1851 Augustus Humbert $50. Reeded Edge. K-5. Rarity-5-. 880 THOUS., Target Reverse. EF-45 (NGC). A satisfying example of this legendary and imposing issue. The lemon-yellow patina is accented by clouds of apricot luster surrounding the design elements. Scattered rim blemishes are noted at several corners but these are typical of the type. Nicely bold at center and historically significant. The large octagonal $50 "slugs" of Augustus Humbert are among the first to come up when many collectors think about the numismatic heritage of the California Gold Rush. Issued for only a few years starting in 1851, the huge coins have become symbols of the story of the exploration of the vast riches that lay within the rocks of Northern California. The earliest $50 pieces came from the United States Assayer of Gold, Augustus Humbert, who in 1851 joined up with Moffat &; Co. to start to produce large denomination ingots, to include the $50 gold pieces, using obverse dies prepared by Charles Cushing Wright. The earlier issues in two purity levels, 0.880 fine and 0.887 fine, all bore an intricate geometric design on the reverse, reminiscent of a target. The denomination, while large for the time, proved to be popular and saw heavy use in commerce. While initially accepted at the Customs House, a law passed in August 1852 forbade the use of gold in purity lower than the statutory 0.900 fine from being accepted in payment of customs dues. Many of the lower fineness slugs ended up being recoined into 0.900 fine $50 pieces. Ultimately, when the United States Mint finally opened in 1854, even the high purity coins ended up in the melting pots, leaving few survivors for collectors to enjoy today. A desirable mid-grade example of an important type that often tops collectors dream lists.
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