Lot 2401
1851 U.S. Assay Office $50 "slug", 880 THOUS. Reeded edge. PCGS graded VF-35. Plenty of luster remains on this attractive Humbert "slug" and a good case can be made for a full Extremely Fioe grade. A heavy-weight contender for your numismatic dollars. Broad, rolling fields and distinctive eagle-with-shield motif produces a cunning recipe to tempt buyers of this historic Gold Rush episode $50 slug. There are a few of the usual corner bumps commonly found on the issue. Noted, too, are a few contact marks in the relatively soft 880-fine metal. In the days when hard-money was King, the metallic gold was alloyed with about 10% copper for hardening to improve wearability in circulation. The Assay Office's slugs, for instance, were made in three fineness levels.900 Fine (or 90% gold, 10% alloy).887 Fine and .880 Fine depending upon the quality of the deposited bullion as well as the availability of copper and "parting acids" used to refine the gold.
While the government's response to the need for an adequate coinage at the beginning of the California Gold Rush in 1848-49 was slow and never satisfactory, two institutions were established (the State Assay Office of California and the United States Assay Office) that did provide an unconventional and partly successful attempt to supply a frontier area with an acceptable quantity of an "official" circulating medium.
The U.S. Assay Office would produce what became the highest denomination U.S. gold coin to circulate -- octagonal-shaped $50 gold coin-ingots, often referred to as "slugs." (PCGS # 10211) .
Estimated Value $30,000 - 35,000.
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