To quote Donald Kagin: "Of all the fascinating tales of pioneer numismatic history, few can compare with the Mormons and the development of their coinage. Under the guidance of one of the major leaders in American history, Brigham Young, the Mormons significantly influenced the entire history of the West. Among their numismatically related accomplishments was the discovery of gold at Sutter's Mill, the public announcement of that discovery and the subsequent promotion of the gold mining industry in California, the issuance of the first American $20 gold piece, and, finally, the introduction of an entirely new alphabet and its use on a coin."
Despite widespread acceptance within the Mormon community, these "Valley Coins" were unpopular outside Utah. Contemporary assays, especially those conducted at the New Orleans and Philadelphia mints, showed that the value of these coins ranged from 10% to 20% below face value. The five dollar pieces, for example, were valued at about $4.30 each. These coins were made from native California gold, despite the inscription G.S.L.C.P.G. (Great Salt Lake City Pure Gold). Territorial bankers would only accept these coins at a 25% discount, and most were eventually melted. Today, all of these coins are rare, and the five dollar denomination is a bit more plentiful than the other denominations.
This specimen exhibits a delightful subdued yet brilliant yellow color, is wonderfully struck and will please the pickiest of territorial gold specialists. Few are ever seen in this high state of preservation and this coin without a doubt is a prize to both collector and investor.