1851 $50 California Gold Quintuple Eagle - Augustus Humbert 887 Thous. RE AU53+ (CAC)
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The 1851 Humbert fifty dollar coins may be divided into two different major groups, the Lettered Edge pieces and the Reeded Edge coins that followed in the same year and continued with minor variations into 1852. The Lettered Edge pieces were cumbersome, labor-intensive coins, requiring the manual placement or stamping of the legend AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851, or some facsimile thereof, around the edges of a large, soft, eight-sided gold coin.
The production of the Lettered Edge fifties, and their subsequent circulation, were fraught with difficulties. Hand-stamping the legends onto the edge made the coins error-prone -- some examples are known with inverted words or parts of words -- and the legends, including the all-important assayer endorsement, were of course more difficult to observe on the edge, therefore less apt to be accepted freely.
The Reeded Edge fifties that came soon after were a marked improvement, moving the legend and date to the obverse around the rim in a much more visible location. The regular Reeded Edge design was also less susceptible to "sharpers" or those who might try to shave a sliver or three of nearly pure gold before passing the fifty in commerce. The 1851-dated Reeded Edge fifties can be further broken down into the .880 and .887 fineness coins, with the .880 Reeded Edge coins, K-5, a bit rarer overall.
The Choice AU grade of the present K-6 piece makes it a major conditional rarity, even though all of the Humbert fifties are very scarce, at a minimum. Seldom does any Humbert fifty appear in such high a grade and with such excellent aesthetic appeal. Copious quantities of luster appear on the surfaces. The deep, mellow orange-gold coloration is obviously original and likely little changed since this historic coin was produced 173 years ago. A few rim bumps are expected on these large, heavy gold coins, but other surface impairments, while not all negligible, are in keeping with the assigned grade level. The high quality within the grade is confirmed by CAC.
The $50 gold pieces issued by the United States Assay Office of Gold in San Francisco in the early 1850's were not actually coins. Rather, they were called "ingots" at the time; today, we know them as "Slugs." Their real value, besides that stated on their face, was in standardizing the jumble of over-valued, underweight, and off-purity private issues prevalent at the time. Nowadays, the $50 slugs are among the most popular of all California gold pieces.
High-grade examples are very difficult to locate. Because of their high intrinsic value, the large majority of them have been melted down over the years. Those that entered circulation were subject to all the injuries that a heavy gold coin might receive, especially bumps and bruises on the corners. Because of their high numismatic value, many have been repaired or otherwise "mproved" over the years. Finding an example with original "skin" and that crusty, old-gold look is well-nigh impossible. In our search for coins for the PCGS CoinFacts Condition Census, we've come across a few (these all refer to the 1851 $5 Humbert Reeded Edge, 887 THOUS variety). In 2016, an NGC MS65 was offered for sale at a fixed price of $625,000. In January 2017k, a PCGS MS63 example sold for $352,500. An NGC MS63 example sold for $176,250 in 2014. A PCGS MS62 example sold for $223,250 in 2014, then failed to sell when it reappeared in 2015. At least four or five additonal, lower-level Unc. examples are known.
| PCGS # | 10214 |
|---|---|
| Grading Service | PCGS |
| Year of Issue | 1851 |
| Grade | AU53+ |
| Denom Type | California Gold |
| Numeric Denomination | $50 RE |
| Mint Location | Private Issue |
| Designation | NONE |
| Circ/UnCirc | Circulated |
| Strike Type | Business |
| Holder Variety | Augustus Humbert, Assayer 887 Thous. Reeded Edge |
| Grade Add On | CAC |
| Holder Type | N/A |
| Population | 1 (3 AU53 @ CAC) |
| Pop Higher | 19 (10 @ CAC) |
| Mintage | unknown |
| Edge Type | Reeded Edge |
| Metal Content | Gold |
