Closing up my hunt for the Deseret Lion - The final Mormon design
PeakRarities
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Sadly, my multi-year conquest for my white whale lion is over, and it was far and away the most challenging one of my targets to locate. We all know it's all about the chase, and the transitional periods without another target remind us of that fact. This issue has been #1 on my hit list for several years, and even before I knew anything about pioneer gold, I thought this was one of the coolest designs ever. Even now this coin has my favorite design on a $5 piece, and it's not even close.
The 1860 was actually made using Colorado gold, unlike any Mormon coinage dated 1849-1850. The design of the 1860 is far and away my favorite Mormon Design, and its in my top 3 (hard to pick a favorite) pioneer designs, which include the Kellogg $50 and the Baldwin $10 (Horseman); both of which unfortunately are outside of my "range of motion". Even if the money wasn't the issue, my level of comfort seems to top out right around the value of a piece like this. Coincidentally, my other two favorite issues can be added to my collection via what I call "consolation commemoratives", perhaps I'll pick those up and see if they do anything for me, but I doubt it.
The 1860 issue, specifically, is high on the list for more a handful of pioneer collectors and affluent church members (LDS) alike. Presumably because they share my sentiment for this design, it's not often that a coin is intricately detailed, proportionally accurate, and wickedly cool on BOTH sides. Furthermore, it's very well executed and the workmanship is far superior to the other Mormon Designs. The visual presentation, for lack of a better word, is just badass.
The background of this issue is still somewhat of a mystery, and like many pioneer operations, there are contentious theories and quasi-research that were pieced together from old correspondences and newspapers, mostly. A ccording to Walter Breen identity of the designer was reported to be Albert Kuner, according to Walter Breen, but Don Kagin's assertion is that it was a Jeweler J.M Barlow, which s based on the fact that a section of Barlow's jewelry store served as ounds highly plausible. Breen reported they were struck intermittently over a two year period between '59-'61, as for Kagin it was a two week period from the end of February to early March in 1861. What IS accepted by the scholarly consensus is that only. 472 pieces were struck from Colorado Gold, in light of the fact that the (misleading) obverse legend reads "Deseret Assay Office Pure Gold". The distinction being that Colorado Gold later assayed at .917, a notable increase from formerly used California gold ring in at .891. Since the necessary smelting equipment and parting acids weren't available for them at the time, they were always unable to refine the purity, so the purity of any given issue would match the purity of the gold that was used to make them.
Even though the 1860 outfit produced coins with a higher AGW than federal issues, the reputation of the firm, and virtually all of the private coiners, had been torn to shreds by the media and the powers that be. Just one short year later in March, 1861, these coins were essentially sentenced to death by melting. Sadly, they were never able to overcome the reputation of their debased counterparts, so they never caught on in circulation. This also explains why the majority of survivors are in XF-AU condition. As a demonetized coin with a melt value higher than. face, it's miraculous that there are as many survivors as there are. Somehow there are close to 80 coins listed in the pops between PCGS and NGC, but I'd bet an ounce of gold that a sub substantial number of those are crossovers and upgrades, which leads me to believe that the actual number of survivors probably doesn't exceed 50. The CAC population is a mere 6 coins, which would support an inflated population and explain why it was so difficult for me to find one that met exceeded my criteria at what I felt was a reasonable price.
Just like I would tell advise any rare gold collector, you will never go wrong buying the personality pieces with the most character & color. While the issue as a whole is an R-5, narrowing down to a CAC example makes the target an R-7. Trying to locate a richly toned, original & crusty, distraction free example eliminates several of those examples, and then all of the sudden you're hunting an R-8 
.
I haven't been around long enough to see more than a few of these in hand, but I've studied every one the auction comps so I could better understand expectations and values. Ill include the link the the PCGS APR's below if anyone else wants to check them out. I would focus on the first 5 listings, which happen to include BOTH of the ONLY two CAC approved examples ever to be solid public. Based on what I've seen, I don't think I've seen a piece that was higher on the "spectrum of original" than this one. Being almost .920 fine, that actually makes these more difficult to take on color, the debased coins tend to excel in that department (Bechtlers, for example). Despite that, this coin sat protected somewhere for a loooong time for the reverse to pick up that rosy hue with the peripheral turquoise.
As far as numeric grade, I guess Im ok with it being the nicest 55, but if you were to grade it on the same curve used for some other PCGS coins, I think it should plus, at a minimum. Now here's the fun part, for anyone that wants to know why there are so few with this look, take a look at the NGC UNCs (61-62) 
. For those that don't understand the NGC ribbing, it stems from issues like this where they insist on embarrassing themselves with ludicrous grades. Collectors of these coins aren't naive, thankfully, and that's why this 55cac would probably go sell for more in an auction. In really don't care with this one though, because I cant even imagine a circumstance where I'd consider selling it.
If you do happen to go through the sales archives, look at the prices in 1988/1989 at the height of the bubble.....An interesting observation is that Pioneer gold has done the best with appreciation, over any other series. The Gem Morgan investors are still buried to this day, but a Lion, a Beaver, or a Slug and you would have at least 10x'd. The effects of marketing and promotion, or a lack thereof, is pretty remarkable...
Anyways, I guess it's time to look at the coin now. Everyone can thank @Tomb for giving me a kick in the behind to write post for it.
Now here's the link to the PCGS Auction records. Note the price of the 61cac on stacks from the Larry miller collection that sold in 2020, at a time when the sky was falling and coins were being given away. Then look at the recent price of the AU50 CAC earlier this year, and ask yourself if it makes sense for the price guide to be based on the 2020 comp? Some of the pcgs figures for pioneer are ok, but if you wanted to mimic the price guide strategy for any other coin (where the optimistic price guide is better represented by a solid CAC example), all of those figures need to be increased by a factor of 1.33 minimum.
https://www.pcgs.com/auctionprices/details/1860-mormon-ms-5/10268
The filters should be set to any numeric grade, there's a ton of value in those 5 that shouldn't be skipped. Afterwards if you want to go down the rabbit hole, you'll see that this issue specifically has incredible basal value in relation to its intrinsic value around $640. A $50 Humbert / USAOG Slug (2.5oz), on the other hand is around 3-4x melt. The Wass $50 comes in a bit stronger at 4-5x give or take. The 1860 Mormon stands tall at close to 67x melt if you ignore the offensive one, which is the outlier at 44x melt , and that's not all!One of the most fascinating takeaways from this is the PCGS / NGC price disparity. I think this one might be the largest I've ever seen. Especially when it's just the numeric grade in a pretty narrow range adding subjective designation.....I'll post my graph in a second.
For grading purposes I want to provide a benchmark image, actually two images both of the Hansen example, currently top pop at PCGS as a 62. We have no idea what the color or surfaces actually look like unless my inquiry yields another image or trusted opinion. Regardless, as far as the technical grade, I have no issue with 62 provided that there's no surprises.....the purpose mainly to illustrate that the roughness often seen in the fields is as struck, and can be attributed to poor equipment and tools. It's entirely possible that their operation wasn't capable of producing an example better than choice unc. Despite those obstacles, and the likelihood that they had to "MacGyver" some old, haphazard hand me downs, the result being one of the most desirable and uniquely designed coins in the world. Enjoy!
Comments
Great post, great story, great coin!
Congrats.
My current "Box of 20"
Congrats…terrific write up and analysis. Well played.
Experience the World through Numismatics...it's more than you can imagine.
Very nice coin and congratulations.
Fantastic!!!
This coin with that strike should not exist. It has an argument for being the nicest one. Given value vs other coins, it 100% IS the nicest one. I love it. Nice job.
I'm glad I can at least share your joy in owning a coin I have wanted for a long time myself. I like it because it is unique with all the LDS coins in that it used the Deseret alphabet and it was only used for a very short time before falling out of favour. The Deseret alphabet was created to simplify English for the many converts that the church recruited in Norway, Denmark etc.
Lovely Dan! I can feel the excitement every time you talk about this one, which is a sign of an incredible coin.
Coin Photographer.
OUTSTANDING! I can hear it in your voice! 👍
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Holy sheet! That’s a cool terrific looking coin. Congrats!
Thank you everyone, it’s one of those coins that will always have a place in my heart. As an aside, please feel free to post whatever you want. Objections, disagreements, questions, anything Mormon coin related. Open discussion here
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This is fabulous!
It's funny, as I was reading your thread I thought to myself "it looks like I flushed the lion out of the tall grass..." and then you posted that shoutout about my thread. Great timing on that one. Your coin has that classic @PeakRarities look to it, which is a reputation that few collections can claim. Well done!
In honor of the memory of Cpl. Michael E. Thompson
Wow
Just look at the color and luster! Just a phenomenal find Dan.
What’s the story of how you acquired it if you can share?
When it comes to Mormon gold, the Lion & Beehive is iconic and very cool. I've always had a thing for the 1849 $5 though. It's just so goofy and different and of course has the amazing history. I'll likely never want to spend $20-25k on a VF but it's a fun one.
On a separate note, I stumbled upon this coin the other day. It is an 1866 Burma 1/4 Kyatt. Given the vast distance in the 1860s between Utah and Burma, I find the similarities of the 1860 $5 and this coin striking. The lions could be cousins and the deseret language on the Mormon resembles the Burmese characters.
Dan, your enthusiasm for pioneer coins is infectious. Remarkable post, this and others. Many Thanks. The price swings illustrate perhaps the difficulty evaluating these great coins, and the subjectivity involved when it comes to truly scarce and rare coins.
Very cool Dan. Congrats.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 37 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Great coin and nice write-up!
Latin American Collection
Congratulations Dan! A really beautiful coin. If only all AU pioneers would look like your new Mormon. Always enjoy your fact filled reports on your recent acquisitions. See you at FUN with your special treasures.
Oh my!
Thank you for the detailed post!
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
Great description and so fun to read the historical context. It’s also nice to sense your enthusiasm for such a select coin. If you’re willing to, it would also be enjoyable to read about from whom you acquired the coin and the related hunt journey. 👍👍
"Got a flaming heart, can't get my fill"
Fantastic coin--and post.
Letter from Brigham Young to a would be collector:
G. S. L. City, July 7 1862
Mr J. William Anderson
Newburgh. Orange Co., N. Y.
Sir:
In reply to your favor of March 29, I have to inform you that in an early day of our settlement here, when coin was scarce and Cal. gold dust tolerably plenty but unhandy in that shape, for convenience sake dies for twenty, ten, five, and two and a half dollar gold pieces were made, and the gold dust in the market was coined. Small amounts have been coined since the aforesaid date, at times when gold dust has accumulated here sufficient to make it pay to do so, but such amounts are scarcely worth mentioning since the Government began coining in California. There are two dies for the five dollar piece, the one made recently being quite different from the old one.
Should you wish any specimens of the coins made here, they will be remitted, if to be found in the market, upon receipt of your selection accompanied by the corresponding amount either in gold or Government currency, by mail at your risk, unless you prefer waiting an opportunity for their being forwarded by hands of some trusty person going from here to your region of country.
Respectfully,
Brigham Young
Early Catalogue (1909):
Federal troops warned not to accept at greater than $4.50 value---Raftsman's journal, February 22, 1860:
Dan its the enthusiasm that makes me read your threads. The history you wrote about this coin is impressive, you really know what your doing. Your not just buying a coin. Your buying real history.
Congratulations on another good coin the really lines up nice in your collection so far.
I only wonder what's next!
*Edited because I need to learn to proofread.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Congratulations, Dan.
The coin and your writeup are equally fantastic.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Beautiful historic piece of gold. Thanks for sharing your research. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW
thanks for sharing the history and the outstanding jaw dropping example !!
Top 10 Cal Fractional Type Set
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Dan, this is absolutely awesome! Great read of a coin with significant historical importance, even legacy. It’s a real beauty & it fits so well as part of your collection. It’s YOU that should be the owner. If you’re so inclined, like others, I would be interested in reading or hearing about your hunt to acquire this one!
“The thrill of the hunt never gets old”
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The best part of numismatics is the tie to history and pioneer gold has it in spades, in part because so much of it is uncertain.
I have met collectors who have little interest in history and I wonder why they even bother.
Dan you, on the other hand, have dug in deeply. Great coin, puzzling grade (in step with the uncertainty of these coins) and a write-up that shows your thrill. Good stuff.
"Look up, old boy, and see what you get." -William Bonney.
Some additional info:
Apologize for multiple posts on your thread...... Perhaps lion design was in homage to lion sculpture adorning Brigham Young's home (built in 1856)?....
https://www.churchofjesuschrist.org/learn/lion-house-temple-square?lang=eng
Pretty coin. I had this one with a lion/griffin motif from 18th century Italy.
Your passion and excitement is what coin collecting is all about! This design has it all - history, artistry and a bit of mystery. Kudos to you for having the patience to wait for an example with outstanding eye appeal!
FANTASTIC coin Dan! Congratulations!!
And thank you for sharing the coin, the things you know about it, and the nice write-up to lay it out for us. These are the kind of posts that remind me how much I love this place!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Ok, gotta give the people what they want, I suppose
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When your target is in high demand, its best build relationships with dealers who often have access to those coins, as many top pieces don't reach auctions or websites. Exclusivity prevents the chances of inter-dealer competition, both of them under the impression working on your behalf. If dealer "X" has a coin you want, your dealer might secure it at a better price than you could, and even after markup, the cost might be similar to buying from "X" directly, especially with prior business. Very selective collectors buy less frequently, which allows your dealer to understand your preferences better and be more patient with your selections. However, finicky buyers should expect to pay higher markups, as the dealer has to invest considerably more time per transaction.
With the coins I was after, that approach would have taken considerably more time and patience and time to get where I am now. I decided to try something more risky, which is to build relationships with as many dealers as possible and to give them a general sense of what I'm after. In doing so, I made sure to avoid being labeled as a tire kicker, so often times I would make a courtesy purchase- a benchmark transaction to show them that I wasn't wasting their time. Also, I would make it clear when I'm buying something for my collection or resale, many dealers want to sell to the end user, not the middleman. It's more fulfilling when you see a great coin go to the right home, and at the same time it increases the chances they'll handle the coin again if it stays close by, within their orbit. I'll even give my word that they get first right of refusal if it makes a difference to them.
Even before I started dealing, I got used to selling things that I wasn't compelled to keep forever, repurposing that capital for something else. This cycle allowed me to buy aggressively at much higher volumes, and having nice coins for sale can also help strengthen your dealer relationships. With a high volume of business in both directions, they can afford to charge you lower margins too. With this strategy, eventually, the coins started to find me. The kicker is that I knew the market exceptionally well, and though I had a "want list" I wasn't limiting myself to top pops, a specific grade, or a defined set. There have been plenty of coins I would have liked to have that came through auction, but I'd set my max and let the chips fall where they may. I can point to some comps over the past couple years where I'd be surprised if the the "winner" could recoup 50% of his purchase price. It's such a thin market that even one less participant makes a world of difference.
Pioneer gold is a very unique niche that requires a lot of research and market analysis, in addition to general grading skills and the ability to spot "improvements". I was able to accelerate the process by spending so much time at shows and soaking up knowledge from the specialists, and making it worth their time to do so. A lot of critical data and market knowledge isn't on the internet, and without it you'd be stepping into a minefield. Ultimately, I think my opportunity at the 1860 was a result of a unusually large courtesy purchase that I didn't necessarily NEED to have, but when I heard the 1860 was in the pipeline, I gambled on the chance that it would move me up the priority list. Evidently it worked out, and I'm not sure I would have been offered the coin otherwise.
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Don't apologize for quality contributions, I appreciate them!
I know that beehive is based on the rough translation of "Deseret" is "Honeybee"
I've actually been playing around with "Grok", the AI program built into Elons Twitter/X. Been getting some good info, though it has its limitations. This is what it said about the lion-
"The lion depicted on the 1860 $5 Mormon gold coin holds significant symbolic meaning within the context of Mormon theology and history:
_Lion of Judah: The lion on this coin is commonly interpreted as a representation of the "Lion of Judah," a title for Jesus Christ from the Book of Revelation in the Bible, symbolizing His divine power, authority, and kingship. In Mormonism, this symbol underscores Christ's role as the leader and protector of His people.
Brigham Young - "The Lion of the Lord": More specifically, in the context of this coin, the lion might also symbolize Brigham Young, who was often referred to as "The Lion of the Lord" by early Latter-day Saints. This nickname reflects his leadership, strength, and the protective role he played during the church's early years, especially during the migration to and settlement of Utah. The lion on the coin could be seen as a tribute to his leadership and the challenges he faced and overcame.
Holiness to the Lord: The phrase "Holiness to the Lord" written in the Deseret alphabet around the lion further emphasizes the divine aspect of the symbol. This inscription is a direct reference to the holiness and divine mission of the Church, linking the lion directly to sacred themes within Mormonism.
Cultural and Historical Symbolism: Beyond its direct religious connotations, the lion also symbolizes strength, courage, and the protection of the Mormon community against external threats and the harshness of the Utah environment during their early settlement period.
The coin's design was part of a broader effort to create a unique currency for the Mormon community in Utah, reflecting their religious beliefs and cultural identity. The lion, therefore, served both as a religious symbol and a cultural emblem of the community's resilience and faith.
This information is derived from the historical and cultural significance of the coin within Mormon history, as discussed in various sources on numismatics and Mormon literature."
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Thanks for continuing to give us peeks into your hunting. This story and the "small auction" story were both very enjoyable to read. Happy that this time the coin came home with you!
Congrats on your conquest!
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
The coin and the write up…
Absolutely superb!
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Fabulous post and coin PR. Thank you for sharing!
My 1866 Philly Mint Set
Awesome coin. Exudes badassery. You're going to have it at FUN, right? RIGHT?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I suppose it would present a heck of a lot better with nice new plastic…😉👍
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Now THAT coin is more in my wheelhouse. Have always loved the Venetian lion. Outstanding coin!!!
It had been in a Stacks auction a long time ago when it sold for around that low figure on the flip. I sent it to NGC for authentication then contacted Ponterio who made me a good offer and I sold it to him.