1850 Moffat & Co. Gold Half Eagle

Coin Details

Auction Record

$188,000 MS65 01-08-2014 Heritage Auctions

Description

The 1850 Moffat & Co. half eagle represents the second year of production from San Francisco’s most trusted private mint. By 1850, the Gold Rush had intensified dramatically, with California’s population exploding from roughly 15,000 to over 90,000 in a single year. The demand for reliable coined money grew proportionally, and Moffat’s operation expanded to meet it. The design continues the Liberty Head obverse and eagle reverse pattern established in 1849, with the date updated to 1850. Minor die variations exist between individual specimens, as dies wore out relatively quickly under heavy production demands and were replaced with newly cut versions that inevitably showed small differences. The S.M.V. CALIFORNIA GOLD reverse legend continued to serve as Moffat’s guarantee of proper gold content. By mid-1850, political pressure was mounting in Washington to establish a federal presence in California’s gold coinage. The discovery of gold at Sutter’s Mill had produced an unprecedented monetary crisis, with billions of dollars in gold entering the economy through unregulated private channels. Moffat’s reputation for integrity positioned his firm perfectly for the transition that would come in 1851, when Augustus Humbert arrived as the federally appointed United States Assayer.

Rarity Notes

Scarce but more available than the 1849 issue. Circulated examples in Fine to VF grades appear periodically at major auctions. Mint State pieces are rare, with a dozen known above AU-55.

Cross References

K-4a (Kagin); PCGS #10243; NGC #31071; Moffat & Co., San Francisco