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Lot
5108

1851 $50 RE Humbert Fifty Dollar, Reeded Edge, 887 Thous. AU58 NGC. K-6, R.4....

2011 March Sacramento Signature ANA US Coin Auction #1153

 
Sold for: Not Sold
Auction Ended On: Mar 18, 2011
Item Activity: 11 Internet/mail/phone bidders
4,088 page views
Location: Sacramento Convention Center
1400 J Street
Hall A
Sacramento, CA 95814

Description:

K-6 1851 Reeded Edge Humbert Fifty
887 Thous, AU58
1851 $50 RE Humbert Fifty Dollar, Reeded Edge, 887 Thous. AU58 NGC. K-6, R.4. Obverse with AUGUSTUS / HUMBERT / UNITED / STATES / ASSAYER / OF GOLD / CALIFORNIA / 1851 around, 887 Thous. on the label; reverse with geometric pattern and ribbonlike border element close to the edges (compare the rare K-5, which has the ribbon closer to the geometric pattern).
The original United States Assay Office operated under a coining contract held by the firm of Moffat & Co., but it was not until January 1851--after United States Assayer of Gold Augustus Humbert arrived in California--that the Assay Office began striking the fifty dollar "slugs" that would make the facility famous. While the presence of the United States Assay Office had a beneficial effect on commercial confidence, there was an unforeseen side effect to its establishment; according to Don Kagin's Private Gold Coins and Patterns of the United States, almost all of the small-denomination private gold coins circulating in California went to the Assay Office and came back as the enormous "slugs," provoking a crisis when the lack of smaller gold coins hit home for merchants and miners.
This example of the 1851 Reeded Edge Humbert fifty dollar barely circulated, as evidenced by the ample yellow-gold luster remaining on each side. The strike is soft in the centers and weak on the date, but aside from a scattering of abrasions (most notably above the first A in AMERICA on the obverse), the overall eye appeal is solid, and this is a great piece of California Gold Rush history. Listed on page 368 of the 2011 Guide Book. (PCGS# 10214)

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