LOT #3254 |
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1852 $50 Assay Office Fifty Dollar, 900 Thous. AU55 NGC. K-14, High R.5....
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Sold on Oct 11, 2018 for:
$60,000.00
Bid Source: HA.com/Live bidder
Description
1852 Assay Office Fifty, 900 Thous., K-14, AU55
Last of the Octagonal Gold Rush 'Slugs'
1852 $50 Assay Office Fifty Dollar, 900 Thous. AU55 NGC. K-14,
High R.5. Dated as 1852 but actually struck in 1853, the 900
thous. fifty dollar octagonal ingots were an end run in a game of
political football. August 31, 1852 legislation prohibited the
acceptance of Assay Office gold coins for customs duties because
they were less than the .900 fineness specified by law and they
lacked the proper percentage of copper alloy. The mandate crippled
both the usefulness of The United States Assay Office of Gold and
had devastating effects on the regional economy. Finally in
October, 1852 a local agreement was reached to forego the proper
mixture of copper as long as any gold coinage maintained its .900
fineness as required by law.A substantial mintage of 23,800 fifty dollar octagonal slugs were delivered in early 1853 -- 13,800 pieces in January 1853 and 10,000 more in February 1853. Soon, large quantities of ten and twenty dollar gold coins followed, and the usefulness of the cumbersome fifty dollar gold slugs declined. Eventually, most of the large octagonal gold pieces were melted as a convenient source of bullion.
This Choice About Uncirculated example is one of the few survivors from the turbulent Gold Rush period. As always, numerous small abrasions dot the surfaces, although the corners are sharp and only minor rim bumps exist. The engine turned reverse shows just a few pinpoint marks and voids. Attractive orange-gold color deepens within recesses of the eagle motif, and surrounds the obverse lettering. The strike is blunt on the eagle's breast, but all of the motifs are complete including the date and the angled legend UNITED STATES ASSAY OFFICE OF GOLD SAN FRANCISCO CALIFORNIA. Census: 8 in 55, 19 finer (9/18).
From The Marcello Collection.
Coin Index Numbers: (NGC ID# ANHH, PCGS# 10019, Greysheet# 11698)
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: 24
Lot Tracking Activity: N/A
Page Views: 1,537
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