The Life of Brigham Young

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They assisted each other, and divided their scanty store in community fashion.
In those early days money was not to be obtained, hence products served as medium of trade instead of cash. The great inconvenience of thus bartering is plainly apparent. The Mormon Battlion men, who were among the first to discover gold in California, brought with them, on returning to the valley in 1848, bags of gold dust, but the use of the loose metal was very incon- venient, entailing trouble and loss in weighin
...g. To' obviate this President Young issued a paper curreny, in January, 1849, taking the loose gold as security. He and Thomas Bullock, his clerk, did the first type-setting in the valley, for this primitive currency. Some time after, dies were made, the gold dust was coined, and the money locally used until superseded by legal tender, when the coins were disposed of as bullion to the federal mints.
But the question of a circulating medium was not as difficult to solve as the problem of gold digging which now confronted the Mormons.

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The Life of Brigham Young
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