1852 United States Assay Office of Gold $50. K-13. Rarity-5. 887 THOUS. EF-40 (NGC).

Scarce in an absolute sense, this is among the most historic and coveted issues of the California Gold Rush. Deep honey-bronze and olive colors blanket both sides and provide strong visual appeal. The strike is pleasing for the type, with sharp central elements and the usual weakness at the borders. The edges are nicely preserved and free of the significant nicks and bruises that often mar these "slugs". An old mark below the fineness serves as a convenient pedigree marker, the surfaces with few other singularly distracting blemishes. The earliest of the $50 pieces were produced in 1851 under Augustus Humbert's name at a non-federal .880 fine standard, which quickly rose to .887 fine. In 1852, Humbert's name was entirely removed and the slugs were then struck under the name of the United States Assay Office of Gold, but still at the same .887 standard. Things proceeded well for the Assay Office and even smaller denomination coins were struck. An unexpected blow came in the form of legislation passed in August 1852 that suddenly forbade the Customs Office from accepting any gold coin not struck at the federally-mandated .900 purity. This legislation resulted in the replacement of the 887 THOUS pieces, Kagin-13 represented here, with the K-14 900 THOUS type. Today, perhaps a few hundred of these impressive $50 gold "slugs" of all types are extant, most of which are well worn and also impaired due to cleaning, edge and/or surface damage. Problem free and attractive EF examples, like the present, are highly desirable

PCGS# 10016. NGC ID: ANHG.

From the Addison Collection.