Lot 2209
1851 Humbert $50 "Slug", 887 THOUS. Reeded Edge. K-6, Rarity 4. NGC graded AU-55. CAC Approved. 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.
This is a visually impressive slug, as are they all, with rich green-gold coloration, and an accumulation of red toning in the recesses of the design, especially on the obverse. The remaining details are about average for the type, the obverse peripheral inscription discernible, although weak in certain areas, and the eagle well detailed over all but the most central features. A few scattered abrasions and a couple of minor rim bruises are noted, but we stress that none of these distractions are overly out-of-context for a lightly circulated gold coin of this size. A historically significant issue that enjoys high collector demand in today's hobby. Pop 12; 28 finer (PCGS # 10214) .
Estimated Value $60,000-UP.
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