LOT #3981 |
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1851 $50 LE Humbert Fifty Dollar, Lettered Edge, 887 Thous., 50 Reverse -- Rim Repair -- NGC Details. Unc. Kagin-4, R.5....
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Sold on Aug 14, 2019 for:
$102,000.00
Bid Source: Internet bidder
Description
1851 Humbert Fifty Dollar, Unc Details
887 Thous., 50 on Reverse, K-4
1851 $50 LE Humbert Fifty Dollar, Lettered Edge, 887 Thous., 50
Reverse -- Rim Repair -- NGC Details. Unc. Kagin-4, R.5. The
Augustus Humbert/U.S. Assay Office of Gold Lettered Edge fifties
were a stop gap solution to California's ongoing crisis of no
suitable specie for custom payments, as well as a means for banks
to conduct large-scale financial transactions in a gold-based
economy. Humbert arrived in San Francisco -- dies in hand -- on
January 31, 1851. The very next day, the first fifty dollar gold
octagonal "ingots" were struck. The mintage of these large,
octagonal pieces was a chore from day one, because only the central
motifs and legends were part of the dies. All variable elements and
the eight-sided edge device were entered by hand punches onto each
individual coin -- a cumbersome process, requiring at least 15
separate punches (including the unnecessary "50" on the reverse).
An additional sub-variety with ASSAYER inverted was almost
certainly a simple mint error, the hand punch entered upside
down.A change from 880 THOUS fineness (Kagin-1) to 887 THOUS (Kagin-4) necessitated no die change, just different hand punching on the label above the eagle's head. Varieties with and without 50 on the reverse may simply represent a number of coins that were issued without the redundant denomination punch (omitted, either unintentionally or on purpose), since 50 D C was already imprinted on the obverse.
The early Lettered Edge octagonals had a wide, unstruck border around the perimeter -- raw planchet surface, which was subject to planchet marks and rim damage even before the pieces were distributed. When transported, the oddly shaped, big and heavy "slugs" invited rim bumps and bruised corners.
This lustrous and well-defined Lettered Edge K-4 displays Uncirculated definition, but the exposed margins were smoothed and possibly repaired on both sides to eliminate any large marks and rim knocks. The struck areas of the ingot are largely undisturbed, with a few light abrasions and marks, but no heavy contacts. Only minor obverse smoothing is seen. Rich, greenish-gold color retains considerable mint luster. The in-hand appearance of this piece offers strong eye appeal and the sharpness of a Mint State coin. Listed on page 402 of the 2020 Guide Book.
Auction Info
2019 August 14 - 18 ANA World's Fair of Money US Coins Signature Auction - Chicago #1298 (go to Auction Home page)
Auction Dates
August, 2019
14th-18th
Wednesday-Sunday
Bids + Registered Phone Bidders: 21
Lot Tracking Activity: N/A
Page Views: 465
Buyer's Premium per Lot:
20% of the successful bid per lot.
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