The Waterbury Democrat., 1939-03-31
Private And Territorial Gold Coinage
 Of The United States
PART II
Private Gold Coinage of California (contnued)
By OSCAR G. SCHILKE

The United States establishment for assaying and coining gold was the direct result of an appeal to Congress in 1850 by representatives of California who employed every means at their command to convince much opposition that a branch mint in California should be authorized. When it became evident that 8 bill to this effect would fail to pass at that particular session, a compro- mise was made with the California delegation, whereby it was agreed as temporary measure to create the U. s. Assay Office in the City of San Francisco. The Secretary of the Treasury was instructed to make a contract with reliable asSaying firm in California to receive gold for assaying, smelting, and forging same into ingots and bars upon which should be stamped the value and fineneSs of each ingot. The contract was received by Moffat and Co.,, while Augustus Humbert, a watch case maker of New York City, was appointed U. s. Assayer whose duty it was to supervise the work and place the government stamp on all ingots and bars produced.
 It was in July, 1849, that the firm of Moffat and Co employed Albert Kuner, a Bavarian who had come to this country as an expert cameo cutter, but proved himself to be an able die cutter as well. To MT. Kuner was given the work of cutting the dies for the first ten-dollar gold piece issued by this concern. The design of this particular issue clear ly resembled that of the regular U. s. coinage, except that the name of "Moffat and Co." appeared on the coronet of Liberty instead of the word, Liberty" and instead of the legend, United States of America, {" on the reverse there appeared IS. M. V. (Standard Mint Value) California Gold" and at the bottom the de- nomination, Ten D."
 Quality Interiors
 The stamp, "S. M. W" indicated value equivalent to that of the regular U. s. issues. However, it ap- pears that according to assayers at the Philadelphia mint most of the Mosfat coins of 1849 were in quality inferior to those of the government mint An assay by government aS- savers of mixed lot of Moffat ten dollar gold pieces, dated 1849. show, ed an average value of $9.977 per coin. <,
 However, the coins of Moffat and O., were extremely popular and en- joyed at least the public confidence and although they did vary to the extent that their value was often less than the amount stamped upon their face, it must also be remem- bered that their value sometimes ex- ceeded the prescribed amount so that it was generally believed that any discrepancies were due to faulty facilities of coinage rather than reconciliation on the part of of the co!ners Inasmuch as the ten dollar denominations met with such spon- taneous approval, 1t was also decided by this firm to issue a $500 piece. The design of this coin was similar to that of the larger denomination and the dies were also made by MT. Kuner. In 1850 Moffat and Co.,, struck five dollar pieces entirely and these were issued in large quantities which fact is evident by the comparative ease with which one is able to purchase these coins even at the present time.
 Although many of the private hints were compelled to discontinue ? business by 1850, it appears that Moffat and Co.,, acquired more and more prestige and public confidence. Their issues of 1850 were of such good quality that they were quoted at par in market reports while most other private coinage was quoted at eight per cent discount. The fine reputation acquired by the firm was further enhanced by the fact that they never refused to redeem their own coins at their own counters in silver whenever requested. Silver coins were accepted for customs dues and consequently were on par with legal gold coins and command ed premium in gold dust. With a growing reputation for honesty and fair dealing resulting in a contract from the U. s. government, it can readily be understood that Moffat and Co, advanced from a private or ganization to a semi-official mint.
 Discontinued Private Coinage
 Upon securing the government contract Moffat and Co.,, immediate ly discontinued private coinage, but made preparations for the expansion of their. plant to facilitate their work for the government. Having obtained new and larger site with greater accommodations the following advertisement appeared in Daily Alta California" on January 29, 1851.
 United States Assay Office-We
 give notice that on or about the
 first of February ensuing, we will
 be prapared to receive gold dust
 for smelting and assaying, forming
 same into ingots and bars,sin ac-
 cordance with our recent contract ! with the Secretary of the Treasury
 authorized by Act of Congress,
 Approved Sept. 30, 1850, under the
 supervision of the United States
 Assayer, Augustus Humbert, Esq.
 who will cause the United States
 stamp to be affixed to same.
 Moffat and Co.
 Due notice will be given of the
 removal of the United States As-
 savers office to Montgomery st."
 Humbert Arrived in Jan.
 Augustus Hunbert arrived in San Francisco either January 30 or 31 and it is assumed that the first octagonal fifty-dollar gold dollar piece bearing his name and stamp was struck in one of these two days for the Pacific News" of San Fran cisco, dated February 1, 1851, states that "the first coin produced under authority of this office was shown to us yesterday. Tt is also assumed