|
Sale 34
|
|
press UP arrow key to increase the zoom ratio.
press DOWN arrow key to decrease the zoom ratio.
press RIGHT arrow key to increase the zoom window size.
press LEFT arrow key to decrease the zoom window size.
|
|
Lot 1434
1851 U.S. Assay Office $50 "slug", 880 THOUS. Lettered edge, reverse rays. NCS graded Sharpness of AU-50 Obv. Tooled. Fabricated Rev. Breen-7705, Type of Kagin-3, KM 31.4; not in Adams. The unique, controversial "Rays from central star" variety, ex Peltzer, McAllister specimen. Our records indicate that the last time this $50 slug was offered was in Mssrs.Glendining & Co., Limited's sale of the Peltzer Collection of American Coins, June 20, 1927, Lot 50, where it realized 125 English pounds (or approximately $600). Described in that sale as "a brilliant proof in mint state, of the highest rarity" the seeming contradiction in terms is typical of grade descriptions from the early auctions of the 20th century.
The obverse is in the Augustus Humbert style, octagonal format, with 50 D G hand stamped into the planchet. A lettered edge. UNITED STATES OF AMERICA, eagle, with 880 THOUS above. On the edge is inscribed AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851. The records from the Humbert and Assay Office are silent on this piece; conversations with Dr. Donald Kagin also confirm that there is no written material known about it. No one can say whether it was a pattern issue made at the behest of Humbert, or a test piece, but in the hundred and fifty-plus years since it was struck, no other example with the "rays from central star" reverse has even been rumored!
The coin has the standard lettered edge seen on this series of $50 ingots with AUGUSTUS / HUMBERT / UNITED / STATES / ASSAYER / OF GOLD / CALIFORNIA / 1851 made by hand-stamping each complete word into one segment of edge.
For many years, this coin was listed and photographed in the Guide Book and was removed from the 2006 Edition.
Now to the difficult part: in discussions with the two grading services, NGC and PCGS, this coin, definitely a genuine 880 THOUS $50 Humbert slug, was considered to be altered, with the obverse tooled in the fields to smooth them. As for the reverse, opinion varies but seems to be that it is entirely "chased" or reengraved at a time and by persons unknown. Since the last catalog sale of this piece in 1927 has a photograph that shows the coin as it looks today, the work presumably was done before that year. Sometime between 1851 and 1927, therefore, a genuine example of the very rare lettered edge, 880 THOUS. $50 was reworked. Whether it was done on one of the plain engine-turned reverses or a reverse with a central "50" cannot be known. But the new design, with a six pointed star with rays and rippled "engine turned" effect is bright and new appearing. This seems to point to someone with talent as an engraver who had a hand in the work, or someone with access to an engine-turning lathe of the type Humbert's Assay Office might have used to make the original engine-turned dies.
Original models of the $50 ingot obverses were made by the illustrious sculptor and medallist Charles Cushing Wright under subcontract from the Philadelphia Mint. Humbert, who had been a watchmaker in New York, created the engine-turned reverses on the regular slugs, but whether it was Humbert himself, or someone who followed him later that made this reverse is impossible to tell. We are mentioning this so that bidders will understand the unique nature of this intriguing piece. For years it has been listed in Dr. Donald Kagin's reference book on Territorial Gold coins. But Dr. Kagin, since he saw this coin several years ago, has decided to withdraw the listing from the next edition of his book. In a telephone discussion with us in December 2005, he said he was not convinced that the star with rays reverse was a product made by Humbert himself or the Assay Office. The Guide Book of United States Coins, as well as the Walter Breen encyclopedia of United States coins simply lists this as "rays from central stars" but in cryptic references to the 1927 sale or simply as "Unique." We are offering it AS IS to bidders in the hope that further research will be undertaken. At the very least, it is a beautifully reengraved reverse on a genuine and rare $50 1851 lettered edge ingot or "slug" of the 880 THOUS. Type. At the very most, this is a genuine product of Hubbert with a unique reverse.
Our personal conclusion is this: The weight is correct (84.1 gr.) the edge lettering is correct and the obverse die is the same as used on the normal 880 THOUS issues. The "chasing" in the fields is something medalists did during the period and is commonly seen on European and American medals. In fact, we have handled pocket watches of the period with a very similar engine turned design that has the same "look". The reverse could not be "lasered" (one expert claimed) as this process was unknown until recently. In addition, the reverse could not have been planed and reworked since the weight would differ. We know this coin was made prior to 1927 and inspite of the polishing, we believe this to be a product of the period, struck in the year 1851.
The coin will certainly make a conversation piece among collectors and non-collectors alike. Certainly worthy of more numismatic research as this is exactly what makes numismatic study such an exciting endeavor.
Estimated Value $25,000 - 50,000.
Ex Peltzer Collection of American Coins, Glendining & Co. June 20, 1927, lot 50.
|
| |
| Realized $66,125 |
|
