The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-06-06
RAREST or AMERICAN COINS
TWO $50 GOLD PIECES BOUGHT
By NEW YORK COLLECTOR.

uWO UoO UULlI EIbSEo hOCU Il
BY NEW YORK COLLECTOR.
Only Known Issues or This Kind snt
Minted in Is55-Brought More Thar
the $1,000 Paid for the BrasheI
Doubloon-some other Recent Sales
Two unique United States gold coins
Of the denomination of $50. each Of differ.
ent design, which have long been regarded
Al the rarest coins In the world by Ameri-
can coin collectors. were purchased q few
days q by William H. Woodin OF this
city at a figure for each which by far O.
oeeds all record high premiums paid fol-
any oodn ever sold.
The coins were bought Of John W.
Haseltine and Stephen K. Macy. Phila-
delphia coin dealers, the total amount
paid eolipsing the previous high record
for an American coin. This record was
held by a specimen Of the New York
Brasher doubloon in gold struck In this
city In 1887. for which 1920 was paid
at a Philadelphia sale a few years ago.
The newly discovered gold pieces arc
included in the United States series OF
pattern coins and represent the most
interesting pieces in the American series.
the denomination being equivalent to
five eagles, or the @half union COON
meuded In 1854 by Secretary OF the Treas
ury Guthrie. They illustrate the single
case where United States coins Of this
value we're struck In gold. They nevc-
emerged from the experimental stage.
although declared by experts to be the
handsomest and the most striking coins
over Issued at the United States mint.
These two gold pieces have not been
seen since the year Of their mintage.
1877. and we're supposed by all collectors
70 have been melted up.
Each OF the coins is OF a distinctive
design. although differing only in minor
details. They are exactly two inches
In diameter and one-eighth OF an inch
In thickness.
These were the only $50 gold pieces
ever issued at tho United States mint
and are not to ba COMPOUNDED with the
80 pieces minted In California, dated
1851. 1852 and 1855. The latter pieces
were Of a semi-oficial character, having
been Issued by Mofat & Co., a firm OF
United States assay contractors. and
BY the private coming firms Of Wass,
Molitor d Co. and Kellogg d Co.
And yet the two circular pieces OF Cali
fornia and the two rare circular United
States @q%uintuple eagles" which have
Unexpectedly come TO light are closely
associated. having all been issued In re-
sponss to a general demand on the part
Of the bankers and merchants OF San
Francisco.
Before the establishment Of the United
States branch mint at San Francisco in
1854. the California pioneers had to rely
upon gold dust and the gold coins made
by private persons for their circulat-
ing medium. The gold dust fluctuated
greatly IN value and purchasing power,
while the private coins nearly all were
Of a deprecated character. ranging in
value from 8 to 20 per cent. discount.
To relieve the inconvenience and loss
caused by this circulating medium OF
indefinite value the Government in 1850
provided for the establishment Of an
assay Office in San Francisco. This
Office was conducted by Mo1at d Co.,
and the official who placed the Govern
ment stamp upon the ingots was Angus
tuA Humbert. formerly Of this city. Upon
tho appearance of the United States assay
ONCE ingots all the private gold coins
were gradually driven out OF circulation.
many OF them being deposited at the
assay Office and reissued in the shape
OF the octagonal ingots. The private
coins, though Of deprecated value. were
nevertheless very convenient as they
were Of the useful denominations Of Ave.
ten and twenty dollars. The regular
United States gold coins Of small denomi-
nations rarely appeared in local trade in
California. being reserved for the payment
OF customs duties,
In a short time the gold coins Of the
and the local currency consisted almost
wholly OF the huge octagonal fifty dollar
pieces. Change became SO scarce that
IL was necessary to pay Q or 8 per cent.
to have one OF the Aslugs' changed into
smaller denominations.
Relief to a certain extent vas furnished
IN 1854, when more United States gold
Francisco branch mint began operations.
Soon the octagonal pieces met the late
OF the smaller California coin, being ex-
ported or sent to the local mint and re-
melted, end it was not long before the
business men OF California felt the iced
OF a gold piece Of large denomination.
A a result the business men Of Ban
Francisco early in 1854 Q a petition
to the Secretary Of the Treasury request
ing him to authorize the striking at the
San Francisoo mint OF a Atty dollar piece
OF the same shape and inene as the
United States double eagle.
This memorial was forwarded to VIII
lam N. Gwin, one Of California's Senators.
who in turn presented it to James Guth-
RE, then Secretary Of the Treasury. In
his reply Mr.. Guthrie favored the issue
OF gold pieces OF. large denomination
for use In the Pacific States. although
said such pieces were not needed in
the East.
Mr.. Gwin also presented a bill for the
coinage OF $50 and 500 pieces. 1t was
planned to call these half unions and
Badly needed as were the gold coin
provided BY the bill, the bill never be-
came a law. On May 20, 1854. senator
Gwin again brought the matter OF the
issue Of the five and ten eagle pieces to
the attention OF the Senate, but discus
sion was postponed. Tn June 10 the
hill passed the Senate by a large majority,
although II failed to meet the approval
Of the House.
Fairly in 1855, as the Government showed
signs OF responding favorably to the
appeals of the Californians for q IS
piece, two Of the principal private ooln-
Ing firms OF San Francisco. Wass, Molf
tor q Co. and Kellogg d Co.. began the
issue OF circular $50 gold coins. Both
although the gold was OF a lower fine
Mae IN the Eafloyo piace than contained