1852 Humbert $50 (1852 $50 Humbert) NGC AU50. Here is a Humbert fifty-dollar slug with lots of luster remaining. Light wear is seen on the high points, in keeping with the grade. For a coin this size, the surfaces are unusually clean and problem free. The strike is above average for the grade with some weakness on the date and the usual weakness seen on the eagle. Designed by Charles Cushing Wright, the Humbert slugs were made under a subcontract from the Mint in Philadelphia. Humbert created the reverses himself. Individual punches of words, numbers were made by Georg Kuner. The $50 slugs or ingots were also called Californians.

The obverse of the $50.00 slug shows an eagle with wings spread partially behind a rock and shield. Behind one wing and in front of the other is a serpent, which is inscribed LIBERTY. Above the eagle is a banner with the legend 887 THOUS, which is the fineness of the gold. The design is encircled with the inscription UNITED STATES OF AMERICA with FIFTY DOLLARS below. A circle of beads surrounds this inscription. On the outside of the beads is another inscription AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA with the date below. The slug, also called a quintuple eagle and a five-eagle piece, had a target reverse.

In 1850 a federal Assay Office was established which was authorized to issue $50 to $10,000 ingots. They were to be struck from refined gold, of uniform fineness, and with appropriate legends and devices, similar to those on our smaller coins with their value conspicuously marked and the inscriptions LIBERTY and UNITED STATES OF AMERICA. The primary difference between these ingots and regular coinage was the denomination. In effect the Assay Office was a provisional branch mint. Its existence was opposed by bankers who could no longer buy gold dust for six to eight dollars per ounce because Humbert paid sixteen dollars per ounce with a small deduction for manufacturing charges.

There were at least two reasons that the government did not immediately establish a regular branch mint in San Francisco. The first had to do with the oar that was found in California. It ranged from .850 to .925 gold. Federal gold was mandated to be .900 with not more than .050 silver and the rest copper. Both copper and parting acids were required to bring California gold to the federal requirement. However, these acids were not made locally and could not be easily shipped overland or through Panama.

The California gold was brought to .880, .884, .887, or .900 gold by adding measured amounts of .999 gold. The second was the legal requirement that coins could only be made at a United States Minting facility. By calling the Humbert pieces ingots and the mint a U.S. Assay Office, legal complications were avoided. However, the pieces Humbert produced circulated as coinage. Mint officials required Humbert to report monthly as if he were a branch mint superintendent. In 1853 regular coinage dies were shipped to him in the event that he might able to make legal standard coins.

From 1851 to 1853 Humbert slugs were accepted as currency. The early issues had Humberts name and title U.S. ASSAYER OF GOLD on each piece. Later issues said UNITED STATES ASSAY OFFICE OF GOLD. In 1850 President Fillmore in fact monetized the issues of the Assay Office by declaring that they could be used to pay tariffs.

All U.S. Assay Office Humbert slugs are rare in any condition. In its population report NGC shows 4 in AU50 with 19 better.