Lot 3497
1853 U.S. Assay Office $20 Gold, 900 THOUS., Kagin-18. NGC graded MS-61. Soft golden surfaces and nice, frosty cartwheel luster on both sides. Very nicely struck, with virtually all details present in their full glory. Minor rim bruise from 8-9:00 on the obverse, apparently not enough to impact the grade or prevent holdering. The overall "look" is that of an MS-63 coin, so there seems to be some potential here.
The 1853 U.S.Assay Office of Gold coins were struck in response to the spate of underweight, debased, ill-made private gold coins that appeared shortly after the beginning of the California Gold Rush. Because the U.S. Assay Office was a governmental, not-for-profit institution, they had no incentive to cheat on the coins by reducing their weights and gold content. Thus, the desired effect of driving the bad money out of circulation was achieved and, until the San Francisco Mint could begin operations, these well-made coins became the money of choice in California! Estimated Value $7,500 - 8,200
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