1852 Humbert $50, 887 THOUS. Reeded Edge NGC AU55. A lightly circulated example of this popular and large territorial gold coin. These large gold coins circulated freely during the early 1850s, but many were melted afterwards and examples as fine as the present piece are scarce.

Large, impressive and always in demand, collectors have loved these slugs for a long time. Struck by Augustus Humbert, who was US Assayer during the early 1850s. He was the first in that position, which was born out of the pure need for a circulation medium in commerce. On September 30, 1850, a bill had passed which provided for a United States Assay office in San Francisco.

The pieces made of this bill were originally to be struck in denominations ranging from $50 to $10,000. Only the lowest of that denomination, the $50 pieces were made for circulation. They were designed by C.C. Wright, a contract engraver at the Mint at that time. The new pieces of the US Assay Office were struck by Moffat & Company, a respectable coining firm which had issued $5 and $10 gold pieces in 1849 and 1850, which were of high quality and widely accepted.

The $50 pieces, struck in 1851 and 1852 in various designs and forms, were not as popular. The general public considered them to be too large for everyday transactions, and demanded the coinage of smaller denominations for circulation. The new pieces struck by the government had forced most inferior private gold pieces out of circulation, and small denominations were nowhere to be seen in general commerce.

Early in the year that the present piece was struck, 1852, this was still a major problem in San Francisco. The Alta California, the major newspaper in San Francisco at the time, published an article on the gold coinage in their January 8 issue, in part noting the following:

A petition has been drawn upto issue $300,000 in private coinage of the denominations of $5, $10 and $20

The petition, sent to Moffat & Co. had been sent to them on January 5th, and was reprinted in the Alta California of January 11, which said the following:

The application of the United States Assayer, Mr. Humbertto issue ingots of lesser denomination than $50may not be granted for thirty or sixty days to come

However, soon it was announced that smaller denominations would be struck again, and by the end of the month these were already seen in circulation. The present coin, of the large and unpopular denomination that continued to be struck under the name of US Assay office, is one of an estimated 31 to 75 pieces surviving in all grades (K-11, R-5).

In such fine condition as the present piece, it can be considered even scarcer. Lightly circulated, this is one of the finest known in all grades. Mint State pieces are extremely rare, with less than an handful pieces surviving in all uncirculated piece. The present coin has nearly full luster, and is boldly struck. In our opinion, this piece looks finer than AU55 and is a perfect piece for both the collector and investor. A wonderful survivor from one of the most storied periods of American history.