1849 $5 Moffat & Co. MS(PCGS#10240)

February 2026 Showcase Auction - The James A. Stack, Sr. Collection Part II

Auctioneer

Stack's Bowers

Lot Number

23049

Grade

MS63

Price

114,000

Lot Description

A distinctively important example, preserved by famed California minter John Glover Kellogg, who worked for Moffat in 1849 as the firm's cashier. Extraordinary frost and superb cartwheel luster graces both sides, both a bright and warm shade of medium yellow gold. The surfaces show no significant flaws and no contact marks whatsoever, which suggests that this coin was intentionally saved from near the time of its mintage. Some hairlines are seen, neither significant in their impact nor surprising that they're present, and a short hairline scratch is noted beneath S of S.M.V. on the reverse. The rims are perfect, the strike is better than average, and the eye appeal is immense. If this coin had gone into the hopper after minting or into a bag while being counted, it would show contact marks. It shows none. Considering the provenance of this coin, it's easy to imagine this piece was saved from essentially its moment of production.<p><p>The October 1916 Thomas Elder sale of coins from the collection of John Glover Kellogg was his first consignment from Kellogg's son, but not the last. Hillyer Ryder bought this coin from Elder's sale of March 1924, a catalog headlined THE EDWARD KELLOGG COLLECTION AND OTHERS. The fourth day of the sale was entitled "COLLECTION OF THE LATE EDWARD KELLOGG, Son of Mr. Kellogg, who Struck the Private Gold. SOLD BY ORDER OF THE TRUSTEES." A Proof 1855 Kellogg $50 led off, followed by 14 more lots of private gold coins. Lot 2250 was described as "1849. $5.00 Moffat & Co. Head to left. S. M. V. CALIFORNIA<p>GOLD. About uncirculated. The best one we have had."<p><p>Though PCGS Population data suggests five better coins, we suspect this figure reflects resubmissions. We know of just one clearly finer coin sold at public auction in living memory, the NGC MS-67 sold by Heritage two decades ago in June 2004. Aside from that piece, neither we nor PCGS Auction Prices lists a single auction offering of a specimen graded better than MS-62 by either service. Though a few nice examples have sold privately, acquiring a better example at public auction appears to be a once-a-generation endeavor. Hillyer Ryder had already been collecting territorial gold for a decade when he bought this in 1924. Until today, that remains this coin's lone auction appearance.