Augustus Humbert Mints the First Gold Coins From the Mother Lode

Moffat & Company immediately ceased their own operation and prepared for the increased business under their federal contract by moving from Clay and Dupont Streets to larger offices on Montgomery Street between Clay and Commercial.  On January 22 the following notice appeared in the Herald:

"United States Assayer’s Office – we give notice that on or about the lst February ensuing we will be prepared to receive Gold Dust for SMELTING AND ASSAYING and forming the same into ingots and bars in accordance with our recent contract with the Secretary of the Treasury, authorized by an act of   Congress approved 30th September, 1850, “under the supervision of the United States Assayer” AUGUSTUS HUMBERT, Esq., who will cause the United States stamp to be affixed to the same.

Moffat & Co.

We also announce our intention of erecting forthwith extensive Reverberatory Smelting Furnaces for the purpose of reducing ores and gold-bearing black sand.

Due notice will be given of the removal of the U. S. Assayer’s Office to Montgomery Street.

Moffat & Co."

Humbert arrived in San Francisco with the dies on January 30, 1851, and the first coins of his office were produced on January 31.  A representative of the Pacific News saw a specimen the next day.  Production of ingots began February 14.  These first $50 specimens (i.e., coins) were made so that their value could be stamped after the die was used, by leaving space between the “D” for dollars and the “C” for cents.

The unique $50 octagonal shape soon became a symbol of California coinage and was known as a “slug.”  Their reverse is an example of what machinists call engine-turning – a design of several concentric circles used on watches of that period.  Wright only designed the first issues, with all later issues apparently engraved locally by Albert Kuner.

Reactions to these first pieces were mixed.  A wealth of comments, both pro and con, appeared in virtually every newspaper in the area.  Many of them pointed out that several immediate benefits resulted from the issuance of these Assay Office ingots.  The new “government” issues forced most of the inferior privately issued gold pieces out of circulation, although the private coiners did not cease operations until March.  The Mormon and Pacific Company coins especially were received at their true intrinsic value and remelted into $50 slugs.  This sufficiently cleansed the business world of debased coins formerly tolerated because of necessity.