Lot 2020
1852 U.S. Assay Office $10 Gold, 884 THOUS. NGC graded AU-50. Untoned with normal Territorial-style surface abrasion from its use in commerce. Assay Office tens read UNITED STATES ASSAY / OFFICE OF GOLD, produced under the restructured firm with key figures Curtis, Perry, and Ward after the departure of John L. Moffat. The former ten dollar pieces made in 1851-52 are the same .884 fineness, but the first two lines on the reverse read AUGUSTUS HUMBERT / UNITED STATES ASSAYER.
One may wonder why, with such a meager amount of small denomination coins in circulation, the State of California did not resort to issuing paper money, as did the Mormons in Utah. The California State Legislature wrote into its Constitution that it would "prohibit by law any person or persons, association, company, or corporation from creating paper to circulate as money."
Quite simply, it was not legal. State issues of paper currency were unconstitutional; private issues of paper currency were outlawed by the California state constitution. But neither was private gold coining legal – at least it certainly was not authorized by the Federal Government. Everyone just looked the other way because of the dire need for a circulating medium during the California Gold Rush (PCGS # 10001) .
Estimated Value $6,000 - 6,500.
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| Realized $7,344 |
