Interesting counterstamp 5 Dollar gold coin

Coin Finder

I wonder if this was done at the US Mint? I read somewhere that they punched a L into coins that were “light”…. However this practice began in 1886 but I bet it didn’t last long…I found it in a new your times article published July 23rd, 1886….

Anyone have any info?

asheland

It definitely appears to be a contemporary stamp, very interesting coin! Sorry I can’t be more help.

CaptHenway

It was probably not done at a Mint, as said Mint would have just thrown it into a melting pot. More likely it was marked at a sub-Treasury or an Assay Office to prevent it from being re-issued. Why it was not forwarded to a Mint to be remelted we will never know.

The_Dinosaur_Man

I like the coin! I look forward to hearing what else can be said about it.

zer0man

I have heard it told that some gold was stamped with an "L" when measured under weight. Why it was not melted I am not sure.

Omegaraptor

Given that it is from San Francisco there is a chance the stamps could have been done at an assay office if the coin is indeed light. Have you weighed it?

BTW - that's a rare piece! I think there are fewer than 100 known of this date/mm.

Coin Finder

It is very slightly underweighted but maybe that wear…

jwitten

I’ve had several $2 1/2 stamped with the L, but haven’t seen many $5 with it. I like it!

Zoins

@zer0man said:
I have heard it told that some gold was stamped with an "L" when measured under weight. Why it was not melted I am not sure.

Does "L" mean Lightweight?

ricko

Interesting, I have heard/read of the L stamp, but never multiple L stamps.... That makes me think it may not be original... JMO... I have no evidence to support that. Cheers, RickO

zer0man

@Zoins said:

@zer0man said:
I have heard it told that some gold was stamped with an "L" when measured under weight. Why it was not melted I am not sure.

Does "L" mean Lightweight?

That is what I understood it to mean, yes.

zer0man

Here is a past thread where similar markings were discussed: link.
Forum members 10000lakes and burdell were able to find info stating the "L" marking was done to indicate coins below legal weight. Why they simply were not melted is a mystery to me.

oldabeintx

I think you have something special there. A great piece of history on multiple counts.

coinkat

Interesting... I have an L on a BOE Dollar from 1804... something that has the look of intrigue but nothing in terms of facts that I have uncovered to explain the circumstances

philographer

@zer0man said:
Here is a past thread where similar markings were discussed: link.
Forum members 10000lakes and burdell were able to find info stating the "L" marking was done to indicate coins below legal weight. Why they simply were not melted is a mystery to me.

There is also another old thread on this topic for those who are interested:

https://forums.collectors.com/discussion/comment/12680908#Comment_12680908