In 1851 the need for coins was so great in San Francisco and surrounding gold camps, that the first denomination produced by the U.S. Government sanctioned Assay Offices was $50. These 2 1/2-ounce ingots were quickly absorbed into the booming gold rush economy.
By September of 1851 the mass production of $50 slugs by Humbert’s Assay Office significantly elevated the shortage of coins suitable for paying the large volume of customs taxes due when boats full of supplies arrived in San Francisco. The $50 slugs were also reportedly popular in gambling halls of the era. But there was still a severe shortage of coins in the $5, $10 and $20 denominations. These denominations were important for daily commerce, and gold dust was still widely used for transactions. The United States Assay office petitioned for the authority to strike the smaller denomination coins, and by 1852 production started on $10’s and $20’s.
Design of the 1851 Humbert $50 gold ingot.
The obverse of the 1851 Humbert $50 gold ingot features a standing eagle holding the arrows of power and the olive branch of peace in its claws, along with a scroll bearing the motto “Liberty” in its beak. The shield of the constitution rests beneath the eagle, and the design beautifully compresses enough imagery for two coins onto one side. The eagle is surrounded by the standard inscriptions of “United States of America” and “Fifty Dollars,” as well as “880 Thous,” indicating that the ingot is 88 percent pure gold with 12 percent alloy. The reeded edges of the octagonal gold ingot feature engravings of “Augustus Humbert,” “United States Assayer of Gold California,” and “1851.” The 1851 Humbert $50 gold ingot was produced by Moffat and Company, under the direction of Augustus Humbert (U.S. Assayer of the treasury) during the California Gold Rush, weighing almost 2.5 oz. During the gold rush of 1849, the US Treasury department hired private companies to mint coins before they could properly set up a mint. Augustus Humbert, who was originally a watchmaker from NY, moved out to California during the gold rush in 1850 and was instrumental in producing the octagonal ingots. The original mint, to be built, was for Moffat and Company was called the Mount Ophir Mint. These coins are rare due to their high numismatic value, and many have been repaired or otherwise “improved” over the years. Finding an example with original “skin” and that crusty, untouched look is a challenge
Price of the 1851 Humbert $50 gold ingot.
The 1851 Humbert $50 gold ingot is a rare and valuable coin produced by Moffat and Company, under the direction of Augustus Humbert (U.S. Assayer of the treasury) during the California Gold Rush. These coins are very rare and prices can range anywhere from $10,000 and up, with the auction record standing at $14,460,000. Another high-profile auction record was made in a 2008 auction by Bowers and Merena. This particular specimen is among the highest known of its variety, professionally graded by NGC, at a grade of MS-65, which is the only MS-65 known to exist of its variety. NGC Chairman Mark Salzburg called it “the most memorable coin I have graded all year”. Washington Numismatic Gallery sold an 1851 Augustus Humbert $50 GOLD SLUG for lettered 50 at the back for US$ 125,000.00.
Here are some examples of recent prices:
- The auction record for the 1851 Humbert $50 gold ingot stands at $14,460,000.
- In 2016, an NGC MS65 was offered for sale at a fixed price of $625,000.
- In January 2017, a PCGS MS63 example sold for $352,500.
- In August 2022, an 1851 $50 Augustus Humbert gold $50 slug graded Extremely Fine 40 by PCGS sold for $36,285.
- APR57 offers an 1851 $50 Gold Coin California issued by US Assayer for $29,900.00 Appraisal at $60,000.
Another1851 Augustus Humbert $50 gold coin with lettered edge and 50 on reverse was recently sold for $235,000, making it one of the most valuable coins in the United States. This coin is a well-preserved example of a historic and desirable issue, with deep golden surfaces that display an olive cast and intense orange highlights in the protected areas. Although there are some tiny edge bruises, they are far from serious and less obtrusive than typically seen for this issue.
After gold was discovered in California in early 1848 coins became scarce, and most transactions took place with gold dust or nuggets. Federally issued coins were known to be of fair value relative to their stated worth, and a one-ounce gold coin was worth $20. Compared to gold dust, which could be of varied fineness, and usually was valued at about $16 an ounce. Because of the premium value of coins over dust, coins were reserved primarily for banking, gambling and paying customs. These uses alone exhausted the regions supply of coins, and the lack of available coinage became a real economic drag by 1850. Numerous privately minted coins were trying to fill this void, but problems with limited production or questionable gold content kept demand for reliable coins at a premium.
San Francisco’s Merchants pressed to pass a bill for an official U.S. Mint in San Francisco, but instead Congress authorized Moffat & Company, under the direction of Augustus Humbert, to strike $50 ingots as an official Assayer of the United States, and that these coins would be legal tender for paying customs or any other obligation. In February of 1851 newspapers in San Francisco announced that the United States Assay Office, under the direction of assayer Augustus Humbert, was accepting gold dust deposits to produce octagonal shaped 2 1/2-ounce ingots.
Early slugs, like this one pictured required numerous hands-on step to produce. First, the obverse Eagle with shield and reverse engine turned design were struck onto the gold octagonal ingot. Next, the gold’s fineness was stamped onto the ribbon above the eagles’ wings. On this coin, the fineness is .880, however other lettered edge slugs have .887 fineness stamped. Additionally, a single punch with the numbers “50” were struck in font of the D below the eagles rock perch, indicating the $50 value. The next step in production was to strike the inscription located on the edge of the coin. On each of the 8 sides of these early slugs was punched the inscription: 1851/ AUGUSTUS / HUMBERT / UNITED / STATES / ASSAYER / OF GOLD / CALIFORNIA. It is this edge inscription which coin collectors refer to when they describe early slugs as having a “lettered edge”. By 1852 slugs were made with reeded edges and required much less human touch to create, as most design elements were stamped by machine.
By 1854 Northern California had grown and Congress authorized the San Francisco branch mint.. As Federally issued coins began to be struck people turned in their privately minted gold coins, including many slugs, to be recoined into federal $5, $10 and $20 pieces. This mass melting of earlier gold rush era coinage is part of why these relics of the past are rare today. The $50 slug’s large size and octagonal shape make it unique in United States numismatics, and today these slugs are among the most famous of all California Gold Rush monies.