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1851 $50 LE Humbert Fifty Dollar, Lettered Edge, 887 Thous., 50 Reverse, MS63 ★ NGC. K-4, R.5....
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Sold on Oct 11, 2018 for:
$360,000.00
Bid Source: Internet bidder
Description
1851 Humbert Fifty Dollar, K-4, MS63 ★
Lettered Edge, 887 Thous., 50 Reverse
Single-Finest Certified Example
1851 $50 LE Humbert Fifty Dollar, Lettered Edge, 887 Thous., 50
Reverse, MS63 ★ NGC. K-4, R.5. The 1851 Humbert fifty dollar
ingots (commonly called slugs) are among the most recognizable
artifacts of the romantic Gold Rush era. The large octagonal coins
are familiar to collectors of all disciplines, and even
non-numismatists often make the historical connection when they
encounter an example. They are rare and valuable reminders of one
of the most colorful periods in our nation's history. Heritage
Auctions is privileged to present the finest-certified example of
the iconic K-4 variety in this important offering.From September 30, 1850 until December of 1853, the private coinage firm of Moffat & Co. (and its successor firms) acted under government contract as the United States Assay Office of Gold. The Assay Office was initially tasked with performing government assays and issuing ingots that could serve as a universally accepted medium of exchange, but its role as a producer of private coinage was later expanded. Augustus Humbert, a New York watch maker, was appointed United States Assayer. Before leaving for California, Humbert prepared both obverse and reverse dies for the proposed ingots and transported them to California, along with other needed equipment. Prominent coin dealer Henry Chapman provided an interesting description of the design for the the 1851 K-4 fifty in lot 353 of the Captain Andrew C. Zabriskie Collection (6/1909):
"1851 $50. Defiant eagle to left, head to right, supports a U.S. shield and three arrows in right talon, a scroll inscribed LIBERTY passes through beak; around UNITED STATES OF AMERICA below 50 D C the 50 punched in and a blank space left before the C, evidently with the intention of punching in the number of carats, above 887 THOUS. R. Engine turned, with 50 in center. Edge, AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851 Borders, plain. Octagon. Fine. Two slight nicks on edge. Very rare."
Present day numismatists believe Chapman was in error about the C indicating carats. It seems more likely that the initials D and C stood for dollars and cents, and the fineness was also punched in individually in the blank space before THOUS., making it possible to easily issue ingots of various sizes and fineness by simply punching in the appropriate values. Of course, the edge lettering also had to be applied in eight separate steps, punching in the appropriate words and numerals on each side of the octagonal coin. All these separate punchings made for a labor-intensive production process, and the Lettered Edge format was soon replaced by the more efficient Reeded Edge type. All the Humbert fifties were widely accepted in both domestic and foreign trade, as the coins were of full weight and value. Most of the old lettered edge coins were melted for recoinage at an early date, making them much more elusive than their reeded edge counterparts.
The coin in the Zabriskie sale realized $300, a strong price at the time. Of course, recent auction prices for the K-4 are much higher, in the $200,000 to $300,000 range for a really nice specimen, but there are no real comparables for this piece, as no coin graded finer than MS62 has ever been publicly offered. The present coin is a spectacular Select specimen that NGC has certified with the Star designation. It is by far the finest-known example, as no other coin has been certified higher than MS62 at either of the leading grading services (9/18). The design elements are unusually sharp, with fine detail in the feathers on the eagle's neck and all lettering legible. The edge is hidden by the NGC holder, but the description of this coin in its last auction appearance, before certification, notes the edge lettering is complete. The yellow and orange-gold surfaces are remarkably well-preserved, with only a few minor contact marks on both sides. Unlike most examples seen, the rims show no blunted corners or major dents. The reverse radiates vibrant mint luster and the obverse displays much prooflike reflectivity in the fields. Overall eye appeal is terrific. For the advanced collector, there is no adequate replacement for this finest-known example. It has been 24 years since its last public offering and it may be decades before this coin surfaces again. The discerning collector will bid accordingly. Listed on page 397 of the 2019 Guide Book. Census: 1 in 63 (1 in 63 ★ ), 0 finer (9/18).
From The Marcello Collection.
Coin Index Numbers: (NGC ID# ANH5, PCGS# 10208, Greysheet# 11784)
View all of [The Marcello Collection ]
Auction Info
2018 October 11 - 14 US Coins Signature Auction - Chicago #1280 (go to Auction Home page)
Auction Dates
October, 2018
11th-14th
Thursday-Sunday
Bids + Registered Phone Bidders: 28
Lot Tracking Activity: N/A
Page Views: 6,711
Buyer's Premium per Lot:
20% of the successful bid per lot.
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