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Notes: THE PROPERTY OF A GENTLEMAN

Octagonal format. Obverse with central motif of eagle perched on a rock, holding a shield, and in its beak a long ribbon. Above, a label or cartouche on which the fineness was stamped. Surrounding: UNITED STATES OF AMERICA, and below, FIFTY DOLLS. Reverse with engine-turned design. Edge lettered: ? HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851. In California in 1849 and early 1850, monetary matters were in a state of flux. Many different private issues-coins and ingots-had appeared under the imprints of Kohler; Norris, Gregg & Norris; Bowie; the Miners Bank; Baldwin & Co.; Moffat; and others. Some of these had intrinsic or melt-down values close to their stated face values, while others did not. Seeking to add stability to circulating gold coins, 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 & Co., the most respected of the San Francisco coiners, and probably the one with the best "connections," received the commission. Appointed to the position of United States assayer was Augustus Humbert, a New York City maker of watch cases, who arrived in San Francisco on January 8, 1851. Meanwhile, 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 & Commercial streets. While Moffat was preparing for issuing coins under the federal franchise, it issued no coins under its own imprint. The production of federal coins, determined to be of $50 denomination, promised great profits for Moffat & Co. in early 1851. On February 14, San Francisco Prices Current contained 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 Alta California commented 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...." At the time, some of the pieces were inscribed 880 THOUS., while a few others were noted as 887 THOUS. (per the above newspaper account). Later varieties of $50 issues had the denomination marked "FIFTY DOLLS" and as part of the die inscription. These seem to have replaced the very early issues which had the value and fineness individually hand punched. From the preceding it seems resonable 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, 800 and 887, the latter coins being slightly lighter in overall weight due to the smaller proportion of alloy.