1851 "887" $50 RE Augustus Humbert AU58 NGC
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1851 $50 RE Humbert Fifty Dollar, Reeded Edge, 887 Thous., No "50", AU58 NGC. K-6, Low R.5. Newly appointed U.S. Assayer of Gold Augustus Humbert arrived in San Francisco at the end of January 1851, bringing dies for the first $50 octagonal gold ingots. The actual mintage of Assay Office gold was subcontracted to Moffat & Company, which produced several varieties of the iconic gold slugs during the year. In 1851, the large and unloved octagonal fifties were the main circulating coinage for the California Gold Rush region, since most privately minted gold coinage was withdrawn in the midst of media furor as "under mint value." No smaller denomination gold pieces were issued by the United States Assay Office of Gold until 1852. Engraver Albrecht Kuner's new fifty dollar dies streamlined mintage of the cumbersome eight-sided gold pieces into an efficient one-step process. The new 1851 Kagin-6 fifty dollar dies note .887 fineness, with a reeded edge and restyled eagle on the obverse. The eight-sided legend AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA and the 1851 date occupy the obverse border, while Kuner's new new engine-turned First Target Reverse shows a large gap between an outer ribbon and the engine-turned reverse design, with the ribbon often drifting off the coin's edge. Donald Kagin estimates about 75 K-6 examples survive today including approximately 10 Mint State pieces. This near-Mint example shows only minor nicks on the exposed edges of this large and heavy Territorial gold issue. Pleasing olive-gold color displays reddish-gold accents throughout the raised elements. Aside from light wear and minor strike weakness at the lower obverse, there are no heavy marks or abrasions to distract the eye and traces of original luster linger on both sides. Among the 100 Greatest U.S. Coins. Listed on page 425 of the 2027 Guide Book. NGC Census: 6 in 58, 26 finer (8/26). Ex: Showcase Auction (Stack's Bowers, 11/2024), lot 3280. From The ...
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