 1849 $5.00. Oregon Exchange Company. K.1 (R-5). Strong Very Fine in terms of detail. Beaver on tree trunk, K.M.T.A.W.R.G.S. above representing the company partners, Kilborn, Magruder, Taylor, Abernethy, Willson, Rector, Campbell (error 'G') and Smith. Below appears T.O., Territory of Oregon. This was another design anomaly as the desired inscription was O.T., Oregon Territory, as it appeared properly on the Oregon $10. At the base is the date 1849 flanked by a short sprays. This reverse is inscribed 130 G./ NATIVE/ GOLD./ 5 D. with the company name forming the outer legend.
The ''Native'' gold referred to on the reverse was actually California ore brought back from the gold fields by Oregon pioneers. Coinage was begun at Oregon City, 15 miles north of Portland, in March 1849 and continued for perhaps six months. While the coins were well received, most were soon melted or otherwise destroyed, making this $5 and its companion $10 two of the great rarities of all U.S. Pioneer Gold. This specimen is sharper in its overall presentation than most seen but a glass reveals faint traces of skilled repair at 12:00.
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