1851 $50 RE Humbert Fifty Dollar, Reeded Edge, 887 Thous. AU50 PCGS. K-6, R.4....

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1851 Reeded Edge Humbert Fifty, AU50
887 Thous., Kagin-6
Iconic Old West Slug

1851 $50 RE Humbert Fifty Dollar, Reeded Edge, 887 Thous. AU50 PCGS. K-6, R.4. Money in the city of San Francisco evolved dramatically during the California Gold Rush. In early 1849, the linchpin of the booming economy was gold dust. Since the fineness of dust varied, it was undervalued in trade, and soon succeeded by private gold coin. However, some of the coiners became disreputable, and it was clear that a U.S. Mint was needed to instill confidence. But the wheels of Washington policy moved slowly, delayed by the New York delegation, which wanted a Mint branch of their own.

San Francisco had to settle for a U.S. assay office instead. It opened in 1851 and struck only octagonal fifty dollar "ingots" that year. The initial varieties had the date on the edge, but the issues evolved closer to U.S. coins, with the date either on the central reverse or obverse exergue. The fineness was increased, eventually to 900 thousands, the same as Federal coin. In 1852, ten and twenty dollar pieces were struck, and were round like their Federal counterparts. Finally, the U.S. Assay Office of San Francisco was replaced by a full-fledged branch mint, not coincidentally the same year (1854) that New York succeeded in securing its own U.S. assay office.

Given that historical context, the Kagin-6 Humbert "slug" was a small stepping stone along the West Coast economic evolution from gold dust to 1854-S double eagles. Its K-5 immediate predecessor also had a reeded edge, but its fineness was 880 thousands. K-6 increased the fineness to 887 thousands. The scrollwork reverse design, an anti-counterfeiting measure, was retained from previous varieties.

The Humbert slugs were essential to the gold-based West Coast economy and traded hands frequently. At PCGS, the median certified grade for K-6 is VF30. Only three pieces have been certified as Mint State. The condition of the present AU50 example is well above average, and the obverse field retains its initial mint-made granular appearance, caused by die crumbling. The eagle's breast has only a hint of wear, and luster glimmers from the legends, plumage, and scrollwork. As is usual for lightly circulated slugs, the rims display minor dings, and we note dull marks near the eagle's beak and a thin horizontal mark on the lower reverse. Listed on page 385 of the 2015 Guide Book.
From The Charles G. Wright Family Collection.

Coin Index Numbers: (NGC ID# 6J5M, PCGS# 10214, Greysheet# 11786)

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