1851 Schultz Gold Half Eagle

Coin Details

Auction Record

$1,020,000 MS62 01-14-2024 Heritage Auctions

Description

The 1851 Schultz & Company Gold Half Eagle is the primary circulating issue from this San Francisco-based gold assaying and coinage firm. Schultz & Company operated during the active phase of private gold coinage in California, when numerous firms competed to convert raw placer gold into coined money. The company's five dollar pieces were struck from native California gold that had been assayed to determine its fineness and then alloyed as necessary to produce coins of consistent weight and gold content. The Schultz half eagle bears the company name prominently, serving as both an identification mark and a guarantee of quality. In the private gold coinage marketplace, a firm's reputation was its most valuable asset, and companies that produced coins below their stated weight or fineness quickly lost the confidence of merchants and miners. Gold assaying was both a science and an art in 1851 California, requiring specialized knowledge, equipment, and skill. The firms that succeeded in the private coinage business were typically those with experienced assayers who could accurately determine the gold content of raw dust and nuggets brought in by miners. Schultz & Company have possessed this capability, producing coins that were accepted in San Francisco commerce alongside the products of better-known firms.

Rarity Notes

Rare. The Schultz & Company gold half eagle survives in small numbers.

Cross References

PCGS #10316; NGC ID 31206; Kagin listing; see also copper die trial PCGS #10317 / NGC 31207