1852/1 Humbert Eagle - 1852/1 Humbert $10 NGC AU55. This very rare Choice AU Pioneer 1852/1 Humbert Gold Eagle has some muted mint luster remaining within its devices. This 1852/1 Humbert Gold Eagle coin is strongly struck around the peripheries and weaker in the centers. The grade of AU55 is confirmed by the completeness of the design and the quality of the surfaces, which are original, clean, and, for the grade, free of distractions worthy of individual mention. The overdate is visible without magnification as is the diagonal reverse die break that is always seen on this issue.

After the discovery of gold in California in 1849, the lack of a standard for assaying and converting oar and dust into coinage led the government to allow Augustus Humbert to operate an official assay office in San Francisco.

In 1850 a federal Assay Office was established which was authorized to issue $50 to $10,000 ingots. 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.

One result of the new issues was that almost all privately minted gold coins disappeared. Most of them were melted for recoinage as Humbert $50.00 slugs. As a direct result, there was a coin shortage. It made sense for Humbert to issue small denominations to meet this need; however, federal authorities did not give Humbert permission to coin smaller denominations until January, 1852. Political opposition to this ruling was shown in a law that passed in August, 1852 that required all gold pieces to conform to the standard of federal coins. News of this act created a panic. Business ceased. Coins of legal fineness could not be made because parting acids were not available and copper was very scarce. There were public demonstrations which were almost riots. Finally T. Butler King agreed to accept Humbert ingots at .900 Fine without the copper required.

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.

All Humbert coinage is rare, and some, like the present piece, is very rare. Most often the 1852/1eagle is seen in lower circulated grades. In its population report, NGC shows 4 in AU55 with 12 better. At PCGS there are 5 with 3 better, and these numbers do not account for crossovers or resubmissions.