1851 Augustus Humbert $50. Reeded Edge. K-5-. Rarity-5. 880 THOUS., Target Reverse. MS-61 (NGC).This exciting coin offers superior technical quality and outstanding eye appeal in a survivor of this iconic California Gold Rush era type. Warm olive undertones backlight dominant medium gold patina, the surfaces lustrous with a delightful satin texture. Overall striking detail is bold, accuracy alone compelling us to mention the often-seen softness on the central obverse high points and along the upper left border on the same side. We stress, however, that the peripheral legend on that side is legible in full. The edges are remarkably smooth and free of the typically encountered large bumps and deep bruises, a few minor planchet flaws at 4 oclock on the obverse, 12 to 2 oclock on the reverse as made and easily overlooked. Also free of worrisome surface marks, this is an outstanding coin that combines absolute scarcity with condition rarity.<p>Among the most evocative of all the Gold Rush issues, the huge octagonal $50 gold pieces nicknamed "slugs" have been favorites of numismatists for generations. Tokens and medals made in imitation of the iconic pieces have been produced throughout the 20th century and even the perennially popular Panama-Pacific Exposition Octagonal $50 commemoratives were based loosely on the slugs of the United States Assay Office.<p>Humberts $50 "slugs" are often seen with heavy nicks and edge bruises, as the soft metal would not withstand the hard use that it saw. It was commonplace to toss them into bags of gold in various forms, including bars, for transportation. Those surviving examples that do not show these imperfections have often been repaired in an attempt to "improve" their look over the years. The present specimen is a welcome exception in both regards, a superior example of this impressive and very popular territorial issue produced under the authority of Augustus Humbert, the United States assayer at San Francisco, whose personal collection of coins was sold in 1901 by the Chapman Brothers.
