Have you ever held a piece of history in your hands, a tangible link to a bygone era of gold fever and daring entrepreneurship? The 1851 $50 gold slug, a product of the California Gold Rush, is a powerful symbol of that era, representing both immense wealth and the untamed spirit of the American West.
The story of the $50 gold slug begins in San Francisco in 1851. The California Gold Rush, which commenced in 1849, had created a chaotic economic landscape. Gold dust was the de facto currency, making transactions cumbersome and prone to fraud. The need for a reliable, standardized form of exchange was critical. Enter Augustus Humbert, the U.S. Assayer of Gold in California. Humbert, recognizing the problem and the opportunity, spearheaded the production of a remarkable gold coin: the octagonal $50 piece, or "slug" as it came to be known.
| Name: | Augustus Humbert |
| Born: | Unknown |
| Died: | Unknown |
| Occupation: | U.S. Assayer of Gold in California |
| Key Role: | Oversaw the production of the $50 gold slug during the California Gold Rush |
| Key Achievements: |
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| Associated Companies: | U.S. Assay Office (San Francisco) |
| Era: | California Gold Rush (1849-1850s) |
| Significance: | His work contributed significantly to the economic development of California during a crucial period, providing a reliable currency. |
For further information, consult: NGC Coin Guide
The 1851 $50 Humbert is a rare and valuable gold ingot produced by Moffat and Company, a private assaying firm, under Humbert's direction. Though technically an ingot, it served as unofficial currency. Its distinctive octagonal shape and the lack of a traditional mint mark further distinguished it. The fact that it was not produced by the U.S. Mint made it an even more intriguing artifact, reflecting the unique circumstances of the Gold Rush.
The design of the $50 slug was straightforward, yet impactful. The coins produced under Humbert's auspices were inscribed with his name and the phrase "U.S. Assayer of Gold," providing an immediate identification of their origin and purpose. These were not simply coins; they were statements, a declaration of stability and value in a time of economic flux. The weight and fineness were clearly stamped on the coin, assuring its value, and contributing to its wide acceptance as a medium of exchange.
The impact of the $50 slugs on the Gold Rush economy cannot be overstated. The large denomination and reliable gold content facilitated significant transactions, from purchasing supplies to rewarding successful miners. When you hold this coin, you can almost imagine a gold miner, a buccaneer, or a cowboy slapping it down on a counter for a big purchase. This single piece, the largest gold ingot minted, helped ease the complexities of the day-to-day financial transactions in the west, where fortunes were made, and often lost, in the quest for gold.
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The production of the $50 slugs wasn't without its challenges. The U.S. Assay Office in San Francisco, under Humbert's leadership, was an officially sanctioned operation, though the logistics of producing these large gold pieces were daunting. Unlike the private firms producing their own ingots and coins, the U.S. Assay Office had the backing and authority of the federal government. This gave their products greater credibility, which was essential to the acceptance and use of the slugs as currency.
The 1852 assay office $50 gold coin often called a slug became a heavyweight in the world of American numismatics. Only 23,800 were minted, and they were minted when the gold rush was in full swing. The rarity and historical significance of these coins have made them highly sought-after by collectors. These rare and elusive coins are now certifiable by NGC and can be collected as a type set or a signature set.
The 1851 Humbert $50 ingots (commonly called slugs) are among the most recognizable artifacts of the romantic gold rush era. The large humbert $50 octagonal coins are familiar to collectors of all levels, and the demand for them continues to grow. The coins come in various conditions. The 1852 Humbert $50 is a scarce variety that usually comes heavily circulated, bumped, and bruised.
The slugs were not just limited to one year of production. Assay pieces dated 1852 were issued in .887 and .900 purity, with the .900 actually being struck in early 1853. These variations only add to the complexity and allure of collecting these pieces. The 1852 Humbert $50 gold coin, in particular, represents a key piece for many collections. The historical significance of these coins extends beyond their monetary value. They offer a tangible connection to a pivotal moment in American history, representing the dreams, struggles, and ambitions of those who sought their fortunes in California. The existence of $50 slugs, with their distinct designs and origins, gives us a view into the ingenuity and resilience that defined the Gold Rush period.
The creation of these slugs also fostered imitations. Numerous facsimiles of the original $50 slugs were produced, particularly by companies like Kellogg & Company. These facsimiles, while not possessing the same intrinsic value as the originals, provide another avenue for collectors. The United States Slug (c.1940) facsimile Kellogg & Company uniface NGC MS 65 BN, is a notable example. These pieces are often sought after for their historical value, rather than for their monetary worth.
The term "slug" itself carries a certain mystique, and some understand the word to be used for counterfeit coins. By resembling various features of a genuine coin, including the weight, size, and shape, a slug is designed to trick the machine into accepting it as a real coin. However, this is not applicable in the case of these gold coins. They were legally used as a currency. Some of the imitations produced by Kruger from a copy of Days of '49 Slugs are also collectible.
The use of slugs as currency highlights the challenges of the time. In 1851, Augustus Humbert began producing $50 gold coins at a provisional U.S. Assay Office in San Francisco. These large coins, also known as slugs, brought some sense of order to the chaos of the gold dust economy in San Francisco. There was production of the $50 Humbert gold, also known as the Humbert slug or ingots, and it was given the nickname Californians at times. The design was carefully chosen to reflect the era, with eagles featured on both sides and inscriptions such as "We Trust," and "United States of America." The coins were a testament to the skill and ingenuity of their creators and the need to stabilize the economic landscape of the Gold Rush era.
The production was carried out in an environment ripe with both opportunity and risk. The need to establish a local mint was evident, as shipping gold back east was cumbersome and wasteful. This led to the establishment of the U.S. Assay Office in San Francisco. Unlike the official U.S. Mint, the Assay Office was the first provisional mint of the west. This distinction alone has made the slugs and their backstory that much more intriguing.
The story of the $50 gold slug also touches upon a significant debate: the need for a stable monetary system. The absence of official minting facilities meant that privately produced coins and ingots like those from the Assay Office became a necessity. The slugs, with their lettered edges, were intended to provide the stability and confidence required for business transactions. The emergence of these gold coins was a pragmatic response to the gold rush that sought to give the West a reliable medium of exchange, and a sign of economic growth and ambition in the California territories.
The mementos of the gold rush era are incredibly valuable. A memento of the famous California fifty dollar gold slug, used by the pioneers, has eagles on both sides, with "We Trust" above the eagles (on both sides) and "United States of America". The weight can vary depending on the coin. The price of these pieces varies, depending on the condition, year and specific characteristics of the coin. The allure of the $50 slug lies in its story. Owning one means holding a piece of history.
The tale of the $50 gold slug is one of ingenuity, adaptation, and the transformative power of the California Gold Rush. The coins, minted under the direction of Augustus Humbert, were not just gold; they were a crucial element in a burgeoning economy. The slugs, as they were called, have cemented their place in numismatic and historical circles. The legacy of the $50 gold slug is a reminder of an era when a single coin could represent both the hopes and the wealth of a nation.
Consider this coin list to be your coin index where you can look up coins of all types to learn collectible coin facts, coin values, coin histories and more. This database of US coins provides coin information that all numismatists can reference as a coin guide when buying coins or selling coins.
The 1851 Humbert $50 gold ingot was an ingot produced by Moffat and Company, under the direction of Augustus Humbert (U.S. Assayer of the Treasury). This coin, while technically an ingot, was still used and unofficially considered currency. The 1851 Humbert $50 ingots (commonly called slugs) are among the most recognizable artifacts of the romantic gold rush era.
The story of the $50 gold slug serves as a reminder of the crucial role that a sound monetary system plays. It is a testament to the ingenuity and determination of the people of that era. The coins, the facsimiles, and the history of the time will always be a unique and important chapter in American history.
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