1852 United States Assay Office of Gold $50. K-14. Rarity-5+. 900 THOUS. AU-58 (NGC).An impressive relic of the California Gold Rush that truly must be experienced in-hand. The complexion is dominated by olive-gold hues with suggestions of deeper honey color around the devices. The protected regions harbor considerable satiny luster and the devices are notably intricate for the issue. Scattered small marks are commensurate with the grade and type, though none of these are individually distracting. A rim blemish at the 8 oclock corner on the reverse is largely obscured by the NGC holder and goes unnoticed to the naked eye. Handsomely preserved and among the finer surviving examples of this issue with just 9 certified finer at NGC.pThe earliest of the $50 pieces were produced in 1851 under Augustus Humberts name at a non-federal .880 fine standard which quickly rose to .887 fine. Soon after in 1852, Humberts name was entirely removed and the slugs were then struck under the name of the United States Assay Office of Gold but still at the same .887 standard. Things proceeded well for the Assay Office and even smaller denomination coins were struck. An unexpected blow came in the form of legislation passed in August of 1852 that suddenly forbade the Customs Office from accepting any gold coin not struck at the federally-mandated .900 purity. pThe Kagin-13 $50 pieces, as offered here, were the outcome of that crisis. Petitioned by the local merchants to alleviate the situation, the Assay Office began to produce prodigious quantities of the $50 slugs at the federal standard in January and February 1853, including some 23,800 pieces in total, all bearing an 1852 date. Their popularity undiminished, the pieces continued to be used in commerce until finally the states petitions for a branch mint were heard and the San Francisco Mint began operations. Once the mint was up and running, thousands of the venerable Assay Office $50 pieces such as this one ended up in their melting pots to be made into officially sanctioned coins. pToday, perhaps a few hundred slugs are extant in all grades and types, most of which are in heavily circulated grades. Because of their huge size and weight (just shy of 2 1/2 ounces of gold), the coins were prone to numerous abrasions and edge dings and other impairments. Choice AU examples are exceedingly rare and are enthusiastically sought after as ideal examples of a classic design.
