1852 Territorial Gold Wass, Molitor & Co $10 Gold Piece PCGS XF-40 Large Head SS Central America

A great rarity from the early days of the California Gold Rush, this precious artifact would be perfect for the specialist of pre-1854 California Gold. This specimen is also a survivor of the tragic wreck of the SS Central America (SSCA) in 1857. The PCGS Gold Foil label attests to that fact. PCGS has graded 25 of the Large Head variety as XF40 with 59 finer, including the coins from the shipwreck. There were a total of 60 examples of this Large Head variety found in the wreckage of the SSCA.

Both Samuel Wass and Agoston Molitor were Hungarian patriots who fought in Hungary’s War of Independence from Austria in 1848. Both men had attended the School of Mines in Germany and therefore had a practical knowledge of mining and geology. So it is not very surprising that both men eventually ended up in California. The year 1851 saw them meet up in California and establish an assaying office in Gold Rush San Francisco. Their assaying office was extremely successful, owing to the fact that they paid their gold depositors only 48 hours after the deposit, rather than the 8 days that the United States Assay Office had at this time required.

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.