1852 "887" $50 U.S. Assay Office Slug PCGS AU55 CAC
We're very pleased to present an opportunity to acquire the most iconic coin design of the California Gold Rush, and arguably one of the most iconic coins in American History. This $50 US Assay octagonal ingot, more commonly known as a "Slug", is of the K-13 Variety, minted in 1852 under authority of the United States Assay Office of Gold. This organization was operated by the members of what had been formerly known as "Moffat & Co".
The firm of Moffat & Co. was officially disbanded on February 14, 1852, with the retirement of founding partner John Little Moffat. The company was reorganized under the leadership of the remaining partners, Joseph R. Curtis, Philo H. Perry, and Samuel H. Ward, with the new name of the United States Assay Office of Gold. Augustus Humbert retained his position as United States Assayer, and the company was authorized to continue the government contract to produce gold coinage in California. The Assay Office continued to issue octagonal fifty dollar gold pieces, as they had in 1851, just changing the wording around the outer obverse border to reflect the title of the new firm.
These octagonal Ingots were designed initially to bridge the gap between monetary ingots and coins, though the $50 slugs proved to be cumbersome in practical commerce, and were typically reserved for real estate transactions and other customs duties. The original design was created by Charles Cushing Wright, commissioned by Augustus Humbert, and engraved into the first two dies used for the Lettered Edge varieties. Humbert was a watchmaker of Swiss descent, which would lend credence to the use of the reverse "engine turning" design that would frequently be used in the production of high end stopwatches, such as Rolex or Patek Philippe. The production of the LE varieties was a complicated process, involving 14 different steps, so later the reeded edge dies were engraved by Albrecht Kuner, again under the direction of Humbert, so that the ingots could be made efficiently like other coins.
There are 5 collectible varieties of Reeded edge slugs, three from the "Humbert" Era and two "USAOG" varieties, the K-13 being the first of those two. The K-13 is relatively available, with somewhere between 100-150 exam[ples currently known. Most fall somewhere in the VF-XF grade range, a couple dozen in AU, and just a handful of true Uncirculated examples. A choice AU piece, such as the current example, falls within the condition census, and could function as the centerpiece of even the most advanced Collections. Due to the chunky octagonal design and 2.5oz weight, most examples are pretty beaten up and/or worn. The vast majority of these coins were either scrubbed, cleaned, or otherwise "improved" over the years, which makes the search for an attractively toned original surface example rather challenging. The present example has a deep orange crust that blankets most of the protected areas, and some highlights of burnt magenta that grace the peripheries. The extraordinary appearance of this coin qualified it to stay within the personal collection of the writer for several years, and never fails to attract a gaze of wonderment from observers. Below, Ron Guth writes:
"High-grade examples are very difficult to locate. Because of their high intrinsic value, the large majority of them have been melted down over the years. Those that entered circulation were subject to all the injuries that a heavy gold coin might receive, especially bumps and bruises on the corners. Because of their high numismatic value, many have been repaired or otherwise "improved" over the years. Finding an example with original "skin" and that crusty, old-gold look is well-nigh impossible."
The most relevant comp is an AU55+ CAC that first sold at GC in March 2021 for $140k, and then reappeared in November 2022 at HA and sold for $180k. A non CAC AU-53 sold for 114k in 2022, and a CAC AU-53 that has a similar overall appearance with the exception of multiple notable corner combs brought 84k in 2022. CAC approved examples of these slugs come few and far in between, and the corners tend to have a fairly substantial effect on the price. An XF-40 in an OGH/CAC even brought 68k on GC in 2024, though that coin had the details of a higher grade. Any higher AU example, of any variety, will undoubtedly be priced in this range when graced with the mighty green bean.
PCGS Population - 9/12
CAC Population - 3/1
PCGS Price Guide - $125,000
CAC Price Guide - $102,000
PCGS Population - 9/12
CAC Population - 3/1
PCGS Price Guide - $125,000
CAC Price Guide - $102,000