$50 Augustus Humbert, Reeded Edge, 880 THOUS. MS61 NGC
Lot 362
1851 AUGUSTUS HUMBERT $50 SLUG, REEDED EDGE, 880 THOUS. MS61 NGC
K-5, Low R.5. Deep reddish-gold color overall, with sharply defined design features. A couple of small marks are noted above the eagle on the obverse, and a couple of other depressions are on the reverse, however, the eight corners are especially nice as they are free from most knocks and bruises. As a Mint State example, this piece falls into the "elite" category of this type. Presently, NGC has certified nine examples in MS61, with just five finer. PCGS has seen only one in '61, with just one finer, an MS62. Many have been certified in circulated grades, but as a Mint State example, this is a conditionally rare specimen.

The $50 octagonal "slug," was a golden bastion of California commerce during the first years of statehood. Such pieces were used in large transactions, being the coin of choice, since the locals were repulsed by "paper" money. (Paper money was made illegal in the state under the Constitution of 1850.) The octagonal $50 slugs were last made in 1852, after which the Assay Office closed; but the slugs themselves continued in use for many years thereafter. Often, they found their way to the various federal mints, where they were melted into bullion, then refashioned into federal denominations.

When the Gold Rush began, California was a particularly lawless place. On the day when gold was discovered in 1848 at Sutter's Mill, California was still technically part of Mexico, under American military occupation as the result of the Mexican-American War. With the signing of the treaty ending the war on February 2, 1848, California became a possession of the United States, but it was not a formal "territory" and did not become a state until September 9, 1850.

Provenance:
This item has been in the present family since the third quarter to late 19th century. (PCGS 10211)
Sold for US$ 93,600 inc. premium

Coins and Medals

6 Jun 2016, 7:00 PDT

Los Angeles

Lot Details
$50 Augustus Humbert, Reeded Edge, 880 THOUS. MS61 NGC
1851 AUGUSTUS HUMBERT $50 SLUG, REEDED EDGE, 880 THOUS. MS61 NGC
K-5, Low R.5. Deep reddish-gold color overall, with sharply defined design features. A couple of small marks are noted above the eagle on the obverse, and a couple of other depressions are on the reverse, however, the eight corners are especially nice as they are free from most knocks and bruises. As a Mint State example, this piece falls into the "elite" category of this type. Presently, NGC has certified nine examples in MS61, with just five finer. PCGS has seen only one in '61, with just one finer, an MS62. Many have been certified in circulated grades, but as a Mint State example, this is a conditionally rare specimen.

The $50 octagonal "slug," was a golden bastion of California commerce during the first years of statehood. Such pieces were used in large transactions, being the coin of choice, since the locals were repulsed by "paper" money. (Paper money was made illegal in the state under the Constitution of 1850.) The octagonal $50 slugs were last made in 1852, after which the Assay Office closed; but the slugs themselves continued in use for many years thereafter. Often, they found their way to the various federal mints, where they were melted into bullion, then refashioned into federal denominations.

When the Gold Rush began, California was a particularly lawless place. On the day when gold was discovered in 1848 at Sutter's Mill, California was still technically part of Mexico, under American military occupation as the result of the Mexican-American War. With the signing of the treaty ending the war on February 2, 1848, California became a possession of the United States, but it was not a formal "territory" and did not become a state until September 9, 1850.

Provenance:
This item has been in the present family since the third quarter to late 19th century. (PCGS 10211)
Activities
Auction information

This auction is now finished. If you are interested in consigning in future auctions, please contact the specialist department. If you have queries about lots purchased in this auction, please contact customer services.

Buyers' Obligations

ALL BIDDERS MUST AGREE THAT THEY HAVE READ AND UNDERSTOOD BONHAMS' CONDITIONS OF SALE AND AGREE TO BE BOUND BY THEM, AND AGREE TO PAY THE BUYER'S PREMIUM AND ANY OTHER CHARGES MENTIONED IN THE NOTICE TO BIDDERS. THIS AFFECTS THE BIDDERS LEGAL RIGHTS.

If you have any complaints or questions about the Conditions of Sale, please contact your nearest customer services team.

Buyers' Premium and Charges

For all Sales categories excluding Arms & Armour, Coins & Medals, Motor Cars, Motorcycles, and Wine & Whisky:

Buyer's Premium Rates
25% on the first $250,000 of the Hammer Price
20% from $250,001 to $4,000,000 of the Hammer Price
12.5% on the excess over $4,000,001 of the Hammer Price

Payment Notices

Payment for purchases may be made in or by (a) cash, (b) cashier's check or money order, (c) personal check with approved credit drawn on a U.S. bank, (d) wire transfer or other immediate bank transfer, or (e) Visa, MasterCard, American Express or Discover credit, charge or debit card. Please note that the amount of cash notes and cash equivalents that can be accepted from a given purchaser may be limited.

Shipping Notices

For information and estimates on domestic and international shipping as well as export licences please contact Bonhams Shipping Department.

Contacts
  1. Kelly Sitek
    Auction administration - Coins and Banknotes
    Bonhams
    Work
    7601 W. Sunset Boulevard
    Los Angeles, United States 90046
    Work 323-436-4468
    FaxFax: +1 323 850 5843
  2. Paul Song
    Specialist - Coins and Banknotes
    Bonhams
    Work
    7601 W. Sunset Boulevard
    Los Angeles, United States 90046
    Work +1 323 436 5455
    FaxFax: +1 323 850 5843
Similar Items