1855 Wass Molitor $10 PCGS AU58 CAC. K-6. R-7. Fresh, neat slider! 1850 Wass Molitor $10 "Plugged 5" (K-6, R-7 in that reference) PCGS AU-58 CAC. Offered here is one of the most enigmatic issues of all territorial gold coinage. Dated 1855, this Ten dollar gold piece was struck in the last period of California territorial gold. The United States Branch Mint of San Francisco, opened the previous year, was unable to turn out an adequate of new coins since its opening. This was mostly due to a lack of parting acids and other material. As such, a number of different companies, including Wass Molitor & Co. began striking private gold coins again.

First published in 1912, Edgar H. Adamss work on California territorial gold coinage failed to include this particular issue in its groundbreaking work at the time. It is an indication of the rarity of this particular issue, of which only seven or eight examples were known until the discovery of the S.S. Central America. Nearly all of those were in lower grades, but the discovery of approximately 40 examples in that shipwreck increased the numbers significantly. Donald H. Kagin, in his work on private gold coinage notes that the final digit in the date appears to be overdated in a rather unusual way, with the 2 (from 1852) drilled out and replaced by the 5. As large quantities of Ten dollar gold coins were struck from a number of different dies that year it could very well be possible that a leftover die was reused again three years later.

Kagin also notes that most specimens are made from dished dies, and adds that the reverse usually is weaker than the obverse. Many higher grade examples were recovered, but this remains one that is among the best produced. While it is weakly struck, as all are and lacks the detail found on regular issue coins, it is a very strong example for this issue with nearly full luster and a very strong reverse. The present specimen obviously is an exception to that rule, as both sides are equally strong in appearance. The large and impressive $50 Wass Molitor gold pieces attract much more attention for their eye-catching appearance, but we think this Ten dollar gold piece is much rarer and seldom found this nice.

While more examples have come to light (thanks to that famous shipwreck) in recent years this remains a rare issue which has become increasingly popular since more examples were found. While we can not confirm that this particular piece came from the S.S. Central America, as it is not pedigreed on the holder, it could very well be from that famous shipwreck. Nearly fully uncirculated, a small hit on Liberty is the only mentionable abrasion. The fields are clean for the assigned grade, and a nice light yellow/orange color is visible on both sides. In all, this is rare coin and an important offering for the specialist which sure will not be repeated in the near future.