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1851
1851
1851
1851

1851 Territorial Gold - $50 Augustus Humbert, Assayer NGC XF-40 887 Thous. RE

Category: Territorial Gold - $50 Augustus Humbert, Assayer
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By 1850, California's chaotic private gold coinage and unreliable raw gold valuations were disrupting the economy, prompting urgent calls for a federal branch mint in San Francisco. When Congress delayed, a compromise emerged: on September 30, 1850, legislation authorized the Treasury Secretary to contract a qualified California assayer to produce standardized ingots. Moffat & Co., the leading firm, secured the contract and ceased private coinage.


New York assayer Augustus Humbert was appointed U.S. Assayer to oversee operations. The firm expanded facilities and, with dies prepared in advance by engraver C.C. Wright, swiftly produced the iconic octagonal $50 gold "slugs."The first example appeared by January 31–February 1, 1851, with full production starting February 14. These federally stamped ingots—bearing Humbert's name and U.S. authorization—provided reliable, high-denomination currency critically needed for commerce. Uniquely, the government accepted them at full face value for customs duties, effectively serving as emergency U.S. coinage until the San Francisco Mint opened in 1854.

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