1853 Moffat Double Eagle - 1853 Moffat $20 PCGS AU50. This lightly circulated, crisp 1853 Territorial Double Eagle has traces of subdued mint luster within its devices. The surfaces are original, clean, and, for the grade, free of individually distracting marks or blemishes. Various elements of the design show a strong strike including the obverse stars, MOFFAT & CO on the tiara, the date, the shield and wings, and the reverse legend.

The Moffat double eagle has a design that is similar to the federal issue of the time with different inscriptions. Libertys crown is inscribed MOFFAT & CO. instead of LIBERTY On the reverse the legend says SAN FRANCISCO CALIFORNIA instead of UNITED STATES OF AMERICA.

John L. Moffat was born in Goshen, N.Y. in February 1788. He lived in New York City until the mid-eighteen thirties. Then he moved to Northern Georgia and North Carolina where he had purchased gold mines. In his early years Moffat had learned to be a silversmith. While he was in Georgia, he became interested in assaying. Later, as a highly competent assayer and metallurgist, he returned to New York and became part of the firm of Wilmarth, Moffat & Curtis.

On June 21, 1849 John Moffat, Joseph Curtis, Philo Perry, and Samuel Ward began advertising in San Francisco newspapers as Moffat & Co., Assayers. Robert Walker, the Secretary of Treasury, and Beebee, Ludlow & Co., the largest bullion dealer in the country recommended them. Moffat & Co. was in business for four years and had an excellent reputation throughout that time.

In July they began issuing rectangular ingots that ranged in denomination from $9.43 to $256.24. These were refined bullion but were used as money wherever gold dust was accepted by weight. In August they minted ten dollar coins later followed by five dollar ones. Albert Kuner was the die maker and chief engraver. He also made dies for other companies. Since Moffat & Co. always offered to redeem its coins with federal money at par, they always passed at face value. Their coinage was the only privately made California gold that was not discounted.

In 1850 and 1851 Moffat issued five dollar coins that were made from rusted and shattered dies. The coins have lumps and broken die surfaces. In the beginning of 1851, Moffat and Co. got a contract to make fifty dollar ingots for the United States Assay of Gold supervised by Augustus Humbert. In 1852 Moffat made ten dollar coins. They did this mintage in response to a petition from local merchants. However, the Treasury Department disallowed Humberts request to issue these coins. Moffat retired from the firm that year and took a job with the San Joaquin Diving Bell Company. The last Moffat & Co. issue was a twenty dollar coin that appeared in 1853 at the same time the U.S. Assay Office was minting twenties too.

Moffat & Co. and the U.S. Assay Office closed on December 14, 1853. The new federal branch mint bought its equipment. Most of the coinage it made was melted for bullion to be recoined by the San Francisco Mint.

PCGS and NGC have certified 67 Moffat & Co. 1853 double eagles in all grades. This number does not account for crossovers and resubmissions. In its population report, PCGS shows 8 in AU50 with 21 better.