William Thompson Garratt and Judge G. W. Schultz established a foundry and metalworking business in San Francisco in the back of Baldwin’s coining and assay office in 1850. They made almost all of the dies used by private coiners except Moffat & Co. They also coined five and ten dollar pieces with the banking houses of Burgoyne & Co. and Argenti & Co. A rectangular ingot exists with the stamped value of $38 and dated 1851, reading “F. ARGENTI & CO” on the obverse and “SHULTS & CO” inscribed on the reverse. It is possible that only ingots (i.e., not coins) were cast for these two companies. Shultz & Co. continued coining under its own name until the legislature intervened.

All coins and the ingot from this company bear the inscription “Shults & Co.” due to Kuner’s incorrect spelling of Judge Schultz’s name on the die. Adams, author of Pattern and Experimental Pieces of California, 1849-53, spelled his name both Shultz and Schultz, and two biographers of Garrett spell his partner’s name “Schultz,” while a third spells it “Shultz.” Most scholars today agree that the name should be spelled Schultz.

After a short time the partnership dissolved. Schultz continued coining gold until April 1851 when the California Legislature passed an act regulating private coining. He later left San Francisco and joined the Gold Mountain Quartz Mining Company. Garrett operated a foundry which burned to the ground in a great fire of May 1851. He had three more establishments, one of which became the most successful brass and bell foundries in California. He died in 1890.