Lot 2781
1851 U.S. Assay Office $50 "slug", 887 THOUS. Reeded edge. NGC graded EF-45. Lightly toned. Light to moderate marks on both sides, one of which causes weakness in the 87 in the fineness (.887 THOUS). The main devices are, however, strictly Extremely Fine quality, with good color around the devices. The U.S. Assay Office would produce what became the highest denomination U.S. gold coin to circulate up to that time -- octagonal-shaped $50 gold coin-ingots, often referred to as "slugs." On the $50 denomination the reverse design appears as a series of concentric circles in the center, surrounded by either overlapping lines or swirls that create a diamond effect (as on the lettered edge pieces), or a series of wavy, concentric circles (found on the reeded edge slugs). These concentric circular lines are known to mechanics as "engine turning,", the design is similar to the web-like engraving in the vignettes on paper money or on watchcases (PCGS # 10214) .
Estimated Value $18,000 - 22,000.
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