(1849) $5 Oregon $5 Copper Restrik (Regular Strike)
From the Oregon Gold (1849) Series
Obverse & Reverse
This copper piece is a modern restrike or replica of the legendary 1849 $5 'Beaver' money from the Oregon Exchange Company. It is crucial to understand that this item is not a historical coin, but a numismatic collectible created for enthusiasts. The story of the original coin it emulates is one of ingenuity and necessity on the American frontier. Following the discovery of gold in California in 1848, a significant quantity of gold dust flowed into the Oregon Territory, carried by returning settlers. However, the territory lacked a standardized medium of exchange, forcing commerce to rely on imprecise and fraud-prone gold dust, or cumbersome barter with items like beaver skins and wheat. In early 1849, the Oregon Territorial Legislature's attempt to establish a government mint was thwarted when the newly appointed governor, Joseph Lane, declared the act unconstitutional. In response to this monetary crisis, a private consortium of eight prominent citizens—W.K. Kilborn, Theophilus Magruder, James Taylor, George Abernethy, William H. Wilson, William Rector, J.G. Campbell, and Noyes Smith—formed the Oregon Exchange Company in Oregon City. They took it upon themselves to convert raw gold dust into reliable coinage. Using locally fabricated machinery, including parts from wagon wheel rims, and crudely engraved dies prepared by Hamilton Campbell and William Rector, they began striking $5 and later $10 gold pieces in March 1849. The $5 coin featured a beaver on a log, an animal central to Oregon's early economy, with the initials of the company's partners above it. Famously, the dies contained errors: 'T.O.' for Oregon Territory was engraved instead of 'O.T.', and J.G. Campbell's initial appeared as 'G' instead of 'C'. Despite these flaws, the coins were a resounding success. The company deliberately made them overweight in pure, unalloyed gold (worth about $5.50 at the time) to ensure public acceptance. This high intrinsic value, however, also sealed their fate, as most were eventually melted down for profit after U.S. coins became more plentiful. The Oregon Exchange Company's mint operated for less than six months, ceasing in September 1849. Today, original gold specimens are extremely rare and highly prized territorial issues. Copper restrikes like the one specified are modern creations, valuable as affordable and historically interesting 'fillers' or mementos of this fascinating chapter in American numismatics.
Associated EventOregon's response to the California Gold Rush
Reason For MintingTo serve as an affordable, educational replica of an extremely rare and historically significant territorial gold coin for modern collectors.
Minter HistoryThe original minter was the Oregon Exchange Company, a private partnership of eight Oregon City citizens formed in 1849 to address a local currency shortage. They operated for less than a year. The minters of modern copper restrikes are various private entities specializing in producing numismatic replicas; they have no connection to the original company.
Historical SignificanceThe copper restrike itself has no historical significance. Its significance lies entirely in its faithful reproduction of the original 1849 $5 gold piece, which was the first private coin struck in the Pacific Northwest and a vital, albeit short-lived, solution to a critical economic problem on the American frontier.
Not Applicable (cf. K-1 for original gold coin)
Denomination$5 (Notional)
Minting PeriodModern (Late 20th / 21st Century)
Assayer/MinterPrivate Mints / Commercial Manufacturers (Not the original Oregon Exchange Company)
Geographic OriginUnited States (Struck for the collector market)
Obverse DescriptionDesign faithfully copies the original K-1 gold coin. A beaver rests on a log facing right. Above the beaver are the initials of the eight partners of the Oregon Exchange Company: 'K.M.T.A.W.R.G.S.'. Below the log are the erroneous initials 'T.O.' (for Territory of Oregon) and the date '1849', flanked by leafy branches.
Obverse InscriptionK.M.T.A.W.R.G.S. / T.O. / 1849
Reverse DescriptionThe reverse is purely typographic, also copying the original. The legend 'OREGON EXCHANGE COMPANY' encircles the periphery. The center contains the weight and composition in four lines: '130 G.' / 'NATIVE GOLD.' / '5 D.' Note that on a copper restrike, the 'NATIVE GOLD' inscription is part of the historical design and not indicative of actual composition.
Reverse InscriptionOREGON EXCHANGE COMPANY / 130 G. / NATIVE GOLD. / 5 D.
CompositionCopper
Stated FinenessNot Applicable
Actual FinenessNot Applicable
EdgePlain
Unknown; varies by manufacturer.
Survival EstimateLikely high, as they are modern collectibles.
Rarity ScaleNot Applicable (Modern replica)
These copper restrikes appeal to collectors of territorial gold coinage who cannot afford an original example, which can cost tens or even hundreds of thousands of dollars. They serve as excellent display pieces, educational tools, and placeholders in a collection, capturing the crude but charming design of one of America's most iconic pioneer coins.
Key VarietiesAs these are modern, privately produced items, there are no 'official' varieties. Different manufacturers may produce versions with varying quality, metallic finish (e.g., antiqued copper), and packaging. There are no known historical restrikes or patterns in copper. The most notable related collector issue is a series of modern gold restrikes produced by the Eastern Oregon Mining Association (EOMA) in the late 20th century, which were high-quality, limited-edition collectibles in their own right, distinct from inexpensive base metal replicas.
Authentication TipsAuthentication focuses on identifying it as a modern replica, not an original. It will be copper, not gold, and a magnet test will confirm it is not iron or steel. Its weight and specific gravity will be incorrect for a gold coin. Many replicas are marked with 'COPY' or a maker's mark, though not all are. The strike quality may be sharper or softer than originals, but the key is the metallic content. There are no known genuine 19th-century copper restrikes to be confused with.
Shopping ConsiderationsWhen buying a copper restrike, the primary consideration is simply aesthetic quality and price. Look for a piece with a sharp, clear strike that accurately represents the details of the original design. Some collectors may prefer a piece with an 'antiqued' finish that simulates age. Since these are inexpensive novelty items, there is little concern about grade or hidden damage, but one should still ensure they are buying a well-made replica. Do not pay a significant amount of money for such a piece, and do not mistake it for a genuine historical artifact or a limited-edition precious metal restrike.
A coin's grade is its condition, rated on a 1-70 scale. For rare coins, this is the most critical factor in determining value, as a tiny difference in preservation can mean a huge difference in price.
Relevant Grade TypesAs a modern, non-circulating numismatic item, these copper restrikes are typically sold as 'Uncirculated' or 'Proof-Like'. Standard grading (MS 60-70) is generally not applied as they have little secondary market value that would justify the expense. The original 1849 gold coins were business strikes intended for circulation, and they are graded in both Circulated (AG-AU) and Mint State (MS) grades. No proofs of the original coins were ever struck.
Mint State CharacteristicsAn uncirculated copper restrike should appear new, with full mint luster for a copper piece (either red, red-brown, or brown depending on toning). The quality is determined by the sharpness of the strike from the modern dies. Look for full detail on the beaver's fur and the lettering. Minor carbon spots are common on copper and may not detract significantly unless they are large and distracting.
Circulated Wear PatternsThese pieces are not intended for circulation. Any wear would be considered post-mint damage. For the original gold coins these replicas copy, wear first appears on the high points of the beaver's back and head, and on the letters 'O' and 'M' in 'COMPANY' on the reverse. The date and partners' initials are also susceptible to wear in lower grades.
Key Factors For ValueThe value of a copper restrike is minimal and tied to its appeal as a novelty or replica. The key factor is simply its appearance; a clean, sharply struck piece is more desirable than a poorly made one. There is no significant numismatic value premium for grade or surface quality in the way there is for a genuine coin. Its value is as a placeholder and historical curiosity.