Today, coins and ingots made by Moffat & Co. are highly prize by collectors for their historical value. Because the firm was so prolific, and because the coins circulated at par with Federal coinage, there are a relatively significant number of survivors. A well-worn, problem free example of the 1849 $5 Moffat & Co. coins can be obtained for slightly over $1000. Rarer examples of their products, including the $16 ingots, may bring tens of thousands of dollars when they appear at auction.
1849 Moffat & Co. $5 pieces
These 1849 Moffat & Co. $5 pieces were among the most ubiquitous of all privately minted gold rush coinage. Today specimens are frequently found in well-worn condition attesting to their heavy use in the Gold Rush economy.
The coin above is an 1849 $5 gold piece. It looks similar to Federal $5 coins of the period except the firm’s name Moffat & Co. is engraved in the obverse headband instead of the word Liberty. The letters S.M.V. on the reverse stand for Standard Market Value. This implied that the coin was of the correct weight and fineness so that it contained five dollars of gold.
| Date | Type | Mintage | VF Value | Unc Value |
| (ND) | $16.00 Moffat Ingot | Rare | — | $250,000 |
| 1849 | $5.00 Half Eagle | Scarce | $3,500 | $17,000 |
| 1850 | $5.00 Half Eagle | Scarce | $3,750 | $20,000 |
| 1849 | $10.00 Eagle “TEN D.” | Scarce | $7,500 | $40,000 |
| 1849 | $10.00 Eagle “TEN DOL.” | Scarce | $8,500 | $50,000 |
These 1849 $10 gold eagles were the earliest coins produced by Moffat & Company. This specimen was the finest example recovered from the 1857 shipwreck SS Central America. There is no doubt, this coin saw some use in the gold Rush economy before submerging under the Atlantic ocean’s waves with 426 passengers and crew. Now that’s history in your hands.
PCGS has assessed 10 specimens, bestowing upon them the grade of AU53, while there are 34 examples that surpass them in quality. The obverse side bears a striking resemblance to the currency of its era, albeit featuring the inscription “MOFFAT & CO” in place of the customary “LIBERTY.” On the reverse, you’ll find the inscription “S.M.V. [Standard Mint Value] CALIFORNIA GOLD,” a notable departure from the usual “UNITED STATES OF AMERICA.” Gaze upon this exquisite specimen with its captivating greenish-gold hue, meticulously crafted from freshly extracted gold dust sourced from California’s gold fields. Allow yourself a moment to savor the experience, envisioning what it would be like to possess this remarkable piece.
California Gold Rush, California gold assay firm Moffat & Co.
The founder and namesake of this early California gold assay firm was John Little Moffat, who came from New York in the first half of 1849 to San Francisco to set up an assay and private mint. Moffat’s partners in the firm included Joseph R. Curtis, Philo H. Perry and Samuel H. Ward. They ultimately set up an office at the corner of Clay and Dupont St. In the first few months of production, they made ingots of varying size and value. The most popular was their $16 ingot, weighing one ounce. Later in 1849 the firm had coinage dies engraved by Bavarian goldsmith named Kuner. Ultimately the firm produced $5, $10 and $20 coins which circulated at full face value because of the firms outstanding reputation for producing coins of full weight and fineness. John Moffat left the firm in 1851, but the firms remaining members retained the name of Moffat & Co. In 1852 Curtis, Perry & Ward formed the United States Assay Office of Gold, and the era of Moffat & Co. ended.
During the California Gold Rush, Moffat & Co. emerged as a preeminent player The individuals at the helm of this enterprise held pivotal roles in the zeitgeist of the era. In fact, their significance extended to the extent that the U.S. government sought their expertise when planning the establishment of the inaugural San Francisco Mint. John Little Moffat, the senior founder, brought substantial expertise to the table in gold mining and production. Prior to venturing to California in pursuit of his fortune, he had honed his skills in the gold fields of Georgia and North Carolina. His background also encompassed experience as an assayer, further solidifying his reputation as a prominent figure in the industry.