1851 Augustus Humbert $50. Reeded Edge. K-5. Rarity-5-. 880 THOUS., Target Reverse. AU-55 (PCGS). CAC. CMQ.

Here is a thoroughly PQ example of this legendary and imposing issue. Handsome deep honey-olive surfaces are enhanced by vivid, iridescent overtones of pinkish-rose. Striking detail is soft at the central obverse high points, typical of the type, yet bolder elsewhere including a near-fully legible inscription around the obverse periphery. Scattered marks are noted, again commensurate with the type, but only shallow edge bumps at the upper left and right obverse warrant individual mention. Both the quality and eye appeal of this piece are far superior to what is typically seen in lightly circulated survivors of this type. The large octagonal $50 "slugs" of Augustus Humbert are among the first to come to mind when many collectors think about the numismatic heritage of the California Gold Rush. Issued for only a few years starting in 1851, the huge coins have become symbols of the exploration of vast riches that lay within the rocks of Northern California. The earliest $50 pieces came from the United States Assayer of Gold, Augustus Humbert, who in 1851 joined up with Moffat & Co. to produce large denomination ingots using obverse dies prepared by Charles Cushing Wright. The earlier issues in two purity levels, 0.880 fine and 0.887 fine, all bore an intricate geometric design on the reverse, reminiscent of a target. The denomination, while large for the time, proved to be popular and saw extensive use in commerce. While initially accepted at the Customs House, a law passed in August 1852 forbade the use of gold of purity lower than the statutory 0.900 fine to pay customs dues. Many of the lower fineness slugs ended up being recoined into 0.900 fine $50 pieces. Ultimately, when the United States Mint at San Francisco opened in 1854, even the high purity coins ended up in the melting pots, leaving few survivors for collectors to enjoy today. This is certainly a desirable Choice About Uncirculated example of an important type that is often found at the top of many collectors' want lists.

PCGS# 10211. NGC ID: ANH8.

PCGS Population: 12; 11 finer, four of which are Mint State (MS-65 finest). CAC Stickered Population: 13 in all AU grades.

Estimate: $65000