Lot 4886
1851 U.S. Assay Office $50 "slug", 887 THOUS. Reeded edge. NGC graded MS-60. Untoned with nice details. This example, illustrative of the Mint State quality (only rarely seen) in its grade class, has brilliant light golden color, frosty surfaces that have a somewhat granular effect from the dies and no toning or alloy spots. The strike is medium-strong for the date, with just brief softness at the eagle's breast and tail as well as the leg. Also, some of the outer legend is a little indistinct from the grainy appearance of the luster. It reads: AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851.
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." On the reverse, the design appears as a series of concentric circles in the center, surrounded by overlapping lines or perhaps a better way of putting it is 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, and unique to Territorial Gold struck at the Assay Office of Gold in the early years of the Gold Rush. A rare Mint State offering of one of these. Pop 2; 16 finer; 7 in 61; 4 in 62; 5 in 63. (PCGS # 10214) .
Estimated Value $70,000 - 80,000.
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