1851 "880" $50 LE Augustus Humbert, "50" MS(PCGS#10199)

August 2021 ANA U.S. Coins Auction

拍卖行

Stack's Bowers

批号

4302

等级

AU55

价格

1,010,637

详细说明

Historic Lettered Edge 1851 Humbert $50 K-1, Lettered Edge, 880 THOUS, With 50 on Reverse 1851 Augustus Humbert $50. Lettered Edge. K-1. Rarity-6+. 50 DC, 800 THOUS, 50 on Reverse. AU-55 (PCGS). An outstanding example of this early "hand-crafted" Augustus Humbert $50 gold "slug." The surfaces are deep honey-gold with lighter overtones. Both sides retain appreciable mint luster and though some small and moderate-size marks are seen from handling over the years, there are none that are out of context for a lightly circulated example of this challenging type. The devices are boldly struck up, further confirming this as a lovely example of this seldom seen Humbert rarity. An important opportunity. In September 1850 Congress authorized the secretary of the Treasury to contract with a well established assaying business in California to affix the stamp of the United States to bars and ingots, to assay gold, and assign value to it. Moffat & Company, the most respected of the San Francisco coiners, received the commission. Appointed to the position of United States assayer was Augustus Humbert, a New York City maker of watch cases. In preparation for the new franchise, in late 1850, Moffat & Co. curtailed most of their private business and prepared to issue coins under the government contract. New premises were secured on Montgomery Street between Clay and Commercial streets. The Daily Alta Californiapublished this advertisement on January 29, 1851: "UNITED STATES ASSAY OFFICE. We give notice that on or about the first of February ensuing we will be prepared to receive gold dust for smelting and assaying, and forming the same into ingots and bars, in accordance with our recent contract with the Secretary of the Treasury, authorized by act of Congress approved September 30, 1850, under the supervision of the United States Assayer, August Humbert, Esq., who will cause the United States stamp to be affixed to the same. MOFFAT & CO." On January 30 or 31, 1851, Augustus Humbert arrived in San Francisco. At the same time the first octagonal $50 gold piece bearing his stamp was shown to the press, probably in the form of a trial piece brought from New York. The Pacific News, February 1, 1851, noted that "the dies for this purpose-the striking of the $50 pieces-have been procured, and the first coin produced by them was shown us yesterday." It is unlikely that gold $50 pieces were struck in San Francisco by Humbert from California metal at this early date. On February 14, 1851, San Francisco Prices Currentcontained an article relating to the $50 slugs, indicating their regular production was about to begin: "The above cut represents the obverse of the United States ingot, or, rather, coin, of the value of $50, about to be issued at the Government Assay Office. It is precisely of this size and shape…The reverse side bears an impression of rayed work without any inscription. Upon the edges following: 'Augustus Humbert United States Assayer-California Gold 1851'…The fifty-dollar pieces will be of uniform value, and will be manufactured in the same manner as coins…By order of the secretary of the Treasury these ingots and coin are to be received for duties and other dues to the United States government, and our bankers, we are advised, will receive them at their stamped value. This will produce an important change in the monetary affairs here, gold dust will immediately go up, and as a necessary consequence foreign and domestic [Eastern] exchange will be at a premium 5 to 7%..." The Daily Alta Californiacommented on the new $50 pieces on February 21, 1851: "The new 50-dollar gold piece…was issued by Moffat & Co. yesterday. About three hundred of these pieces have already been struck off…The coin is peculiar, containing only one face, and the eagle in the center, around which are the words 'UNITED STATES OF AMERICA.' Just over the eagle is stamped '887 THOUS.' signifying the fineness of the gold. At the bottom is stamped '50 DOLLS.' The other face is ornamented with a kind of work technically called engine-turning, being a number of radii extending from the common centre, in which is stamped, in small figures, '50.' Around the edge is stamped the name of the United States Assayer…" Edgar H. Adams noted that it was supposed that the variety with the letters D C on the obverse and 50 on the reverse was the first issue. The account in the Daily Alta Californiawould seem to indicate another variety. Commenting on this, Adams wrote: "So far as is known, the variety with the '50' in the center of the reverse has always been accompanied by an obverse showing the letters 'D C,' [for "Dollars" and "Cents," value to be filled in] which is still believed to be the first variety issued. But according to the Alta California the $50 ingots described by it were stamped '50 DOLLS,' which style of obverse, so far as we know, always accompanies the reverse with the '50' omitted. If our recollection is correct, the cut in the Prices Current [a reference to the previously-quoted article], showed the 'D C' variety. Therefore, as this appeared on February 14, and the Alta California account on February 21, it may be that both varieties of obverse were struck within this period, and that there was such a variety as mentioned in the latter account. However, there is also a chance for a mistake on the part of the newspaper writer, especially if both varieties of $50 ingots had been made at that time. Such a trifling die difference would not be apparent to him." The later varieties with the denomination marked FIFTY DOLLS had the value as part of the die and, presumably, replaced the very early issues (such as the coin offered in this lot) which had the value and fineness individually hand punched. From the preceding, it seems reasonable to conclude that the coin here offered was part of the group released on February 20, 1851, and that later pieces were all of the DOLLS type. In the first quarter of 1851 the Moffat-Humbert coiners produced $530,000 worth of pieces. This is equal to 10,600 $50 pieces. It further seems reasonable to assume that only a few of the style with the 50 value, 880 or 887 fineness, and eight edge segments hand stamped were made, and that late February and all March pieces were of the type with the value and fineness in the die and with reeded edge. While the Federal standard for gold coinage was 900/1000 fine, in San Francisco in 1851 this was difficult to attain with the refining processes then in use, and the Humbert coinage was of two finenesses, 880 and 887, the latter coins being slightly lighter in overall weight due to the smaller proportion of alloy. By 1852, coins of 900 fineness were being made, but other finenesses (884 and 887) were employed as well. The remaining alloy was native silver (whereas under the government standard, copper was used). Although the Humbert $50 pieces were clearly produced under government auspices, and although they were receivable for U.S. customs payment in San Francisco, in Philadelphia on April 23, 1851, Mint Director George N. Eckert perversely (it would seem) stated that while Augustus Humbert was the United States Assayer in California, his stamping of bars for owners of bullion did not make them legal tender. PCGS Population: 2; 2 finer (MS-63 finest). PCGS# 10199. NGC ID: ANH2. Click here to see Coins in Motion.[“Coins]