PCGS - There's classic gold, then there's classic gold. And some classic gold isn't just old, it's historic. That's certainly the case with the magnificent 1851 "880" Augustus Humbert $50 Territorial "slug." This octagonal piece was produced under the authority of Augustus Humbert, who ran the U.S. Assay Office in San Francisco, California, in the heyday of the Gold Rush, when gold was found in nearby Coloma in 1848.
1851 "880" Augustus Humbert $50 Lettered Edge, PCGS MS63. Courtesy of PCGS TrueViewThousands took a chance on the San Francisco area during the late 1840s and early 1850s, heading west to strike it rich. Gold was becoming the currency of the day in the booming towns that flourished among the hills of gold, with many private refiners and mints springing up to fill the need for new coinage. This motley crew of private-issue tokens traded as money did much of the heavy lifting in local commerce. However, there was no standard in place dictating the purity of these gold pieces, most falling short of the 90% gold fineness employed by the U.S. Mint for its gold coinage.
California became a state on September 9, 1850, and in short order, the United States government hammered out a plan to open an official assay office in San Francisco. Respected New York watchmaker Augustus Humbert was tapped to serve as the assayer at the new United States Assay Office in San Francisco working alongside contractors from private mint Moffat & Company.
The first of these distinctive $50 gold slugs were produced in 1851 under the tutelage of Humbert, by way of whom these coin-like ingots received government certification. However, these hefty new gold pieces were a work in progress, the earliest emissions containing .880-fine gold and weighing nearly 2.5 ounces - massive in the context of a gold coin, regardless of its purity. Eventually, the fineness of the gold pieces was increased to .887 and finally .900, the latter on par with the federal gold coinage of the day. Despite the trial-and-error element to producing these coins, including modifications to reduce the number of hand punches required to create the eight-sided edge, the $50 slugs helped establish standards for the gold-based monetary setting predicating the San Francisco area's economy.
A tremendous store of gold, a great many $50 slugs were eventually melted for their bullion content. This leaves few of these sought-after California gold coins available today. Even fewer exist in Mint State grades, with just two in MS63 and only two in higher grades. Witter Coin of San Francisco recently had the honor of procuring one of these excessively rare beauties, hailing from the city during the height of its Gold Rush glory. The obverse carries a patriotic eagle motif paired with an intricate wave design on the reverse. The lettered edge is inscribed with "AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851."
Seth Chandler, owner and chief numismatist of Witter Coin, said everything that needs to be said about this Gold Rush treasure. "It's one of the top five favorite coins that I have ever handled."
Posted 08/20/2023 5:13 pm
