1849 Moffat & Co. Gold Half Eagle

Coin Details

Auction Record

$109,250 MS67 06-03-2004 Heritage Auctions

Description

John Little Moffat arrived in San Francisco in 1849 as one of the most experienced assayers in the United States, having operated a private assay office in New York for over a decade. Recognizing the urgent need for reliable coined money in gold-rush California, Moffat established the first credible private mint on the Pacific Coast. His 1849 five-dollar gold piece was among the earliest products of this operation and immediately earned the trust of merchants and miners alike. The obverse features a Liberty Head design adapted from contemporary federal coinage, surrounded by thirteen stars and the date 1849. The reverse displays an eagle with outstretched wings, the denomination FIVE DOL., and the legends S.M.V. (Standard Mint Value) CALIFORNIA GOLD. The S.M.V. designation was critical to acceptance, as it represented Moffat’s guarantee that the gold content met the federal standard of 900 fine. Moffat’s half eagles circulated extensively throughout Northern California’s mining camps and commercial centers. Unlike many competing private issues that were later found to be underweight or debased, Moffat coins consistently assayed at or above their stated value, earning them a premium in trade. This reputation would later lead the federal government to designate Moffat’s facility as the temporary U.S. Assay Office of Gold in California.

Rarity Notes

Scarce but available in lower grades. Most surviving examples show heavy circulation wear consistent with active use in Gold Rush commerce. Mint State examples are rare and command significant premiums. The 1849 date is the first year of issue and carries a modest premium over the 1850.

Cross References

K-4 (Kagin); PCGS #10240; NGC #31070; Moffat & Co., San Francisco