Reverse Text: TEMPLETON REID ASSAYER / TEN DOLLARS
Description
Before the famous California gold rush, several important strikes were made in the East: in North Carolina, South Carolina, and Georgia. The earliest took place in Mecklenburg County, N.C., in 1799, where a nugget weighing several pounds was discovered. Its finder used it as a doorstop until someone recognized it for what it was! Discoveries multiplied, and a federal branch Mint was eventually set up in Charlotte to process the metal into coinage.
Discoveries in Georgia and North Carolina in the 1820s received wide publicity, and a "gold fever" resulted. Thousands of people began trekking to the areas in search of instant wealth. Most returned home empty-handed, but successful prospectors found millions of dollars' worth of precious metal.
What should they do with their new wealth? Many felt the Philadelphia Mint was too far away for safe travel, and the government wasn't ready to create other coining facilities. A jack-of-all-trades named Templeton Reid had an answer: strike private gold coins, at a private mint. Reid had extensive experience as a watchmaker, gunsmith, and metalworker. In July 1830, he set up shop in the Georgia hamlet of Milledgeville and began his brief career as private moneyer-the first since Ephraim Brasher.
He later moved to Gainesville, which was closer to the gold mining district. His coins came in three denominations: ten dollars, five dollars, and two and one-half dollars, in recognition of "official" denominations. And he put slightly more gold into his products than the federal government did into its coins, just to be on the safe side.
Although historians believe that Templeton Reid conducted business fairly, an unknown adversary, signing himself simply "no assayer," published several notices in newspapers complaining that the coins were not as represented.
Rumors spread and before long Reid was forced to close up the business.
Obverse Image: Eagle standing on a rock, holding a shield, with a ribbon in its beak.
Obverse Text: UNITED STATES OF AMERICA / AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA / 1851 / 887 THOUS / FIFTY DOLLS
Reverse Image: Engine-turned design.
Reverse Text: N/A
Description
As early as 1850, agitation began in Congress for the establishment of a San Francisco branch of the United States Mint. This action was blocked by people from New York-who wanted a branch in their own state-and from Georgia and Louisiana-who argued that any California operation would represent unfair competition to the branch mints in Dahlonega and New Orleans.
The opposition won, and San Francisco would go without a mint for another four years. But it did get an odd sort of hybrid, the United States Assay Office of Gold, striking an odd sort of money-a gigantic, fifty-dollar ingot that would also do duty as a coin. The arrangement was made by the Treasury Department under a contract with Moffat & Company, private assayers and gold coiners in San Francisco.
Augustus Humbert came west to oversee the operation, which got under way at the end of January 1851. For most of the next two years, Humbert's fifty-dollar "slugs" were the principal accepted currency in California. He was eventually allowed to turn his attentions to the production of smaller, and altogether more useful, coins, ten- and twenty-dollar pieces. And his operation finally laid the framework for a formal, normal branch Mint, which began the production of ordinary federal coinage in the spring of 1854.
Obverse Image: 3/4 bust of Justinian facing right wearing a helmet and cuirass, holding a spear over his shoulder and shield decorated with horseman spearing a fallen enemy.
Obverse Text: DN / IVSTINIANVS / P / P / AVG
Reverse Image: Winged Victory standing facing, holding jeweled cross and globus cruciger; star in right field.
Reverse Text: VICTORI-A AVGGG and officina letter, here Alpha (A), CONOB.
This fifty dollar octagonal gold coin—also known as a “slug”—was produced in 1851 in San Francisco. After the California gold rush began in 1849, it became apparent that a mint should be established on the West Coast to remove the need to ship the gold back to Philadelphia to be minted. Prior to Congress approving the San Francisco mint in 1852, California’s delegates passed a bill in 1850 establishing the U.S. Assay Office to assay (weigh and test purity of) gold and mint coins in San Francisco. Augustus Humbert was appointed to serve as the U.S. Assayer in San Francisco. He brought dies engraved by Charles C. Wright to produce coins made by Moffat & Company. On the obverse, or front, of the coin is a spread-winged eagle on the U.S. shield resting upon a rock; in its claws are an olive branch and arrows. Above the eagle is a cartouche containing the coin’s degree of fineness, in this case 887 thousandths. Within the circle is the text “United States of America/FIFTY DOLLS.” Around the edge are the words “Augustus Humbert United States Assayer of Gold California 1851.” On the reverse is a spiral pattern created by and known as “engine turning.”