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Lot
9037

1855 $50 Wass Molitor Fifty Dollar VF25 PCGS. K-9, R.5. ...

2002 September Long Beach Signature Sale #300

 
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Auction Ended On: Sep 28, 2002
Item Activity: 5 Internet/mail/phone bidders
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Location: Long Beach, CA
Description:
Wass Molitor Slug, K-9, VF25 PCGS
1855 $50 Wass Molitor Fifty Dollar VF25 PCGS. K-9, R.5. In addition to Twenty Dollar gold pieces, the firm of Wass, Molitor, & Company on Merchant and Montgomery Streets, San Francisco also issued Fifty Dollar slugs in 1855. To help fill the gap created by the temporary suspension of coinage at the San Francisco Mint, the private mint produced $38,000 in Twenty and Fifty Dollar coins each day beginning at the end of March. Coinage operations ceased entirely sometime before the end of the year.
The only round slugs issued in Gold Rush California, the Wass Molitor pieces were much more popular than their octagonal predecessors from the United States Assay Office of Gold. (It was these octagonal examples that flooded the economic channels of California during 1851; their unpopularity helped convince Wass and Molitor that there was money to be made in the production of smaller denomination gold coins). Kagin (1981) even states that the 1855 Wass Molitor Fifties also circulated in other parts of the United States.
This mid-grade survivor is a little bright with orange-gold coloration. There is actually quite a bit of remaining detail for the VF25 designation, although both sides are abraded with several moderate distractions. Several scrapes around the denomination on the reverse are seen on each side, defects one would expect from these 2 1/2 ounce circulating slugs of gold. Listed on page 298 of the current Guide Book.
From The Estate of Jack L. Klausen. (PCGS# 10363)

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