1849 Moffat & Co. Sixteen Dollar Ingot

Coin Details

Description

K-3, High R.6. Among the earliest and most successful private gold assayers and smelters during the California Gold Rush was Moffat & Company, headed by John Little Moffat of New York State. Moffat had previously worked in the gold fields of North Carolina and Georgia, and he came to California well-prepared to serve the miners who needed to have their gold dust weighed, evaluated, and converted into bars or ingots. Departing from New York by ship in February 1849, Moffat brought with him three assistants, later partners in his company; along with the tools and machinery needed in order to carry out his smelting and assaying activities. Arriving in California in June, 1849, Moffat and his three associates wasted no time in getting their new enterprise operational. They placed advertisements in two California newspapers on June 21, announcing their new smelting and assaying operation. These advertisements included endorsements from several prominent firms and individuals, including no less a personage than the Secretary of the United States Treasury, R.J. Walker. The small rectangular gold ingots that Moffat & Company produced, including the present piece, must have been made shortly after the opening of their business. By late August, the company was engaged in the minting of gold coins, after procuring the services of George Albrecht Ferdinand Kuner, recently arrived from New York, as their chief engraver. Apparently produced in denominations ranging from $9.43 to $264, few of the ingots still exist. Only 15 to 20 of the $16.00 ingots survive. Description and Analysis courtesy of Heritage Auctions (HA.com) and may not be republished without written permission.

Rarity Notes

High R.6 rarity. Only a handful of examples are confirmed to exist. This is among the rarest and most distinctive of all California private gold issues. When offered at auction, examples routinely bring six-figure prices regardless of condition.

Cross References

K-3 (Kagin); NGC #31164; Moffat & Co., San Francisco; unique 6 denomination in American coinage