1851 $50 HUMBERT K-7 887
NGC AU50This 1851 Augustus Humbert $50. Reeded Edge. K-7. Rarity-7. 887 THOUS., with Target Reverse is graded AU-50 by NGC. The 1851 $50 Humbert Slug is the signature coin of the California Gold Rush is a Historically Significant Territorial Gold Specimen with a gold rush providence.
A handsome AU example of a historic California Gold Rush issue. Predominantly olive-gold in appearance, both sides also exhibit glints of rose-russet patina around the borders. The detail is typical of a type produced under rustic conditions. The eagle and reverse target design offer the boldest definition; the obverse periphery is typically weaker, although the date is discernible. Scattered edge nicks and surface marks are commensurate with the assigned grade.
Augustus Humbert, the official Assayer of the United States, opened the west coast Assay Office in 1851, to act as a provisional U.S. Mint before the first San Francisco Mint was approved. Humbert minted these historic $50 octagonal gold ingots weighing nearly 2.75 troy ounces of California Gold Rush Gold that were first issued on February 14, 1851. These were not technically ''coins'' but they were called ''Slugs'' because these heavy pieces could knock a man out in a fight!
Miners could deposit gold dust and would receive fair value in the form of a $50 gold slug. These Assay pieces were the preferred tender which effectively removed private gold coins from circulation. Unfortunately, most were unceremoniously melted and re-coined into double eagles at the new San Francisco Mint and very few were preserved today.
The operations of the United States Assay Office in 1851 and 1852 represent an important chapter in the coinage history of the California Gold Rush and, indeed, the nation as a whole. This rare piece, from Humbert's first year as assayer in California, offers the advanced collector an opportunity to own an impressive memento of the United States' frontier history. The iconic Humbert octagonal $50 slugs have become more symbolic of the Gold Rush era than any other issue in the minds of collectors. Their unique octagonal shape has made them some of most desirable ''oddities'' in the numismatic marketplace. They have earned a place in the famed book by Jeff Garrett, ''The 100 Greatest U.S. Coins.''