The History of United States Coinage As Illustrated by the Garrett Collection

The public became confused concerning the fineness of the gold issues being produced by the Assay Office. On October 13, 1852, Augustus Humbert printed an explanation in the San Francisco Herald. He stated that the issues produced were of the fineness 880, 884, and 887 thousandths as these figures were about the average fineness of gold found in California. He noted that coins with a lower degree of fineness would have a greater total weight of metal so that they would possess the full intrinsic value equal to coins from the United States Mint.

Humbert went on to say that gold received in more recent times was higher in fineness than earlier deposits, so that it would be possible from that point forward to adhere to the Mint standard of 900 thousandths fine, with the remaining alloy being silver as originally found in connection with the gold. The Coinage Act of January 18, 1837, provided that:

The standard for both gold and silver coins of the United States shall hereafter be such as of 1,000 parts by weight, 900 shall be a pure metal, and 100 of alloy; and the alloy of gold coin shall be of silver and copper, provided the silver does not exceed one half of the whole alloy.

Humbert pointed out that in order to strictly conform to the Mint standard and to have coins with the fineness of 900 thousandths, and with an alloy of "not more than one half silver, and the balance copper," it would be necessary to separate the silver from the gold and to substitute copper in its place. He went on to say:

It is very evident that this long, tedious, and expensive process cannot be adopted until the proper facilities are afforded by the branch of the Mint which is to be established in San Francisco, connected with which there must necessarily be refining and chemical work for the manufacture of acids.

After October 1852 nearly all ingots issued by the Assay Office were 900 thousandths fine. Shortly there-after, Curtis, Perry & Ward published a new tariff schedule which noted that it would cost, if a large amount of bullion was submitted, 11/2 % to change gold into $50 slugs, and the same percentage to change it into $20 pieces. Over 20 years ago a hoard of United States Assay Office of Gold coins and ingots, consisting mainly of gold patterns and trial pieces dated 1853, was found in Arizona. This group included a unique $200 ingot ("quadruple" slug), tablets of Proofing gold, and a number of experimental alloy strikings of the design of the conventional 1853 $20.

The Daily Alta California on March 22, 1853, contained a description of the Curtis, Perry & Ward establishment:

The machinery made use of by Messrs. Curtis, Perry & Ward is of the same description, made by the same mechanics, and is as perfect in all respects, as that of the United States Mint at Philadelphia. The capacity of their press is such to enable them to coin $360,000 in $10 pieces and $720,000 in $20 per day, and it keeps up with their facility for drawing, cutting, and adjusting by being worked only a few hours per day. The mechanical execution of the coin itself is fully equal to that of the United States Mint, as will be seen by a comparison of the coins. Too much credit cannot be awarded to Messrs. Curtis, Perry & Ward for the radical change in the facilities for coinage offered by them to the people of this State while at the same time it is advantageous to them personally.

In 1853 a $20 piece bearing the name of Moffat & Co. appeared. The design, except for the inscriptions, was quite similar to that of the current United States double eagle being struck at Philadelphia. Notice concerning the new issue appeared in the Daily Alta California on July 26, 1853:

Moffat & Co.'s Assay Office. The new double eagles lately issued by this firm are attracting much admiration for their beautiful workmanship. The coin is a facsimile of that struck by the United States Mint, with the head instead of bearing the motto LIBERTY has MOFFAT & CO. As regards design and finish, the piece is scarcely inferior to the issues of the Mint and reflects great credit upon Messrs. Moffat & Coo's taste, enterprise, and artistical skill.

The reason for issuing a distinctive Moffat & Co. double eagle at the same time coins of identical denomination were being produced by the United States Assay Office of Gold, under the same management, is enigmatic.

The total production of the United States Assay Office of Gold during the years of its operation is not known. It was estimated during the first quarter of 1851 that $600,000 worth of coins of the $50 denomination were made. Prices Current on September 30, 1851, noted that the Assay Office had been increasingly busy in recent times and occasionally had attained the production of $100,000 in $50 ingots per day. What happened to them all? Adams notes that certain foreign bankers preferred octagonal ingots to regular American coins, thus leading to the export of huge quantities, some from San Francisco and others from New York City. A newspaper item of January 13, 1853, notes that the steamer Asia from New York to Liverpool carried $200,000 in $50 pieces from California.