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首席收藏网 > 数据中心 > Stack's Bowers and Ponterio > SBP2020年8月#2-白金之夜

Lot:1323 1855 Wass, Molitor & Co. $50. K-9. Rarity-5. VF Details--Repaired (PCGS).

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世界钱币

USD 25000

SBP2020年8月#2-白金之夜

2020-08-07 05:00:00

2020-08-07 10:00:00

USD 25200

SBP

成交

1855 Wass, Molitor & Co. $50. K-9. Rarity-5. VF Details--Repaired (PCGS).An appealing survivor from this massive and rare $50 issue. The surfaces have been uniformly smoothed and polished, resulting in a bright and glossy complexion. Even so, the remaining detail is bold across all elements. Pale lemon-yellow in color and impressive to inspect in-hand. <p>Within two years of the discovery of gold, the population in Northern California had quadrupled and continued to grow every day. Unfortunately, the money supply did not grow at the same rate and coinage of any sort was scarce. While other parts of the country would address such monetary crises with currency, in the West paper was met with almost universal distrust. Gold dust proved useful as a stop-gap measure but could be easily adulterated and its purity could not be consistently assured.<p>Hungarian metallurgist Samuel Wass arrived in San Francisco in October 1850 and set immediately to work in the California gold fields. Sometime in early 1851, Agoston P. Molitor arrived to California and soon joined his fellow expatriate. On October 14, 1851, the pair announced the formation of Wass, Molitor & Co. as an assay office located in San Francisco on Montgomery Street below Bush Street. Success came quickly to the firm and they relocated to the fireproof building formerly occupied by banker and Civil War general Henry M. Naglee, on the corner of Montgomery and Merchant streets. In January 1852, Wass, Molitor & Co. announced that they were prepared to begin producing what they referred to as "small coin" in $5 and $10 denominations. The purity levels fell below federal standard, so to compensate, the coins were made slightly heavier. Their coins soon fetched a premium in circulation and were eagerly accepted in trade. <p>In the meantime, Congress finally granted approval for a branch mint to be established in San Francisco which commenced operations in 1854. The difficulty of acquiring the necessary parting acids for refining raw gold meant that it would be some time before the San Francisco Mint would be able to strike enough coins to relieve the regions monetary shortages. After an especially lengthy layoff at the Mint, in March 1855 a group of prominent merchants and bankers petitioned Wass, Molitor & Co. to resume coining operations. Shortly thereafter, Wass, Molitor & Co. resumed striking coins and produced $10, $20, and 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.<p>The May 16, 1855, Alta California reported that "Wass, Molitor & Co. have commenced issuing their fifty and twenty dollar pieces, at the rate of $38,000 per day. The coin is above the U.S. standard and is confidently received in trade throughout the State." Despite their brief tenure in circulation at the tail end of the private gold issuing period, the $50 coins were readily absorbed into trade. By late 1855 Wass, Molitor & Co.s coins were no longer required. Sometime in late 1855 or early 1856, Wass, Molitor & Co. dissolved and reorganized as Wass, Usznay & Co. Around this time, Wass left the region but eventually returned to continue the assay business with his son. Agoston Molitor left for London in 1856 and did not return to the United States. Examples of Wass, Molitor & Co. coins of any denomination or grade level are of the utmost rarity and desirability in todays market, and this is particularly true of the $50 denomination. Here is an important survivor from one of the most storied of the California Gold Rush coiners.PCGS# 10363.

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