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The 1849 Territorial Gold Moffat & Co. $5 Gold Piece marks an early response to the California Gold Rush. PCGS has graded 19 as XF45 with 60 finer.
John Little Moffat, a New York assayer, arrived in San Francisco in summer 1849. He set up Moffat & Co. to assay and refine gold dust from miners. With federal coinage scarce, the firm issued private coins to meet local needs. These territorial issues filled the gap in everyday transactions.
The obverse shows a Liberty head facing left, with "Moffat & Co." and inscribed. Reverse displays "California" and "Five D." Engraved by George Kuner, a Bavarian goldsmith who joined in July 1849, it comes in three minor varieties based on die states. Production was small, around 2,000 pieces, making it scarce.
This PCGS XF-45 example shows moderate wear on high points, with clear details on Liberty's hair and the wreath. Toning is even, and surfaces remain original without major marks. It represents solid preservation for a circulated territorial coin, and is an iconic relic of the early days of the California Gold Rush.
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