Prooflike 1855 Wass Molitor Fifty, MS61

1855 $50 Wass Molitor Fifty Dollar MS61 NGC. CAC. K-9, R.5. In his monumental reference A California Gold Rush History, Q. David Bowers writes, "The large octagonal $50 gold slugs minted in San Francisco by Augustus Humbert and the United States Assay Office of Gold in 1851 and 1852 were becoming scarce in commercial channels by 1854, although the very occasional piece was seen as late as the early 1860s.
"In March 1854 the local merchants petitioned Congress to authorize the soon-to-be-opened San Francisco Mint to make coins of the $50 denomination, again because there were no paper notes in circulation for large transactions. In keeping with tradition that dated back to the very founding of the state, legislators in Washington, D.C., ignored the plea." Bowers further posits that it was perhaps because of Washington's perennial deafness to the pleas of California's merchants that Wass, Molitor & Co. acted in 1855 to fill the need by producing its own fifty dollar "slugs" of a "new, round shape, possibly to permit quick differentiation from the former octagonal coins made by Augustus Humbert and the United States Assay Office of Gold. The coins, made to the Mint standard of 900/1000th fine, proved very popular and were used widely, especially in shipments of gold by sea to distant places." Periodic coinage cessations at the nascent San Francisco Mint, caused by the lack of parting acids for refining gold dust, also likely contributed to the Wass-Molitor decision to produce fifty dollar coins.
The new fifty dollar pieces proved eminently acceptable, even if unlovely. With unintended hilarity, the Sacramento Union on April 30, 1855, published the following (excerpted from Owens, California Coiners and Assayers): "The New Fifty Dollar Coin. Col. Pardee, of Wells, Fargo & Co.'s Express, had exhibited to us the new fifty dollar piece, which, in a great measure, is destined to supplant the old fashioned octagon slug now in circulation. This coin is circular, almost entirely destitute of ornament, and plain as a maiden's continence who has breathed the air of fifty summers. ... The coin certainly has no pretentions to beauty, nevertheless we would not like to refuse a few to break with our friends."
Questions about the new coins' true value arose; Count Samuel Wass requested an assay at the San Francisco Mint, which concluded that they were of true value within the provisions of then-current coinage laws. The only round fifty dollar gold coins issued in California, they found acceptance in other areas of the United States as well. The Wass Molitor pieces had the highest intrinsic value of any of the private coiners in California. As a result, a small number were saved rather than being melted, as were the less-reputable private minters' coins. A surviving population of 70-80 examples has been proposed, a reasonable estimate based upon third-party grading service reports.
This coin has a commanding and impressive appearance. The small head of Liberty leaves much open field space on the obverse, even with the oversized stars at the periphery. The reverse is well designed, with a finely executed wreath around the bottom, and the other design elements nicely positioned throughout.
The last of the private California gold 50 dollar coins intended for circulation, the Wass Molitor pieces are generally encountered in low grade and/or damaged. This amazing piece is a wonderful exception to the rule. The fields are fully reflective with rich green-gold color, and the design motifs are intricately detailed. Faint hairlines and other insignificant blemishes are minimal, and entirely consistent with the grade. The obverse has a tiny scrape at the first 5, and a small rim scrape at 1:30. Short surface cuts are seen near star 2 and 13, and by Liberty's nose. These are the only pedigree markers that appear on either side. Census: 2 in 61, 3 finer (4/08). Listed on page 371 of the 2009 Guide Book. (#10363)

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