1852 $10 California Gold Eagle - Wass Molitor & Co., Large Head PCGS VF20 (CAC)

Rare territorial gold piece in a very collectible grade. PCGS has graded 4 as VF20 with 105 finer. 

Montgomery Street in San Francisco in 1862. Watt, Molitor & Co. had their business nearby.

The business concern of Wass, Molitor & Co. struck private gold pieces in denominations of $5 and $10 on an emergency basis, starting right after New Year's Day of 1852. Their coins were produced to fill the void of small denomination gold coinage in California, for all of the other private mints had closed their doors before 1851. Additionally, the United States Assay Office of Gold did not have the authority to mint any coins besides the oversized $50 octagonal slugs. Those slugs were excellent for larger transactions, but worthless in making change for smaller purchases. After much back and forth discussions, Moffat & Co., who were under a government contract as the U.S. Assay Office, were finally given permission to strike lower denomination gold coins in 1852. Thus the two businesses produced enough gold coinage meet the needs of the region, resulting in no Wass, Molitor & Co. issues being produced in 1853 or 1854.