Lot 2062
1852 U.S. Assay Office $50 "Slug", 887 THOUS. Reeded Edge. PCGS graded EF-40. CAC Approved. Normal nicks and bruises from circulation. Pleasing rose color toning within the devices. Pop 12; 18 finer
This is an extremely important opportunity for the specialist and connoisseur. Most examples of these large "slugs" are considerably worn and exhibit substantial damage. The present offering survived in better condition.
The $50 octagonal "slug," called an adobe in local trade, as perhaps these pieces resembled bricks in a way, was a mainstay of California commerce in the days of the Gold Rush. Such pieces were used in large transactions, being the coin of choice, since people shunned paper money and in fact paper money was illegal in the state (under the Constitution of 1850) for this very reason; also, lesser denomination gold coins were often unobtainable.
Such octagonal $50 pieces were last minted in 1852, but were continued in use for much of the rest of the decade. Many were sent to the Philadelphia Mint and other Mints in the East and South, where they were melted into bullion, then recoined into federal denominations. Some pieces figured prominently in the S.S. Central America tragedy, a ship lost at sea in 1857 which carried a small supply of such pieces, apparently destined for Philadelphia. It is likely that by 1860 most slugs disappeared, as by this time the San Francisco Mint had been in operation since 1854, and regular issue double eagles were plentiful in commerce (PCGS # 10217) .
Estimated Value $25,000 - 27,000.
The Arden Collection.
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| Realized $39,100 |
