00 CA private mint. Here's the front and back, rinsed only with tap water.

As you can see, the condition is well circulated. The current PCGS price sheets (the equivalent of the red-book, yet up-to-the-week type data) puts this at about a $2,000 coin. Jim from Fresno, CA found this at an adobe/traveler stopping spot along the central coast of CA. The site dates from the 1840s to the 1860s, based on the other items found there in the past (some early seateds, a mexican reale, etc....). Found with an MXT using an elyptical coil. He said it was "three to four inches" deep, and the TID was reading a clean clear crisp "40".

Since I'm not the finder, I realize this can't get banner. But had to show off his find, since a gold coin is the "hole-in-one" for any of us md'rs, as you know.

 

Amazon Forum Fav 👍

Agony and Death on a Gold Rush Steamer: The Disastrous Sinking of the Side-Wheeler Yankee Blade - Grab it through Amazon!

[Tom_in_CA]

And here the coin was, as it appeared fresh out of the ground, being held by the finder Jim:

 

[Sooper Dave]

That was a Big Loss when that was dropped! That is an Unbelievable find! The private mint just adds to such a rare find! Great Job Jim!

 

[rhedden]

Yes, $5 was a lot of money back then. You've got to wonder how that coin was lost. A scuffle that ended badly for the owner? A stagecoach robbery? A drinking binge by a miner who hit it big that day? A dispute after a gambling session?

 

[Tom_in_CA]

Yup, $5 was a week's wage (or more) back then. Even up to the 1880s, a miner's wage in this part of CA was said to be: "$5, plus room and board". So to put it in perspective in today's value, that'd be like you or I loosing $1000 ?

 

[kuger]

Yes, $5 was a lot of money back then. You've got to wonder how that coin was lost. A scuffle that ended badly for the owner? A stagecoach robbery? A drinking binge by a miner who hit it big that day? A dispute after a gambling session?

Actually $5 was not much in California during that time.......a shovel or a fine meal cost and ounce of gold.All one has to do is read one of many journals of that period.That is why so many came and left broke!!!The ones that made the fortunes were the ones that mined the miners!!!One account spoke of a miner coming into Coloma with 15 ounces and after a meal,some supplies(dried meat,a few pieces of fruit,a pick,and new pair of boots)he left broke

 

[kuger]

http://www.measuringworth.com/uscompare/relativevalue.php


This calc says $149,which in the east or in the later years may have been a tidy sum.An ounce of gold was worth 18 Dollars in 1850

 

[oldsalty19]

It's true "gold is where you find it"......great going!!!!!!!

 

[Tom_in_CA]

kuger, the miner pay reference I alluded to, was from a citation about mining in the New Idria quicksilver (mercury) district of the 1870s/80s. Not sure how much the "room and board" added to the formula ($'s to factor in for that), but it was $20 per month + room and board (or figure ~ $5 p/week). Perhaps by then the supply/demand gouging issues you speak of, wasn't as big an issue? (down here, in the low-lands, valley, and after the "rush" had passed).

My dad's first job, as a high school kid in the mid 1940's (working the ticket booth in a movie theater) paid something like .07 cents p/h. His entire week's check (of a few hours per day after school) would scarcely be $1.50. Naturally adults made more than this, .... granted ....

 

[kuger]

kuger, the miner pay reference I alluded to, was from a citation about mining in the New Idria quicksilver (mercury) district of the 1870s/80s. Not sure how much the "room and board" added to the formula ($'s to factor in for that), but it was $20 per month + room and board (or figure ~ $5 p/week). Perhaps by then the supply/demand gouging issues you speak of, wasn't as big an issue? (down here, in the low-lands, valley, and after the "rush" had passed).

My dad's first job, as a high school kid in the mid 1940's (working the ticket booth in a movie theater) paid something like .07 cents p/h. His entire week's check (of a few hours per day after school) would scarcely be $1.50. Naturally adults made more than this, .... granted ....

Tom,yes just like I said above....later (1880's)the mining turned to more of a "corporate",owned setting,there was no man for his own,so to speak,and the hardrock miners were paid "peanuts",and were housed in Company bunkhouses,shopped at a Company store(sometimes)Hugely taken advantage of.That was a much different time,from the roaring "RUSH".The gold rush was pretty much done by 1855....1850 was in the dead heat of it all,prices were super inflated,and guys were at the Merchants Mercy.The main reason Private Mints were started was because of a lack of Money!Tom you do realize your area was just a crucial passing point as any during the Gold Rush dont you?

 

[Southern_Digger]

Awesome Historic find! Like those from the SS Central America. Congratulations...

 

[Tom_in_CA]

yes, I realize the port near me (Monterey) was a key port at the time, 2nd only to SF in traffic, at the time, as far as I know. It wasn't till closer to the turn-of-the-century that the ships had gotten large enough that Monterey no longer "cut the mustard" for national type shipping port. Because the water depths here didn't/couldn't accomodate the increasingly larger ships (military, passenger, etc...). But at the gold rush times, yes, Monterey was a debarkation point for cross-sea travellers, as was SF (SF would be closer the gold fields, unless you're talking the much more southerly/lower portions of the sierras).

However, although the date is "1850", I'm guessing this was a later '50s or into the '60s loss, based on the wear. What would be your guess as to # of year's circulation, based on the gold rush sites you've hit (and knowing when their usage was), and based on the years of coins, verses circulation on them? I'm assuming gold wore faster, d/t it's softer, for coin-usage? This one, as you can see, is pretty durned circulated. But I suppose, if gold wore down quickly in coin usage, perhaps it's not the same as you'd factor for silver coins, to guess year's of circulation?

 

[kuger]

Yes,it was a major port and a hub for land travelers utilizing the Southern Route as well.There is some very neat accounts noted in various journals.
As you said gold is butter soft,so in my honest opinion it would be difficult to nail an exact time frame down to circulation.I noticed you mentioned Rimfires being found at the site which would put its occupancy into the 1860's at least.I def would not say this coin was in circulation into the 1870's-1880's

 

[BuckleBoy]

That's a fantastic find! Not often you see a gold coin--and even less often that you see a CA Gold Coin!

Send my congrats to the happy digger!


-Buckles

 

[doublet2a]

J.im and me thanks you again Tom..
Never would have found with out you knowledge and research.
( Tulare not Fresno,, Just thought I'd trow that in.) LOL

Tim

 

[bfratta1981]

NICE thats a real gut wrencher! sweet find

 

[Gunrunner61]

Yes, $5 was a lot of money back then. You've got to wonder how that coin was lost. A scuffle that ended badly for the owner? A stagecoach robbery? A drinking binge by a miner who hit it big that day? A dispute after a gambling session?

Maybe something as mundane as a hole opening up in his pocket

 

[kuger]

Maybe something as mundane as a hole opening up in his pocket

.....there trousers didnt have "pockets",back then actually

 

[CMDiamonddawg]

Ho Lee SH!T