1855 Wass, Molitor & Co. $50. K-9. Rarity-5. Fine-15 (PCGS).This warmly and pleasingly toned example is awash in even reddish-honey patina. Wear is commensurate with the assigned grade but, apart from softness at the letters LLA in DOLLARS, all major design elements are well outlined and readily evident. Numerous marks are noted, typical of a well circulated $50 "slug" from Gold Rush California. Accuracy does compel us to mention several prominent cuts over and around the portrait on the obverse and in the center of the reverse. A glossy texture is also noted, although we stress that these large and impressive privately minted gold coins are elusive in all grades and extremely difficult to find "nice."<p>Metallurgists Count Samuel C. Wass and Agoston P. Molitor both came to the gold fields of California from their native Hungary soon after the independence movement collapsed in 1849. In October of 1851, the expatriates announced the formation of their assaying firm of Wass, Molitor & Co. first located in San Francisco on Montgomery Street below Bush Street then soon after at the offices formerly occupied by Henry M. Naglee on the corner of Montgomery and Merchant streets. The firm quickly established an excellent reputation and beginning in 1852 Wass, Molitor & Co. began issuing their own $5 and $10 coins that, while the purity levels fell below federal standard, were made heavier to compensate. The coins were eagerly accepted by the populace and even garnered a premium in circulation. Wass, Molitor & Co. ceased production of private coins until 1855 when a severe coin shortage and lack of forthcoming coins from the newly opened San Francisco Mint prompted a group of prominent merchants and bankers in March of 1855 to petition Wass, Molitor & Co. to resume coining operations. The firm agreed to do so and a week later, minted $10, $20, and the huge round $50 gold pieces. These, too, proved to be popular and circulated widely until the San Francisco Mint was able to produce the much-needed federal coins in a more consistent manner. All these issues were readily accepted in trade and were heavily used. By the end of 1855, Wass, Molitor & Co. ceased production when it seemed that no further issues were required. Not long after, the firm dissolved and the brief tenure of these magnificent coins came to an end. The huge $50 pieces are all quite rare as a class, significantly more so than the distinctively octagonal United States Assay Office of Gold slugs and the appearance of any specimen an event worthy of notice. A pleasing example of an issue that demonstrates just how hard working these huge slugs were in the Gold Rush era.
