LOT Bowers and Merena Auctions  /  The September 2008 Beverly Hills Rarities Sale  / 

681

1851 Augustus Humbert. $50. MS65* NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:210,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1851 Augustus Humbert. $50. MS65* NGC
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<span style="font-size: large;">Lot #681. 1851 Augustus Humbert. $50 Gold. K-5. Rarity-5-. Reeded Edge, 880 THOUS. MS-65 * (NGC).</span>
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<a href="http://www.bowersandmerena.com/articles/article_detail.aspx?articleid=2039"><strong><u><font size=+0>Read more about this exceptional coin in Bowers and Merena's press release</font></u></strong></a>

Much of the history of California during the 1850s is borne out of James Wilson Marshall's discovery of gold in the American River on January 24, 1848. By the following year, Marshall's find had become so well known throughout the country that thousands of "Forty-Niners" (so-named because they made the maritime or overland trip to the West Coast in 1849) flocked to the San Francisco area intent on striking it rich. Indeed, the population of the territory increased so dramatically during that one crucial year that California was admitted to the Union as a free state on September 9, 1850.
<p>Such a huge influx of people in so short a period of time created significant problems for California, not the least of which was economic. The "Forty-Niners" and other newcomers did not bring enough coinage with them to sustain a healthy trade. Soon, people were forced to resort to all kinds of expedients to purchase the food and other goods that they needed to survive in the rugged conditions in and around the gold fields. One of the earliest emergency measures revolved around the use of gold dust as a medium of exchange. This experiment failed, however, as weighing the dust was too imprecise to prevent numerous mistakes from occurring in transactions, to say noting of out-and-out fraud.
<p>Next on the scene were private minters who, although their activities were legally prohibited by the United States Constitution (Article One, Section 8 of which gives the right to coin money solely to the federal government), soon found that their services were both welcome and necessary in the commercial channels of California. This expedient, although it provided much-needed coinage for circulation on the West Coast by converting the miners' product into a more user-friendly form, was also imperfect. Without an overriding, universally respected authority to oversee the production of private gold coins and ensure that they conformed to basic standards of weight and fineness, citizens soon found that a gold coin marked with, say, a Five-Dollar denomination did not necessarily contain five dollars worth of gold.
<p>As happened earlier during the Appalachian Gold Rush of the 1820s and 1830s, the lawmakers in far-off Washington, D.C. were slow to react to the situation "on the ground." On the other hand, the government seems to have at least learned something during the intervening years between the 1830s and early 1850s. Although it would not establish a full-fledged branch mint in California until 1854, Congress at least authorized founding of a United States Assay Office in San Francisco. The contract for this institution was eventually awarded to Moffat & Co., the most respected private minting firm in California at that point in time.
<p>New York watchcase maker Augustus Humbert was appointed to the position of United States Assayer, and Congress also commissioned Charles C. Wright to engrave the original dies that Humbert was to transport to California. Arriving in San Francisco on January 30, 1851, Humbert immediately set to the task at hand and produced the first coins under the auspices of his office the following day. On February 14 of that year, Humbert issued the first Fifty-Dollar gold coins (a.k.a. ingots or, more informally, "slugs"). Those coins, with their large size and (until then, at least) unique octagonal shape soon became synonymous with the California Gold Rush era.
<p>Humbert's "slugs" were produced in both 1851 and 1852, the latter year under the umbrella of both the United States Assay Office and its successor the United States Assay Office of Gold under principals Curtis, Perry and Ward. Several major and a few minor varieties are included in this short-lived series, most of which differ in the edge, reverse design and/or fineness of the precious metal in the coins. The Reeded Edge variant of 1851 struck in .880 fine gold is one of the more frequently seen varieties of the Humbert Fifty, although such pieces are still very rare when viewed in the wider context of the U.S. rare coin market. For reasons that will be enumerated below, even a relatively plentiful type such as the 1851 880 THOUS is extremely challenging to locate with strong eye appeal.
<p>Fifty-Dollar gold coins are large coins, their size acting like a magnet for abrasions and other distractions. Since these pieces were often roughly handled in California and/or in transit to Eastern banks, it should come as no surprise to read that survivors usually display large, deep cuts on their surfaces and/or significant edge impairments. Given the dire need for circulating specie in California during the early-to-mid 1850s, virtually all Humbert Fifties that have survived also exhibit at least some degree of wear. There were no numismatists active in California during the Gold Rush era anyhow, so virtually all of these coins were destined to enter circulation and remain there until worn out or lost.
<p>Even so, some Humbert Fifties did escape eventual destruction by finding their way into numismatic circles. Earlier generations of numismatists, however, also did their fair share of damage to these important pieces of history. Numismatic conservation as we know it in the 21st century was unknown to collectors in, say, the 1930s, 1940s and 1950s. Many privately issued Territorial gold coins were cleaned, whizzed or otherwise mishandled over the years by collectors who more-often-than not were well intended. Such pieces are not eligible for certification at PCGS and NGC and, as such, they are not counted among the problem-free examples that are available to today's discerning collectors.
<p>Fewer than 100 Augustus Humbert Fifty-Dollar gold coins of all varieties have been certified as Mint State by PCGS and NGC, and the actual number of individual coins is probably only 60-70 pieces when we take into consideration resubmissions of the same example(s) in attempts to secure a higher grade. Most of those coins, while strictly Mint State in that their surfaces are free of wear, are confined to lower grades through MS-63. Distracting abrasions (some severe) bear much of the blame for this grade distribution, but subdued, lackluster surfaces are also seen quite frequently.
<p>Given the rustic conditions under which it was created, the strained economic conditions of Gold Rush California and the various standards of numismatic conservation that have existed over the years, this Gem 1851 880 THOUS Humbert Fifty should not exist. Or at least it should not exist in such a pristine state or preservation. We are thankful that it does, of course, and not only because of the unique bidding opportunity that this coin represents for the advanced Territorial gold specialist. The ability to study a Humbert Fifty in such superb condition offers a unique window into coinage methods as they prevailed in Gold Rush California.
<p>We have never seen a Humbert Fifty of this variety with as complete a strike as that which is seen on both sides of this coin. The turning engine and concentric circles on the reverse exhibit crisp delineation, and they are fully detailed with no merging of the design elements. The obverse impression is no less praiseworthy, and the amount of definition to the eagle's head, wing and tail feathers is simply extraordinary. All letters and digits around the peripheries are fully formed, and this coin is free of the softness of detail near the rims that is often seen on examples of this type. The only significant softness of strike present on either side is confined to the central obverse, where the eagle's legs, talons, the arrows and the upper-right portion of the shield are more-or-less blunt. Hardly a distracting characteristic, nonetheless, especially in light of the overall quality of strike.
<p>Green-gold surfaces have a bright, semi-prooflike finish with considerable "flash" in the fields. Even so, close inspection with a loupe reveals myriad tiny die rust pits (as made) in the obverse field. We suspect that this die rust developed early, perhaps shortly after the die was engraved, since it is unlikely that Humbert had access to high-quality grease to pack the dies and keep them away from moisture--as would have been customary in the Philadelphia Mint. Other than providing a bit of a cloudy appearance in the obverse field, however, the rusty die has no effect on the coin's technical quality or eye appeal.
<p>Moving on to the surface preservation, we find that this coin continues to amaze. Both sides have come down to us without acquiring more than a couple of extremely minor, actually trivial abrasions, none of which is significant in the context of the assigned grade. The rims are super-clean with no bruises and bumps--a feature that in its own right could almost guarantee a high grade for a Humbert Fifty of any variety. The importance and high-Condition Census rank of this coin does compel us to find a useful pedigree marker, however, and to that end we note a small concentration of wispy abrasions in the right-obverse field immediately above the ribbon end.
<p>As of press time for this catalog, the online population reports for PCGS and NGC do not list another Humbert Fifty-Dollar gold piece of any variety at or above the MS-65 grade level. At the 2008 Baltimore ANA World's Fair of Money, however, we did confirm that NGC has actually certified one other example of the 1851 880 THOUS variety as MS-65. The coin in this lot is far superior to that other piece, however, and we do not hesitate to describe it as the highest-graded, finest-known example of the type in existence. A coin that nearly defies belief, and a one-of-a-kind rarity the likes of which we have not seen in a Territorial gold coin in many, many sales. Simply breathtaking!</p>


<span style="font-size: smaller;">Cert Number: 3178136001 </span>
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<table cellspacing="0" cellpadding="3" border="1" id="ctl00_cntBody_FAQ1_grdShippingRates"
style="background-color: White; border-color: #9A3C35; border-width: 1px; border-style: Solid;
width: 350px; border-collapse: collapse;">
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Shipping Rates (Within the United States)</div>
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<tr class="AuctionTitleDetail" style="background-color: E0CA7A;">
<td class="AuctionListingsHeadings" valign="top" style="height: 20px; white-space: nowrap;">
Purchase Amount
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<td class="AuctionListingsHeadings" align="right" valign="top" style="width: 75%;">
Postage And Insurance
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PurchaseAmountTemplate">$0.00 to
$200.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PostageAmountTemplate">$6.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PurchaseAmountTemplate">$201.00
to $300.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PostageAmountTemplate">$9.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PurchaseAmountTemplate">$301.00
to $1,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PostageAmountTemplate">$10.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PurchaseAmountTemplate">$1,001.00
to $2,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PostageAmountTemplate">$13.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PurchaseAmountTemplate">$2,001.00
to $3,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PostageAmountTemplate">$17.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PurchaseAmountTemplate">$3,001.00
to $5,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PostageAmountTemplate">$18.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PurchaseAmountTemplate">$5,001.00
to $10,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PostageAmountTemplate">$23.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PurchaseAmountTemplate">$10,001.00
to $25,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PostageAmountTemplate">$27.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PurchaseAmountTemplate">$25,001.00
to $50,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PostageAmountTemplate">$42.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PurchaseAmountTemplate">$50,001.00
to $75,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PostageAmountTemplate">$55.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PurchaseAmountTemplate">$75,001.00
to $100,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PostageAmountTemplate">$70.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PurchaseAmountTemplate">$100,001.00
to $250,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PostageAmountTemplate">$100.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PurchaseAmountTemplate">$250,001.00
to $500,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PostageAmountTemplate">$175.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PurchaseAmountTemplate">$500,001.00
to $750,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PostageAmountTemplate">$250.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PurchaseAmountTemplate">$750,001.00
to $99,999,999.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PostageAmountTemplate">$400.00</span>
</td>
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and currency sales. Bowers and Merena has handled four of the five most valuable
United States coin collections ever sold, including the Louis E. Eliasberg Sr. Collection,
the Harry W. Bass Jr. Collection, the Garrett Collection for The Johns Hopkins University,
and the Norweb Collection. </p>
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