Q.David Bowers
On January 30 or 31, 1851, Augustus Humbert arrived in San Francisco. At the same time the first octagonal $50 gold piece bearing his stamp was issued. The Pacific News, February 1, 1851 noted that "the dies for this purpose-the striking of the $50 pieces-have been procured, and the first coin produced by them was shown us yesterday."
Edgar H. Adams expressed the opinion that the dies for the first two varieties of the octagonal $50 pieces were the work of Charles Cushing Wright, one of America's most famous engravers, who at the time lived in New York City. He believed that Augustus Humbert commissioned Wright to make assayer's stamps. Humbert probably believed that he would be engaged in smelting and assaying raw gold, making ingots from the same, and then impressing the stamp of the United States Assayer on them to certify the gold to be of a certain weight, fineness, and value. Wright's original ($50) "eagle" steel hub, lacking legends, is presently on display at the Bank of California's Museum of Money of the American West in San Francisco.
The existence of bronze pattern pieces supports Adams' thoughts. One piece is signed on the edge by Wright as "Wright fee," for "Wright fecit" (Latin for "Wright made it"). Inscriptions on these patterns as well as the first octagonal ingots produced for circulation have simply the letters D C DWT. GRS. It was intended that the value in dollars and cents and the weight in pennyweights and grains could simply be stamped in the place provided. In this way ingots of $50, $100, $200, or any other desired denomination could be produced, differing from each other only by size, weight, and fineness, but incorporating the same stamp.
On February 14, 1851 San Francisco Prices Current contained an article relating to the $50 slugs, indicating their regular production was about to begin:
The above cut represents the obverse of the United States in-got, or, rather, coin, of the value of $50, about to be issued at the Government Assay Office. It is precisely of this size and shape.
The larger ones of one and two hundred dollars are exactly similar, except they are proportionately thicker. The reverse side bears an impression of rayed work without any inscrip-tion. Upon the edges the following: "Augustus Humbert United States Assayer-California Gold 1851." Those of five hundred and one thousand dollars are in form parallelograms, about five inches in length, and one and three quarter inches in breadth, and ranging in thickness-the smaller ones being about three-tenths of an inch and the larger six-tenths.
The fifty-dollar pieces will be of uniform value, and will be manufactured in the same manner as coins-the others may vary according to weight and fineness from the denomination mentioned.
By order of the Secretary of the Treasury these ingots and coin are to be received for duties and other dues to the United States Government, and our bankers, we are advised, will receive them at their stamped value.
This will produce an important change in the monetary affairs here, gold dust will immediately go up, and as a necessary consequence foreign and domestic (Eastern) ex-change will be at a premium 5 to 7%...
The Daily Alta California commented on the new $50 pieces on February 21, 1851:
The new 50-dollar gold piece, manufactured under the Act of Congress appointing a United States Assay Office in California, and made under the supervision of the United States Assayer, was issued by Moffat & Co. yesterday. About three hundred of these pieces have already been struck off. The larger ones, of one and two hundred dollars, will be of the same stamp and size, differing only in thickness. Those over $200 will contain the same stamp, but will be struck in the form of bars. These coins are of course a legal tender and are the coins of the United States Government to all intents and purposes. The coin is peculiar, containing only one face, and the eagle in the center, around which are the words "UNITED STATES OF AMERICA." Just over the eagle is stamped "887 THOUS." signifying the fineness of the gold. At the bottom is stamped "50 DOLLS." The other face is ornamented with a kind of work technically called engine turning, being a number of radii extending from the common centre, in which is stamped, in small figures. "50." Around the edge is stamped the name of the United States Assayer. We trust our readers may learn the character of this new coin by ocular demonstration.
Adams noted that it was supposed that the variety with the letters "D C" on the obverse and" 50" on the reverse was the first issue. The account in the Daily Alta California would seem to indicate another variety. Commenting on this, Adams wrote:
So far as is known, the variety with the" 50" in the center of the reverse has always been accompanied by an obverse showing the letters "D C," which is still believed to be the first variety issued. But according to the Alta California the $50 ingots described by it were stamped "50 DOLLS," which style of obverse, so far as we know, always accompanies the reverse with the "50" omitted. If our recollection is correct, the cut in the Prices Current [a reference to the previously-quoted article], showed the "D C" variety. Therefore, as this appeared on February 14, and the Alta California account on February 21, it may be that both varieties of obverse were struck within this period, and that there was such a variety as mentioned in the latter account. However, there is also a chance for a mistake on the part of the newspaper writer, especially if both varieties of $50 ingots had been made at that time. Such a trifling die difference would not be apparent to him.
Coins were sorely needed to pay duties at the Custom House, so the matter of the $50 slugs' legal tender status in this regard was a matter of prime concern to California merchants and others. Seeking to determine the status of the coins, Moffat & Co. applied to the collector of customs, the results of which were noted on the editorial pages of the Daily Alta California on January 30, 1851:
Some persons having expressed doubt whether the stamped ingots or coins to be issued by Moffat & Co. under the late Act of Congress, under the supervision of the United States Assayer, will be received in payment of Government dues, Mr. Curtis of the above firm has addressed Mr. T. Butler King, Collector of the Port, upon the subject, to which he has replied, "I am authorized to receive those bars and ingots at the Custom House."
We can further state that the most eminent lawyers in the United States, and also men in the most eminent positions, have given it as their unqualified opinion that after due deliberation and investigation of the question, that these ingots and bars will be a legal tender; that they are coins of the United States Government as is the dollar and the eagle, being, like them, issued by Act of Congress, and bearing the stamp of the Government.