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 • ■ V 
 
 PRIVATE GOLD COINAGE 
 
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 CALIFORNIA, 
 
 - 
 
 1849-5 5 , 
 
 ITS HISTORY AND ITS ISSUES. 
 
 EDGAR H. ADAMS 
 
PRIVATE GOLD COINAGE 
 
 OF 
 
 CALIFORNIA, 
 
 1849 - 55 , 
 
 ITS HISTORY AND ITS ISSUES. 
 
 BY 
 
 EDGAR H. ADAMS. 
 
 EDGAR H. ADAMS. 
 
 44 7A STATE STREET. BROOKLYN, N. Y. 
 1913. 
 
Grateful acknowledgement is extended to 
 the American Numismatic Society for 
 granting permission to reprint this vol- 
 ume, and for loaning to the publisher 
 Edgar H. Adams own copy of the original 
 book which was copied for this reprint 
 edition. 
 
 REPRINTED FROM 
 
 THE AMERICAN JOURNAL OF NUMISMATICS. 
 1912. 
 
 Copyright, 1912, 
 Edgar H. Adams. 
 
PREFACE 
 
 More often than not, when the subject of “pioneer gold’’ occurs in coin collecting 
 circles, it is spoken of somewhat vaguely. It is indeed a topic with which only the ad- 
 vanced numismatist tends to have more than a cursory acquaintance — and largely so be- 
 cause information about these curious coins has been nearly as scarce as the coins them- 
 selves. Primary sources of information — the private letters of territorial minters and 
 their employees, correspondence among governmental officials, and “public” documents — 
 are all but unavailable to the collector ; and, without the efforts of a skilled numismatic 
 researcher, in their archival itate these scattered materials would probably discourage all 
 but the most zealous private collector anyway. Secondary sources of information, among 
 the best of which is the volume presented here, when they were of any real value in 
 the first place, have generally been long out of print and their information available 
 only to the advanced collector who sought out rare — and usually expensive — early editions. 
 
 In reprinting Edgar H. Adams’ 1913 classic book, Private Gold Coinage of Cali- 
 fornia, 1849-55, the present publisher offers a key source of enlightenment to the col- 
 lector and numismatist alike. The volume is thorough but not scholarly, detailed but 
 delightfully lively, and an orderly appraisal of the coinage which is largely free from 
 the dull cataloguing that characterizes most numismatic studies. For this is not merely 
 a coin book; it is a work of social history as well. You will come away from reading 
 it with increased knowledge both of privately minted gold coins and of one of America’s 
 most adventurous and formative eras. And you will discover much about the economic, 
 social, and other human conditions of the place where westward expansion saw its most 
 vigorous fulfillment — the San Francisco of the 1850s, where much of the civilization of 
 the American East transplanted itself in the course of less than a decade. From its 
 story, skillfully reconstructed by Edgar H. Adams, who searched western libraries for 
 firsthand information, comes a lasting understanding of why federal coinage took the 
 forms it did in the far West in the years following the disappearance from circulation 
 of the numerous issues of privately minted coins made from local gold. This book is, 
 in short, one of the proverbial wells of information into which every true numismatist 
 
must at some time during his career dip his cup. The collector of United States coins 
 can benefit immensely from the experience of reading it. 
 
 The edition offered to you here is an exact replica — a facsimile copy — of the first 
 edition. It is handsomely and sturdily bound so that it may become a durable part of 
 your reference book collection. Every effort has been made to bring its price within 
 the limits of any collector’s budget. May you glean much insight and immeasurable de- 
 light from studying its pages! 
 
 BRUCE LORICH 
 
 General Editor 
 
 Stack pole Numismatic Books 
 
INTRODUCTION TO THE 
 REPRINTED EDITION 
 
 Edgar H. Adams was certainly one of the most brilliant researchers numismatics 
 has ever known. Although his interests in the field of rare coins continued until his 
 death in 1940, his most outstanding efforts date from the decade immediately preceding 
 the First World War. 
 
 His book United States Pattern, Trial, and Experimental Pieces, written together 
 with William H. Woodin (later to become Secretary of the Treasury under Franklin 
 Delano Roosevelt), was published in 1913 by the American Numismatic Society. Telling 
 the story of pattern coins — “what might have been,” but wasn’t, in U. S. coinage — this 
 book has endured through the decades. All references to pattern coins written since that 
 time invariably have drawn upon Edgar H. Adams’ original research. 
 
 Shortly after the turn of the twentieth century Edgar H. Adams began in earnest 
 to study the field of territorial and “pioneer” gold coins. In 1909 his Official Premium 
 List of United States Private and Territorial Gold Coins was published. Shortly there- 
 after, his detailed research into the background and history of these pieces began to 
 appear in serial form in the American Journal of Numismatics, official journal of the 
 American Numismatic Society. At the conclusion of this series some revisions were 
 made, and the entire effort was privately published in book form in 1913 as Private 
 Gold Coinage of California, 1849-55, the volume now reprinted here. 
 
 At the same time Edgar H. Adams somehow was able to contribute a regular monthly 
 column, “Current American Numismatic Notes,” to The Numismatist, journal of the 
 American Numismatic Association — an organization which in the intervening years has 
 grown to become the largest nonprofit coin collectors’ organization in the world. 
 
 Edgar Adams seems to have had an eye for both the significant and the interesting. 
 This combination, when processed through Mr. Adams’ mind and put on paper, pro- 
 duced writings that were and still are fascinating to read. 
 
 The book now in your hands combines material gleaned from standard references 
 such as the newspaper Alta California and the seemingly endless writings of Hubert 
 Howe Bancroft with facts taken from other sources of information which only Edgar H. 
 
Adams’ persistence could seek out. The sands of time cover many tracks, and it is safe 
 to say that had it not been for Mr. Adams’ efforts earlier in this century much of the 
 body of knowledge known to numismatists on the subject today would have to be based 
 on conjecture rather than fact. 
 
 Private Cold Coinage of California, 1840-55 has well stood the test of time and 
 use. No other definitive reference on the series has ever been published. While addi- 
 tional information concerning certain coins and coiners has come to light, the Adams book 
 remains as the central informational source for numismatists and scholars. 
 
 In my own research on the subject of gold and gold coins I have built a sizable 
 library. Stirred by the romance of the Gold Rush, countless authors have hastened into 
 print with “histories” of the era. Perhaps ninety percent of these are composed of veneer 
 but lack a foundation. “Read one and you have read them all” — so the saying goes. Xot 
 so with Adams’ book. It duplicates no book before it and, as noted, no book has fol- 
 lowed in its steps since 1913. 
 
 Money pervades all strata of mankind. Indeed, wealth and money provided the 
 motivation for the Gold Rush itself. Adams’ book, being the standard reference on the 
 subject, is thus a key source for anyone interested in the monetary and economic aspects 
 of America’s Golden Age. In a broader sense it contributes social and political infor- 
 mation as well. 
 
 Numismatists will certainly want this book, for it has been long out of print. His- 
 torians, libraries, and others interested in facts, not fiction, about the Gold Rush will find 
 it equally valuable — because within the covers of this book can be found information avail- 
 able from no other single source. 
 
 O. DAVID BOWERS 
 
CONTENTS. 
 
 Introduction 
 
 I. The State Assay Office of California 
 
 II. The Moffat & Co. Issues, San Francisco, 1849-53: 
 
 Moffat Ingots and Pieces — Dealings with the United States Government — The 
 United States Assay Office — Augustus Humbert and the United States Ingots — 
 Curtis, Perry & Ward 
 
 III. Various Californian Private Mints, 1849-55: 
 
 The Pacific Company, 1849 — Cincinnati Mining and Trading Company, 1849 — J. S. 
 Ormsby & Co. (Sacramento), 1849 — Norris, Gregg & Norris, 1849 — Templeton Reid, 
 1849 — Massachusetts and California Company, 1849 — Miners’ Bank, 1849-50 — 
 Dubosq & Co., 1850 — Baldwin & Co., 1850-51 — Shultz & Co., 1851 — Dunbar & 
 Co., 1851 — Wass, Molitor & Co., 1852-55 — Kellogg & Co., 1854-55 — Additional 
 Notes — Sketches of John L. Moffat and George F. A. Kiiner 
 
 IV. Pattern and Experimental Pieces of California : 
 
 Theodore Dubosq — Massachusetts and California Company — Miners’ Bank — 
 Pacific Company — Columbus Company — Moran & Clark — Cincinnati Mining and 
 Trading Company — “San Francisco Standard Mint” — Meyers & Co. — J. S. 
 Ormsby & Co. — J. H. Bowie — Pelican Company — “California Gold Mines” — 
 “San Francisco, State of California” — Augustus Humbert (1851-53) — Moffat & Co. 
 — Wass, Molitor & Co. (1855) — Kellogg & Co. — Blake & Co., Sacramento (1856) 
 — Baldwin & Co. (1850-51) — H. Schaeffer — The “Model” Series — Markers or 
 Counters ............... 
 
PRIVATE GOLD COINAGE 
 
 INTRODUCTION. 
 
 The private gold coins struck in California from 1849 t0 1855 inclusive, which 
 passed as money, form one of the most interesting series of pieces that have ever been 
 issued in this country ; for they were intimately connected with a time which, with the 
 exception of the Wars of the Revolution, of 1812, and of 1861, was one of the most 
 sensational in our national history. The discovery of gold in California and the develop- 
 ment of its mines during one of the most stringent financial periods through which this 
 country has ever passed abruptly ended what has since become proverbial as the “ Hard 
 Times.” The enormous product of the precious metal thus thrown upon the markets of 
 the world, immediately placed our country on that solid and prosperous basis which it 
 has ever since maintained, for the achievement of this result was unquestionably due to 
 the yield from the California mines more than to any other single agency. 1 
 
 The “ Days of ’49 ” are recalled by no more emphatic reminders than the gold 
 pieces of various denominations, issued at that time and now so carefully treasured by 
 our numismatists ; the study of these pieces and a search for the details of their origin 
 bring to light many interesting and important facts which have become submerged by 
 time. The reason for striking the famous octagonal Fifty Dollar slug, that mute yet 
 eloquent relic of the great bonanza days, is only revealed by a study of the newspapers 
 of the period. The first issue of private gold in California was evidently suggested by 
 some one familiar with similar pieces, or who had been engaged in making them in 
 Georgia or North Carolina. Gold bearing private stamps of various denominations had 
 been coined as early as 1830 by Templeton Reid, an assayer located near the gold mines 
 of Georgia; his example was followed in 1831 by Christopher Bechtler at Rutherford- 
 ton, N. C., and the latter was still operating at the time of the great California dis- 
 coveries in 1848, while Reid (though from what can be learned, his private mint was 
 
 1 In giving a risumi of the circumstances which led 
 to the origin, development and final discontinuance of 
 the private gold coinage of California, the chronologi- 
 cal order has been followed as far as feasible. Copies 
 of original documents (not already printed) on which 
 the statements in this series of papers are based, are 
 given, but descriptions of the pieces are omitted here ; 
 
 they are printed under the sketches of the coiners. 
 Occasional repetitions, which however seemed neces- 
 sary to a clear understanding of the subject, will be 
 noticed, but these have been condensed as far as pos- 
 sible, and references given to more extended accounts 
 in the text. 
 
 (v) 
 
VI 
 
 PRIVATE GOLD COINAGE. 
 
 then no longer in operation) was contemplating the transfer of his business to California, 
 the evidence for which is furnished by the Ten and Twenty-five Dollar pieces bearing 
 his name and California. 
 
 The right of private persons to issue gold coins had never been seriously questioned 
 by the Government authorities ; the Bechtler mint, for example, was in full operation 
 long after the regular United States Branch Mint had begun business at Charlotte, 
 N. C. ; when therefore California felt the need of such an issue, to replace the common 
 currency of gold-dust, no one disputed the right of the private mints to supply it. This 
 need became imperative in the summer of 1848, when there was little or no gold or 
 silver coin with which to pay Customs duties, and Governor Mason was asked to provide 
 some means of relief. He at once instructed the Collector to receive gold-dust at its 
 then intrinsic value — $16 to the ounce. Soon learning, however, that this was a 
 violation of the United States law, which specifically provided that Customs duties 
 should be payable only in coin, he was forced to revoke the order, but permitted the 
 merchants to deposit their gold-dust at the Custom House at the rate of $10 an ounce, 
 with the privilege of redeeming it in the prescribed coin within sixty days ; otherwise it 
 was sold at auction, and as such coin was almost unobtainable, they were compelled to 
 stand hopelessly by and see their gold-dust, which was worth more than $ 1 8 an ounce at 
 the Philadelphia Mint, sold at from 56 to 58 an ounce to the highest bidder — in most 
 cases to a speculator who had somehow come into the possession of acceptable coin. 
 
 The following order for disposition of the gold-dust, if not redeemed, shows the 
 attitude of the authorities : 
 
 State Department, Territory of California. 
 
 Monterey , September 10, 1848. 
 
 Sir: — . ... As soon as the time of redemption of the gold-dust in your hands received on de- 
 posit as security of the payment of duties expires, you will give due notice, and sell it at public auction. 
 In order that there may be no loss to the revenue, you will bid it in at the value for which it was depos- 
 ited. If it sells for more, the surplus, after the expenses of sale are deducted, will be paid over to the 
 depositors. The gold-dust received in payment of duties, with the privilege of redemption, of course 
 becomes the property of the United States if not redeemed at the expiration of the time specified, 
 without any sale. 
 
 Respectfully, your obedient servant, 
 
 H. W. Halleck, 
 
 Lieutenant of Engineers and Secretary of State. 
 
 Captain J. L. Folsom, 
 
 San Francisco, California. 
 
 July 22, 1848, the San Francisco merchants met to devise means to protect themselves 
 against this heavy loss, and passed Resolutions requesting the Governor to extend the privilege 
 of redemption to a maximum period of six months ; he replied that he would instruct the 
 Collector to receive gold-dust for duties, allowing the owner to redeem one-half with gold or 
 silver coin at any time within ninety days, and the other half by a like payment within one 
 hundred and eighty days ; but this was to be merely a temporary agreement, due to the scarcity 
 of coin. He would gladly comply with the wishes of the citizens by making the whole redeem- 
 able as desired, but this would virtually cut off the customs receipts for six months, and be too 
 
INTRODUCTION. 
 
 vii 
 
 much of a departure from his instructions to collect the duties in gold and silver coin exclusively. 
 In his letter the Governor (Col. Richard B. Mason) said: — “ . . . Although I am ordered 
 to collect [the duties] in cash, provided the gold-dust is taken at a rate low enough to make it 
 certain that the merchant will redeem it at the stipulated time, and, if he does not, that there 
 will be no doubt that the duties can be realized at once by putting it up at auction, if the money 
 be immediately required,” he would direct the Collector to receive it, and continues : 
 
 You will readily perceive the situation in which I am placed. A large amount of duties will be 
 received at San Francisco. Should some ten or twenty thousand dollars of this gold-dust received at 
 the Custom House, reckoning at the rate per ounce at which it will be received, fail to be redeemed 
 at the stipulated time, and I should be forced by the want of funds to throw suddenly this large amount 
 into market to be sold for cash, and it should not bring this sum, I at once become and am held 
 personally and individually responsible and accountable to the Department at Washington for the loss 
 sustained in consequence of the departure from my orders and instructions. 
 
 I am very sure that none of the merchants of your town would desire to see me assume a risk of 
 becoming pecuniarily involved by departing from my instructions for their accommodation ; and there- 
 fore I feel, by departing from my orders in this instance, in permitting goods, wares, and merchandise 
 to go at once into the market, and waiting three and six months before the duties can be realized, that 
 the precautions I take to guard both the public and myself from any loss are not unreasonable or 
 greater than the occasion calls for. 
 
 I shall strongly recommend, in my first communication to the Department, the immediate estab- 
 lishment of a mint in Upper California. 
 
 R. B. Mason, 
 
 Colonel ist Dragoons , and Governor of California. 
 
 As every piece of coined money, whether of gold or silver, was hoarded by im- 
 porters to pay duties, there was the greatest scarcity of currency in the ordinary chan- 
 nels of trade. When this became evident, a stream of gold and silver coins of all 
 nationalities and denominations began to flow toward California ; there were the Spanish 
 and Mexican Dollars, or Ounces, with their fractions, and the Dollars of Peru, Ecuador 
 and Bolivia, nearly all of superior value and held above par. To these were added great 
 numbers of French Five Franc pieces, intrinsically worth but ninety-three cents, yet 
 passing (except at the Custom House) for One Dollar. For a fractional currency, all 
 kinds of minor silver coins were accepted, and an immense flood of Spanish Pesetas, 
 French Francs and Austrian Zwanzigers soon found its way into circulation; none of 
 these had an intrinsic value of even twenty cents, but as nothing could be purchased 
 for less than “ two bits,” or twenty-five cents, all silver approximating the size of an 
 American Quarter passed for that amount, and because of these peculiar conditions 
 coin speculators reaped a rich harvest. 
 
 Certain silver coins were equally acceptable with those of gold for duties, and the 
 spectacle was daily presented of a merchant paying a premium in gold-dust for silver, to 
 remove his goods from the Custom House. Silver was also required for purchases in 
 China ; under no conditions would the Orientals accept gold for their merchandise, and 
 thus the San Francisco buyers were compelled to pay a premium in gold for silver coins 
 in another instance — a remarkable example of the important part played by that now 
 despised metal in this greatest of the days of gold. 
 
PRIVATE GOLD COINAGE. 
 
 viii 
 
 As the supply was so extremely limited, it was then proposed that private assayers 
 issue gold pieces to fill the need, as had been done in other parts of the United States 
 under similar circumstances of necessity, and which might be used as a substitute for 
 dust. We find the first suggestion of such a coinage in a letter to the Governor, dated 
 July 27, 1848, in which a number of San Francisco’s prominent citizens, among whom 
 were Walter Colton, Talbot H. Green, J. S. Ruckle, Thomas O. Larkin, C. Wooster, 
 Milton Little, J. Spence and Jose Abrigo, outlined the embarrassing state of affairs 
 caused by the lack of a suitable currency, and requested him to sanction such an issue. 
 On the following day the Governor replied : 
 
 Headquarters Tenth Military Department, 
 
 Monterey , California , July 28, 1848. 
 
 Gentlemen : I have the honor to acknowledge the receipt of your communication of yesterday’s 
 date. Under the circumstances you mention, and which are so well known to me, — the almost entire 
 absence of gold and silver coin — I have no hesitation in saying that, if the California grain gold, now 
 in such abundant quantities in the country, can be wrought into convenient shapes, so as to answer as 
 a substitute for gold and silver coin, I will order it to be received at the Custom House in payment of 
 duties, at its intrinsic value. 
 
 I am, respectfully, your obedient servant, 
 
 R. B. Mason, 
 
 Colonel 1st Dragoons , Governor of California. 
 
 Before the petitioners had time to act under this authority the Governor learned 
 that his order was illegal, and on August 8, 1848, revoked the permission in the follow- 
 ing letter : 
 
 Headquarters Tenth Military Department, 
 
 Monterey , California , August 8, 1848. 
 
 Gentlemen : — In my letter of the 28th of July, replying to yours of the day previous, you were 
 informed that “ if the California grain gold could be wrought into convenient shapes, so as to answer 
 as a substitute for gold and silver coin, I would order it to be received at the Custom House in payment 
 of duties, at its intrinsic value.” By reference to the Act of Congress, approved August 6, 1846, you 
 will see that it would be manifestly illegal for me to do so. I was not aware of all the requirements 
 and prohibitions of that Act, at the date of my letter above mentioned. 
 
 I am, respectfully, your obedient servant, 
 
 R. B. Mason, 
 
 Colonel 1st Dragoons , Governor of California. 
 
 Messrs. Walter Colton, T. H. Green, J. S. Ruckle, T. O. Larkin, C. Wooster, Milton Little, J. Spence, 
 
 and J. Abrigo. 
 
 On September 9, 1848, the greatest public meeting ever held in California up to 
 that time assembled in San Francisco to fix a definite value for gold-dust. Dr. T. M. 
 Leavenworth was Chairman, and J. D. Hoppe Secretary of the meeting. As this was 
 a matter of vital importance to the miners, they came in great numbers from all parts 
 of the State. As a result the current value of gold-dust was settled upon at $16 per 
 ounce, but much dissatisfaction was felt at this decision, for it was well known that good 
 California raw gold was worth gi8 and more, per ounce. 
 
INTRODUCTION. 
 
 IX 
 
 Early in 1849 the private issues began to appear, releasing the coins hoarded for 
 duties and providing a means by which the miners received considerably more for their 
 dust than the established rate. It is difficult to determine the exact date of their advent, 
 but undoubtedly there were none struck for circulation before 1849. “The Digger’s 
 Handbook,” published at Sydney, New South Wales, evidently early in that year, 
 stated : 
 
 There is no coinage in the country. A Company, however, has been formed, which has 
 imported from the United States all the material necessary for striking coins, and it is doubt- 
 less at the present time in full operation ; that is, if it has succeeded in procuring coal to carry 
 on the works, for wood is here much too dear for the purpose. 
 
 There is proof that a private gold coin had made its appearance at least before 
 May 31, 1849, for the “Alta California” of that date mentioned a “Five Dollar gold 
 coin, struck at Benicia City, though the imprint is San Francisco It bears the pri- 
 
 vate stamp of Norris, Gregg & Norris.” ' Moffat & Co., who were doing an assaying 
 and gold brokerage business in San Francisco during the summer of 1849, issued rectan- 
 gular ingots of gold, which passed current in place of circular coins, and in the latter 
 part of July or the first of August, a circular Ten Dollar piece appeared, bearing their 
 private stamp, the first of that denomination to be struck in California and the second 
 coin made in that State from native gold by private coiners, the Five Dollar piece above 
 mentioned alone being earlier. The closing months of 1849 saw a perfect avalanche of 
 private gold. Every big Company coming from the East, says one pioneer, brought 
 machinery for coining. Many of their issues were of greatly varying value, and bore 
 interesting and original devices, and some followed the types of the regular coinage so 
 closely that careful scrutiny was required to distinguish them. 
 
 To swell the total came two intruders from neighboring territories — the wonder- 
 fully debased “Great Salt Lake City Pure Gold” pieces (the net value of the Twenty 
 Dollar piece being only a little over $17) of curious designs, struck by the Mormons, 
 and Five and Ten Dollars of Oregon, much better in quality and held at par. The 
 Miners’ Bank Tens were intrinsically worth $9.87 ; the Ormsby Tens, $9.37 ; the 
 Pacific Company’s pieces, $4.48 and £7.86* respectively ; the Cincinnati Mining and 
 Trading Company’s coins were valued at $4.95 and $9.70; the Ten and Twenty-five 
 Dollars of Templeton Reid at £9.75 and £24.50; the Moffat Tens at £9.77.7, and the 
 Half Eagle of Norris, Gregg & Norris about £4.90. 
 
 These were the coins with which the early Californians had to do business, and 
 many of them speedily fell into disrepute : — first, the Mormon coins, which were refused 
 by all, when their spuriousness was once revealed ; the Miners’ Bank gold next came 
 into disfavor, and was only accepted at twenty per cent, discount. Both issues were 
 soon driven from circulation, and those who owned them were forced to sell them at 
 their bullion value and pocket the loss. Many others ceased to appear in 1850, among 
 them those of the Pacific, the Massachusetts and California, the Cincinnati Mining and 
 Trading Companies, the Ormsby, the Norris, Gregg & Norris and the Templeton Reid 
 pieces. Those of Moffat & Co. alone survived the struggle of 1849 — that is, they were 
 
 2 See page 61. 
 
 1 See page 66. 
 
X 
 
 PRIVATE GOLD COINAGE. 
 
 the only ones which bear the date of 1850 that were struck by firms minting private 
 coins in the previous year. Two new concerns were however added to the roll — Bald- 
 win & Co. and Dubosq & Co. — while Frederick D. Kohler, the newly appointed State 
 Assayer, began the issue of rectangular ingots of specified but greatly varying value, 
 which served the purpose of a circulating medium. 
 
 The offspring of the mints that had ceased coining still continued to clog the 
 wheels of business, though many of the pieces had an intrinsic value very close to that 
 stamped upon them. The private issues had doubtless been of great value at a critical 
 time, increasing the value of raw gold, but some coiners, not satisfied with a fair profit, 
 had debased their products to such an extent that suspicion fell on the whole series and 
 stirred the business men into action to provide some plan for relief. The result was that 
 at the session of the State Legislature held at San Jose in 1849-50, Mr. Woodworth, 
 one of the members, introduced a bill in relation to such coin, which he termed “coun- 
 terfeit,” as follows : 
 
 Whereas , Certain persons have made or caused to be made and circulated pieces said to be of 
 gold of various denominations, and since the issue and circulation of said pieces representing coin the 
 persons so causing such coin to be made and circulated have refused to redeem the same in legal money 
 of the United States, thereby imposing on the people of this State a large amount of spurious coin, 
 some of which being made in such close imitation of the coin of the United States so as to deceive the 
 ignorant as to its proper character. 
 
 Whereas, The making and circulating of pieces of metal representing the coin of the United 
 States is in direct violation of an Act of Congress, and subjects the maker or passer of such coin to the 
 penalty imposed upon coiners and counterfeiters, and whereas great loss has been sustained by holders 
 of this spurious coin, Therefore, 
 
 Be it Resolved , By the Senate and Assembly of California, that all such persons as have made 
 or caused to be made and circulated such representations of money be compelled by this Act to redeem 
 all such pieces of coin or money as they may have issued or caused to be issued, within thirty days after 
 the passage of this Act. And all such persons refusing to redeem the same within the time prescribed 
 by the law in good and lawful money of the United States, and all persons who shall hereafter make or 
 cause to be made, or issue or cause to be issued, any “ tokens,” coins, or pieces of metal or other sub- 
 stances representing money, shall be guilty of a misdemeanor and subject to such penalties as are 
 imposed by the laws of the United States upon counterfeiters and coiners. 
 
 This bill, which was printed in “Alta California,” January 26, 1850, seemed to 
 meet the existing conditions so adequately that it drew forth a long editorial on the same 
 date, disapproving private coinage and suggesting that the system be discontinued. The 
 writer said : 
 
 It is well known that a great variety of pieces, presumed to be gold, have been issued in San 
 Francisco and the river towns, of various denominations or value, from $5 to $10, or stated to be of 
 that value, and thrown into active circulation. When they were first coined no serious objection was 
 entertained against them, but they were rather regarded as a matter of convenience, the amount of cur- 
 rent coin in the country being extremely limited, while “ dust ” was abundant. It was also given out by 
 the parties issuing these pieces that they would be redeemed, upon presentation, with current coin of 
 the United States at par. Subsequently it was announced that they would be redeemed with dust 
 only. They were regarded at the Custom House as an illegal tender, and were refused in payment of 
 duties, and at the Post-office were not received in payment of postage. Many mercantile firms have 
 denied them, and none of the brokers would take them at their par value. This state of things exists 
 
INTRODUCTION. 
 
 xi 
 
 at the present time. They are looked upon with suspicion and distrust. Issued by individuals or self- 
 constituted banking institutions, the public have no evidence, other than the asseveration which they 
 bear upon their face, of their value or of their purity. That they are perfectly illegal is clearly mani- 
 fest, if not absolutely counterfeit coins. It has been contended by many persons that according to the 
 strict construction of the law they are absolutely counterfeits of the United States coins, as it is not 
 necessary that they should be of the exact similitude of the legalized coin of the United States Mint. 
 They purport to be of the same value and weight, and are of the same size and general appearance as 
 the standard coin. We coincide with this view of the matter, and are decidedly of the opinion that 
 they come within the full meaning of the law. That the “ tokens ” that have been issued are of the 
 value they profess to be we do not mean to question. We believe them to be so, but we cannot coun- 
 tenance a system which, if suffered to exist any longer, will be the cause of defrauding the community 
 to the greatest extent. 
 
 This bill and the editorial comment elicited a strong reply from Moffat & Co., 
 which is given below : 
 
 The Resolution offered in the House of Assembly by the Hon. Mr. Woodworth, in regard to the 
 issue of coin by individuals, and your remarks thereon, published in Saturday’s edition, have met our 
 observation, and as we are engaged in the manufacture of $5 and $10 pieces we beg leave to use your 
 columns through which to offer some vindication of our character and standing from the charge of 
 being counterfeiters and open violators of the laws of the United States, and to assure the public that 
 whenever Congress shall enact laws forbidding the manufacture of gold into pieces representing coin 
 by individuals, we shall bow with the greatest respect to such law. 
 
 Private mints have been in operation for many years in the United States, and have been the 
 subject of consideration and complaint by the Director of the Government Mint in his reports to Con- 
 gress. The establishments for this purpose have been that of Templeton Reid of Georgia, now dis- 
 continued, and that of Christopher Bechtler in North Carolina, still in operation. This mint is located 
 at Rutherford ton, N. C., and is of considerable importance. Its operations were commenced in 1831, 
 and are still carried on, although there is a Branch Mint of the United States less than eighty miles 
 distant. Mr. Bechtler has stated the amount of his coinage to February, 1840 (nine years), at 
 §2,241,890. 
 
 An assay of the coinage of Mr. Bechtler by the Mint of the United States developed the fact that 
 his $5 pieces on the average were worth but §4.84, and this practice is still going on in the United 
 States, not only where the necessity does not exist for want of a circulating medium, but directly at the 
 portals of the Mint of the United States; and nothing is done to prevent it by the public authorities 
 because no law forbidding it exists. The Director of the Mint, in his Report to Congress for the year 
 1840, after a brief statement in relation to Mr. Bechtler’s coinage, observed : ‘It seems strange that 
 the privilege of coinage should be carefully confined by law to the General Government, while that of 
 coining gold and silver, though withheld from the States, is freely permitted to individuals, with the 
 single restriction that they must not imitate the coinage established by law.’ 1 We cannot but believe 
 that had there existed any law against the coining operations of Mr. Bechtler or other individuals, the 
 Director of the Mint, and those upon whom it devolved to see that so important an interest of the 
 United States should be protected, would have enforced it. But we do not place ourselves in the cate 
 gory designated in the Resolutions referred to. We aver that we have violated no law of the United 
 States in regard to coining money ; that we have defrauded no man of one cent by the issuing of our 
 coin; that we have in no instance refused or failed to redeem in current coin of the United States all 
 of such issues without detention or delay, and we hold ourselves ready now and at all times hereafter to 
 
 1 It will not escape the reader’s notice that while 
 Moffat & Co., by this quotation, acknowledge that they 
 were aware that coiners “ must not imitate the coinage 
 established by law,” they entirely ignore, in their reply, 
 the fact that their $5 and 5io pieces very closely imi- 
 
 tated the national coins of those values — the chief 
 difference, to the ordinary observer, being in the legends 
 alone. The various Bechtler issues and those of Reid, 
 on the contrary, bore no resemblance to United States 
 money. 
 
PRIVATE GOLD COINAGE. 
 
 xii 
 
 do so. We have too high an opinion of the wisdom and good sense of the Legislature of this State to 
 believe that they will pass any Act in pursuance of the Resolutions referred to, as the subject belongs 
 only to Congress, and is not usurped or interfered with by any of the State authorities. In regard to 
 the value of our coin, we assert, and submit it to the test of any assaying establishment, that each piece 
 is worth more than it purports to be, and will pay a handsome profit to any one who will take them to 
 the Government in bullion. 
 
 While upon this subject we beg your permission to say a few words in regard to another source 
 of complaint by some, in connection with our business. We refer to the bars or ingots prepared for 
 merchants, bankers and others, for export. We have been called on in some instances to redeem such 
 in current coin, because our name, together with the carat, and weight, is stamped thereon ; the unrea- 
 sonableness of this requirement must be manifest to every reflecting person. We receive from a banker, 
 merchant, or miner 62*4 ounces ($1000) of dust, with a request to put it into bars, and stamp it with its 
 true value, according to our Government standard, and for this service we receive fifty cents per ounce. 
 After having performed our labor, delivered the bars, and received our $31.25, the banker modestly 
 demands of us the amount of his bar in current coin. To be sure, we have been benefitted, after pay- 
 ing our expenses, perhaps Si 5, by the patronage of our friend, and with this benefit he asks us to pay 
 him the mint value of his bar, because we have asserted by our stamp that it contains so many ounces, 
 and is of such a carat fine, and is therefore worth at the Mint in dollars and cents so much money. 
 The absurdity of such a demand must be apparent. We hold ourselves responsible for the accuracy of 
 our stamp, whether it be upon bullion or in the form of ingots or coin. If there be error the party 
 aggrieved has his remedy at common law. 
 
 If we are counterfeiters the criminal courts are at all times open. Our guilt or punishment can- 
 not be affected by any action of the State Legislature. We shall endeavor to pursue such a course in 
 our intercourse with our fellow-citizens as not to impose on their rights, or outrage laws and good order ; 
 and while we thus deport ourselves we claim to be exempt from the unjust charge of being felons and 
 counterfeiters by those who ought not to plead ignorance of the law in extenuation of their acts. 
 
 Moffat & Co. 
 
 The falling off in the number of private coiners in 1850 was due in part to the 
 rejection of so many issues of the preceding year and the growing uneasiness as to 
 the intrinsic value of some of the pieces in general circulation, but most of all to the 
 passage of a prohibitory Act on April 8, 1850, by the State Legislature, which put an 
 end to the business for the time. The chief provision of this Act reads as follows : — 
 
 Any person who shall stamp or impress, or shall cause to be stamped or impressed, upon any piece 
 of gold of less than four ounces Troy weight, whether pure or alloyed, any figures, letters or marks, 
 indicating or purporting to indicate its weight, fineness or value, shall be deemed guilty of a mis- 
 demeanor, and upon conviction thereof shall be punished as provided in the preceding section. 
 
 A few days later (April 20) the law establishing the office of State Assayer and 
 prescribing his duties was passed,' and the same day another law, which compelled 
 private coiners to redeem their issues on demand, at face value, was also passed, which 
 virtually forced them out of business. The text of this law follows : — 
 
 Sec. 1. Any person or company who shall make or cause to be made, within this State, any piece 
 of gold or silver, whether pure or alloyed, in the form of coin or otherwise, and intended or calculated 
 to circulate as money, shall be held responsible to the holder thereof for the marked value thereof, or at 
 the rate at which such coin is uttered, and shall on presentation redeem all such coins at such rate with 
 legalized coin of the United States. 
 
 1 For the full text of this law see page 6 et seq. 
 
INTRODUCTION. 
 
 xiii 
 
 Sec. 2. If any person making or uttering such coin shall refuse or neglect to redeem the same 
 in the manner prescribed in Section i, he shall be deemed guilty of a misdemeanor, and shall be liable 
 on conviction to be punished in each case by fine of not less than five hundred dollars, nor more than 
 five thousand dollars, or imprisonment for not less than six months, nor more than three years, or by 
 both such fine and imprisonment. 
 
 Sec. 3. If any person shall hereafter make or utter any piece of gold or silver as described in 
 Section 1, without stamping upon the same the day, month, and year of its manufacture, he shall be 
 guilty of a misdemeanor, and shall be liable on conviction thereof to the same penalty as prescribed in 
 Section 2. 
 
 Sec. 4. If any person shall hereafter make or utter any coin, or piece of gold or silver, such as 
 is described in Section 1 of this chapter, of less value than its marked or nominal value, or the value at 
 which it is issued, he shall be deemed guilty of fraud, and on conviction thereof shall be liable to the 
 penalties mentioned in Section 2. 
 
 Sec. 5. This Act shall take effect on the fifth day after its passage. 
 
 The question of the establishment of an official Assay Office, at which gold-dust 
 could be smelted, assayed, and stamped with its value, had been discussed as early as 
 July 22, 1848, and at the Constitutional Convention in 1849, Mr. Stewart introduced a 
 Resolution expressing the desire, 
 
 That the Congress of the United States establish an Assay Office at the most suitable 
 place, where all gold-dust intended for exportation shall be assayed, made into ingots or bars, 
 and stamped with its rate of purity on payment of a charge not to exceed one per cent. ; the 
 holder of any such ingot, however, to have the right to have the same coined free of further 
 charge, on presentation at any Mint of the United States. The net proceeds of said Office to 
 be paid into the Treasury of the State of California.' 
 
 This Resolution was rejected by the Convention. 
 
 The United States Assay Office had its origin in the fact that when Senator Dick- 
 inson of New York proposed that a Mint be established in that city, Senator Benton 
 offered an amendment that a Mint and Assay Office be established in San Francisco. 
 This failed to pass, but at the next session a substitute for the Bill was offered, and 
 in the meanwhile Moffat & Co. became assay contractors. Congress authorized the 
 appointment of a United States Assayer September 30, 1850 ; the Act provided that 
 
 The Secretary of the Treasury be ... . authorized and directed to contract, upon the most 
 reasonable terms, with the proprietors of some well-established works now in successful operation in 
 California, upon satisfactory security, to be judged by the Secretary of the Treasury, who shall, under 
 the supervision of the United States Assayer, to be appointed by the President by and with the advice 
 and consent of the Senate, perform such duties in assaying and fixing the value of gold in grains and 
 lumps, and forming the same into bars, as shall be prescribed by the Secretary of the Treasury; and 
 that the said United States Assayer shall cause the stamp of the United States, indicating the degree 
 of fineness and value, to be affixed to each bar or ingot of gold that may be issued from the establish- 
 ment; provided, that the United States shall not be held responsible for the loss of any gold deposited 
 with said proprietors for assay. 
 
 Early in March, 1851, Mr. Heydenfeldt, of the State Legislature, introduced a Bill 
 to repeal the Act of April 8, 1850, prohibiting coinage by individuals, and according to 
 1 See Proceedings of the State Convention in 1849, P- 347- 
 
XIV 
 
 PRIVATE GOLD COINAGE. 
 
 “ Alta California,” of March 9, Mr. Murphy, of the Committee on Ways and Means, 
 reported it to the House, and it passed, after some debate, only needing the Governor’s 
 signature to become a law. On the appointment of the United States Assayer, who 
 began operations about the first of February, 1851, the State Assay Office was discon- 
 tinued. Moffat & Co., who had obtained the contract with the National Government, 
 abandoned their private issues and took up the exclusive work of striking the Fifty 
 Dollar “slugs.” Two other firms joined the mints which had been doing business in 
 1850: these were Dunbar & Co., and Shultz & Co., each of whom struck coins of the 
 single denomination of Five Dollars, very much alike in design, and having the firm 
 name on Liberty’s coronet. Baldwin & Co. ceased to issue Fives, but began to coin 
 Tens and Twenties, — the latter the first of that value to be struck. 
 
 The Act of April 8, 1850, seems to have speedily become a dead letter, for never 
 was there a larger volume of this coinage than in the first quarter of 1851, when each 
 mint seems to have been worked to its greatest capacity. Baldwin & Co. led, with a 
 total product of 5590,000 from January 1 to March 31 : the output of the new United 
 States Assay Office was $530,000 ; Dubosq & Co. were third, with a coinage of Si 50,000 ; 
 Shultz & Co. struck $93,000 in Fives, and Moffat & Co., in the twenty-seven days be- 
 fore they ceased coining to begin the work of the United States Assay Office, had 
 struck $89,000 — probably in Fives, though no pieces of this mintage dated 1851 are 
 now known. 1 
 
 With all this flood of private coins there was evidently an under-current of distrust 
 as to the actual value of some of the pieces, compared with that stated on their face, and 
 one of the most prominent banking firms was determined that if possible this emergency 
 coinage should be placed on an honest basis. 1 The evidence for this is found in the 
 following correspondence between James King of William and Augustus Humbert, 
 U. S. Assayer : 
 
 Banking House of James King of William, 
 
 San Francisco , March 21 , / 8 jl. 
 
 Dear Sir : Herewith I send you samples of the following coinage, viz. : 
 
 Baldwin’s 13 Twenties S260 
 
 “ 10 Tens 100 
 
 “ 28 Fives 140 — 8500 
 
 Shultz’s 45 Fives 225 
 
 Dubosq’s 7 Tens 70 
 
 “ 3 Fives 15 — 85 
 
 May I ask you the favor to have these assayed and let me have the result as early as you 
 conveniently can, and oblige, 
 
 Yours very truly, 
 
 Augustus Humbert, Esq., United States Assayer, &*c. 
 
 James King of William. 
 
INTRODUCTION. 
 
 xv 
 
 United States Assay Office, 
 
 San Francisco , March 26, 1831. 
 
 Dear Sir : In answer to your letter of the 21st of March, I beg leave to state that the 
 assays of the coins you left with me have resulted as follows : — 
 
 Baldwin’s 
 
 13 pieces 
 
 $20 ea. 
 
 5 >610/32 
 
 871 
 
 $19.40 
 
 M 
 
 10 “ 
 
 $10 ea. 
 
 259V2 
 
 872 
 
 9-74 
 
 M 
 
 28 “ 
 
 $5 ea - 
 
 
 871 
 
 4.91 
 
 Shultz’s 
 
 45 “ 
 
 $5 ea. 
 
 >291^5 
 
 875^4 
 
 4.87 
 
 Dubosq’s 
 
 7 “ 
 
 $10 ea. 
 
 262 
 
 880 
 
 9-93 
 
 (( 
 
 3 “ 
 
 $5 ea. 
 
 * 3 > 
 
 880 
 
 4.96 
 
 Very respectfully, your obedient servant, 
 
 A. Humbert, United States Assayer. 
 
 James King of William, San Francisco. 
 
 “ Alta California,” in commenting upon the result of these assays, said that it would 
 appear that the holder of Twenty Dollar pieces would lose sixty cents on each, should 
 he present them at the Mint, or three per cent. ; while on the Tens the loss would be 
 twenty-six cents, or nearly the same percentage. The coins last named in Mr. King’s 
 list (Dubosq’s) appear to approach most nearly to the United States Mint standard 
 value, the loss being only seven-tenths of one per cent., or seven cents on Ten Dollars, 
 while that of Baldwin is three per cent., or thirty cents on Ten Dollars. 
 
 An immediate result of this assay was the refusal on the part of the bankers to 
 receive deposits either of ingots of gold or any other California coin except Moffat’s. 
 April 4, 1851, the business men of San Francisco met to take action on the private 
 coinage question, and a committee was appointed to investigate the matter. The em- 
 bargo must have been fairly general, as one advertiser stated that he would “ receive 
 California coin in exchange for groceries.” The meeting drew from “ Alta California ” 
 of April 5, the following editorial : 
 
 “ A coin is genuine which has been issued under the regulation and authority of law ; a counterfeit 
 coin is an imitation of the genuine, struck without legal authority.” — Mint Manual of Coins. 
 
 The difference between counterfeit and genuine coins seems explicitly enough given in 
 the above extract from a work which, published by two Assayers at the Mint in Philadelphia, 
 would seem to be good authority. If the definition be correct, all the private coins issued in 
 this State, so far as we have seen them, are counterfeits. Be they so or not, their presence is 
 becoming more and more a nuisance and an abuse of a confiding public. They are an evident 
 imitation of the United States coins, — almost identical in appearance, — and are issued by 
 individuals or companies professing no obligation to redeem their own issues in specie or any- 
 thing else. They purport to be of a certain value, and yet, according to what appears a fair 
 assay, and average value deduced therefrom, they fall short of their assumed value — some as 
 much as three per cent. Our bankers, who are generally alive to their own interests, refuse to 
 receive these coins except at a discount of five per cent. Thus the honest, confiding citizen 
 who has taken them in good faith, finds that he cannot pay his rent, make his purchases, or 
 deposit his hard earnings except at a discount which is considered anywhere but in California 
 a very good rate if allowed as interest. All conceivable evils and annoyances in business trans- 
 actions are felt already in consequence. 
 
XVI 
 
 PRIVATE GOLD COINAGE. 
 
 The present indications are a return to a condition of things similar to what succeeded 
 the issuing of Miners’ Bank coins, the introduction of Mormon coins, and similar operations, 
 by which a large portion of the people who were good-natured enough to receive those vile 
 falsehoods in the shape of coin, found themselves cheated out of twenty per cent. Most, per- 
 haps all, of the coins now in circulation are much better than those, but the public have no 
 security that ere a month, or at any future time, those yet to be issued will be really worth as 
 much as were the Miners’ Bank and Mormon issues. There is every reason, except such as 
 conscience might repudiate, for alloying these coins to any extent which a determination to 
 make money by the operation would dictate. When once a company of individuals have estab- 
 lished the credit of their issues sufficiently to give them currency, not holding themselves under 
 any obligation to redeem them, what is there to restrain any amount of swindling by lowering 
 the fineness and stamping a piece of metal as worth Ten Dollars although it may not be of the 
 value of Five ? We know of nothing except a refusal on the part of the public, business men, 
 and others, to receive this currency which is open and liable to any conceivable amount of 
 adulteration, and consequent loss by the recipients. It is not to be expected that such issues 
 will be maintained at their assured value, even if they should be so at first. National Govern- 
 ments have been known secretly to lower the standard of their coin, thus for a while at least 
 realizing a heavy profit. An assay of a single coin or a limited number issued by companies 
 or individuals, responsible only to their own consciences, although it may exhibit a value equal 
 to their face, proves nothing. These coins may have been selected or made expressly for the 
 assay. 
 
 And more than this, although every coin issued up to the time of an assay was worth its 
 face value, all issues the next day and ever afterward might be twenty-five or any percentage 
 below it. For be it remembered that there is not one of the restraints of the Mint issues rest- 
 ing upon the private coiners. And the public ought to be able to judge how much confidence 
 it should place in men, as we find them, when no law, nothing but self-interest, guides their 
 operations in this matter. The business of coining here seems to be profitable. There are 
 several establishments engaged in it, and new ones are occasionally springing up. It is rather 
 singular if their coin is worth more than United States coins, as some assert. The assertion 
 that it is so seems to prove too much or nothing. What conceivable object is there to make it 
 so ? If a single coin should prove so it is evidently made by mistake, or else by design be one 
 of a few mixed for the specific purpose, to create public confidence in the entire issue upon the 
 strength of an assay made upon one or more extra pieces. The whole system is as bad as it 
 can well be. It is an infringement on the rights and prerogatives of the United States Govern- 
 ment. It is an imposition upon the people of this State. Its tendency is to all manner of 
 annoyances in business transactions, disorganization of trade, loss and vexation to the public, 
 and lasting injury to the best interests of the community. Those who have been most instru- 
 mental in throwing this coin into circulation now refuse to redeem it or receive it except at a 
 heavy discount. It is time that our citizens open their eyes to this great and crying evil. 
 
 We wish not to be understood as charging intentional fraud upon the persons engaged in 
 coining. The evil lies in the system itself. Individuals cannot give permanent confidence 
 in any issues of their own. Nothing short of National guarantees can do it. And the assem- 
 bled wisdom which formed the Constitution wisely deposited the power of coining with the 
 General Government. There it should remain. The States are prohibited from coining, and 
 it would be singular if individuals were allowed the privilege denied the States. There is no 
 doubt that the bankers who have been instrumental in circulating these coins have contributed 
 principally to their sudden depression. This may be all right and legitimate in their line of 
 
INTRODUCTION. 
 
 XVII 
 
 business, with which we do not wish to interfere, only so far as our duty to the public urges us. 
 But we cannot see much consistency in paying out ninety-three cents in the form of five-franc 
 pieces for a dollar, and English shillings for twenty-five cents, as they do, while refusing the 
 very coin which they have thrown upon the market at par. 
 
 The committee of merchants appointed at the meeting of April 4, 1851, made its 
 report on April 9, which read as follows : 
 
 The committee appointed at a meeting of merchants held on Friday, the 4th inst., with 
 instructions to take into consideration and report upon the issue of coin from private mints, 
 established in this place, beg leave to state : 
 
 That in performing the duty assigned them the committee have not deemed it necessary 
 to order any assays, or to institute any comparison of the coinage of different private mints now 
 in circulation. It is upon the principle of private coinage that the committee desires to pro- 
 nounce, and this principle is evidently so adverse to the existence of a sound monetary system 
 that the committee cannot but condemn it in the strongest terms. As far as the committee have 
 been able to ascertain, the present circulation of private coinage amounts to not less than two 
 millions of dollars, and preparations are known to be making to increase the issue to a degree 
 which will speedily reduce the whole circulation of the country to a coinage confessedly irre- 
 deemable and based on no tangible responsibility. 
 
 The committee have no wish to censure the proprietors of the mints now in operation, 
 some of whom have given such assurance and offer such guarantees as show the confidence 
 they entertain in the intrinsic value of their coins ; but it is evident that the system of private 
 coinage is one that subjects the community to frauds of the most extensive nature, and as well 
 to remedy the evils under which the community now suffer, as to prevent evils of far greater 
 magnitude hereafter, the committee feel it incumbent on them to condemn in toto the principle 
 of private coinage, and to recommend the rejection as a medium of exchange in trade of all 
 private coinage without exception. Some loss must be incurred by the rejection of a circulat- 
 ing medium which has up to the present time been currently received. The coin now in circu- 
 lation will become an article of merchandise, and may fall somewhat below its intrinsic value, 
 but in the opinion of the committee it is better to suffer a present loss, the extent of which may 
 be estimated, than, by permitting a continuance of a false system, expose the community to 
 losses of far greater magnitude from a depreciated currency, and the constant reactions which 
 must inevitably result from want of confidence in the circulating medium. 
 
 As the coinage of the United States Assay Office is authorized by the Government and 
 receivable at the Custom House for Government dues, it carries with it a degree of respon- 
 sibility, and the committee would recommend the continued acceptance in trade of the ingots 
 and coins of that office. Yet they would not be understood to express an unqualified approval 
 of the establishment, which indeed does not seem to meet the necessities of the country. Great 
 delay now occurs in the coinage of dust left at the Office, and it may be doubted if the capacity 
 of the establishment will enable it to supply the country with a circulating medium. Of the 
 guarantees against maladministration in the transactions of the establishment it is for the public 
 to judge, but the committee would call attention to the commissions charged for coinage, and 
 would recommend that efforts be used to reduce this charge to a more moderate and equitable 
 rate. 
 
 In recommending the continued acceptance of coin bearing the name of the Assay Office 
 the committee look upon it as a temporary measure only, which the necessities of the country 
 
PRIVATE GOLD COINAGE. 
 
 xviii 
 
 require : but as the only means of placing the currency of the country on such a footing as may 
 entitle it to full and entire confidence, and of protecting the community from evils like those 
 which it is now called upon to guard against, the committee would urge the adoption of strenu- 
 ous efforts to procure the establishment of a United States Mint at that place. 
 
 After the reading of the report, a Resolution was offered and passed, “ That no 
 coin of private coinage be received as currency by the mercantile community.” 
 
 The result of this action by the bankers and the Legislature was the abandonment, 
 for the second time, of private coinage, — the Fifty Dollar octagonal slugs from the 
 U. S. Assay Office being the only pieces struck. The refusal of the business men to 
 receive the private issues except at their bullion value — from five to ten per cent, below 
 their nominal or face value — speedily sent these pieces to the Assay Office melting-pot, 
 only to appear again as Fifty Dollar slugs. This enforced retirement of the smaller 
 denominations left nothing for local circulation but those cumbrous pieces ; United 
 States and other coins acceptable for duties were hoarded as before, and once more 
 the citizens found themselves between Scylla and Charybdis. The embarrassment 
 became so great that on April 14, 1851, Moffat & Co. asked the Secretary of the 
 Treasury to permit them to issue ingots of less than Fifty Dollars’ value, but this 
 request, and others made in their monthly reports during the year, were refused as 
 “ inexpedient,” and the disastrous effect on business, both in San Francisco and through- 
 out the State, was a fruitful theme of complaint in the press and among the merchants. 
 It was not until December 9, 1851, that the United States Assayer was authorized to 
 stamp gold ingots of the value of Ten and Twenty Dollars, and this permission was 
 revoked on the following day.' 
 
 Before this permission and its recall could reach San Francisco, many prominent 
 bankers and business men of the city had united in asking Moffat & Co. to issue 
 $300,000 in small denominations bearing their private stamp, to meet the pressing need 
 until the United States Assayer should receive proper authority to do so. This request 
 was dated January 5, 1852. Moffat & Co. reluctantly consented, and a few days later 
 the new pieces appeared. On January 15, 1852, they wrote a letter to Secretary Cor- 
 win, again calling attention to the serious results to the Assay Office already incurred 
 because of its inability to make small coins (as described in previous reports), in which 
 they said : 
 
 .... that the issues of the Assay Office are at a discount of two or three per cent. ; that 
 the Office has incurred the odium of the people on account of the great inconvenience and 
 actual loss to which they are subjected by the depreciation of its issues, which were conse- 
 quently daily diminishing in amount; that private coinage would again be resorted to, and 
 that coin with a private stamp would be at par, while that stamped by authority of the United 
 States would be at a discount, and the object of the Assay Office defeated unless authority 
 should be speedily granted to issue ingots of smaller denominations than that of Fifty 
 Dollars. 
 
 To these representations [which had been frequently made in earlier letters] we have 
 now to add that the state of things above described has been continually growing worse ; that 
 
 1 The correspondence is given in full on pages 23 <t seq. 
 
INTRODUCTION. 
 
 xix 
 
 a private coining establishment [that of Wass, Molitor & Co.], without reputation or responsi- 
 bility, began operations early last week ; that its issues are at a premium of two to three per 
 cent, over those of this Office; that the business of the Office has nearly ceased, not having 
 been for the last thirty days sufficient to pay its current expenses, — a humiliating and lament- 
 able position for a Government establishment .... 
 
 Humbert, the United States Assayer, had also made a similar statement in his 
 closing report for December, 1851,' and the vigorous presentation of the case by these 
 gentlemen, supplemented by the influence of prominent business men in California and 
 New York, had an evident effect, for on February ir, 1852, Moffat & Co. received 
 authority to issue Ten and Twenty Dollar ingots at the Assay Office. Their consent 
 to strike a private coinage, in response to the petition mentioned above, met with some 
 criticism, notwithstanding the urgent need so generally admitted, and “Alta California” 
 of January 8, 1852, on learning of their action printed a long editorial in which while 
 recognizing the integrity of Moffat & Co., it took a decided stand against the project, 
 but suggested no plan for relief. 
 
 The United States Assay Office (Curtis, Perry & Ward), and Moffat & Co., are 
 the only firms certainly known to have struck gold during 1853. Wass, Molitor & Co., 
 who had conducted an assay office in 1851, had begun a private coinage early in 1852, 
 which was very favorably received, and the assays at the Philadelphia Mint showed 
 them to average quite up to the standard values ; 2 it has been stated that this firm con- 
 tinued to issue Five and Ten Dollar pieces in 1853 and 1854, but none bearing these 
 dates have come to our notice. The Assay Office issued Tens and Twenties, and 
 Moffat & Co. Twenty Dollar coins. 
 
 The reasons for the coinage by the private mints of California are not far to seek. 
 It was a money of necessity, which the merchants and bankers tolerated because they 
 were constantly expecting it would be speedily displaced by the lawful issues of the 
 Government. But its need was felt by every class in the community. The miners 
 welcomed it for the increased value it gave to their nuggets and dust ; to meet the 
 exorbitant prices demanded in the shops for the necessaries of life, payment had to be 
 made in a currency easily debased by means which the recipient had no ready method of 
 discovering, and of which the intrinsic value was always uncertain at the best ; the 
 private coins with the fair professions on their face were the only alternative, and for a 
 time met the emergency, so long at least as confidence in the integrity of the coiners 
 continued ; the irritating and inexplicable procrastination in the establishment of a 
 Branch Mint fostered the hope that some plan would be discovered by which the law 
 requiring payment of Custom House duties in coins struck by duly recognized authority 
 might be evaded. The private issues were thus actually forced upon the public by the 
 action of the Government itself, which while acknowledging the need, failed to provide a 
 
 1 See page 28. age, so far as can be learned, thus accepted, aside from 
 
 2 The statement appears in the “San Francisco Ad- the official issues of the United States Assay Office, 
 vocate,” in 1852, that the coins of Wass, Molitor & Co. While the pieces struck by Wass, Molitor & Co., and 
 and the Tens and Twenties of the United States Assay those of Kellogg & Co., who operated in 1854-55, may 
 Office were the only ones then issued, and that the have been acceptable because of their intrinsic value, 
 former were received for duties at the Custom House, the correctness of the “ Advocate’s” statement may be 
 If this statement be correct, the issues of that firm doubted. 
 
 enjoyed the distinction of being the only private coin- 
 
XX 
 
 PRIVATE GOLD COINAGE. 
 
 relief, except by the expedient, after long delay, of the establishment in January, 1851/ 
 of a Government Assay Office. 
 
 When the Collectors of Customs for the different ports were first appointed, Gen. 
 Kearny, in April, 1847, instructed them to receive only “specie, Treasury notes or 
 drafts,” in payment of duties. The only known variation from those instructions was 
 the acceptance in that month by David W. Alexander, Collector for the Port of San 
 Pedro, of $1,700 in Government due-bills, under the questionable authorization of Lieut. 
 Col. Fremont, who claimed to be the Acting Governor of California. When James 
 Collier was appointed by the civil authorities as the first Collector to replace the official 
 serving under the military regime , he received special instructions from Secretary Mere- 
 dith, in a letter dated April 3, 1849, from the United States Treasury Department, in 
 which he was told, “ It is proper to advise you that you can only receive in payment of 
 duties coins of the United States and such foreign coins as are recognized and their 
 values established by Acts of Congress.” Yet with a full knowledge of the dearth of 
 such money in the State, the constantly increasing demand caused by the rush of adven- 
 turers from the East to the gold-fields, and the importation of merchandise to supply their 
 needs, it was not until after the authorities had repudiated the products of the United 
 States Assay Office that Congress authorized the establishment of a Branch Mint at 
 San Francisco. 
 
 California had suffered much in her efforts to provide a stable coinage with which 
 to conduct the ordinary every-day business of its citizens. When at last the United 
 States Government established its Assay Office, it was hoped that like the previous 
 expedients, it would soon be replaced by a Branch Mint, and that in the meantime its 
 official stamp would not only guarantee to the miner a fair percentage of the precious 
 metal for the possession of which he had borne so many privations and hardships, but 
 would also rescue him from the clutches of the gold-dust brokers. It was regarded as a 
 compromise, and as it seemed to guarantee the definite value of at least a portion of the 
 bullion which circumstances compelled to serve in place of coinage, it was patronized to 
 such a degree that very soon after it began operations the only circulating medium con- 
 sisted of the octagonal slugs. 
 
 From the time of its establishment, so far as can be learned, private coins were 
 invariably refused at the Custom House, but T. Butler King, the Collector of the Port 
 of San Francisco, was instructed by Secretary Corwin to accept the ingots bearing the 
 stamp of the United States Assay Office in payment of duties. Thereafter, and 
 until October, 1852, importers were enjoying the relief which these afforded from the 
 manipulations of the brokers, which compelled them to pay a premium for the privilege 
 of changing a coin that had been demonstrated beyond any doubt, by the United States 
 Mint Assayers at Philadelphia, to possess an intrinsic value of $50.10, when presented 
 there in bulk. Occasional complaints were heard, because the Assay Office could not 
 at once coin any but the bulky pieces, which were likened to the “ Plagues of Egypt,” 
 but the benefit was generally recognized when these were compared with the utterly 
 untrustworthy character of a number of the private issues that had victimized every 
 phase of California life in 1849 and 1850. 
 
 1 The first issues appeared the last of January, 1851. See page 18. 
 
INTRODUCTION. 
 
 xxi 
 
 It was therefore a staggering blow to the mercantile community when the ingots 
 with the stamp of the Government Assayer were refused by Collector King, in accord- 
 ance with instructions from Assistant Secretary Hodge, of the Treasury Department at 
 Washington, and the trivial reason was given that these issues of the Assay Office did 
 not come within the requirements of the new United States law, which required that 
 only gold coins of the standard of fineness of the regular coinage — 90 %ooo — should be 
 received. While the ingots issued by the Assay Office could not be considered as coin, 
 they might well be regarded as fulfilling the same functions — which they did, for there 
 is no higher function of a piece of money than its acceptance for the payment of duties 
 at one of the United States Custom Houses — and the circumstances under which they 
 were struck, bearing the guarantee of the officials appointed by the Government itself, 
 put them on an entirely dfferent footing from all the necessity pieces which had pre- 
 ceded them. 
 
 The reason for this refusal was a mere technicality, which would have been laugh- 
 able but for the serious consequences involved. This technicality lay in the fact that the 
 coins of the Assay Office were not of the standard of fineness of the United States coinage 
 ( 9 °o/ 10 oo, as stated above), but only of the fineness of the average California gold, which 
 ranged from 884 to 887 one-thousandths. But the same Act permitted the acceptance 
 of foreign gold coins — those of Great Britain, France, Spain, Portugal, Brazil, Mexico 
 and Colombia — at their intrinsic value, which was in all instances less than the value 
 stamped upon their face. The authorities at Washington seem to have failed to see the 
 absurdity of a decision which disparaged their own issues in favor of foreign coins. They 
 were blind to the fact that the Assay coins were the only medium permitting a great 
 State to conduct a business the very foundation of which lay in the maintenance of a 
 large force of miners in the Sierra Nevadas, engaged in digging out of old Mother Earth 
 the precious metal in such quantities that, in the course of a few years, the stupendous 
 amount of over a billion dollars’ worth of the only real world-circulating medium was 
 produced. 
 
 The action of the Treasury officials caused intense excitement among the merchants 
 of San Francisco, and an indignation meeting was held on October 9, at which Ex- 
 Governor Smith denounced the order, claiming that the Act of September 30, 1850, 
 virtually made the ingots coins of the United States; Collector King replied, showing 
 that it was impossible for him to accept the repudiated issues, under the law, without 
 incurring personal responsibility, but he intimated that if a satisfactory guarantee against 
 loss should be furnished by the merchants, he would be willing to assume that respon- 
 sibility. If the ingots were 90 %ooo fine, he said, he believed they would be receivable. 
 A Memorial was sent to Secretary Corwin, who apparently took no action upon it further 
 than to call the matter to the attention of Congress in his annual report ; and a bond 
 was prepared as suggested. Representations were also made to Messrs. Curtis, Perry 
 & Ward, of the Assay Office, which led them to strike pieces of the required fineness, 
 and the trouble seems to have ceased,' as the papers of the day make no further men- 
 tion of the subject. It is probable that the required standard was adhered to until the 
 Office ceased operations on December 14, 1853. 
 
 1 See pages 37 tt seq., for a full account of the meeting and subsequent action. 
 
XXII 
 
 PRIVATE GOLD COINAGE. 
 
 The Act authorizing the establishment of the San Francisco Branch Mint was 
 passed by Congress on July 3, 1852. The contract for the erection of the building 
 was not taken within the advertised date, and on March 3, 1853, the time for receiving 
 proposals was extended. During the following Summer arrangements were completed, 
 and the site of the old United States Assay Office on Commercial, near Montgomery 
 Street, having been fixed upon as the location, work was begun in the Fall. The con- 
 tract was given to a Mr. Butler, at his bid of $239,000, which was subsequently bought 
 by Curtis, Perry & Ward, who made a new contract with the Secretary of the Treasury. 
 The building was sixty feet square, and of three stories. It occupied twenty feet more 
 width on the western side than its predecessor, which was forty by sixty feet. The 
 construction was finished in the Spring of 1854, and the Branch Mint went into opera- 
 tion on April 3 of that year. 
 
 During the interim between the closing of the Assay Office and the opening of the 
 Branch Mint, not one of the private mints was striking coins, and there was a dearth of 
 pieces to supply the vacancy caused by the numerous shipments of previous issues, and 
 the need became so great that thoughts once more turned to a private coinage. At the 
 request of the merchants, the firm of Kellogg & Richter, both members of which had 
 been connected with the Assay Office until it closed, began the issue of Twenty Dollar 
 pieces, the first of which appeared in February, 1854.' Owing to many unavoidable delays 
 which followed its opening, the Branch Mint was for a time unable to obtain the neces- 
 sary acids with which to refine the gold to the United States legal standard, and lacked 
 a sufficient amount of silver for the required alloy, and so the Assay office of Kellogg 
 & Richter, which was governed by no restriction, continued to strike pieces from 
 gold of the average fineness of 880 to 890 one-thousandths. Their issues promptly 
 met all emergencies, and were continued long after the Branch Mint resumed opera- 
 tions. 
 
 In the Spring of 1854 the need of a Fifty Dollar piece, by which quick counting of 
 large amounts of gold could be accomplished, again became manifest. The octagonal 
 slugs had apparently disappeared from general circulation, having been remelted and re- 
 coined in more convenient denominations, or shipped out of the country, and a petition 
 was therefore sent to Congress by the San Francisco merchants, requesting that the 
 Branch Mint might be allowed to strike Fifty Dollar coins, which should be similar in 
 design to the Double Eagle, and circular in shape. 
 
 In regard to this petition the “ San Francisco Herald ” of March 1, 1854, said : 
 
 A petition has been circulated to-day, and very generally signed, addressed to the Con- 
 gress of the United States, calling attention to the coinage that is to be made at the Branch 
 Mint in San Francisco, and praying that a law may be passed authorizing the issue of Fifty 
 Dollar pieces of the same shape and fineness as the United States Double Eagle. It will of 
 course be signed by every business man in the community, the advantages of such an issue 
 being self-evident. In a country like our own, where the currency is purely metallic, it is of 
 great importance to have coins issued of a size which will admit of rapid and easy counting, 
 both in receiving and paying money ; and the experience of all our business men goes to show 
 that in the absence of bank-notes the Fifty Dollar piece is the most convenient coin for such a 
 
 1 See pages 83 et seq. 
 
INTRODUCTION. 
 
 xxiii 
 
 purpose. The alteration in the shape, and putting the coin up to the United States standard, 
 would make it all that could be desired. If such a coin should be issued, it would in all proba- 
 bility speedily reduce the premium on Ounces for East India shipments. 
 
 The petition was sent to Senator William M. Gwin, one of California’s represen- 
 tatives in Congress. Mr. Gwin forwarded a copy of the Memorial to Secretary of the 
 Treasury Guthrie, and received the following favorable response: 
 
 Treasury Department, 
 
 March 21, 1854. 
 
 Sir: I have duly considered the Memorial which you placed in my hand this morning, of 
 merchants and bankers of San Francisco, Cal., praying Congress to authorize the coinage at 
 the Branch Mint at that place of gold-pieces of the denomination of Fifty Dollars. Upon the 
 subject-matter of this Memorial you desire my opinion, and I have therefore the honor to say 
 that in the present condition of California, as it respects its currency, the measure recommended 
 would in my opinion be judicious and proper. 
 
 The large denominations of gold coinage are not found to be adapted to circulation in the 
 Atlantic States. It is found that few of the Twenty Dollar pieces, and not a great many of 
 the Tens, remain in private hands, but are soon passed into the possession of the banks and 
 bankers, and their places supplied by bank paper. The larger pieces are also more convenient 
 for transportation, and being thus carried to the South and West, prevent the transit of the 
 smaller coins which would, if transmitted, remain in permanent circulation amongst the people 
 of those sections of the country. For these and other reasons it appears to me to be desirable 
 to increase the coinage of the smaller denominations, and to diminish the larger for circulation 
 on this side of the Union, and the increased capacity of the Treasury for coinage, arising from 
 the establishment of the Branch Mint at San Francisco and of the Assay Office at New York, 
 will enable us to carry this view into effect. 
 
 But there are peculiarities in the condition of California which recommend a different 
 scale of coinage for that region. These are : First, the fact stated in the Memorial, of the 
 prohibition and entire exclusion of paper money; and, second, the high scale of prices preva- 
 lent in California for commodities and service. These circumstances will make larger denomi- 
 tions of coin convenient, particularly in counting and passing large sums. To this may be 
 added that time will be saved in coining, which may be of much consequence to miners and 
 others, at least until the capacity of the Branch Mint shall be ascertained to be equal to the 
 gold offered. 
 
 In order to harmonize the proposed large coins with the present recognized coins I would 
 recommend that the coinage be authorized of pieces of $100 and $50 and $25, to be called the 
 “Union,” “ Half Union,” and “ Quarter Union but that the “Half Union” only be struck 
 for the present. 
 
 I am, respectfully, 
 
 James Guthrie, 
 
 Secretary of the Treasury. 
 
 The Memorial from San Francisco, together with the letter from the Secretary, 
 was referred to the Committee on Finance. 
 
 Senator Gwin presented a Bill for the coinage of Fifty and One Hundred Dollar 
 pieces, the text of which reads : 
 
XXIV 
 
 PRIVATE GOLD COINAGE. 
 
 That there may be coined and issued by the United States, or by such of the Branch 
 Mints as the Secretary of the Treasury shall direct, a gold coin of the weight of 2580 grains, 
 of the value of One Hundred Dollars; and another of the weight of 1290 grains, of the value of 
 Fifty Dollars, each of which coins shall be of the standard fineness now prescribed by law for 
 the gold coins of the United States. 
 
 That the Secretary of the Treasury cause the necessary dies and other apparatus to be 
 prepared by proper and skillful artists, under the superintendence of the Director of the Mint 
 at Philadelphia, for coining the above coins, with such devices, motto, and figures as may 
 be approved by the President of the United States, the expenses of which shall be defrayed 
 from the ordinary appropriation for the expenses of the Mint and Branch Mints of the United 
 States. 
 
 That the said coins shall be a legal tender and shall be received at their respective values 
 as established by the Bill, in payment of all dues to the United States. 
 
 On May 29, 1854, Senator Gwin again brought the matter of the issue of Fifty and 
 One Hundred Dollar coins to the attention of the Senate ; discussion was postponed, but 
 on June 16 that body passed his Bill by a large majority: it seems, however, never to 
 have received the notice of the House, and therefore failed to become a law. As late as 
 January, 1855, the San Francisco “ Prices Current ” stated that up to that time no infor- 
 mation had come to hand from Washington, relative to the present coinage. But it is 
 evident that the appeal of the merchants had not fallen on deaf ears, for early in 1855 
 each of the large concerns of Kellogg & Humbert, and of Wass, Molitor & Co. responded 
 to the demand by striking Fifty Dollar pieces, circular in form but of differing and 
 original designs. On April 30, 1855, “Prices Current” announced that the private 
 assay offices were still choked with business, and referring to the Fifty Dollar piece of 
 Wass, Molitor & Co., remarked : “ For city use it will be found useful on account of the 
 superior facility it offers for rapid counting, but the difficulty of obtaining small change 
 for it will, we think, preclude its general circulation in the interior.” 
 
 The scarcity of acceptable coins had led to the proposition, early in March, 1855, 
 that the issues of these two firms should be made a legal tender for duties, etc., and that 
 their offices should each be constituted a Branch Mint, the Director of each to send to 
 the parent Mint one piece out of every run, for assay, — hoping thus to relieve the situ- 
 ation. No action was taken on this proposal, but all through the month of April the 
 assay offices were working night and day, and yet could not keep pace with their 
 deposits. 
 
 “Alta California” of October 23, 1855, contained the following article in regard 
 to the condition of Calfornia’s currency : 
 
 There probably never has been any single State in the Union so imposed upon with a 
 mixed and debased currency as California. Even before her adoption into the Union as one 
 of the Federal States the evil began, and the old Spanish or Mexican currency of Ounces and 
 Dollars and their subdivisions was interfered with by clipped coins from the southern coast, 
 adulterated Dollars from Bolivia, “ Milreis ” from Brazil, and other pieces the value of which 
 would puzzle the Director of the Mint to determine. The discovery of gold in untold quanti- 
 ties in our mountains created a still greater demand for coin, which had to be supplied by some 
 
INTRODUCTION. 
 
 XXV 
 
 means or other, and in the absence of legalized issues private coiners commenced operations, 
 and we had “ Beaver” pieces from Oregon, Mormon coin, both from Utah and various points in 
 the State, not to speak of “ S. M. V.,” “ Wright’s Miner’s Bank,” “ Baldwin’s Half Eagles,” 
 etc., etc. These have all passed away, and although many of them were practically a “ shave ” 
 on the recipient, in value, they answered a good purpose. The presence of an assayer, be he 
 good or bad, helped the miners by establishing a standard of gold, and by the time that Mr. 
 Humbert (a man who has done more than any single person we know of, and has met with no 
 reward at all commensurate with his services) had got through his labors as a United States 
 officer, most of them had disappeared. 
 
 The age of gold having passed away, that of silver came into full operation, and we were 
 deluged with Francs, Pistareens, Double Reals, and countless other pieces, all going to repre- 
 sent Quarter Dollars, and ranging in value from 16 to i8f cents. We need not recall to the 
 recollection of our readers the position of our currency a year ago. It presented a perfect 
 anomaly. Four single Francs for all purposes of business equalled in value a single piece of 
 Five-francs. Four Pistareens (sixty-four cents) ranked as equal to a Spanish milled Dollar, 
 worth with the premium certainly $1.05. The New Granada eighty-cent Dollar was equally 
 worth $1.05 (the Spanish milled Dollar), and sixty-four cents (say, four pistareens). Every- 
 thing in a word was confusion, worse confounded. 
 
 The evil at last was so great that it became imperative on the part of the bullion dealers 
 to make an effort to stop its course. The importation of Francs, which had been carried on to 
 a great extent by outside operators and a few foreign houses, was stopped by the action of the 
 bankers in refusing to take them for more than twenty cents, which, although representing a 
 trifle over their real value, sufficed to drive them out of circulation. In fact, as soon as the 
 rate became reduced in banks the value sank still further outside, and in common trade they 
 were passed for only 12^ cents, or 7^ cents less than they were actually worth. 
 
 The movement made last year was a good one, but it did not go far enough. We might 
 almost say now that the ages of both silver and gold were passed, but that the age of brass had 
 set in. We have at present in circulation a Pistareen (value 16 cents) ; the Chile Double Real 
 (value about 19 cents); the Rupee (value 44 cents), and a number of German and Spanish 
 coins, the value of which we cannot at the moment determine, but which all pass in common 
 for twenty-five cents, the Rupee ranking at fifty cents, or six cents more than its actual value. 
 We have also the Sovereign, passing for $5, when its actual value is but $4.85; the Napoleon, 
 value $3.88, passing for $ 4 , and Thalers, $3.88, and Double-thalers, $7.74, circulating for a 
 large advance on their actual worth 
 
 In 1856, notwithstanding the fact that the Mint was in operation and coining 
 several million dollars’ worth of gold monthly, the prevalence of private issues was as 
 great as ever, the California coins as a matter of fact comprising nearly the whole of the 
 local circulation ; yet the Mint alone was striking coins, the assay offices of Kellogg & 
 Humbert, and Wass, Molitor & Co., having ceased their private issues in 1855. At this 
 time it was estimated that from five to eight million dollars’ worth of private coin were 
 in circulation, which were held at a nominal value of one-half of one per cent, in excess 
 of their value at the Mint. 
 
 Several conferences were held in the latter part of March, 1856, by the leading 
 merchants and bankers, for the purpose of providing some means of excluding this 
 private coin from circulation and restoring the currency of the State to a more reliable 
 basis. At a meeting held on March 25, at the office of Alsop & Co., to take action, 
 
XXVI 
 
 PRIVATE GOLD COINAGE. 
 
 the following merchants and bankers were represented : — Macondray & Co., Alsop & 
 Co., Goodwin & Co., Eugene Kelly & Co., Flint, Peabody & Co., Cross & Co., Dupuy, 
 Foulkes & Co., Samuel Price & Co., F. and H. Selby & Co., Morgan, Hathaway & Co., 
 James Patrick & Co., Bond & Hale, Seligman & Co., Dewitt & Harrison, Arrington & 
 Co., J. B. Thomas, and William O. Dow, and the following Resolutions were adopted : 
 
 Resolved , That, in our opinion, the time has arrived for placing the currency of this State 
 on a sound basis, and that to continue to receive as currency private coinage is attended with 
 present inconvenience and possible loss to the community. 
 
 Resolved , That we use all legitimate means to discountenance the circulation of private 
 and illegal coin. 
 
 A committee of three members, Messrs. Flint, Minturn, and Bissell, was appointed 
 to wait upon the bankers and request them to take such steps as they might deem ex- 
 pedient to carry out the views expressed. This committee found that a majority were 
 favorable to the plan, and an agreement was entered into by all the banking firms except 
 two, to the effect that they would receive private coin on deposit only at one-half per 
 cent, discount. Because of the refusal of the two bankers mentioned to sign the agree- 
 ment, several others withdrew their names, which resulted in the arrangements being 
 dropped. 
 
 The “San Francisco Bulletin,” of April io, 1856, makes the following editorial 
 comment upon the action of the merchants and bankers, and the refusal of some of 
 them to join the movement to drive private coins from circulation, and this may be 
 regarded as a clear exposition of the situation. 
 
 .... The fact that the meeting seems to have been confined to the larger class of houses, 
 comprising by the way some of the best names in the city, however objectionable it may seem 
 (and it does so seem to us), on the ground of its being a movement restricted to a few persons 
 and therefore liable to the suspicion of having private ends in view, should not prevent a fair 
 inquiry into the case. The interests of larger merchants are undoubtedly more directly affected 
 at present than the smaller ones ; but a further inquiry will show that, in looking after their 
 own interests, they are also acting for the good of all. At some time or other this private coin- 
 age must cease, and that of the Mint be the only currency. It is right it should be so, because 
 in the Mint the public have the only sure guaranty that they will be protected. In the absence 
 of a Mint to supply our wants, private coinage has been of much benefit to our people ; but 
 that time has passed, and the question arises whether this coinage should not be stopped at 
 once ? We think it should be, and the loss of one-half per cent, had better be suffered now 
 at the present, than at a later period on a much larger sum. The bankers of course feel a 
 reluctance to start this matter, because it will be thrown back at them that they had an active 
 part in getting the money in circulation, and this the bankers cannot deny. They will, how- 
 ever suffer their proportion of the loss, for until there be a general agreement to refuse this 
 coin the bankers cannot do otherwise than take it at the counter, and all their efforts to “work 
 it off ” will prove ineffectual. 
 
 The American decimals are not the only coins that have been made in this city. It is 
 well known that Woods had a contract with Santa Anna to coin Mexican Ounces in this city, 
 under the sanction of the Mexican Government. Woods sent Sam Ward to Mexico, and Ward 
 agreed to pay the one-legged Dictator a certain sum for the privilege. Drafts were drawn on 
 
INTRODUCTION. 
 
 xxvn 
 
 Adams & Co., and, as we understood, were cashed in Mexico, Santa Anna pocketing the pro- 
 ceeds. Woods accepted the drafts here, but as far as we can learn they were never paid, as 
 before they became due Adams & Co. had failed. The Ounces were coined on Montgomery 
 Street, and when, after the failure of Adams & Co., we heard of the gold-dust “ doctoring,” we 
 at once suspected there was some doctoring about these Ounces, which we believe were all 
 shipped to China, through Bolton & Baron, who bought them of Woods’ broker, without know- 
 ing anything about where they were made. It was thought best to say nothing about this 
 affair until a return from China could be had, to see if the Ounces were of good weight and 
 fineness. We were subsequently told that returns had been received, and the coin [found to be] 
 both of full weight and fineness, and then, so far as Woods was concerned, the matter was 
 dropped, for it was very questionable whether with the sanction of the Mexican Government 
 any law had been violated, unless it could be proved that the coin fell short of the value it pur- 
 ported to be. 
 
 It is admitted, we believe, that no law exists to prevent the private coinage of Kellogg & 
 Co., which coin, as successor to [that of] Moffat & Co., has always stood fair, and has never been 
 questioned. But when it is borne in mind that Mr. Kellogg is not bound to redeem that coin 
 in case it should fall short, it will be admitted on all hands that if the Mint be able to supply 
 the wants of the community, we had better confine our currency to the issues of that establish- 
 ment. It is said that Kellogg & Co. are not now making any of this coin, have not been doing 
 so for some time, and do not intend to. If this be so, then Mr. Kellogg’s interests are not 
 affected at all, and the matter rests solely with the people. 
 
 One objection alleged against this coin of Kellogg’s is that not having as much alloy as 
 the Mint coin it is softer and wears away faster. This is a good reason for getting it out of 
 the way before it wears off too much. Supposing the amount of private coin in circulation to 
 be as large as stated, — $8,000,000, — the loss to the entire community at one-half percent, 
 discount will be $40,000. Has not the evil extended far enough, or shall we wait until, by the 
 wearing away of the coin, the percentage be increased to one instead of one-half per cent. ? 
 We are decidedly in favor of stopping it where it is, and we think this meeting of merchants, 
 in looking to their own direct interests have been also caring for the public good. All the 
 bankers except two, we are told, agreed to the wishes of the merchants. These two were 
 Messrs. Tallant & Wilde, and B. Davidson. The reason urged by Tallant & Wilde was that 
 one-half per cent, was not enough to pay for recoining or for shipping. Mark that ! “ Not 
 
 enough 1 ” If one-half per cent, be not enough now, what will be enough for a year hence ? 
 
 For the present, we simply remark that we regard this matter as one of those evils which 
 the sooner remedied the better. Medicine is not pleasant at any time, but if the nauseous 
 draught produce a cure, the sooner it be taken the better for the patient. The bankers are no 
 more to be blamed for circulating this coin than any other class. Mr. Kellogg is not to be 
 blamed, for at the time he issued the coin it was needed, and it has been of great convenience in 
 all commercial transactions. The public are not to be blamed, although they are now about to 
 suffer the loss. The whole blame rests on the Federal Government, which, by not supplying 
 us with a Mint when we needed one, forced us to adopt the only remedy left us. The public 
 unfortunately are the sufferers throughout. They suffered in the case of Wright, Baldwin, and 
 other coiners. They suffered in the United States Assay Office slugs, and now the winding-up, 
 that all foresaw must come sooner or later, has at last arrived, and we have now to suffer in this 
 Moffat-Kellogg coin, which was among the first, is the last, and has been to the people the best 
 of the whole. Well, let it come ; it is the last, and the sooner it is over the better. These are 
 our opinions. If any of our readers differ with us our columns are open to them. 
 
PRIVATE GOLD COINAGE. 
 
 xxviii 
 
 In the Summer of 1856 the demand for gold coins in San Francisco for export pur- 
 poses again became so great that the entire product of the Mint was shipped away as fast 
 as it was struck. When the Mint was forced to close for repairs, in September, only a 
 small amount of the United States coinage was available, and it once more became neces- 
 sary to fall back upon the supply of private issues, for export, even though this involved 
 a loss of one per cent, as against the regular coins. Even these — great as seems to 
 have been the supply that still lingered — were not sufficient for the demand, and no 
 less an authority than that of “Prices Current,” San Francisco’s leading commercial 
 paper, stated on September 19, 1856, that with the Mint still closed, there was a strong 
 probability that the merchants and bankers would again be obliged to have recourse to 
 private coinage, with which to carry on business, in case it did not soon resume opera- 
 tions. “As it is,” it said, “a large portion of the old private coins have been shipped 
 out of the country.” But a fortnight later (October 4, 1856), the same paper tells us 
 that the assay offices were striking no coins ; the Mint was soon at work again, and thus, 
 so far as general circulation was concerned, the private gold coins of California quietly 
 passed out of existence. 
 
 EDGAR H. ADAMS. 
 
PRIVATE GOLD COINAGE. 
 
 I. 
 
 THE STATE ASSAY OFFICE 
 
 OF CALIFORNIA. 
 
 1850. 
 
 BY 
 
 EDGAR H. ADAMS. 
 
 NEW YORK, 
 1911. 
 
REPRINTED FROM 
 
 THE AMERICAN JOURNAL OF NUMISMATICS. 
 
PRIVATE GOLD COINAGE. 
 
 I. 
 
 THE STATE ASSAY OFFICE OF CALIFORNIA. 
 
 As the years gradually force farther into the background the world- 
 famous gold days of ’49, the interest of students of American history in that 
 important period of the nineteenth century becomes more pronounced, and 
 every detail of those times when adventurers flocked to the Western El Do- 
 rado from all parts of the world, overland and by sea, is now beginning to 
 attract attention. 
 
 Conspicuous among the many novel features of California in the pioneer 
 days is the gold currency, of various forms and denominations, made outside 
 of Government authority from the gold taken from the placers of the Sierra 
 Nevada mountains. At the time of the issue of this coinage there were so 
 many happenings of greater importance that but little attention was paid to 
 it except from the standpoint of utility. But now that all the great occur- 
 rences of the period of ’49 have been noted, discussed, and assimilated, the 
 less important happenings are beginning to rise to the surface, uppermost 
 among which comes the unofficial gold coinage. 
 
 So little familiar are we now-a days with the conditions of the past in 
 respect to private gold coinage that we view with astonishment the fact that 
 such issues were freely made and as freely circulated ; and there naturally ensues 
 the desire to know why such coins were made, what were the circumstances 
 that brought them into being, and why the Government took no steps to pre- 
 vent their manufacture and circulation. 
 
 As there were no less than fifteen establishments in California which from 
 time to time made gold coins for circulation from 1849 to 1855, an exhaustive 
 history of the operations of all these establishments represents considerable 
 volume, and yet it is felt that the full details should be given, if the student 
 of numismatics is to be placed in a position to do his own thinking and to 
 draw his own deductions. 
 
 It is the intention of the writer to give detailed accounts of each of these 
 private minting establishments, which will embrace all the information he has 
 
4 
 
 PRIVATE GOLD COINAGE. 
 
 been able to gather upon the subject after a search through the principal Cal- 
 ifornia libraries. If at times these articles seem to be long drawn out, because 
 of the publication in full of the text of some important document or announce- 
 ment, the reader will understand that this is done for the purpose of grouping 
 all the known information, so that a student of both the present and the future 
 may have it at hand in available form; for the complete history of the gold 
 coinage of California must be written later, since there are at present too 
 many gaps to permit the preparation of an adequate work on the subject. 
 
 We will first take up the operations of the California State Assay Office, 
 for the reason that, though other institutions preceded it by a few months in 
 the production of a gold currency, yet a State establishment for the manufac- 
 ture of a gold circulating medium was first mentioned early in 1848, long 
 before the issue of any of the coins by private persons, and it should there- 
 fore have precedence over all others. 
 
 The State Assay Office of California is interesting to students of the cur- 
 rency of this country for a number of reasons. First, and perhaps most im- 
 portant of all, that establishment was the only one of the kind ever operated 
 in the United States, under the authority of a State. Secondly, its issues 
 were so closely allied to an actual gold coinage that it is an open question if 
 California, through its medium, did not unpremeditatingly violate a clause of 
 the United States Constitution which forbids any State to issue currency. 
 Third, the issues of this Assay Office were the first to gain the title of “slugs,” 
 by which designation many subsequent issues of California were known. 
 
 The Assay Office was greatly needed on account of the indefinite value 
 of gold-dust, which was the principal circulating medium of California from 
 the time of the discovery of gold at Coloma in January, 1848. 
 
 There was no standard value of gold. It varied in value according to 
 conditions. At the mines and even at certain places along the coast, gold 
 was frequently sold at $6 and $8 an ounce, although worth on an average 
 around $18. There were many instances where it was sold for less, especially 
 by the Indians, who are said to have sold gold-dust as low as a dollar an 
 ounce, a silver dollar having a real value in their eyes, while they wondered 
 why the white men so highly regarded gold. 
 
 All kinds of weights were used, many of them fraudulent. One style of 
 weighing that found favor at the mines was to use two empty sardine boxes 
 as balances, with a silver dollar as an ounce weight. Of course a dollar was 
 a good deal less than an ounce in weight. And there is even record that gold 
 was bought and sold by the avoirdupois ounce. 
 
 The private gold coins made their appearance in 1849. In many in- 
 stances these private coins soon fell into disrepute as they were worth consid- 
 
THE STATE ASSAY OFFICE OF CALIFORNIA. 
 
 5 
 
 erably less than their stamped value, and at one time certain of these pieces 
 were accepted at bullion value only, and were not desirable even then. These 
 coins were accompanied by the general circulation of adulterated gold-dust 
 and bogus nuggets. 
 
 A tremendous trade was carried on in different parts of California, and 
 a stable circulating medium of definite value was urgently required, which led 
 again and again to agitation for the establishment of a United States Branch 
 Mint or an Assay Office. 
 
 The creation of a State Assay Office had been suggested as early as July 
 22, 1848, when at a meeting of the citizens of San Francisco a resolution was 
 addressed to the Military Governor, Richard B. Mason, Colonel of United 
 States Dragoons, to appoint one or more assayers to test the quality of the 
 gold taken from the placers of the Sacramento. Also that the Governor ap- 
 point a competent person to superintend the conversion of gold into ingots 
 of convenient weights, the same to be stamped with the name of the person 
 furnishing the gold to be cast, the weight, and, if possible, the fineness in 
 reference to standard ; the said officer to keep record of all gold cast, the ex- 
 penses of casting to be defrayed by the person furnishing the raw material. 
 This resolution, for some reason, did not meet with the approval of Governor 
 Mason. 
 
 Nothing further was done toward the establishment of a State Assay 
 Office until April, 1850, when a meeting of San Francisco business men was 
 held to take action upon the use of quicksilver gold as a currency. A com- 
 mittee appointed at this meeting reported on April 5 that, owing to the ease 
 with which quicksilver gold could be adulterated, the community ought to 
 refuse to recognize it as a currency : also that the reception of California coin 
 be refused as a currency, owing to its erratic value. It further recommended 
 that a committee be appointed to receive proposals for assaying, and to satisfy 
 themselves as to the skill and integrity of persons intending to become assay- 
 ers, and to recommend the Legislature to appoint one or more of the appli- 
 cants to make ingots of the fineness and weight of the United States Mint 
 values, at five per cent, discount from the same, “ which will be received by 
 them, and that gold-dust be received in payment in its natural form at $16 
 per ounce.” 
 
 The establishment of the State Assay Office was intended to remedy a 
 number of evils to which the mining community had long been subjected, as 
 the raw gold as taken from the mines had been almost exclusively handled by 
 speculators at $2 per ounce less than its real value. The gold-dust, which 
 was current before the operation of the State Assay Office, had an average 
 intrinsic value of $18 to the ounce, the assays ranging from $17.90 to $18.20, 
 although passing current at only $16 to the ounce. Quicksilver gold, which 
 
6 
 
 PRIVATE GOLD COINAGE. 
 
 passed current at only $14 an ounce, was really worth more than the average 
 gold-dust, and it is said that the dealers who received it at $14, shipped it to 
 the East and realized a profit of from $4 to $5 on each ounce. 
 
 On April 6, 1850, the merchants of San Francisco addressed a petition 
 to the California Legislature praying that the office of State Assayer be 
 created, whose duty it should be to smelt and assay gold-dust and issue bull- 
 ion bearing upon it a State stamp, with the number of carats, weight, and 
 mint value thereof, to be used as a substitute for the present gold currency, 
 and who shall give such bonds and be subject to such penalties as the circum- 
 stances of the case might seem to require. This petition was signed by about 
 four hundred of the leading citizens. 
 
 On April 12, 1850, a number of prominent citizens of San Francisco 
 addressed a petition to Gov. Peter Burnett, asking that Frederick D. Kohler 
 be appointed as State Assayer. Mr. Kohler, who had been a jeweler in New 
 York city, and also had served as an Alderman of New York, joined the gold 
 rush in 1849, and for several months prior to the establishment of the State 
 Assay Office had conducted a gold assaying establishment in San Francisco 
 in partnership with David C. Broderick, afterward prominent in the political 
 life of California, and later a United States Senator. It is thought that the 
 assaying firm of Broderick & Co., or F. D. Kohler & Co., made the five and 
 ten dollar gold pieces bearing the stamp of the Pacific Company, dated 1849. 
 
 The bill creating the office of State Assayer became a law on April 20, 
 1850. The full text of the law is herewith given : 
 
 An Act creating the office of State Assayer, Melter, and Refiner of Gold, and defining 
 his duties. 
 
 Section 1. There shall be established in the City of San Francisco a State Office for 
 assaying, melting, and refining gold. 
 
 Section 2. The Governor of the State shall appoint two competent persons to take 
 charge and perform the duties of said establishment, one as Director, the other as Assayer, 
 Melter, and Refiner of gold. Before entering upon their duties, each of them shall execute a 
 bond, with two or more good sureties of $50,000 each, to be approved by the Governor, con- 
 ditioned for the skillful and faithful performances of all the duties required of them by law, 
 which bonds shall be made payable to the people of the State of California, and deposited with 
 the Secretary of State. They, and all persons in their employ, shall take an oath before some 
 Judge, duly qualified to administer oaths, truthfully and faithfully to perform iheir trust. 
 
 Section 3. They shall be appointed and hold office for one year, and until their success- 
 ors are appointed and qualified. They shall keep their office open daily (Sundays excepted) 
 from 9 o’clock A. M., until 2 o’clock P. M., for the transaction of business. 
 
 Section 4. It shall be the duty of the State Director to procure and safely keep a series 
 of standard weights, to correspond with the Troy weights of the United States Mint, consist- 
 ing of pound weights and the requisite subdivisions. He shall also receive all gold-dust or 
 bullion, in quantity not less than two ounces, Troy weight, which may be offered him for the 
 pu;posc of assaying or refining. All such gold-dust or bullion shall be weighed, when practi- 
 
THE STATE ASSAY OFFICE OF CALIFORNIA. 
 
 7 
 
 cable, in the presence of the depositor, and the Director shall be responsible on his bond for 
 the safe keeping and delivery of the same ; if the dust or bullion is in such a state as to require 
 melting before its value can be ascertained, the weight after melting shall be considered as the 
 weight of dust or bullion so deposited. 
 
 Section 5. It shall be the duty of the Director to keep a record of the weight of all dust 
 or bullion received by him, the time of its reception, the name and residence of the person 
 from whom it is received, and the amount received from each person, and the county from 
 which said dust or metal was taken, and upon delivery of it into the hands of the Assayer, shall 
 take a receipt of the same in a book kept for that purpose. 
 
 Section 6. The Director shall keep a book of receipts, and a receipt shall be given to 
 each depositor of the weight, and value of the amount deposited ; said receipts shall be regu- 
 larly numbered in the order in which they are given, and the number of the receipt shall be 
 entered upon the margin of the page from which it is taken, with the date when given, the 
 weight and value of the amount, and the name of the person receiving the receipt. 
 
 Section 7. It shall be the duty of the State Assayer to carefully refine and assay any 
 and all gold-dust or bullion placed in his hands by the Director for that purpose, and to cause 
 the same to be made into ingots or bars, in the form of an oblong square, and of such weight 
 as shall be desired by the depositor. Provided, that no such ingots or bars shall be made or 
 issued of less weight than two ounces. 
 
 Section 8. The State Assayer shall keep books of record, in which shall be recorded 
 the original weight of all dust or bullion placed in his hands by the Director for assaying, 
 melting, or refining, or either, and the date of receiving it. He shall also keep a record of the 
 weight, value, and fineness of the respective deposits of all dust or bullion assayed, refined or 
 melted, and the date when delivered to the Director. 
 
 Section 9. The State Assayer shall regularly number and stamp upon the ingots or bars 
 thus made the true value in dollars and cents, and the correct weight and carat fineness thereof, 
 in accordance with the United States Mint standard ; also the letters “cal.” the date, and his 
 own initials in plain letters over the words “ State Assayer,” and upon each end and side of 
 any ingot and bar so issued, some uniform stamp or impression, and shall, as soon as thus pre- 
 pared, place it in the hands of the Director, taking his receipt in a book kept by the Assayer for 
 that purpose, and the Director shall hand it over to the depositor, if demanded, within four 
 days after the deposit of the dust, unless the time shall be prolonged by the depositor by a 
 written agreement, when the weight given shall be returned to the Director, who shall cancel 
 and keep the same. 
 
 Section 10. The State Assayer and Director shall be entitled to charge and collect from 
 each depositor one per cent, each upon the value stamped upon the ingots or bars issued, out 
 of which they shall pay all expenses attending upon their duties as prescribed in this Act. The 
 balance shall be equally divided between them. They shall also in addition collect and retain 
 in their possession three-fourths (|) of one per cent, upon the total amount assayed and issued 
 by them, which sum so retained they shall at the end and expiration of every sixty days, pay 
 or cause to be paid into the State Treasury for the use of the State. 
 
 Section n. The books and papers of this office shall be examined every three months 
 by the Attorney General of the State, who shall make a report to the Governor of each exami- 
 nation. The Judge of either County Court may institute an examination when requested so to 
 do by any depositor, or the Chamber of Commerce, or Board of Trade of either city in the 
 State ; and they shall produce all books, records, and papers when required by any court before 
 whom complaint or suit is brought against them, or either of them, for any violation of this Act. 
 
8 
 
 PRIVATE GOLD COINAGE. 
 
 Section 12. They shall each make a full and correct report under oath to the State 
 Treasurer, every sixty days, in detail of all transactions in his official capacity, as Director or 
 Assayer. 
 
 Section 13. All ingots or bars of gold bearing the stamp of State Assayer, as provided 
 by this Act, shall be received in payment of all State and county dues, taxes, and assessments, 
 at the value expressed thereon in dollars and cents, provided, such ingots or bars have not 
 been mutilated nor reduced in size, weight, or value. 
 
 Section 14. Neither Assayer nor Director shall loan or use, or cause to be loaned or 
 used, for any purpose whatever, any gold-dust or bullion in their possession for account of 
 depositors, and any use which shall be made of any gold-dust or bullion deposited with them 
 otherwise than for the purpose specified in this Act shall be deemed a misdemeanor, and either 
 of them on conviction thereof before any competent tribunal, shall be punished for each offence 
 by a fine not less than one thousand dollars, and by imprisonment not less than six months. 
 
 Section 15. The Governor may, when petitioned so to do, direct the Director and As- 
 sayer to establish a branch or branches of their office at Sacramento, and Stockton, or Sonora. 
 They shall cause all business of such branch or branches to be conducted in all respects in 
 accordance w'ith the provisions of this Act, regulating the office at San Francisco. The Director 
 and Assayer shall give an additional bond of $50,000 for each branch formed under the pro- 
 visions of this Act, and all ingots or bars made at either branch shall be stamped, marked, 
 and numbered as directed in Section 9, and in addition the words “ Sacramento,” or “ Stock- 
 ton,” or “ Sonora.” 
 
 Section 16. The Director and Assayer shall be responsible on his bond for all the acts 
 of their employes and agents. 
 
 Section 17. Any person or persons who shall alter, mutilate, reduce in weight, clip, file, 
 sweat, alloy, or reduce in value in any way any ingots or bars, made under the provisions of 
 this Act, shall be deemed guilty of a misdemeanor, and on conviction thereof before any com- 
 petent tribunal shall be punished for each offence by fine not less than one thousand dollars, 
 nor more than fifty thousand dollars, and imprisonment not less than six months, nor more than 
 two years. 
 
 Section 18. If any person shall make, or cause to be made, forged or counterfeited, or 
 aid or assist in making or circulating any ingots or bars which may be made under the provi- 
 sions of this Act, he or they shall be considered guilty of counterfeiting, and shall, on conviction 
 thereof, be punished by fine not exceeding five thousand dollars, and by imprisonment in the 
 State prison for a term not exceeding three years. 
 
 Section 19. Whenever any branch Mint of the United States shall be in operation within 
 this State it shall be the duty of the Governor to issue his proclamation stating the fact, and 
 abolishing the office of State Assayer and Director. 
 
 Section 20. If there shall be any error, either in the weight, quality, or value of the gold 
 or metal so stamped upon the said ingots or bars issued by the said Assayer and Director, they 
 shall forfeit the percentage allowed to them, and shall also be liable to the amount of the dif- 
 ference between the stamp upon said ingots or bars and its true value at the United States 
 Mint standard, and shall also pay all damages that may accrue by such error, and may be sued 
 upon their bonds or otherwise for the same in any court of record in the district in which they 
 shall reside. 
 
 Section 21. Section 2 of an “Act to prevent coining of money by individuals,” passed 
 April 8, 1850, reads as follows : “ Any person who shall stamp or impress, or shall cause to be 
 stamped or impressed, upon any piece of gold of less weight than four ounces, Troy weight, 
 
THE STATE ASSAY OFFICE OF CALIFORNIA. 
 
 9 
 
 whether pure or alloyed, any figures, letters, or marks indicating or purporting to indicate its 
 weight, fineness, or value, shall be deemed guilty of a misdemeanor, and upon conviction there- 
 of shall be punished as prescribed in the preceding section.” So much of this section above 
 recited as may conflict or be inconsistent with any of the above provisions of this Act, is hereby 
 repealed. 
 
 Upon the passage of the Act creating the State Assay Office, Governor 
 Burnett appointed O. P. Sutton as Director and Frederick D. Kohler as 
 State Assayer. Mr. Kohler at once abandoned his private assaying business 
 in Clay Street, San Francisco, which was sold to Baldwin & Co., and this 
 announcement appeared in “Alta California” on May 24, 1850: 
 
 The undersigned have opened an office in the building now occupied by Messrs. Baldwin 
 & Co., south side of Portsmouth Square, and will be prepared to receive gold-dust for smelt- 
 ing and assaying on Monday the 13th, in accordance with the provision of the law passed by 
 the Legislature of the State, April 20, 1850. In making this announcement we beg leave to 
 state that desiring to establish an office at the earliest practicable moment our arrangements 
 are necessarily less complete than they otherwise would have been ; nevertheless, we trust that 
 they will be found sufficient to meet the wants of the community. 
 
 O. P. Dutton, Director. 
 
 F. D. Kohler, Assayer. 
 
 About 5.000 ounces of gold were deposited with the State Assayer the 
 first day, larger amounts following. One of the deposits showed an original 
 weight of 6892 dwts., which after smelting weighed 682^ dwts. The fine- 
 ness of this lot was 20 J carats, and the value $570.54. On this bar the 
 gold-dust brokers had marked a value of $519, and it had been bought by 
 them at $14 an ounce, which well exemplified the benefit the miners were 
 to derive from the State Assay Office. The State Assayer also discovered 
 many bogus gold nuggets, weighing from a few ounces up to a pound, and 
 in a few days forty such specimens were brought in. So popular did the new 
 establishment become that the amount of dust presented was beyond the 
 capacity of the office, unless it conducted operations day and night. 
 
 As the law provided for the establishment of State Assay Offices at sev- 
 eral other cities in California, provision was made fora Branch at Sacramento, 
 on account of its nearness to the great gold placers, and this office com- 
 menced operations about July 1, 1850, judging by an announcement in the 
 “ Sacramento Daily Transcript” of June 28, 1850, which read : 
 
 State Assayer’s Office. — The undersigned have opened an office on 
 Third, near the corner of J Street, Sacramento City, and on the 1st of July 
 will be prepared to receive gold-dust for smelting and assaying in accord 
 with the provisions of a law passed by the Legislature of this State, April 
 20, 1850. 
 
 John Bigler, Director. 
 
 F. D. Kohler, Assayer. 
 
 Sacramento, June 28, 1850. 
 
IO 
 
 PRIVATE GOLD COINAGE. 
 
 The ingots issued by the State Assay Office ranged in value from $36.55 
 to $150, and the Mint Assayers at Philadelphia were of the opinion that they 
 had first been cast and then finished with a hammer. This theory is supported 
 by the statement of a pioneer in “ Alta California” of Nov. 20, 1868 : 
 
 Nineteen years .... ago I gazed into the Assay Office of Fred Kohler, situated on the 
 south side of Clay Street, watching for the first time the process of converting gold-dust into 
 bars, and the chipping of the bars into $50 ingots. “ Slugs ” was the name given them. The 
 “ bankers,” monte, faro, and others, being short of coin, and having plenty of dust, had it con- 
 verted into slugs of that denomination, which they circulated as freely as any other coin, the 
 stamp of the assayer in all cases being taken as its true value. Wass, Molitor & Co., Moffat 
 & Co., an assayer at San Jose, and others of Mormon vintage, circulated as late as 1852, when 
 
 they finally disappeared, the octagon slug taking their place the actual value of Kohler’s 
 
 slugs being $52 at the Philadelphia Mint. 
 
 This latter statement in regard to the value of the ingots issued by Mr. 
 Kohler is substantiated by the Mint Assayers at Philadelphia, who asserted at 
 the time of the issue of the pieces that they found a slight variation in Mr. 
 Kohler’s assays, and that on the average his bars were worth at the Mint one 
 per cent, more, perhaps one and a half, than the value stamped upon them. 
 
 Nevertheless the State Assay Office ingots were not at all popular in 
 California among certain business men for obvious reasons. The gold-dust 
 dealers were interested in keeping the gold below its real value. They decried 
 the value of the ingots, and refused to receive them at par value. This action 
 led a number of the leading business men of Sacramento to announce that 
 they would receive the State ingots of gold at par, as valued by the State 
 Assayer, and as expressed thereon in dollars and cents. At this time the 
 “ Sacramento Daily Transcript ” made an interesting editorial reference to the 
 matter, which we think worthy of reproduction. On July 15, 1850, it said : 
 
 But the bankers and others in San Francisco interested in keeping gold below its real 
 worth to further their own ends, were not to be so easily checked in their lucrative operation. 
 Previous to the appointment of the Assayer they called a public meeting, formed an association, 
 and by combined efforts succeeded in defeating the good end which the law aimed to secure. 
 Strange to say, that up to this time the people — merchants, miners, mechanics, and laborers — 
 have permitted this combination to hold the sway, decrying the value of the ingots, refuse to 
 receive them at their par value, and thus prevent their general circulation and the good results 
 which would necessarily have followed 
 
 First, then, the miner parts with his gold at $16 the ounce. If he has fifty ounces it nets 
 him in gold coin $800 ; but suppose ingots are circulated at their par value, as they should be, 
 the miner then takes his fifty ounces to the Assayer’s, where he pays for assaying it, say, $1 
 per ounce, and it yields him in ingots, after the expense is paid, say $1, $17 per ounce. Fifty 
 ounces at $17 — $850 — making a difference of over 6 per cent, in his favor. 
 
 But a still greater saving might be effected on quicksilver gold than 6 or even 8 per cent. 
 Quicksilver gold brings only $14 per ounce. Does the miner and do the people generally know 
 that this gold is worth more intrinsically than any other? If they do not, the Assayer will tell 
 
THE STATE ASSAY OFFICE OF CALIFORNIA. n 
 
 them so. The particles of gold taken up by the quicksilver are doubly refined and pure, and 
 those who ship it to the States make the enormous profit of from $4 to $5 on every ounce 
 shipped, all of which comes out of the pocket of the miner and laborer. The question may 
 now be asked, what is the true value of the ingot, and it will probably surprise some of our 
 readers to be informed that these ingots which are refused by this combination are worth more 
 than American gold coin [the private gold coins were always referred to as “ California coin” 
 in California, while the regular United States Mint issues were entitled “ American coin ”] and 
 yet such is the case ; every ingot stamped $37 will realize $40 in gold coin at the United States 
 
 Mint Shall the whole community suffer in order that those who are engaged in this gold 
 
 shipping business may be aggrandized ? We say emphatically No I Let us receive the ingots. 
 
 It would seem that the fifty-dollar ingots were made at the Sacramento 
 branch of the State Assay Office as well as at the one located at San Fran- 
 cisco. Almarin B. Paul, one of the California pioneers, stated that the “ first 
 fifty-dollar gold piece was made at the State Assay Office in Sacramento City, 
 located on Third Street, near J, and, if my memory is correct, in June or July, 
 1850. John Bigler, afterward Governor of California, was chief of this office, 
 and Milton S. Latham, afterward a United States Senator, was Bigler’s first 
 assistant. Mr. Latham brought over and showed to me a fifty-dollar piece 
 which he said was the first piece made about this time, when I was doing a 
 mercantile business near the office, on J Street.” 
 
 So far as known, only one ingot that was issued by Kohler at the Sacra- 
 mento Assay Office now exists. The law specified that such ingots, in addi- 
 tion to the regular inscription to be borne by those issued at the San Fran- 
 cisco office, should bear the name of the city in which the Branch Assay 
 Office was situated. That a good many ingots were issued at Sacramento is 
 learned from a statement in the “ Daily Transcript” of August 8, 1850, which 
 showed ‘‘that the number of depositors at the Sacramento Assay Office up 
 to that time totaled 161. The value of the gold, at $16 per ounce, was 
 $59,028.80; at $14, $51,650.84, and the actual value at the United States 
 Mint, $66,596.84.” 
 
 Up to a few years ago the only known specimen of the Kohler ingots was 
 one of the denomination of $40.07. At one time it is said to have been in 
 the coin collection of the Philadelphia Mint. A piece of the denomination of 
 $50 was discovered in the coin collection of the California Pioneers Society 
 by Farran Zerbe in 1905, when he paid a visit to the San Francisco Mint, 
 where the collection is now on exhibition. In the summer of 1907 collectors 
 were gratified to note still another variety listed in the collection of Bruce 
 Cartwright of Honolulu, which was disposed of in London. The latter piece 
 was of the denomination of $45.34, and is now owned by Virgil M. Brand of 
 Chicago. In 1908 Mr. Brand came into the possession of still another Koh- 
 ler ingot, of the denomination of $36.55, issued at the Sacramento office, 
 which he purchased from a family in whose ownership it had been for many 
 
12 
 
 PRIVATE GOLD COINAGE, 
 
 years. This ingot was one of a miscellaneous collection of gold coins that 
 had been saved since the days when the Kohler slugs circulated in California. 
 The design of the ingot issued at the Sacramento office differed from those 
 issued at the San Francisco establishment in that on the edge of the former 
 were the words “ state assayer ” while the reverse bore the inscription “ f. d. 
 kohler, state assayer ” in two lines. The shape was also somewhat differ- 
 ent from the other issues, as it was square instead of oblong in form. 
 
 That still another specimen of the State Assay Office issues may be in 
 existence is indicated by an illustration of a rectangular bar of gold of the 
 value of $54.09 in “ Beyond the Mississippi,” written by Albert D. Richard- 
 son. The design of this piece agrees perfectly with all the known issues of 
 the San Francisco office, and may yet come to light to interest students of the 
 American private gold series. 
 
 The State Assay Office was discontinued when the United States Assay 
 Office began operations at San Francisco, February 1, 1851, the Act creating 
 it having been repealed January 28, 1851. 
 
 While the law creating the State Assay Office provided for the careful 
 keeping of books to show the character and extent of the business done, such 
 records cannot now be found. Whether they have been mislaid or lost is not 
 known, but much interesting information in connection with the first and only 
 State Assay Office is unavailable, it is to be hoped only temporarily. 
 
 Frederick D. Kohler, as well as his first partner, David C. Broderick, 
 were both prominent New York firemen, and when they reached California at 
 once took an active part in the operations of the San Francisco Fire Depart- 
 ment. Mr. Kohler became the first Chief Engineer and Mr. Broderick was 
 the foreman of the Empire Company. It is said that but for the valuable ser- 
 vices of these and other experienced firemen, the fires in the early days of 
 San Francisco would have been far more disastrous. 
 
 Mr. Kohler conducted a private assay office after the State Assay Office 
 went out of existence, as will appear from the following business card in the 
 “ Daily Alta California” of July 28, 1853 : 
 
 United States Assay Ofpice. — Frederick D. Kohler, United States 
 Assayer. Office at Wass, Molitor St Co., Merchant Street, San Francisco. 
 
 It is interesting to note that both Mr. Bigler, Director of the Sacramento 
 State Assay Office, and Mr. Latham, his assistant, afterward became Gover- 
 nors of California, and the latter was also a United States Senator. 
 
PRIVATE GOLD COINAGE. 
 
 II. 
 
 THE MOFFAT & CO. ISSUES. 
 
 SAN FRANCISCO, 
 
 1849 - 53 . 
 
 BY 
 
 EDGAR H. ADAMS. 
 
 NEW YORK. 
 1911. 
 
REPRINTED FROM 
 
 THE AMERICAN JOURNAL OF NUMISMATICS. 
 1911. 
 
II. 
 
 MOFFAT & CO., 
 
 SAN FRANCISCO, 1849-1853. 
 
 The coining establishment of Moffat & Co. was by far the most impor- 
 tant of all the California private mints, and an account of its operations fur- 
 nishes almost a detailed outline of the origin, rise, and fall of the gold coinage 
 of the State, which, whatever its faults may have been, nevertheless supplied 
 the pressing needs of local commerce at various critical periods. 
 
 While Moffat & Co. were not the first firm of private coiners to issue 
 pieces of gold stamped with definite values to pass as money, yet the opera- 
 tions of the firm extended over a greater range of years than any of the others. 
 The issues of the coining plant were never seriously questioned, the assay 
 office conducted by them was nearly always of a semi-official character, and at 
 last the assay office of Curtis & Perry — two of the original members of the 
 firm, Mr. Moffat having retired and Mr. Ward having died — enlarged and 
 re-equipped with improved machinery, was continued as the first United 
 States Branch Mint of San Francisco. 
 
 John L. Moffat, a New York assayer, formerly a member of the firm of 
 Wilmarth, Moffat & Curtis, went to California early in 1849, and in the sum- 
 mer of that year opened a smelting and assaying business in conjunction with 
 Messrs. Joseph R. Curtis, P. H. W. Perry, and Samuel H. Ward. They did 
 an extensive gold brokerage business at Clay and Dupont Streets, in con- 
 nection with their work of assay, and purchased much gold-dust, which they 
 shipped to the East. 
 
 Below is the first advertisement of Moffat & Co., which appeared in “Alta 
 California” of Sept. 6, 1849. This, however, had probably been running in 
 the paper for some time : 
 
PRIVATE GOLD COINAGE. 
 
 14 
 
 MOFFAT & CO. 
 
 John L. Moffat, S. H. Ward, 
 
 Jos. R. Curtis, P. H. Perry, 
 
 Have erected suitable furnaces, and are provided with all the necessary 
 apparatus and the most ample facilities for smelting and assaying Gold 
 Dust. 
 
 The highest market price paid for Gold Dust. 
 
 They refer to the annexed testimonials from the most eminent Bankers, 
 Merchants and Bullion Brokers of New York, the originals of which, with 
 other evidences of character, may be seen at their office. 
 
 [copy.] 
 
 Office of Beebee, Ludlow & Co., Bullion Dealers, 
 
 New York, Feb. 7, 1849. 
 
 We have the fullest confidence in Messrs. Moffat & Co., and consider 
 their genuine Assay-Stamp equal to the United States or London Mints, and 
 would purchase as freely. 
 
 Samuel J. Beebee, 
 Beebee, Ludlow & Co. 
 
 We, the undersigned, citizens of New York, have known Mr. John L. 
 Moffat, of the late firm of Wilmarth, Moffat & Curtis, for many years. 
 
 Some of us have had frequent occasion for his services as an Assayer of 
 Ores, and Gold and Silver, and we cheerfully unite in testifying to his supe- 
 rior skill and abilities as an Assayer and Metallurgist, his incorruptible in- 
 tegrity and trustworthiness, his high standing in his profession, and his 
 uniform excellence as a man. 
 
 James Harper 
 Jas. T. Talman 
 Samuel J. Beebee 
 Beebee, Ludlow & Co. 
 Russell H. Nevins 
 Jacob Little 
 Frederick Marquand 
 
 J. D. Beers 
 D. Ebbets 
 F. W. Edmonds 
 Shepherd Knapp 
 Peter Cooper 
 
 The Merchants and Bankers of New York who have subscribed the above 
 statement are gentlemen of the highest respectability. 
 
 R. J. Walker, 
 
 San Francisco, 21st June, 1849. Secretary U. S. Treasury. 
 
 A keen need being felt at this time for a circulating medium to supersede 
 that of gold-dust, which, owing to the lack of coins, constituted the chief cur- 
 rency, Moffat & Co. began the issue of small rectangular pieces of gold of 
 various values, ranging from $9.43 to $264. The two known varieties of 
 these bars now extant are those of $9.43 and $16. The bars were stamped 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 *5 
 
 with the name of the assaying firm, the quality of fineness of the metal, the 
 weight in pennyweights and grains, and the value in dollars and cents. 1 
 
 It is safe to place the issue of the ingots either in June or July, 1849. 
 They answered the purpose for which they were made fairly well, but the arri- 
 val of Albert Kiiner at San Francisco, on July 16, made their further issue 
 unnecessary. Mr. Kiiner, a Bavarian, had come to America as a cameo cutter, 
 but upon his arrival at San Francisco was at once employed by Moffat & Co. 
 to cut the dies for a ten-dollar piece. 2 
 
 This ten-dollar piece, which followed closely the general design of the 
 United States eagle, bore as distinguishing marks the name of “ moffat & co.” 
 on the coronet of Liberty, instead of the word “ liberty,” as shown on the 
 issues of the General Government. The reverse bore an eagle such as did 
 the regular ten-dollar piece, but around the border, instead of the usual 
 legend, “ united states of America ” there appeared “ s. m. v. (Standard Mint 
 Value) California gold,” and at the bottom the denomination, “ ten d.” 
 
 While the stamp “ s. M. v.” was intended to mean that each of the coins 
 struck by Moffat & Co. contained gold of the standard mint value, still the 
 United States Mint assayers at Philadelphia took exception to it. Messrs. 
 Eckfeldt and Dubois, the well-known mint assayers, stated that in every case 
 the Moffat coins of 1849 were of gold inferior in quality to the standard of the 
 mint. According to their assay a mixed lot of Moffat & Co. coins, dated 1849 
 and 1850, showed an average fineness of .897, with an average weight of 258^ 
 grains to the ten-dollar piece, and an average value of $9.97-^. 
 
 Nevertheless the coins of Moffat & Co. always enjoyed the greatest con- 
 fidence on the part of the Californians and elsewhere, and even if they did 
 vary at times and run below the value stamped upon their face this was due 
 to lack of facilities, it would seem, rather than to premeditation, for on the 
 other hand many of their issues would at times run considerably above their 
 
 1 Of recent years quite a good deal of question has 
 been raised as to the year in which these gold bars 
 were issued, but that they were first made in 1849 is 
 proved by a number of statements. The issue of such 
 bars was recommended by a writer in a New York 
 newspaper in February, 1849. In a letter the latter 
 stated that the Californians should adopt the same 
 plan of making gold ingots to be used as money that 
 had been tried with success in Brazil, and it is sup- 
 posed that this idea was adopted. In an editorial in 
 “Daily Alta California” of Nov. 25, 1850, the writer 
 referred to the contemplated issue of Humbert ingots: 
 
 “ They will possess but little, if any, advantage, over 
 the ingots assayed and stamped by the State Assayer, 
 all of which did no good. They will have no particu- 
 lar advantage over the ingots prepared by Messrs. Mof- 
 fat & Co. last year, which failed also to serve as coin 
 for public use.” 
 
 But the most conclusive proof of all is contained in 
 a paper read before the English Numismatic Society 
 of Nov. 22, 1849. I n this William D. Haggard said 
 
 that he had obtained several specimens of California 
 gold from a Mr. Holmes, who had gone to the gold 
 fields in 1848, and had just returned. Among other 
 specimens of raw gold is “a small bar of gold, cast and 
 stamped at San Francisco, value sixteen dollars, with 
 the name of ‘Moffat & Co. 20j^ Carat. §16.00.’ A 
 charge of two shillings is made by them for converting 
 one ounce of gold into the bar, but it really costs the 
 party five shillings. The bar only weighs 19 dwt. 15 
 grains, and the quality being 5 grains more than the 
 standard, alloy must be introduced equal to 2 grains. 
 The California gold never comes out more than 3 
 grains worse than standard. There are other bars, 
 from fourteen to sixty dollars, which pass as money 
 and are chiefly used in gambling.” 
 
 2 Among Mr. Kuner’s effects was an impression in 
 wax of the Moffat & Co. ten-dollar piece, without date, 
 accompanied by a memorandum stating that the im- 
 pression had been taken on July 31, 1849, and was for 
 the first coin to be issued by Moffat & Co. 
 
i6 
 
 PRIVATE GOLD COINAGE. 
 
 face value. The expert report upon the Moffat coins by Messrs. Eckfeldt and 
 Dubois in their work of 1850 gives a close insight to the character of the 
 coins, four of Moffat & Co.’s ten-dollar gold pieces being analyzed. 
 
 The first piece, of the weight of 258 grains, of a fineness of .884 gold, 61 thousandths 
 silver, 55 thousandths base metals. The second piece weighed 259 grains, 898 thousandths 
 gold, 41 thousandths silver, 64 thousandths base metals. The third showed a weight of 258 
 grains, of 895 thousandths gold, 58 thousandths silver, 47 thousandths base metals; and the 
 fourth piece had a weight of 258 grains, 881 thousandths gold, 60 thousandths silver, and 59 
 thousandths of base metals. 
 
 It should be understood that of the base metals in the alloy only three or four thousandths 
 are to be set down as native, being chiefly iron ; the residue is copper added by the smelter. 
 The average of the copper so added appears to be 56 thousandths, say 4^ per cent. Of the 
 use of copper as an alloy, and not as a cover for the substituting of gold, no one will complain, 
 since it is the usage of all mints, intended to give coin a better color, and to make it harder 
 and fitter for wear than if silver were used for the mixture. 
 
 From the foregoing it appears that while a single piece may be worth $9.78 to $9.98, the 
 average value is $9.88 (the silver not being in sufficient proportion to pay for parting), which 
 is so near to ten dollars that the use of copper was evidently with honest intent. 
 
 The result was at first so surprising that only a decided confirmation could satisfy us. It 
 proves what was not to be expected, that the establishment had gone to the pains and expense of 
 partly refining out the silver from the native gold in order to allow for the substitution of copper 
 for the other alloying metal. California gold in its native state is not fine enough to bear the 
 addition of 5^ per cent, copper, or, we may say, any copper at all, without debasing the coin 
 and injuring the community. It is already more than sufficiently alloyed by the hand of Nature 
 with silver to bring it down to standard, and it was to the last degree unlikely that copper 
 should have been added for any other purpose than to swell the profits of the private mint. 
 
 Unlikely things, however, are sometimes stubbornly true, and this establishment must be 
 exonerated on this score. The metal that they take out of their ten-dollar piece is not gold, 
 but silver. Without feeling bound to account for a matter which does not belong to us, we 
 may suggest as the most likely motive for reddening the coin with copper that it is thereby 
 relieved from the pale, ungoldlike hue of the native melted gold and looks more like the veri- 
 table eagle of the United States, to whose general aspect it is rather too closely conformed. 
 
 The issue of such coins is not illegal, and under existing circumstances may be salutary, 
 or even dictated by necessity. A coin, with its native alloy, to weigh eleven pennyweights, or 
 264 grains, worth on an average $10 and a few cents more, was recommended. 
 
 The ingots are pronounced full in point of weight, but not in fineness or value, varying 
 grossly. Lastly, as to the real value of the ingots as compared with the alleged, it is evident 
 from what has been said that some of them are rated too low and others too high, the over- 
 valued ones being apparently the more recent. What has surprised us, both in this case and 
 that of the private mint in North Carolina, is that the valuations should be wrong even upon 
 their own data, being deducible by a simple rule of arithmetic. 
 
 Every one knows as a starting point that a weight of 258 grains of gold, nine-tenths fine, 
 is by our laws worth $10. Moffat’s ingots marked 2 1 3 ® 5 carats (88 1.6), were variously calcu- 
 lated $ 18.10 to $18.14 P er ounce; the proper result at that fineness is $18.22^. But perhaps, 
 as in weight and quality, so in value, de minimum ( in auro) non curat California. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 i7 
 
 A short time after the 1849 ten-dollar piece was issued by Moffat & Co. 
 they struck a five-dollar piece. This coin was similar to the larger denomi- 
 nation, and the dies were also made by Mr. Kiiner. 
 
 The coins of Moffat & Co. were of the value stamped upon their face in 
 nearly every instance, and they therefore enjoyed a great prestige throughout 
 the Pacific States in 1849, during the latter part of the year that section 
 of the country being flooded with the productions of many other private mints, 
 some of the issues of which were very much below the value stamped upon 
 them. Moffat & Co. redeemed their own coin at their counters in silver 
 whenever presented. As silver coins were receivable for customs dues, 
 they were on a par with gold coins and commanded a premium in gold- 
 dust. 
 
 The year 1850 brought to an end the operations of many of the private 
 mints, but Moffat & Co.’s establishment was advanced from a private to a 
 semi-official mint. 
 
 In 1850 Moffat & Co. struck gold coins of the denomination of five 
 dollars only. This piece was similar in design to that of 1849, with the ex- 
 ception of the date. It was also a product of the skill of Engraver Kiiner. 
 These pieces were struck in great numbers, as is evidenced by their compar- 
 ative abundance even at the present time. Their general use is proved by 
 the fact that, although specimens are even now common, yet it is difficult 
 to obtain one in uncirculated condition. The coins were of such good quality 
 that they were quoted at par in the market reports,' whereas nearly all the 
 other private coins were quoted at 8 per cent, discount. 
 
 In 1850 attempts were made by New York and California representatives 
 in Congress to have branches of the United States Mint established in their 
 respective cities. While Congress did not take decisive action upon this ques- 
 tion, still it did authorize, in September, 1850, the Secretary of the Treasury 
 to contract with the owner of a well-established assaying business in Califor- 
 nia who should assay and fix the value of gold in grains and lumps, to which 
 he should affix the stamp of the United States, indicating the fineness and 
 value of each ingot. 
 
 Moffat & Co. received this contract, and Augustus Humbert, of New 
 York City, a watchcase maker, was appointed United States Assayer, to place 
 the Government stamp upon the ingots of gold to be issued at the assay office 
 of Moffat & Co. 
 
 1 The San Francisco “ Prices Current ” of Dec. 14, $1.00; Peruvian dollars, $ 1 .00 ; Chilian dollars, $1.00 
 1850: Gold-dust, $16.00 to 516.25 ; Quicksilver, 5 1 5.00 5-francs, 95 cents. At this date the statement was 
 to $15.50; Moffat’s coin, Par; Doubloons, $16.00; made in “ Prices Current” that some fifteen hundred 
 Sovereigns, $4.85 ; 20-franc pieces, $4.00, (Custom thousand dollars in coin was locked up in the Custom 
 House), $3.85 ; 10-guilder pieces, $4.00 ; 10-thaler House, and consequently was scarce in general circu- 
 pieces, $8.00 ; Spanish dollars, $r. 00 ; Mexican dollars, lation. 
 
i8 
 
 PRIVATE GOLD COINAGE. 
 
 The Assay Office was created as a temporary provision which would take 
 the place of a Government Mint, and was a compromise to which the Califor- 
 nia delegation agreed only when it was evident that the bill for the California 
 Mint could not be passed at that session. The advantage to be derived from 
 its operation was the enhancing of the price of gold-dust, which had a widely 
 fluctuating value. The good results which had been obtained from the oper- 
 ation of the State Assay Office in 1850 led the California delegates to support 
 the measure providing for the establishment of the Assay Office, and it was 
 expected that it would do away with the low price of gold-dust, which had 
 become a serious evil, and it was believed that at the next session of Congress 
 a mint would be given to California. 
 
 Moffat & Co., upon securing the Government assaying contract, at once 
 ceased to issue their private coins, and made preparations for the increase of 
 their assaying business which was sure to follow the authority given to their 
 establishment. They obtained a site on Montgomery, between Clay and Com- 
 mercial Streets, and on Jan. 29, 1851, the following advertisement appeared 
 in “ Daily Alta California”: 
 
 United States Assay Office. — We give notice that on or about the 
 first of February ensuing we will be prepared to receive gold-dust for smelt- 
 ing and assaying, and forming the same into ingots and bars, in accordance 
 with our recent contract with the Secretary of the Treasury, authorized by 
 Act of Congress approved Sept. 30, 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. 
 
 * * * * p ue notice will be given of the removal of the United States 
 Assayer’s Office to Montgomery Street. 
 
 Augustus Humbert arrived at San Francisco on either Jan. 30 or 31, and 
 it is fairly certain that the first octagonal fifty-dollar gold piece bearing his 
 stamp was issued on one of these two days, for the “ Pacific News ” of San 
 Francisco, of Feb. 1, 1851, stated that “ the dies for this purpose — the strik- 
 ing of the fifty-dollar pieces — have been procured, and the first coin produced 
 by them was shown us yesterday.” 
 
 It is reasonable to suppose that the United States Assayer had the stamp 
 to be placed on the ingots to be issued by Moffat & Co. made in New York 
 City, and it is probable that the dies were engraved by C. C. Wright, as on a 
 trial piece in copper of the fifty-dollar piece occurs the name of “ Wright.” 
 It is certain that Mr. Humbert did not expect to make coins, but simply to 
 use this stamp on such ingots as might be issued at the Assay Office, and the 
 fact that the reverse of the fifty-dollar pieces contains an engine-turned de- 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 19 
 
 vice, such as usually appears only on watchcases, would lead one to believe 
 that this embellishment was an afterthought of Mr. Humbert, which he was 
 capable of carrying into execution himself as he had formerly been a watch- 
 case maker. The new fifty-dollar piece was the forerunner of the octagonal 
 fifty-dollar gold pieces which have since become famous everywhere as the 
 money of the California pioneers, about which there has been so much mis- 
 understanding as to their origin and value. 
 
 The regular production of pieces by the Assay Office seems to have begun 
 about Feb. 14, 1851, when the “San Francisco Prices Current” contained an 
 article regarding them, with an illustration, which mentions several things of 
 importance concerning the issues and the designs, making the full reproduc- 
 tion of the text desirable. The article says : 
 
 The above cut represents the obverse of the United States ingot, or, rather, coin, of the 
 value of $50, about to be issued at the Government Assay Office. It is precisely of this size 
 and shape. 
 
 The larger ones of one and two hundred dollars are exactly similar, except they are 
 proportionately thicker. The reverse side bears an impression of rayed work, without any in- 
 scription. Upon the edge is the following: “Augustus Humbert United States Assayer — 
 California Gold 1851.” Those of five hundred and one thousand dollars are in form paral- 
 lelograms, about five inches in length and one and three-quarter inches in breadth, and ranging 
 in thickness — the smaller being about three-tenths of an inch and the larger six-tenths. 
 
 The fifty-dollar pieces will be of uniform value, and will be manufactured in the same 
 manner as coins — the others may vary according to weight and fineness from the denomina- 
 tion mentioned. 
 
 By order of the Secretary of the Treasury these ingots and coin are to be received for 
 duties and other dues to the United States Government, and our bankers, we are advised, will 
 receive them at their stamped value. 
 
 This will produce an important change in the monetary affairs here, gold-dust will imme- 
 diately go up, and as a necessary consequence foreign and domestic (Eastern) exchange will 
 be at a premium of from 5 to 7 per cent 
 
 The “ Daily Alta California” of Feb. 21, 1851, had the following editorial 
 comment to make upon the advent of the new fifty-dollar piece : 
 
 The new fifty-dollar gold piece, manufactured under the Act of Congress appointing a 
 United States Assay Office in California, and made under the supervision of the United States 
 Assayer, was issued by Moffat & Co. yesterday. About three hundred of these pieces have 
 already been struck off. The larger ones, of one and two hundred dollars, will be of the same 
 stamp and size, differing only in thickness. Those over $200 will contain the same stamp, but 
 will be struck in the form of bars. These coins are of course a legal tender, and are the coins 
 of the United States Government to all intents and purposes. The coin is peculiar, containing 
 only one face, an eagle in the centre, around which are the words “ united states of America.” 
 Just over the eagle is stamped “887 thous.” signifying the fineness of the gold. At the bot- 
 tom is stamped “ 50 dolls.” The other face is ornamented with a kind of work technically 
 called engine-turning, being a number of radii extending from the common centre, in which is 
 
20 
 
 PRIVATE GOLD COINAGE. 
 
 stamped, in small figures, “ 50.” Around the edge is stamped the name of the United States 
 Assayer. We trust our readers may learn the character of this new coin by ocular demonstra- 
 tion. 
 
 The accounts of the first issue of the fifty-dollar pieces in these two San 
 Francisco newspapers leads one to believe that both varieties of the piece 
 were issued about the same time at the Assay Office. It has been supposed 
 that the variety with the letters “ d c” on the obverse and “ 50” on the re- 
 verse was the first issued. The account in “ Daily Alta California ” would 
 seem to indicate a variety with which we are not acquainted. So far as known, 
 the variety with the “ 50” in the centre of the reverse has always been accom- 
 panied by an obverse showing the letters “ d c,” which we still believe to have 
 been the first variety issued. But according to the “ Alta California ” the 
 fifty-dollar ingot described by it was stamped “ 50 dolls,” which style of 
 obverse so far as we know, always accompanies the reverse with the “ 50 ” 
 omitted. If our recollection is correct, the cut in the “ Prices Current” above 
 mentioned, showed the "dc" variety. Therefore, as this appeared on Feb. 
 14, and the “Alta California” account on Feb. 21, it may be that both vari- 
 eties of obverse were struck within this period, and that there was such a 
 variety as mentioned in the latter account. However, there is also chance 
 for mistake on the part of the newspaper writer, especially if both varieties of 
 $50 ingots had been made at that time, as such a trifling die difference would 
 not be apparent to him. 
 
 That one hundred and two hundred dollar gold pieces were struck at the 
 United States Assay Office under the auspices of Moffat & Co., bearing the 
 stamp of the United States Assayer Augustus Humbert, will undoubtedly be 
 greeted with surprise by all who are acquainted with the subject of California’s 
 coinage. Certainly the issue of such pieces was contemplated, as is evidenced 
 by the direct and definite statements made by two of San Francisco’s journals 
 at the time of the opening of the United States Assay Office. A golden 
 ingot of either of these denominations has never been offered for sale, nor is 
 one known to be in any one’s possession. Mr. Frank A. Leach, the ex-Direc- 
 tor of the Mint, a native of San Francisco, states that it seemed to him that 
 there had been “slugs” of one hundred dollars circulated, but he could not 
 recall ever having seen one. He lived in California at the time, and well 
 remembered the circulation of the fifty-dollar pieces. 
 
 The “ Pacific News” of April 7, 1851, said: 
 
 It will be gratifying to the business community to learn that the bankers have agreed to 
 receive on deposit the fifty-dollar ingots stamped by the United States Assayer. They have 
 come to this determination simultaneously with the resolve not to receive any of the coins issued 
 except those of Moffat’s. The reason assigned for this is that Moffat does not now issue any 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 21 
 
 more of these coins, and redeems with silver all those in circulation whenever presented, while 
 none of the others redeem theirs. The bankers therefore will only treat these coins on the 
 same footing as gold-dust — that is, purchase them at $17 per ounce. 
 
 While this resolution will cause severe inconveniences and loss to holders, the former will 
 be an immense public bunefit. The fifty-dollar pieces, though not handsome in appearance, 
 are very useful, and can now be used in general business operations, while the United States 
 are pledged always to receive them for their face value. 
 
 The status of the fifty-dollar piece was a matter of the greatest impor- 
 tance to the Californians. They needed badly a medium which would be 
 receivable at the Custom House, where both gold-dust and private gold coins 
 were refused in payment of import tariffs, and the Collector was immediately 
 asked for his opinion. On the editorial page of “ Daily Alta California ” of 
 Jan. 30, 1851, appeared the following: 
 
 Some persons having expressed doubt whether the stamped ingots or coins to be issued 
 by Moffat & Co. under the late Act of Congress, under the supervision of the United States 
 Assayer, will be received in payment of Government dues, Mr. Curtis of the above firm has ad- 
 dressed Mr. T. Butler King, Collector of the Port, upon the subject, to which he has replied, 
 
 1 1 am authorized to receive those bars and ingots at the Custom House.’ 
 
 We can further state that the most eminent lawyers in the United States, and also men 
 in the most eminent positions, have given it as their unqualified opinion after due deliberation 
 and investigation of the question, that these ingots and bars will be a legal tender ; that they 
 are coins of the United States Government as is the dollar and the eagle, being, like them, 
 issued by Act of Congress, and bearing the stamp of the Government. 
 
 While the ingots of the Assay Office were freely received at the Custom 
 House, this by no means established the fact that they were the same as 
 United States coins, as contended by the above-mentioned editorial, as was 
 indeed proved later, much to the confusion of business in San Francisco. 
 Even at the time of their acceptance their equality with United States coins 
 was vigorously questioned by prominent officials of the United States. 
 
 In the Message of President Fillmore, delivered to Congress on Dec. 2, 
 1850, months after the passage by Congress of the Act authorizing the estab- 
 lishment of the United States Assay Office, the following recommendation 
 occurred : 
 
 There being no Mint in California, I am informed that the laborers in the mines are com- 
 pelled to dispose of their gold-dust at a large discount. This appears to me to be a heavy and 
 unjust tax upon the labor of those employed in extracting this precious metal, and I doubt not 
 you will be disposed to at the earliest moment possible, relieve them from it by the establish- 
 ment of a Mint. In the meantime, as an Assayer’s office is established there, I would respect- 
 fully submit for your consideration the propriety of authorizing gold bullion, which has been 
 assayed and stamped, to be received in payment of Government dues 
 
22 
 
 PRIVATE GOLD COINAGE. 
 
 When Director of the Mint George N. Eckert was referred to for his 
 opinion as to the status of the fifty-dollar piece, the question having been 
 raised whether the United States was obliged to receive the coins stamped by 
 Augustus Humbert as United States Assayer in California, owing to one of 
 the Federal officers having refused to take certain of this series, the Director, 
 in a letter dated April 23, 1851, stated that the issues of Moffat & Co. and 
 others in California were utterly unrecognized, and that the United States 
 was under no obligation to receive them. He said that there was a Govern- 
 ment Assayer in California, Augustus Humbert, who is authorized to stamp 
 the fineness and value of the bars and ingots for owners of bullion, but that 
 this fact did not make them legal tender. 
 
 In July, 1851, Mr. Bayly, in Congress, offered a substitute for the bill 
 which provided that the coins issued by the Assay Office in San Francisco be 
 made a legal tender, and that the institution be enlarged and improved. This 
 was adopted by the committee and brought before the House in the matter of 
 the establishment of a Branch Mint at San Francisco. The substitute was 
 rejected. The first bill to establish the Assay Office provided that it be oper- 
 ated to tax the miners only the actual cost of determining the value of his 
 gold — “ Daily Alta,” July 23, 1851. 
 
 Upon the establishment of the United States Assay Office a more accu- 
 rate estimate of the value of the gold-dust was provided, and it gradually in- 
 creased in price until it ranged as high as $18. Many dealers did an exclusive 
 business in the handling of gold-dust at this period. Useful as was the estab- 
 lishment, however, it did not meet with the full favor of the Californians, who 
 thought, and were well justified in so thinking, that they were entitled to a 
 Branch Mint, and that the Assay Office served to delay the creation of such a 
 Mint. 
 
 The immediate result of the opening for business of the United States 
 Assay Office was the beginning of the disappearance of the many varieties of 
 gold coins bearing private stamps which had been so generally circulated 
 throughout California. The discredited Mormon coins and other issues such 
 as those of the Pacific Company, all of which were of a value much lower than 
 that stamped upon their face, soon found their way to the Assay Office, were 
 remelted, and reappeared in the form of fifty-dollar pieces. 
 
 In April, 1851, a number of gold pieces of different denominations, issued 
 by the private minting firms, were sent to the establishment for assay, and the 
 result showed that none of them was worth its face value. Discredit was at 
 once thrown upon all such coins, bankers refused to take any but Moffat’s 
 coin on deposit, and steps were taken by the business men of San Francisco 
 to stop the circulation of the private issues altogether, which had the effect 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 23 
 
 of at once putting a stop to the further striking of coins by the private mints. 
 The coins, thoroughly in disrepute, followed the Mormon and Pacific Com- 
 pany pieces to the Assay Office, and soon there were no gold coins in circu- 
 lation except the unwieldy fifty-dollar pieces. 
 
 The withdrawal of the -private coins, which were of the convenient de- 
 nominations of $5, $10 and $20, soon brought about a serious condition of 
 affairs. Regular United States coins were hoarded for the payment of cus- 
 toms duties, for which purpose the California coins were not accepted, and 
 therefore the former pieces had been used almost exclusively for that purpose, 
 while the California coins had answered local needs. 
 
 Fifty-dollar pieces in a short time were the only gold coins in circulation, 
 and their size and denomination caused the greatest inconvenience. Two or 
 three per cent, was charged for changing one of them into coins of smaller 
 denomination, and consequently Moffat & Co.’s establishment came in for 
 a great deal of criticism. The press throughout the State complained bitterly 
 of the effect the Assay Office had on the currency, and once more the matter 
 of the establishment of a Branch Mint was agitated. 
 
 The need for coins of a smaller denomination than fifty dollars was early 
 recognized by the United States Assay contractors, who in their report of 
 April 14, 1851, to the Secretary of the Treasury, asked for authority to supply 
 such pieces : 
 
 San Francisco, April 14, 1851. 
 
 Hon. Thomas Corwin, 
 
 Secretary of the United States Treasury. 
 
 Dear Sir: In compliance with your instructions, we herewith send our report for the 
 month of March. It will appear from it and our previous report that the business of the United 
 States Assay Office had from its commencement steadily increased. From present appearances 
 its amount for the current month will greatly exceed that of the last. The objects of the assay 
 law now seem to be in a fair way of accomplishment. The effect of its operation upon the 
 gold-dust market and upon the monetary affairs of this country has already been great indeed. 
 It has within the last fortnight produced almost an entire revolution in our financial transac- 
 tions, of which a brief history may not be uninteresting. 
 
 We have heretofore informed you that the Assay Office encountered the opposition of 
 bankers. Their hostility arose from the belief that its successful operation would conflict with 
 their interests, first, by advancing the price of gold-dust ; secondly, by compelling them to increase 
 the rates of exchange, and, thirdly, by destroying certain private mints to which they were sell- 
 ing large quantities of gold-dust at a profit. In our last we informed you that the first two 
 results had already happened. Since then the third has been accomplished. Those private 
 mints (four in number) encouraged, if not established by bankers, had for some time been 
 flooding the country with their coins. All this coin was manufactured from the gold of the 
 country without any process of refining; and although of full United States standard weight, 
 yet under mint value because the average fineness of California gold is much below the mint 
 standard. Careful assays of the coin had been made by the United States Assayer, and the fact 
 
24 
 
 PRIVATE GOLD COINAGE. 
 
 demonstrated that it was on the average some 3 per cent, below its purported value. A correspond- 
 ence between the United States Assayer and one of our bankers, showing the result, was pub- 
 lished. The effect was instantaneous and overwhelming ; the private mints were at once 
 compelled to suspend operations, and their issues amounting, we have reason to believe, to a 
 million and a half, have since been purchased at a discount of from 5 to 10 per cent., and it is 
 not at all likely that another private coin will ever be struck in California. In the meantime 
 the issues of the Assay Office were popular with the merchants and the people generally. They 
 had the impress of authority, bore the United States stamp, were considered to all intents and 
 purposes a United States coin, and bankers began to find that to discredit it was beyond their 
 power. They have, therefore, made a virtue of necessity, and from enemies have become its 
 friends. They not only now receive it and pay it out as they do other coins of the United 
 States, but they have become the largest depositors of dust at the Assay Office. It will be seen 
 from the report that all the issues of the Assay Office have been of the denomination of $J0 ; such 
 too has been the case in the present time. This is owing to the absence of a sufficient supply 
 of legal currency ; they are not shipped but go into circulation here, and the chief complaint 
 against the office has been that it has not been authorized to make its issues of still less denom- 
 tions. The necessity for such authority is augmented by the sudden withdrawal from circula- 
 tion of so large an amount of private coin. We are awaiting with much anxiety such instructions 
 as will enable us to supply this desideratum. 
 
 Ingots of large denomination will be in demand only when they shall be required for 
 shipment ; that they will soon be so required we have every reason to believe. The advance 
 in the price of gold-dust and the gradual increase in the rate of exchange convince us that the 
 day of profit on shipment of dust is nearly passed, and that ere long the miner, the producer, 
 will obtain the full value of his gold, while the merchant will have to rely for his profit on his 
 goods, and the banker on his exchange, and not upon remittances of gold-dust. 
 
 Very respectfully, your obedient servants, 
 
 Moffat & Co. 
 
 P. S. Lest it might be inferred with the private coins spoken of, that of Moffat & Co. is 
 included, we deem it proper to say that we discontinued its issue before commencing operations 
 under the Government contract; that it still has, as it has ever had, the confidence of the public 
 and continues to circulate at par quite as freely as coin of the United States. 
 
 M. & Co. 
 
 For some unknown reason the Treasury Department did not approve of 
 the issue of pieces of smaller denomination than fifty dollars by the Assay 
 Office. And in reply to the communication of Moffat & Co. of April 14, this 
 letter was received by them from Acting Secretary Hodge : 
 
 Treasury Department, July 9th, 1851. 
 
 Gentlemen: In reference to the suggestion made in your letter of the 14th of April, 
 giving the results of the assaying and stamping of gold ingots during the month of March, that 
 authority should be given to assay and stamp ingots of denominations and values under fifty 
 dollars, I have to state that it is not deemed expedient at this time to authorize the assay and 
 stamping of ingots of less denomination or value than fifty dollars. 
 
 Very respectfully, your ob’t servant, 
 
 Messrs. Moffat & Co., Wm. L. Hodge, 
 
 San Francisco, California. Acting Secretary of the Treasury. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 2 5 
 
 The scarcity of gold coins of small denominations and the predominance 
 of the fifty-dollar ingots caused so much annoyance that one newspaper re- 
 ferred to the octagonal pieces as little less troublesome than the plagues of 
 Egypt, and the following extract from “Daily Alta California” of July 25, 
 1851, shows why Moffat & Co. were so anxious to get authority to issue 
 smaller denominations and the estimation in which the Assay Office was be- 
 ginning to be held : 
 
 More large fish are to be produced and sent forth through our channels of trade to put 
 the small fry to flight in all directions. The machinery at the slug mill of Moffat & Co. has at 
 last been repaired, and re-commenced operations yesterday. The monstrous fifty-dollar chunks 
 are becoming a decided nuisance, unless privately taken in large quantities. It is fast becom- 
 ing one of the greatest favors you can ask of a storekeeper to accommodate you by changing 
 one of them, such is their sluggishness in the market. We hear, in fact, of various instances 
 where various individuals have purchased a pair of gloves or some other small article for which 
 they have no earthly use, merely for the purpose of getting one of these pieces changed. No 
 longer ago than on the occasion of the departure of the last steamer one of them was changed 
 at our counter for a person who was excessively anxious to make a cash purchase of a steamer 
 paper. Price of paper $0.25. 
 
 In the August monthly report of Moffat & Co. to the Treasury Depart- 
 ment the Assay Contractors again asked for permission to strike smaller 
 denominations, and once more such authority was withheld, as the following 
 letter shows : 
 
 Treasury Department, Aug. 26, 1851. 
 
 Gentlemen: Your letter of the 14th ult. covering returns of assays of gold is received. 
 
 In regard to the authority requested in your letter of the 14th of April, and now renewed, 
 for permission of the United States Assayer to stamp ingots of the denomination of twenty 
 dollars and ten dollars, I have to refer you to the letter of the Department declining the propo- 
 sition dated the 9th ultimo, a duplicate of which was transmitted to you yesterday. 
 
 Very respectfully, your obed’t servant, 
 
 Messrs. Moffat & Co., Wm. L. Hodge, 
 
 San Francisco, California. Acting Secretary of the Treasury. 
 
 The scarcity of small gold coins was so sharply felt that one of San Fran- 
 cisco’s leading newspapers, the “Picayune,” of Oct. 21, 1851, devoted an 
 editorial to the question, which so well illustrated the currency conditions of 
 the time that it is herewith reproduced in its entirety : 
 
 The scarcity of gold and silver coin not only in our city but throughout the State has 
 for some time been a growing evil, and such a one as not only embarrasses our heavy moneyed 
 men but annoys all classes and confuses business of every kind. Since the suspension of small 
 gold coinage by Moffat & Co. this scarcity has been pressing more and more upon the com- 
 munity, as the great proportion of our current gold coin of the 55 and 5io denominations came 
 from their mint. This currency, together with that afforded by Mexican and the various South 
 
26 
 
 PRIVATE GOLD COINAGE. 
 
 American doubloons, has been of almost inestimable value in the conducting of business. Im- 
 mense quantities of these coins have been melted up into ingots or shipped to foreign countries, 
 which has resulted in a complete derangement of the currency of this State and the substitu- 
 tion of another circulating medium which, as it has happened, is not one at all adapted to the 
 ordinary wants of the community. 
 
 Until within a few months it was not generally supposed that the issue of ingots by the United 
 States Assay Office would have the effect of driving the smaller kinds of gold coins from cir- 
 culation, except perhaps the fraudulent and uncurrcnt issues of some of the private mints; and 
 this last was a result which was contemplated by all with none other than feelings of satisfac. 
 tion. Of Moffat’s coin there was already in circulation an amount supposed to be ample for 
 years, as none of it would find its way out of the State. But a great share of it has gone into 
 the Assay Office and has reappeared in the shape of fifty-dollar ingots. Many of the doubloons 
 have taken a similar course, though most of them have been shipped away, the increased price 
 of gold-dust having destroyed in a great measure the opportunity for their profitable invest- 
 ment here. 
 
 The amount of American gold in circulation has always been very limited ; for a consid- 
 erable time past its exportation has exceeded its influx, owing to the demand by our increasing 
 emigration and the stringent condition of the Eastern money market. If the present rate of 
 drainage be continued it will very soon exhaust our supply of National gold currency. 
 
 Of silver coin also the supply is too small to meet the wants of the community. This, to 
 be sure, partially arises from the fact that the gold is being absorbed or shipped away, as we 
 have just stated. But even though there were the same amount of silver coin in the State now 
 that there was a year since, it would not be found sufficient to supply the vacuum in the con- 
 venient currency created by the withdrawal of the smaller gold coin. The great bulk of our 
 silver currency has been composed of Mexican and Peruvian silver dollars, with a considerable 
 sprinkling of five-franc pieces. For smaller trade we have had a most varied assortment of 
 fractional silver, comprising representations of the currency of well nigh every nation in the 
 world. Mexican dollars have always stood first in favor, because of their well known purity of 
 standard, their convenience for all, and their necessity for some of our Pacific trade. Therefore 
 we find that this coin has for a long time commanded 2 per cent, premium for the China and 
 East India trade. The supply at the same time has continued to diminish. Like the doubloon, 
 they can now be more profitably invested elsewhere. Instead of being shipped here for the 
 purchase of gold-dust they are sent direct to the Atlantic States and Europe, where there exists 
 a pressing demand, and they at present command high rates of premium. 
 
 This monthly inconvenience, now in fact almost amounting to a currency crisis, will not 
 probably continue much longer. Only the prospect of speedy relief, and the fact of the recent 
 increase in the value of gold-dust has hindered the re-commencement of private coinage, not- 
 withstanding the existence of the statute prohibiting the same, and the knowledge of the evils 
 certain in the end to result from it. 
 
 But we entertain no doubt that relief of a satisfactory and durable nature will soon be 
 afforded. Several months since, we believe, a request was forwarded to the Treasury Depart- 
 ment by the United States Assay Office in this city asking for authority to issue gold coins of 
 all the Federal denominations. It is probable that such power will be granted him, and that 
 so far as gold currency is concerned a full supply of the desired denominations will be intro- 
 duced. With another year we anticipate seeing a regularly organized United States Mint in 
 operation here, receiving our twin staples, gold and silver, and issuing coin sufficient not only 
 to supply our own State, but to rule the currency and trade of the Pacific. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 27 
 
 This almost unbearable condition of currency affairs seems to have con- 
 tinued up to the latter part of the year. The fifty-dollar pieces were about 
 the only circulating medium, and they were of such unsuitable denomination 
 that they were of little use for small business transactions. The discount to 
 which they were subjected, when changed, often equaled 4 per cent., making 
 a $50 ingot worth just $48, which certainly was not much of an improvement 
 on a majority of the private gold pieces which they had replaced, and which 
 had caused so much unfavorable comment. Complaints against the Assay 
 Office continued as late as December, as the following extract from “ San 
 Francisco Herald” of Dec. 8, 1851, shows: 
 
 Private coins have come into disrepute, and been subjected to a discount, but even a loss 
 on that was a mere trifle compared with what communities at the East often sustain when a 
 bank suspends payment. Then their paper is often worthless, and the holder loses all. Here 
 at most his “ Baldwins” will pass at 6 or 7 per cent, discount. But there is no reason why the 
 people of California should ever lose anything through the agency of their currency. It is the 
 plainest and most imperative duty of the Government to furnish us with a mint, whose stamp 
 will always be security against loss. We want no more half-way expedients for tricking up a 
 currency. The Assay Office has failed to effect the good its projectors promised, and is inun- 
 dating the country with a coin so inconvenient that the holder has often to submit to 2 or 4 per 
 cent, discount to get it changed. 
 
 From the letters that have been obtained it would seem that Moffat & 
 Co., in their monthly reports to the Treasury Department had each time drawn 
 attention to the necessity of being allowed to strike ingots of small denomi- 
 nation, and at last these requests bore fruit, as authority to make ingots of 
 the value of ten and twenty dollars was finally given Dec. 9, 1851, which is 
 mentioned in the following letter to Joseph R. Curtis, one of the members of 
 the firm of Moffat & Co. : 
 
 Treasury Department, 
 
 Joseph R. Curtis, Esq., New York. December 9th, 1851. 
 
 Sir : In reply to your letter of the 6th instant suggesting the expediency of authorizing 
 the United States Assayer in California to affix the United States stamp to ingots or bars of 
 gold of denominations and values under fifty dollars, I have to inform you that the Department 
 has under this date authorized Mr. Augustus Humbert, the United States Assayer in Califor- 
 nia, to stamp ingots or bars of gold of the denomination and value of twenty and ten dollars 
 respectively, and has so informed Messrs. Moffat & Co. of San Francisco, the contractors of 
 the Treasury Department. 
 
 Very respectfully, 
 
 Wm. L. Hodge, 
 
 Acting Secretary of the Treasury. 
 
 From the following letter, however, to Moffat & Co., dated Dec. 10, 1851, 
 it is shown that no sooner had the long-desired authority to make the small 
 ingots been given to Moffat & Co. than it was immediately revoked : 
 
28 
 
 PRIVATE GOLD COINAGE. 
 
 Messrs. Moffat & Co., Treasury Department, 
 
 San Francisco, California. Dec. 10th, 1851. 
 
 Gentlemen: As a bill has been introduced into Congress in connection with a Mint and 
 Assay Office at San Francisco, you will, until further instructed on the subject, suspend any 
 action under the authority in the letter of the Department of the 9th inst. relative to the stamp- 
 ing of ingots of twenty and ten dollars. 
 
 Very respectfully, your ob’t servant, 
 
 Wm. L. Hodge, 
 
 Acting Secretary of the Treasury. 
 
 The following letter from Augustus Humbert, United States Assayer, to 
 Secretary Corwin was written before the authority to strike ten and twenty 
 dollars had reached Moffat & Co. In it he refers to the likelihood of another 
 private issue of coin to supply pressing local needs : 
 
 United States Assay Office, 
 
 Hon. Thos. Corwin, San Francisco, Cal., Dec. 31, 1851. 
 
 Secretary of the Treasury , Washington, D. C. 
 
 Sir: Accompanying this Messrs. Moffat & Co. send you the monthly report of the trans- 
 actions of this office, showing a sad falling off in its business, not to say its usefulness; it is an 
 incontestible fact that the great scarcity of small coin (say, 5s, 10s, and 20s) has its influence, 
 for in the greater portion of the transactions of the country the $50 ingots are too large, even 
 the bankers have to restrict their depositors to checking for round amounts, or submit to a seri- 
 ous loss, as they are obliged to pay from ij to 2 p. c. premium on the small coin necessary for 
 their daily transactions, thus showing the urgent necessity existing for the issue of ingots of 
 smaller denomination than 50s from this office. 
 
 Several of our most influential merchants and bankers as a matter of absolute necessity, 
 not choice, have been urging somebody to make small coin with a private stamp, and I under- 
 stand the dies are already in the hands of the engraver ; whether or no these dies will be used 
 will probably depend on the decision you may have taken with regard to the application pre- 
 sented to you by Mr. J. R. Curtis, etc. I sincerely hope it will be favorable and soon at hand, 
 as I am well satisfied that if private coin again resumes the place it once had among us, the 
 door will be open for greater frauds than was before perpetrated. 
 
 I remain, very respectfully, your obedient servant, 
 
 A. Humuert, 
 
 U. S. Assayer. 
 
 Moffat & Co. had been petitioned by prominent men of San Francisco 
 to strike a quantity of private coin to meet urgent needs, but had hesitated, in 
 the hope that the Treasury Department would eventually see the expe- 
 diency of allowing the Assay Office to issue small denominations. On Jan. 
 15, 1852, when the letters authorizing the making of ingots below the denom- 
 ination of $50, and the one suspending such authority, reached Moffat & Co., 
 they at once communicated with the Treasury Department as follows, and 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 29 
 
 then yielded to the request of local business men that they issue $300,000 
 worth of their private coin to relieve the local currency situation, and a new 
 ten-dollar piece soon made its appearance bearing the stamp “ moffat & co.” 
 That this was issued none too soon is proved by the fact that at this time 
 the amount of gold and silver small coin in San Francisco did not exceed 
 $200,000 : 
 
 We have heretofore represented to the Department that in consequence of the great 
 scarcity of small gold coin in this State the issues of the Assay Office are at a discount of 2 to 3 
 per cent. ; that the office has incurred the odium of the people on account of the great incon- 
 venience and actual loss they were subjected to by the depreciation of its issues ; that its issues 
 were consequently daily diminishing in amount; that private coinage would be again resorted to 
 and coin with a private stamp be at a par, whilst that stamped by authority of the U. S. Gov- 
 ernment would be at a discount and the object of the Assay Office defeated, unless authority 
 should be speedily granted to issue ingots of smaller denomination than that of fifty dollars. 
 
 To these representations we have now to add that the state of things above described has 
 been continually growing worse ; that a private coinage establishment (that of Wass, Molitor & 
 Co.), without reputation or responsibility, commenced operations early last week ; that its issues 
 are at a premium of 2 to 3 per cent, over those of this office; that the business of this office 
 has nearly ceased, not having been for the last thirty days sufficient to pay its current expenses, 
 a humiliating and lamentable position for a Government establishment. 
 
 For months past we have been solicited by bankers, merchants, and others to issue a 
 limited amount of “ Moffat & Co.” coin. Expecting, however, by each successive arrival of 
 the mail to receive the desired authority from the Department, we declined their appeals. At 
 last, however, the exigencies became so great we could not resist the impression that duty to 
 the Assay Office, to the community, and to ourselves required our assent. 
 
 The accompanying correspondence and written opinion of J. H. Clay Mudd, Esq., con- 
 tain our reasons and justification for the step. 
 
 We have not yet commenced the issue, but shall do so in a few days, and will of course 
 discontinue it should the instructions of the Department of the 9th December ult. (and coun- 
 termanded by those of the following day) be confirmed. 
 
 It was with great reluctance that we assented to the issue of private coin, notwithstand- 
 ing the very cogent reasons by which we were influenced ; if any additional and conclusive 
 argument were wanting, w r e found it in the above communication from the department. 
 
 We have the honor to be, your obedient servants, 
 
 Moffat & Co. 
 
 The petition to Moffat & Co. to strike $300,000 worth of their private 
 coin is given below. The names of the petitioners show them to have been 
 the most influential business men of San Francisco, and include those of 
 nearly every one of the banking firms. 
 
 San Francisco, Jan., 1852. 
 
 Messrs. Moffat & Co. — Gentlemen : The great inconvenience attending all monetary 
 operations, in consequence of the scarcity of gold coin, induces the undersigned to request that 
 
3 ° 
 
 PRIVATE GOLD COINAGE. 
 
 you will issue some $300,000 additional of the coin of Moffat & Co., which will be sufficient, in 
 our judgment, to relieve the business community of its present embarrassment. 
 
 The application of the United States Assayer, Mr. Humbert, to the Secretary of the 
 Treasury for authority to issue ingots of lesser denomination than $50, whatever its final suc- 
 cess, may not be granted for thirty or sixty days to come. The necessity for an increased 
 amount of small gold coin in the meantime becomes daily more pressing, and this necessity 
 must and will encourage a resort to private coinage. Any increase of private coin, especially 
 of the coin of individuals who have not established a reputation for correctness and integrity 
 is much to be deprecated, and were it not that public convenience urgently demands it, we 
 would not make this appeal to you for a new issue of your coin. Inasmuch, however, as pri- 
 vate coin must inevitably have an increased circulation, we consider it not less important than 
 desirable that it should bear a stamp in which the public have confidence. The coins of 
 Moffat & Co. have attained and now hold that confidence, and are therefore preferable to any 
 new coin which may be put in circulation. 
 
 This will of course be a temporary measure, the necessity for which will cease upon the 
 receipt by the United States Assay Office of the requisite power to issue ingots of $5, $10, and 
 $20 denomination. But temporary as it may and will be, the issue of the coin of ‘ Moffat & 
 Co.’ to the extent we propose will confer a great public benefit, and we feel no doubt that the 
 whole community will sustain, as we certainly shall sustain, the effort to furnish a safe and more 
 convenient currency. Indeed, we cannot comprehend what objection can be made in any 
 quarter, here or elsewhere, to a measure of relief which has its origin in and is founded upon 
 an overruling necessity. The Federal Government, although earnestly petitioned, has not pro- 
 vided the remedy for the inconvenience and embarrassments consequent upon the scarcity of 
 small gold coin, under which this community has been and is now suffering. The State Gov- 
 ernment has no power to coin money, nor to make laws and regulations as to its coinage, and 
 consequently there is no other mode by which the present exigency can be met, more practica- 
 ble than or so satisfying as that which we have indicated. 
 
 Geo. Aiken. 
 
 0 . J. Gericke. 
 
 J. W. Raymond. 
 
 Dickson, De Wolf & Co. 
 
 Wm. Buckler, Jr. 
 
 Beverly C. Sanders. 
 
 A. Bresholm. 
 
 J. H. Trowbridge. 
 
 F. Marriott & Co. 
 
 D. T. Ailleed. 
 
 Turnbull & Walton. 
 
 Henry Selby. 
 
 Hostler, Barnes & Co. 
 
 Larco & Co. 
 
 Merrill & Co. 
 
 Drexel, Lather & Church. 
 
 J. B. Bidleman. 
 
 Engels, Hooper & Co. 
 
 Handy, Sterling & Co. 
 
 J. J. Chauviteau. 
 
 A. B. Southworth. 
 
 E. Delessert, Lyeron & Co. 
 
 Godeffroy, Sillem & Co. 
 
 Douglas & Snyder. 
 
 Hussey, Bond & Hale. 
 
 Jacks & Woodruff. 
 
 Whitcomb & Peake. 
 
 Macondray & Co. 
 
 Burgoyne & Co. 
 
 Dore & Ross. 
 
 Slade, Lambert & Co. 
 
 Page, Bacon & Co. 
 
 Wm. T. Coleman & Co. 
 
 Alsop & Co. (per M. Godley). 
 
 Jas. King of Wm. & Co. 
 
 L. Dellville. 
 
 Rollins & Co. 
 
 B. Davidson. 
 
 Scudder, Carroll & Co. 
 
 Taaffe, McCahill & Co. 
 
 Grisar & Co. 
 
 Wm. H. Jore & Co. 
 
 Tobin & Duncan. 
 
 G. Argenti & Co. 
 
 C. Laganterie & Co. 
 
 Jno. G. F. Pope. 
 
 Robinson & Co. 
 
 Kelly, Jansen & Co. 
 
 Geo. Gordon & Steen. 
 
 Rising, Caselli & Co. 
 
 Woodworth & Morris. 
 
 Qucreau & Johnson. 
 
 Smith Brothers & Co. 
 
 L. A. Gerry. 
 
 Hubbard & Snyder. 
 
 Backus & Harrison. 
 
 William L. Hobson. 
 
 Gibbs & Co. 
 
 Danl. L. Ross. 
 
 
 C. B. Loomis. 
 
 Geo. Clifford & Co. 
 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 3i 
 
 In response to this petition Moffat & Co. made the following reply : 
 
 San Francisco, Jan. 7, 1852. 
 
 Gentlemen: We have your letter of the 5th inst., in which you request that we issue 
 some $300,000 additional of the coin of “ Moffat & Co.,” which you seem to think will be suf- 
 ficient to relieve the business community of the great inconvenience consequent upon the 
 scarcity of small gold coin. We have no desire, gentlemen, to issue any more private coin, and 
 have been exceedingly anxious for the redemption of that bearing our stamp now in circulation. 
 Acting upon this principle, and anticipating that the United States Assay Office, in response to 
 the petition some six months ago of a number of the most influential citizens of San Francisco 
 would receive timely instructions to provide for the present exigency, we have hitherto declined 
 the many and earnest appeals of the like character with yours, which have recently been made 
 to us. The instructions to which we refer, and which we have every confidence will be finally 
 given, have not yet been received. Under these circumstances, with a full knowledge of the 
 necessity for an increased supply of small gold coin, and with this appeal to us from the prin- 
 cipal bankers and merchants of this city, we feel that we are in some measure bound to aid in 
 furnishing a more convenient currency. 
 
 There is nothing in the law establishing the United States Assay Office, nor is there any- 
 thing in our contract with or bond to the Secretary of the Treasury, which precludes or pro- 
 hibits this issue of the coin of “ Moffat & Co.” Still we should not consent to it except in 
 obedience, as you have remarked, gentlemen, to “an overruling necessity.” In now consenting 
 to it we are influenced solely by the desire to relieve this necessity, to silence the present dis- 
 contents, and to sustain the institution with which we are connected as contractors with the 
 Government. And we trust that this issue of our coin will have the effect to prevent the fur- 
 ther hoarding of and brokerage in small coin, and thereby place the $50 ingots of the United 
 States Assay Office and other coins upon the same equality in all business transactions. 
 
 The coin of “ Moffat & Co.” will be issued of course upon our own responsibility, inde- 
 pendently with our connection with the United States Assay Office, and will be redeemed here 
 in the issues of that institution, and in New York, as our coin now is, and always has been, by 
 our agent, Messrs. Beebe and Co., in the regular coin of the Mint. We propose to issue the 
 first of this coin on Monday next, by which time we believe all our arrangements will be com- 
 pleted. 
 
 With our sincere thanks to you, gentlemen, for the confidence which you are pleased to 
 repose in us and in the coin which bears our stamp, we are, with high respect, 
 
 Your obedient servants, 
 
 Moffat & Co. 1 
 
 The contemplated new issue of private coins by Moffat & Co. elicited the 
 following editorial comment on the part of one of San Francisco’s leading 
 newspapers : 
 
 A petition has been drawn up and left for signature at the Commercial Exchange, asking 
 Messrs. Moffat & Co. to issue $300,000 in private coinage of the denomination of $5, $10, and 
 $20. A little in advance of this suggestion Messrs. Wass, Molitor & Co., assayers, have com- 
 menced the issue of five-dollar gold pieces, a description of which will be found in another 
 column. It is said, and we have no reason to doubt it, that the petition addressed to Moffat 
 
 1 Both petition and response are taken from “ Daily Alta,” Jan. 11, 1852. 
 
32 
 
 PRIVATE GOLD COINAGE. 
 
 & Co. is signed by our largest banking houses and our leading merchants, and it is asserted 
 that it will be generally acceptable to the trading public. 
 
 The reason which is assigned for these measures promoting the introduction of private 
 gold, is the scarcity of legal coinage of the smaller denominations. The reason is a true one, 
 for the difficulty of obtaining small coin has been a subject of general complaint for two months 
 past. But is this the true way to remedy the evil ? 
 
 The General Government has assumed by general consent the power to coin money, and 
 consequently to regulate the standard of value of everything which is bought and sold. The 
 citizens living under the Government assent to this proceeding because experience has taught 
 mankind, that in order to transact the business of life and advance their temporal interests, it is 
 necessary that the standard should be so fixed and established as to be beyond the danger of 
 fluctuation from the caprice or dishonesty of men. Money (or the precious metals) when 
 coined by a Government has a certain fixed value, which is as a general principle not liable to 
 variation by the ordinary laws of demand and supply. No other products among commercial 
 nations have a standard value — the price of all other productions is regulated by the standard 
 and dependent upon the demand and supply of each. The object to be gained by this arti- 
 ficial commercial arrangement is a determined standard of value which shall not be liable to 
 change, and thus prevent the consequent losses and depreciation which would infallibly result 
 from time to time from a change or variation in the standard. Experience has proved beyond 
 the slightest doubt that there is no way to produce this result but through the agency of a 
 monopoly Government coinage, and such is the system of the commercial nations of the day. 
 
 The proposition therefore to put in circulation in this State a large amount of private coin 
 is one of great importance, and cannot but excite the solicitude of the whole community, and 
 particularly that portion of it which constitutes its commercial class. Admitting as beyond 
 controversy the necessity which exists in the ordinary channels of trade for coin of a small 
 denomination, it does not follow that the correct way to cure the ill is through the issue of pri- 
 vate coin. That process might, and probably will, temporarily relieve the pressure, but an 
 intimation of its ultimate consequences must certainly result in the conviction that such a meas- 
 ure is not only an unwise one, but that it will produce an injury to the body politic. This 
 private coin, if it have value, can only maintain it in the absence of a legal currency, and when 
 that currency shall become commensurate to the wants of trade the private coin is at once dis- 
 paraged and falls below the standard. The consequence is a loss to the community at large 
 corresponding in amount to the total circulation. Now if this system of private coinage be car- 
 ried on for a year to come without any mishaps, and then a United States Branch Mint should 
 commence issuing coins, the private coin would at once deteriorate in value and the public 
 would be obliged to submit to a discount upon it or retain it in their possession. If a million 
 of dollars had been in circulation it is easy to compute the loss which would follow upon a 
 depreciation of one, two, three, four, or five per centum. True, this coin might be in reality of 
 the value expressed upon its face, and yet it would infallibly be displaced by the legal standard 
 currency at a large loss, sufficient at least to cover the cost of transportation to and from the 
 mint and the expense of coinage. 
 
 But the most weighty objection to this scheme is its irresponsible character. There is no 
 pledge, no guaranty that the money so issued will be redeemed in current coin. You are 
 obliged to take the coin upon trust, entirely without remedy. Whatever it may be intrinsically 
 worth, that you have ; but you can hope to recover nothing by redemption. This opens the 
 door to extensive and protracted fraud. There is no check to prevent it, and when once the 
 coin is put into circulation the community is at the mercy of the coiner. It does not need argu- 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 33 
 
 ment to prove this position, for the experience which our citizens have already had in the 
 “ Baldwin ” and other issues attest, the fact most undubitably. 
 
 There may not be the slightest objection to the coin which is intended to be put into cir- 
 culation by the firm we have named at the beginning of this article. The community know 
 them, and probably estimate them properly. But the great difficulty in these cases is to close 
 the door when once it is opened. This scheme, which in its inception is all proper, and per- 
 haps beneficial, soon attracts the attention of the speculative. The impression cannot be dis- 
 pelled that money is to be made by issuing private coin, for no one believes that patriotism has 
 reached so sublimated a point in this country that the public good will be promoted by individ- 
 uals at private expense. Then follows a perfect shower of private coin — some good, some 
 bad — the channels of trade are choked with it, and holders of it will come to their senses after 
 a while on learning that it is 5, 10, 15, or 20 per cent, below par. And this will not be the 
 result with regard to the bad coins only, for such occurrences will always involve the good with 
 the bad. 
 
 A few weeks since we believed it our duty to condemn a scheme for foisting upon the 
 community an irresponsible and valueless paper currency. The same general principles which 
 militated against that kind of money operate against this. It must be admitted, though, that 
 in that case there was no quid pro quo. The paper would have been utterly valueless in the 
 event of any collapse in the arrangements, whilst in the matter of private coin there would be 
 usually enough of real value to make a show of genuineness. The advantage, however, in favor 
 of the coin is only in measure, not in principle. 
 
 The conviction therefore forces itself upon us that in view of the dangerous tendency of 
 these schemes it is the part of wisdom to discountenance them. Unless all the teachings of 
 experience be valueless, the temporary good which will be derived from the system is largely 
 overbalanced by the permanent evil which we think likely to follow. Those who are engaged 
 in trade, therefore, and who are largely and directly interested in this matter of currency, should 
 look well to the consequences before they give the sanction of their influential names to a plan 
 so fraught w'ith danger. It is for the commercial community to say how far such proceedings 
 are commended by their experience, and how great the risk they can consent to run. 
 
 P. S. — Since the above was written we have been furnished with a copy of the petition to 
 Moffat & Co., and their reply to it. They state that they will accede to the demand made upon 
 them by the petitioners; that they can do so without conflicting with their contracts with the 
 Government, and that they have the dies with which to commence the work at once. We are 
 sorry that the petition and letter are crowded out this morning. 
 
 It is not certain just upon what day the first of the new ten-dollar pieces 
 bearing the name of “ Moffat & Co.” appeared, but it must have been around 
 the 14th of the month. “Prices Current” of Jan. 14, 1852, states “Messrs. 
 Moffat & Co., and Wass, Molitor & Co., have again commenced to issue small 
 coins;" the “ Picayune” of San Francisco of Jan. 23 says that the new ten- 
 dollar piece of Moffat & Co. had made its appearance the day before, and at 
 the same time stated that Moffat & Co. did not intend at present to issue any 
 coin smaller than $10. “ The eagle which graces the reverse is from the same 
 
 nest as the one on the ingots — a younger child of the same family. In a 
 semi-circle you read, “ 264 grs. California gold. 880 thous. ten d.” 
 
34 
 
 PRIVATE GOLD COINAGE. 
 
 The permission to strike coins of the denomination of $10 and $ 20 was 
 received at the United States Assay Office early in February, and on Feb. 12, 
 1852, “ Daily Alta California” stated: 
 
 By reference to a card published in another column it will be seen that Messrs. Moffat 
 & Co. have received instructions from the Treasury Department authorizing them to issue 
 from the United States Assay Office ingots of the denomination of £10 and 520. This will 
 be a great convenience to the business community, and will relieve us of the many difficulties 
 caused by the large coins. Messrs. Moffat & Co. with their well-known promptness will com- 
 mence the issue of the ingots to-day, and will cease issuing coin bearing the stamp of Moffat 
 & Co. 
 
 The following is the card referred to above : 
 
 A Card. — Moffat & Co take great pleasure in announcing to the public 
 that they have received by the mail of yesterday instructions from the Treas- 
 ury Department authorizing the issue from the United States Assay Office 
 of ingots of the denomination of ten and twenty dollars, and that they are 
 prepared to issue the same this day. 
 
 The tens will have a fineness of 884 thousandths, and will weigh 262^ 
 grains. The twenties will be of the same fineness, and will weigh 525^ 
 grains. 
 
 No more coin will be manufactured bearing the stamp of “ Moffat & Co.,” 
 and that already issued will be redeemed whenever demanded. 
 
 Moffat & Co. 
 
 Notice. — Moffat & Co. will hereafter, independently of their contract 
 with the United States Government, receive Gold-dust for melting and assay- 
 ing, and return the same in bullion, at a charge of 1 per cent, on its value. 
 
 The bars will at all times be ready for delivery within 48 hours. 
 
 A description of the new ten dollar piece of the Assay Office was con- 
 tained in the “ Prices Current” of San P'rancisco of Feb. 16, 1852, as follows: 
 
 The United States Assayer now has the authority from the Government to issue ingots or 
 coin of the denomination of ten and twenty dollars. The obverse of these pieces is in design 
 what is termed “ engine turned,” with a band across the centre bearing this inscription : 
 
 AUGUSTUS HUMBERT 
 UNITED STATES ASSAYER 
 OF GOLD CALIFORNIA 
 
 1852 
 
 The reverse has an eagle similar to the fifty-dollar piece; over it a scroll indicative of the fine- 
 ness of the coin in thousandths — “884 Thous.” — Under the eagle “ Ten Dols.” with the 
 legend “United States of America.” This is far preferable to the system of private coinage, 
 although certainly not so desirable as a regular mint issue. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 35 
 
 The twenty-dollar piece of the Assay Office would seem to have first 
 been issued on Feb. 28, according to the following extract taken from the 
 “ Prices Current ” of Feb. 28, 1852 : 
 
 The United States Assay Office commenced this morning issuing the twenty-dollar pieces. 
 In our last we neglected to give the fineness and weight of these, and also the $10 piece, which 
 is as follows: “ The fineness of both pieces is 884 thousandths, the weight of the twenty 525.4 ; 
 of the tens, 262.7 grains.” 
 
 On Feb. 16, 1852, the firm of Moffat & Co. was dissolved, the business 
 being continued by the other three members of the firm, and notice of the 
 dissolution was published in the “ San Francisco Herald,” as follows: 
 
 United States Assay Office, 
 
 San Francisco, Cal., Feb. 16, 1852. 
 
 YVe beg leave to inform you that the partnership of Moffat & Co. has been dissolved by 
 mutual consent. The undersigned have formed a new co-partnership, under the name of 
 Curtis, Perry & Ward, by whom the business of the old firm will be conducted, and to whom 
 the “ Contract for Smelting and Assaying Gold in California,” authorized by Act of Congress, 
 has been continued by the Treasury Department. The following denominations of coin are 
 now authorized to be issued by the Treasury Department from the Assay Office : Ten Dollars, 
 Twenty Dollars, and Fifty Dollars ; also bars of Five Hundred Dollars and One Thousand 
 Dollars 
 
 The “ Daily Alta California ” of Feb. 16, 1852, contained the following : 
 
 United States Assay Office. — A Card. — Curtis, Perry & Ward 
 beg leave to inform the public that the “ Contract for Smelting and Assay- 
 ing Gold in California, authorized by Act of Congress,” held by the late firm 
 of Moffat & Co., has been transferred and continued to them by the Treas- 
 ury Department. 
 
 After the reorganization of the firm of Moffat & Co. in February, 1852, 
 very little mention of the operations of the Assay Office can be found in the 
 San Francisco newspapers until early in October, with the exception of an 
 editorial, which is given here in full : 
 
 A great deal of discussion has occurred in the public prints of late upon the Assay Office 
 now in operation in this city. It has been made as much as possible a party contest, but one 
 of the Whig papers has almost robbed it of that character by a fierce onslaught upon the office, 
 condemning it in more serious terms than even its Democratic opposers. The consideration of 
 the subject has been watched with great interest because the matter is really one of moment to 
 a greater number of the citizens of California than any other single question of public policy 
 that is now before them. But here, as is not uncommon, the subject has been argued not with 
 a view to demonstrate the value of the establishment to the public, but more with a desire to 
 fix the responsibility of its creation upon the one or the other political party. 
 
36 
 
 PRIVATE GOLD COINAGE. 
 
 The Assay Office, as at present organized, was created by a law of the first session of the 
 31st Congress. It was adopted as a temporary provision which it was hoped would meet the 
 public wants and partially supply the place of a mint, and it was not brought forward until all 
 reasonable men saw that there was no hope of passing the New York and California Mint bill 
 at that session. It was supported by the whole California delegation — or, rather, it was 
 assented to by them, because they were inclined to believe that whilst it would work no posi- 
 tive injury, it might be made an instrument of great good. It should be recollected that the 
 action of the State Legislature in establishing such an office had great weight in producing this 
 conviction upon the mind of Congress, and the general tone of the California press seemed to 
 favor such an idea. 
 
 The advantage which was expected to be realized from the law was the enhancing of the 
 price of gold-dust. A perusal of the debates in Congress will show this conclusively. It was 
 assented to upon what was deemed good authority that the creation of a State Assay Office had 
 produced very beneficial effects in California in that regard, and as it was known that the low 
 price of gold-dust was a serious evil and a great wrong, the conviction was a natural one that 
 a measure which promised temporary alleviation was better than continued suffering under the 
 ills complained of. No party considerations entered into the matter. It was voted for and 
 supported by both Whigs and Democrats, although there was every reason to believe that the 
 office and its emoluments would be thrown into Whig hands by the administration. 
 
 It was foreseen that the establishment of the Assay Office might open the way to build- 
 ing up a vast monopoly, which would enrich a few individuals at the public expense ; but it 
 was believed that at the next session a mint would certainly be given to California, and it was 
 also presumed that her intelligent citizens and independent press would confine within proper 
 bounds the acquisitiveness of those who would be selected to administer the law. Therefore, 
 although it was palpable that individuals expected to make money through the law, it was 
 thought that the public advantage which would be wrought was a sufficient ground for the 
 course pursued. 
 
 But have these anticipations been realized ? Has the Assay Office been of the advan- 
 tage expected ? The weight of testimony must lead to a negative reply. That it has been of 
 some service is undeniable ; but in the main it has failed to fulfill the expectations of its friends. 
 Not totally failed, perhaps, but so far failed as to lead it to be regarded with suspicion instead 
 of hope. 
 
 It is charged — with how much truth we cannot pretend to say — that the persons having 
 the Assay Office under their control are garnering a rich reward from their business. And it 
 is asserted that the real effect of the law has been to create a monopoly, which is wringing its 
 thousands daily from the “ hard earnings ” of the industrious miners. Without inquiring into 
 these charges particularly, it is probably true that “ much moneys ” are made from the business 
 — much more than can be said to have an offset in the public good conferred. 
 
 Another point at issue in relation to the Assay Office is the propriety of receiving its coin 
 as a legal tender. It really seems a little strange that any question should be entertained upon 
 this subject, especially after the recommendation of President Fillmore that a law should be 
 passed to make legal currency of such coins as the Assay Office might issue. And more par- 
 ticularly does it seem inexplicable when it is reflected that Mr. Bayly of Virginia actually intro- 
 duced a substitute for the California Mint bill which had for its avowed object to make the 
 United States Assayer’s ingots a legal tender. It is urged that the understanding when the 
 law was passed was to the effect that the ingots would be a legal tender. Such was undoubt- 
 edly the belief of every man who voted for the law ; but the watchful Whig sentinels of the 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 37 
 
 Treasury early discovered that the law was imperfect, and their representations no doubt pro- 
 duced the President’s recommendation. Without, therefore, discussing the acts of any receivers 
 of public money, it is palpable that the coins of the Assay Office are not legal tender. 
 
 The great objection to the Assay Office, however, is to be found in the fact that it jeopards 
 the establishment of a mint. The course Mr. Bayly pursued in the last Congress had this 
 tendency, and in fact exerted a very serious influence against the mint if it did not in reality 
 defeat it. Still, it would not be fair to presume that the proprietors of the Assay Office desire 
 to defeat a mint for California, although the course of their friends in Congress had that effect 
 more or less. But it should not be forgotten that California must have a mint. There should 
 be no more delay ; no more hesitation ; no more uncertainty. The Congress of the United 
 States should be made to know and feel this, and they must give us our due. If the Assay 
 Office be a monopoly, this is the true way to destroy it. If it have failed to promote the public 
 welfare, the mint alone will cure the evil and answer the wants of this community. In this 
 view, therefore, all should understand that the Assay Office has proved itself an enemy to the 
 mint, and the danger is that it may yet be used to retard, if not defeat, the construction of 
 that Government establishment in California. 
 
 Early in the Fall of 1852 the ingots of the Assay Office were refused at 
 the Custom House, and much embarrassment to business ensued. At this 
 time the issues of the Assay Office represented the greater proportion of 
 California’s circulating medium, and their chief use had been in payment of 
 customs duties. The following letter from the Treasury Department to the 
 Collector, published in the “San Francisco Herald ” of Oct. 9, 1852, gave 
 the first intimation of the repudiation of these ingots : 
 
 Treasury Department, Sept. 4, 1852. 
 
 Sir : The authority previously given you by the Department to receive the gold coins of 
 the United States Assay Office at San Francisco in payment of dues to the Government is 
 hereby revoked, as Congress in the second section of the Civil and Diplomatic bill, approved 
 Aug. 31, 1852, has prohibited them from being received in any payments to the United States. 
 
 As the issues of that office were made under the authority of Congress, the Department 
 had considered that they were virtually coin of the United States, in which opinion it was sus- 
 tained by very high legal authority, and therefore had authorized it to be received in payment 
 for duties at the Custom Houses on the Pacific, knowing at the same time that it would remove 
 a great obstacle to commercial operations in California by affording a circulating medium in 
 coin of full standard value with that of the regular coinage, in absence ot a sufficient supply of 
 the latter not only for the commercial operations, but even for the ordinary transactions of 
 private life. Under the provisions of the above Act you are therefore requested and instructed 
 in future to receive in payment for dues to the United States only the issues of the United States 
 Mint and its branches, and the following foreign coin at their respective values, as noted below, 
 agreeably to existing laws, authorizing the receiving of such foreign coins for public dues, viz.: 
 The silver dollar of Mexico, Peru, Chile, and Central America at 100 cents, in accordance with 
 the conditions prescribed in the Act of 25th June, 1834. and the gold coins of Great Britain, 
 France, Spain, Portugal, Brazil, Mexico, and Colombia, agreeably to the conditions of the Act 
 of 28th June, 1834. 
 
 The Department will take the most prompt measures for purchasing, leasing, or erecting 
 a Mint at San Francisco, agreeably to authority invested in it for that purpose by Congress, 
 
3 » 
 
 PRIVATE GOLD COINAGE. 
 
 and so soon as the needful plans and specifications which are now preparing can be completed, 
 proposals will be invited by advertisement in California and on the Atlantic for sixty days, 
 agreeably to the directions of Congress, and the establishment will be commenced and will be 
 put into operation n the least possible time after proposals can be obtained and a contract 
 completed, as the Department is anxious to remove as soon as possible any inconvenience 
 which the commercial community may experience in consequence of the issues of the Assay 
 Office being no longer legally receivable. In the meantime the Department will ascertain if 
 any temporary arrangement can be effected of furnishing a circulating medium in California of 
 the standard fineness agreeably to the above Act of Congress, which may at least to some 
 degree lessen the inconvenience arising from the present scarcity in California of the actual 
 mint coinage. 
 
 William L. Hodge, 
 
 To T. Butler King, Esq., Assistant Secretary of the Treasury. 
 
 Collector , San Francisco. 
 
 A meeting of merchants took place in the Merchants’ Exchange in San 
 Francisco on October 9, to take action upon the order of the Treasury Depart- 
 ment. Among others present was Collector King. The “ San Francisco 
 Herald ” of Oct. 10, 1852, printed the following account of the proceedings : 
 
 THE RECENT TREASURY ORDER. 
 
 MEETING OF THE MERCHANTS. — REMEDY PROPOSED. — SPEECHES, ETC., ETC. 
 
 In pursuance of a call published in the morning papers, a large number of our most 
 respectable and influential merchants assembled at 12 o’clock yesterday in the Merchants’ 
 Exchange, to consider what course they should pursue in view of the recent order of the Sec- 
 retary of the Treasury, prohibiting the Collector of this Port from receiving the issues of the 
 Assay Office in payment of duties. 
 
 Beverly C. Sanders, Esq., was called to the chair ; and on taking his seat, he briefly 
 explained the object for which the meeting was called. If he understood it, he said, it was to 
 take into consideration the late extraordinary and oppressive action of Congress in instructing 
 the public officers in California to refuse to receive ingots or other coins issued by the Assay 
 Officers of the United States, in payment of public dues. This, in brief words, said he, I 
 believe to be the object of this meeting, and the Chair will be pleased to hear any suggestions 
 that may be made on the subject by the gentlemen. 
 
 Mr. Franklin, of the firm of Selim & E. Franklin, Auctioneers, said that with the view of 
 bringing out other suggestions, it occurred to him that the merchants who had duties to pay, 
 might continue to pay them in ingots, and sign bonds to make good in United States currency 
 within a short time, to be specified ; and at the same time they might enter into bonds to Mr. 
 King, the Collector, to indemnify him for going beyond his strict instructions in the matter. 
 
 Ex-Governor Smith said he felt induced to make some remarks on the subject before the 
 meeting, although he was not interested in it as a merchant, for the purpose of putting the 
 assemblage in possession of the facts of the case, and in doing so he would speak only facts. 
 I am induced, said Mr. Smith, to do so more in consequence of the remarks of the worthy 
 Chairman (Mr. Sanders), who has characterized the Act of Congress prohibiting the receipt of 
 ingots for public dues, “ Extraordinary and oppressive.” I think myself, that the Act is mis- 
 apprehended ; and for the purpose of putting the question in the true light, I shall occupy 
 your time for a few moments, not more than ten or fifteen. I will first read the letter from the 
 Acting Secretary of the Treasury to Mr. King, the Collector of this Port. It is as follows : 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 39 
 
 The authority previously given by the Department to receive the gold issues of the United 
 States Assay Office at San Francisco, in payment of dues to the Government, is hereby revoked, as 
 Congress, in the 2d section of the Civil and Diplomatic Bill, approved the 31st of August, 1852, has 
 prohibited them from being received in any payment to the United States. 
 
 As the issues of that office were made under the authority of Congress, the Department had con- 
 sidered they were virtually coin of the United States, in which opinion it was sustained by high legal 
 authority, and, therefore had authorized it to be received in payment for duties at the Custom Houses 
 on the Pacific; knowing at the same time, that it would remove a great obstacle to commercial opera- 
 tions in California, by affording a circulating medium, in coin of full standard value with that of the 
 regular coinage, in absence of a sufficient supply of the latter, not only for commercial operations but 
 even for the ordinary daily transactions of private life. 
 
 I wish the assembly to bear in mind, that these ingots were authorized to be received, 
 because “ it would remove a great obstacle to commercial operations in California, by affording 
 a circulating medium of full standard value with that of the regular coinage, in the absence of 
 a sufficient supply of the latter, not only for the commercial operations, but even for the ordi- 
 nary transactions of private life.” Under the provisions of this Act, the Secretary says to the 
 Collector : “ You are, therefore, requested and instructed in future to receive in payment for 
 dues to the United States, only the issues of the United States Mint and its branches, and the 
 following foreign coins,” etc. 
 
 This assembly, I repeat, will bear in mind that the ingots were originally authorized to be 
 received because they were of the same standard value as the coin issued from the Mint. That 
 is the ground on which the Secretary puts the matter here; and his action is put on the ground, 
 expressly, that it is now' prohibited by Act of Congress. Now, I respectfully ask, Is there any 
 Act of Congress prohibiting the receipt of ingots? The extract from the law, which is taken 
 from the Appropriation Bill, reads as follows : 
 
 And the Secretary of the Treasury is hereby directed to contract for a term of not more than one 
 year, and upon reasonable terms, not exceeding one per centum, with the proprietors of one, and if 
 practicable with those of more than one assaying establishment in California, upon satisfactory security, 
 to be judged by him, who shall discharge the duties prescribed, and in the manner designated by the 
 Act making appropriations for the civil and diplomatic expenses of Government for the year ending 
 thirtieth of June, Eighteen hundred and fifty-one: and no gold or silver, other than coin of standard 
 fineness of the United States, or foreign coin, in the manner prescribed by existing laws, shall be re- 
 ceivable in payment of dues to the United States. 
 
 You will observe that in this clause there are two points, one authorizing the Secretary 
 of the Treasury to contract with one or more assaying offices in San Francisco, for one year, 
 etc. Now, it might be very well asked, Why should Congress, in passing this law, be so anxious 
 to multiply the assaying capacities of San Francisco, if the slugs, when assayed, are to be of no 
 effect and of useless value ? This Act of Congress demonstrates an anxiety to multiply this 
 description of currency, which, it is said, it refuses. I advert to this, for the purpose of show- 
 ing that it is a construction not borne out by the section itself. 
 
 The second point is, that no gold or silver, except it be of the standard fineness, shall 
 be received. Now the Secretary of the Treasury received them on the ground that they 
 were of the standard value, so that he has pronounced that these ingots are of the standard 
 value of the coin of the United States. The whole subject, therefore, turns on this point : Are 
 these ingots coins of the United States or not ? On that subject I can only say that a circular 
 or rather an order, was issued from the Treasury Department, authorizing the Collector of this 
 Port to receive them, and the Secretary of the Treasury had no authority to issue such an order 
 unless they were of the standard value of the coins of the United States. 
 
40 
 
 PRIVATE GOLD COINAGE. 
 
 That order is in the possession of the Collector, and it will be seen that it is exactly in 
 conformity with this view of the subject. Having said this much, let me add a few words. 
 Let us refer back and see what has been the past legislation of Congress on the subject. 
 
 The Constitution declares that nothing shall be legal tender but gold and silver. Con- 
 gress, to be sure, may receive what it pleases, but it cannot discharge its debts in anything but 
 gold or silver. By the first Act passed on the subject, entitled “ An Act to regulate the collec- 
 tion of duties on imports and tonnage,” passed in 1799, it is provided that “ All duties and fees 
 to be collected shall be payable in the money of the United States, or in foreign gold and 
 silver coins at the following rates,” etc., going on to describe the value of foreign coins. Mr. Ham- 
 ilton, who was then Secretary of the Treasury, if I recollect right, authorized specie-paying 
 bank notes to be received, but in consequence of the Government having lost a great deal by 
 bank notes a new law was passed, dated 30th of April, 1816, seeking to correct as fast as possi- 
 ble the abuses into which the collection system had fallen in this regard. It will be found there 
 as follows : 
 
 That the Secretary of the Treasury be, and hereby is, required and directed to adopt such meas- 
 ures as he may deem necessary, to cause as soon as may be, all duties, taxes, and debts, or sums of 
 money, accruing or becoming payable to the United States, to be collected and paid in the legal tender 
 of the United States, or Treasury Notes, or notes of the Bank of the United States, as by law pro- 
 vided and declared, or notes of Banks which are payable and paid on demand, in said legal currency of 
 the United States, and that from and after the twentieth day of February next, no such duties, taxes, 
 debts or sums of money, accruing or becoming payable to the United States as aforesaid, ought to be 
 collected or received otherwise than in the legal currency of the United States, or Treasury Notes, notes 
 of the Bank of the United States, or in notes of Banks which are payable and paid on demand in the 
 said legal currency of the United States. 
 
 This was the first recognition of the Treasury order of Mr. Hamilton. It was the first 
 effort to recover the steps that had been lost. By the third section of the Act passed March 
 2d, 1833, which was designed for the purpose of allaying the agitation in South Carolina, and 
 which was called the celebrated Compromise Act, it is provided as follows : “ And from and 
 after the day last aforesaid — (to wit, 30th of June, 1832) — all duties upon imports shall be 
 collected in ready money, and all credits now allowed by law in payments of duties shall be and 
 hereby are, abolished.” I read this for the purpose of letting the meeting see that up to that 
 time, viz : the year 1833, there were steady collections of the public dues in cash, gold and sil- 
 ver. The Act of 1836, known as the celebrated Sub-Treasury Act, which was so much abused 
 at the time, but which has since become exceedingly acceptable to the country, provides by the 
 1 8th section as follows: 
 
 Be it further enacted, that on the first day of January in the year one thousand eight hundred 
 and forty-seven and thereafter, all duties, taxes, sales of public lands, debts and sums of money, accru- 
 ing or becoming due to the United States, and also all sums due for postage or otherwise to the Gen- 
 eral Post Office Department, shall be paid in gold and silver only, or in Treasury Notes issued under the 
 authority of the United States. 
 
 Thus stands the law now. It is corroborated by the Act making appropriations for the 
 year 1851, which Act is referred to in the Circular addressed to Mr. King, as follows: — “ The 
 Secretary of the Treasury is hereby directed to make a contract, &c., and in the manner desig- 
 nated by the Act making appropriations for the civil and diplomatic expenses of Government for the 
 year ending the thirtieth of June, Eighteen hundred ami fifty-one." Now a law was passed author- 
 izing the conversion of the gold-dust of California into bars or ingots, upon which the value was 
 to be impressed under the authority of a United States officer, to wit, the Assayer. No ingots 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 4i 
 
 could go into circulation which w ; ere not fully worth what they represented. That was the law that 
 was passed, and under that law the Secretary of the Treasury, taking the subject into considera- 
 tion, issued an order to receive these ingots for the public dues, and the system has prevailed 
 to the present time. Now, it is alleged that the recent Act of Congress — the clause which I 
 have read to you — forbids the receipt of these ingots for public dues. I have read to you the 
 only law which exists on the subject, and I respectfully submit that it does not forbid it. 
 
 [Some person present said it was a ratification of it.] 
 
 Ex-Governor Smith continued — As has been well remarked, it is a ratification of it, So 
 far from forbidding, it is an expressed ratification of the former Act, for it refers to it. So far 
 from forbidding the receipt of these ingots, the Government expresses its anxiety to have ingots 
 multiplied, by increasing the number of assaying offices, and it does not require any other 
 mode of payment than that which existed from 1799 to the present hour. The whole question, 
 therefore is, — Are these ingots coins of the United States or not? They are issued under 
 authority of law. I have read the law. They are made to assume a particular value. That 
 value is impressed upon them under the authority of an officer of the United States, and they 
 are put in circulation for the purpose of being received for the public dues. When you con- 
 nect this view of the subject with the all-pervading principle that no statute is repealed except 
 by direct enactment or by obvious inconsistency, you see that this Act is far from being re- 
 pealed : on the contrary, the Acts referred to actually affirm it. The question then is — Why 
 should the Secretary of the Treasury, under this law, which did not come from the President’s 
 hands until the 31st of August — why should he have been in such rapid haste to send forth a 
 Circular under it to the inconvenience of the commercial community of San Francisco ? Now, 
 I am one of those who love a fair thing ; but I want it understood distinctly that there has 
 been no change in the law. I stand here on my reputation, and on my capacity, such as it is, 
 and repeat, there has been no change in the law. There has been no change in the action of 
 the Treasury Department, but on that it is for the meeting to decide. It is for you to decide 
 upon that question. I address you only that you may understand the evil properly. Outside 
 this assembly, however, I shall speak my thoughts and express my natural feelings and 
 denounce this interference with the commercial interests with the indignation which naturally 
 swells my bosom. (Applause.) 
 
 There were calls for “ King,” “ King,” “ King,” from different parts of the room. Mr. 
 Sanders to Mr. King — “ Will Mr. King please address the meeting and explain this matter ?” 
 
 Collector King then said : I beg to assure you, gentlemen, that I feel as much embarrass- 
 ment at the present moment, as any one of you ; and that if it be found practicable, I shall be as 
 ready as you could desire, to adopt such a course as may seem best suited to remove our pres- 
 ent difficulties. (Applause.) I will beg leave, in justice to the Secretary of the Treasury and 
 without intention to implicate any one, to speak a few brief words in answer to my friend Gov- 
 ernor Smith, who has just taken his seat. He has read to you the various Acts of Congress 
 authorizing the issue of coins of the United States, among others the last two. Although he 
 thinks, and honestly thinks, I have no doubt, that there is no difference between the Act of 
 1850 and the recent one of 1852, I think I can show you a material difference, and there lies 
 the difficulty. The Act of 1850, you will perceive, authorizes the employment of assayers and 
 the establishment of assay offices to convert gold into ingots, on which shall be placed the 
 degree of fineness, and actual value. The result is that the assayers stamp each piece after 
 weighing and assaying it, that it contains the value of $50 of coin of the United States. Thus 
 they stamp these pieces ; but if you will look on their faces you will find them of various 
 degrees of fineness, nor are they of the fineness of coin of the United States. This value, how- 
 ever is stamped upon them, and as far as that goes, they are of the value of fifty dollars, but 
 
42 
 
 PRIVATE GOLD COINAGE. 
 
 not of the fineness of the coin of the United States. This Act cuts us off at the hips, and pre- 
 vents the receipt of ingots stamped under the law of 1850. It declares that the gold issued 
 under the new Act shall be of the fineness of coin of the United States. Here is the differ- 
 ence which my friend has not hit on; and this is the great difference — the great difficulty. 
 I will read you a few figures I have taken down to show this difference. The statute fineness 
 of United States coin is nine hundred one-thousandths, precisely, and one hundred one thou- 
 sandths parts of alloy, composed of silver and copper. There is no alloy of copper in the 
 ingots assayed here, but there is a very considerable alloy of silver, which is not taken out 
 because it is an expensive matter in this country, labor being so dear. The fineness of ingots 
 is from 880 to 890 and 897 one-thousandths. They vary, and here lies the difficulty. Whether 
 by design or accident, in the recent Act the term fineness, instead of value, was inserted, 
 thereby rendering it impossible for the Secretary to take them in payment of public dues. 
 
 Now what is to be done in the present emergency, at this moment, I do not pretend to 
 suggest, but I will, with your permission, gentlemen, say, as I am still exercising the duties of 
 Collector here, and also those of Assistant Treasurer (although I hope to be soon relieved of 
 both), I will explain the embarrassing circumstances in which this Act has placed myself. Up 
 to May or June a year ago I was simply Collector of Customs of the Port of San Francisco, and 
 all the moneys I received were held by me as Collector, and returned to the Treasury Depart- 
 ment by me in that capacity. It became necessary under the law to have an Assistant Treas- 
 urer to assist in taking care of the public moneys. In May or June last, the Secretary of the 
 Treasury transmitted to me a preliminary appointment as Assistant Treasurer, and requested 
 me to execute bonds to the sum of $ 100,000, and take the responsibility of the office. I was 
 very reluctant to take it, but as a matter of pride I executed the bond. He then imposed upon 
 me the duties of the office and required me to open an account with the Treasury of the United 
 States, and transfer from myself as Collector to myself as Assistant Treasurer, all the moneys 
 I held as Collector of the Port of San Francisco. I have been therefore acting since some time 
 in August last as Collector and Assistant Treasurer in this city. Now you will perceive I am 
 required monthly to pay over to myself all moneys not required for current expenses as Col- 
 lector, to myself as Assistant Treasurer, for which I am held responsible to the Treasury of the 
 United States under the Sub-Treasury Act to which my friend [Ex-Gov. Smith] has alluded, 
 and the provisions of which are very stringent. A violation of the provisions of this Act im- 
 poses heavy penalties, even to the penitentiary — a punishment not very pleasant to have 
 before one’s eye. {Laughter.) I do not know at this moment that if I pursue the course 
 which I am about to suggest, I will make myself liable for a penitentiary offence ; but if that is 
 the punishment I cannot do anything. If, on the other hand, after taking legal advice, I find 
 I am not liable to anything but money, I will try to do something which will relieve us from 
 the embarrassment into which we are thrown by this unexpected Act. 
 
 Now, it has been suggested, — and if I can do it in accordance with the wishes of the 
 mercantile community, and without making myself liable to a criminal prosecution, I will do 
 it, — I will receive these ingots until something can be done, or at least until coin can be re- 
 ceived, if the merchants of San Francisco will think proper to indemnify me for the pecuniary 
 risk. If I do this it will be at a very great risk, because you will perceive I will be overstep- 
 ping the orders of the Treasury Department, which are imperative that I shall pay over to 
 myself as Assistant Treasurer all moneys not required for current expenses at the Custom 
 House. If I should receive these ingots, as I have shown you, the other receipts as Assistant 
 Treasurer are cut off, because these ingots are not of the fineness of U. S coins, which the law 
 requires they should be. If I receive them as Collector, I cannot pay them to myself as Assist- 
 ant Treasurer ; and if an Assistant Treasurer should be appointed as I am informed there is, 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 43 
 
 he could not receive them from me. I would, therefore, do it on my own responsibility, and I 
 would have to settle with my successor, who I hope may come speedily. I would not take the 
 responsibility unless the merchants of San Francisco would relieve me from all loss inthe matter. 
 
 Now if you will bear with me for a few moments I will tell you that this is not the first 
 embarrassment in which I have been placed. When I came here I was ordered to receive these 
 ingots for public dues. I did so until the month of June, when some doubt arose whether they 
 were legal coin, and I was told not to receive them. That was in June, 1851. I knew what a 
 shock it would have caused if I had obeyed the order. I was not then Assistant Treasurer, 
 but simply Collector, holding the public money and returning it as such, notwithstanding it has 
 been said I made no returns. I sent for the Assayers privately and showed them the order. 
 
 I told them if it were enforced it would cause the greatest difficulty, and if they would indem- 
 nify me for continuing to receive them I would do so until I wrote to the Secretary of the 
 Treasury and got permission to continue to receive them. The Assayers placed in my hands 
 as a deposit ten thousand dollars, to indemnify me for any loss if the Secretary of the Treasury 
 should refuse to revoke the order given by the Commissioner of the Customs. In reply to my 
 communication I received this letter, which I showed to Gov. Smith this morning, and which 
 the gentleman may read to the meeting if he pleases. [Voices — “ Read it yourself.”] 
 
 Mr. King proceeded — It is as follows : 
 
 Sir — The Department is informed that you have some doubts as to your authority to receive in 
 payment of public dues the bars or ingots issued by the United States Assay Office in San Francisco, 
 and in order to remove such doubts, I would state that the receipt of them hereafter is approved, and 
 you are hereby authorized to receive them, as well as those of the denominations of $20 and $10 which 
 the Assayer is authorized to issue. 
 
 That, gentlemen, was the approval of my course in continuing to receive ingots. At that 
 time, however, I was in a different position to that which I now occupy. I was then acting 
 only as Collector, and I returned the money in my hands as Collector. I was not under the 
 liabilities or responsibility of an Assistant Treasurer under the Sub-Treasury Act. I will now 
 say, by way of conclusion, that if you will have the kindness to appoint a committee to confer 
 with me on the subject, I will take legal advice, and I will communicate to that committee what 
 I think I ought to do: and if it is possible I will unite with them in suggesting some plan, 
 which, if the merchants will ratify and sanction and stand pledged to indemnify me for, will 
 enable us to get through this embarrassment. 
 
 Ex-Governor Smith : I will be glad to say a few words more, and I wish it to be under- 
 stood that I do not mean directly or indirectly to make a single complaint against the worthy 
 Collector of the Port. He has taken the responsibility once, and I have no doubt will do so 
 again, the fear of the penitentiary to the contrary notwithstanding. {Laughter.') I will ven- 
 ture to say that he may take the responsibility fearlessly, for he will never have to go to the 
 penitentiary for it. {More laughter.) I will be willing to go arm in arm with him to his destiny 
 for so doing, no matter what might be the consequences. 
 
 But one word as to the misapprehension as to the difference which Mr. King alludes to, 
 and also to another point which has not been referred to. I read to you that under the Janu- 
 ary 1st Act it was declared that nothing but money of the United States, which was of sufficient 
 fineness should be received in payment of the public dues. Mark that. The first Act of 1799 
 recognizes nothing but gold or silver, and that of a sufficient fineness. I want this to be dis- 
 tinctly understood, because the coin of the United States is of a standard value. The Sub- 
 Treasury Act goes further, and says that all sums due for postage or otherwise shall be paid in 
 gold or silver coin only. That is the Act of 1816, so much talked of and so much misunder- 
 
44 
 
 PRIVATE GOLD COINAGE. 
 
 stood, but now so generally approved. It was the law that gold and silver of a sufficient fine- 
 ness only should be received. Now comes this Act in reference to the Assay Office. Was not 
 that Act designated to relieve California, preliminary to the establishment of a mint here ? 
 Undoubtedly. It was to make coin — to make a currency — a species of temporary currency. 
 
 I wish it understood that owing to the emergency of the time, Congress departed from its 
 rules, by creating a temporary mint here, the currency and issues of which should perform the 
 functions of coin of the United States according to previous Acts of Congress. What does it 
 say ? It says : 
 
 The Secretary of the Treasury is authorized to contract with some assaying office in California 
 for the assaying and fixing the value of gold in grain and lumps, and in forming the same into bars, as 
 shall be prescribed by the Secretary of the Treasury — and that the said United States Assaver shall 
 cause the stamp of the U. S. indicating the degree of fineness and value, to be affixed to each bar or 
 ingot of gold that may be issued from the establishment. 
 
 Now what was the use of appointing an Assayer if not to impress the fineness and value 
 of the article upon its face ? I have disposed of that, and now one word more. In the face of 
 this law as it stood, in the face of the law requiring coin to be made of the standard fineness, 
 I ask Was there any coin not of sufficient fineness up to that time ? I put the question to the 
 gentleman, Was there any coin not of the sufficient standard of the United States ? 
 
 Mr. King : Of course there was no coin except of the standard fineness, but I would call 
 the attention of my friend to the fact that the Act of 1850 does not require the issues of the 
 Assay Offices to be of sufficient fineness, but that the actual fineness shall be stamped, and I 
 have read to you that the degree of fineness varies and — 
 
 Ex-Gov. Smith : Yes, we heard it — we’ll agree that it varies. 
 
 Mr. King : The standard of the United States is 900 thousandths, and the actual stand- 
 ard of the Assay Office varies, as I have shown, from 880 to 897 thousandths. There are 
 various degrees of fineness, and here is the distinction which I beg the gentleman to perceive, 
 and on which the whole question turns. The recent Act says that nothing but gold and silver 
 of standard fineness shall be received, and therefore it cuts off the recent issues of the Assay 
 Office. I will go on and say that if under the new Act a contract should be made, and coin 
 should be issued of the standard value of that of the United States, I have no question it would 
 be receivable. I have no doubt the Secretary would give orders to receive it. But the Gov- 
 ernment of the United States has the power to tell me to receive nothing but potatoes in pay- 
 ment of the public dues, if it pleases. They have said that bank notes or treasury notes should 
 be received, and now they say that nothing but gold and silver of a sufficient fineness shall be 
 received. Of course that cuts off everything else. This, it seems to me, is very plain. 
 
 Ex-Governor Smith : I will answer that. I pray the attention of the meeting to this point. 
 I have shown that all the Acts, up to the Sub-Treasury Act of 1846, declare that nothing but 
 gold and silver shall be received in payment of public dues. Of course under the Act of 1846 
 nothing but gold and silver of sufficient fineness could be received. 
 
 Mr. King : Certainly. 
 
 Ex-Gov. Smith : He says Certainly, and the present Act re-echoes the same thing. Now 
 that is exactly what I want to establish, — to show the consistency between this Act and the others. 
 
 Mr. King: Except the Act of 1850. 
 
 Ex-Gov. Smith : Except the Act of 1850. Now what is this Act? Listen, if you please. 
 The Act of September 30th, 1850, authorizes the Secretary of the Treasury to contract with 
 some assaying office in California for the assaying and fixing the value of gold in grain and 
 lumps, and in forming the same into bars, as shall be prescribed by the Secretary of the Treas- 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 45 
 
 ury, and that the said United States Assayer shall cause the stamp of the United States, indi- 
 cating the value, to be affixed to each bar or ingot of gold, that may be issued from the estab- 
 lishment. Well, now does that authorize the Government of the United States, or does it not, 
 to receive them in payment of public dues ? There is not a word said on the subject. It 
 simply authorizes the establishment of assay offices, and the creating of these bars or ingots ; 
 but it does not say a word as to the receipt of them in payment of public dues. Well, with this 
 law before him, the Secretary of the Treasury takes the subject up and pronounces them cur- 
 rency not fit to be received as coin of sufficient standard. This last Act does not interfere 
 with them in any manner whatever. How stands the gentleman, therefore ? If this Act inter- 
 feres with them the Secretary of the Treasury violates the law, because the old laws all required 
 gold or silver of sufficient fineness — the Secretary of the Treasury is acting in violation of the 
 law. This is as plain as a pike-staff ( laughter ) ; but he was not acting in violation of law, for 
 this very Act made these ingots coins of the United States. 
 
 Mr. King : Certainly. 
 
 Ex-Gov. Smith : The gentleman agrees to that. Mark this, gentlemen, he agrees with me 
 as to that. The question then is, Does the law prescribe a different rule ? Certainly not, for 
 it secured a sufficiency of fineness as well as anything else. But let us look at the facts of the 
 case. Here is a bill passed in a hurry, at the end of the session ; it is tacked on the General 
 Appropriation Bill. It goes into the hands of the Secretary of the Treasury in a hurry, and he 
 acts on it in hot haste. Was there any necessity for his acting upon it so hastily ? Does the 
 Act not show that it was the intention of Congress to authorize the receipt of these ingots ? Why 
 does the Act require the establishment of more assaying offices ? I say there is no necessity 
 for this action, and I say again that such Acts as these are never repealed by implication. It 
 is a correct principle that one Act cannot repeal another by implication. Under the law, the 
 Collector was authorized to receive them, and Congress was never heard to whisper even one 
 word of disapprobation. What, then, is the result? It is as plain as can be. There is no 
 finer feeling in the world than what springs from a conviction that is honest and right, and 
 under such feeling a Collector may bid defiance to all sorts of combinations against him. I 
 would not hesitate to say that a man who owed dues to the Government should stand upon 
 his rights in this matter before God and his country, and I would answer for the results. 
 
 Mr. King : May I be permitted one word. This discussion has proceeded much farther 
 than I supposed it would, and it is really not pertinent to the business actually before the 
 meeting. We came here to ascertain what we could do to get out of the difficulty in which we 
 are placed. It does not matter much what former Acts of Congress may have done regarding 
 the coins of the United States. The Act of 1850 made the issues of these Assay Offices coin 
 of the United States. I have no doubt of it. It was a new law, and it authorized the issue of 
 new coin, and as far as that coin was concerned, it was an exception to the law requiring a 
 degree of fineness of nine-hundred thousandths. But the actual value was required to be im- 
 pressed on the piece. That Act did not interfere with the Mint of the United States, which 
 was still required to issue coin of nine-hundred thousandths value. I was ordered to receive 
 them, I did so. Now this Act forbids their receipt, or in other words requires that nothing 
 shall be received here except coin of nine-hundred thousandths in value. Therefore, you cannot 
 receive coin of eight-hundred thousandths. That is a simple question. I am sorry to have to 
 refer to it again, but that is the technical point of the matter, and I do not see that the Secre- 
 tary of the Treasury had authority to do anything else. When new assay offices are formed, 
 and coin issued of a standard value, there will be no objection to receive them. 
 
 Mr. J. P. Haven, Agent of the Underwriters in this city, said he had in his hand a Reso- 
 lution which he was requested to offer. He would propose it without any remarks. It simply 
 
46 
 
 PRIVATE GOLD COINAGE. 
 
 proposes to get out of the difficulty in which we are placed by the new law. The Resolution 
 was as follows : 
 
 Resolved : That a committee of five be appointed to confer with the public officers entrusted with 
 the collection of the revenue, and that said committee report to an adjourned meeting a course of action 
 to be adopted by those interested in the payment of public dues. 
 
 The Resolution was passed, and on motion the Chair appointed : Messrs. F. W. Macon- 
 dray, G. B. Post, H. Haight, J. P. Haven, and Robert Rogers as the committee. 
 
 On motion, the Chairman, Beverly C. Sanders, Esq., was added to the committee. 
 
 On motion the meeting adjourned to meet again at the same hour and place on Monday 
 next, to hear the report of the committee. 
 
 Immediately upon the publication of the letter of instruction of Assistant 
 Secretary Hodge to Collector King, a Memorial was prepared outlining the 
 disadvantages under which the California business men had been laboring, 
 because of the lack of a proper circulating medium. This Memorial, forwarded 
 to Secretary Corwin of the Treasury, read as follows : 
 
 MEMORIAL. 
 
 The Hon. Thomas Corwin, Secretary of the Treasury , Washington. 
 
 Sir : The undersigned merchants, bankers, traders, and others, residents of the State of 
 California, in view of the late Act of Congress and the instructions issued by the Treasury 
 Department prohibiting the receipt of other than American and foreign coin in payment of 
 public dues, beg leave to present the following statement of facts for your consideration : 
 
 Chief among the evils experienced by the citizens of California engaged in mercantile 
 transactions after the discovery of gold was the absence of a circulating medium. A country 
 prior to and during its occupation by the American forces had known no other representatives 
 of value than its hides and cattle, whose imports were so limited as to afford employment to 
 only a dozen vessels annually, at once became the resort of all the unemployed vessels on the 
 Pacific, and when the stimulant of so important a discovery was communicated to our Atlantic 
 and the European cities, a thousand vessels entered the port of San Francisco the year suc- 
 ceeding, freighted with valuable cargoes, to supply the host that had embarked for the theatre 
 of such profitable labor. 
 
 Under the administration of the military government of the Territory the impossibility of 
 collecting duties in the coin prescribed by law was so apparent as to leave the officers of col- 
 lection no other alternative than to receive gold-dust on deposit as a security of the ultimate 
 payment in coin of the amounts due on the importation. These deposits were subsequently 
 sold at public auction, and gold the known value of which approximated $18 per ounce realized 
 but from $6 to $8 per ounce. The extreme low rates at which gold was purchased by the 
 holders of the limited amount of coin then in the country induced importations from the South 
 American republics of the debased currency of those countries, and for a brief period sup- 
 plied the demand so painfully experienced for a medium of circulation other than the native 
 gold used in the ordinary transactions of trade. 
 
 Upon the establishment of the Collective District, of which this city is the great centre, 
 the instructions of the Department being imperative, the newly appointed revenue officers 
 exacted the payment of all public dues either in the National mint issue or in those of foreign 
 governments at the rates prescribed by the Act of Congress. All the coin in a short time was 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 47 
 
 absorbed by the Treasury, and resort was had to numerous private coinages, the evils of which 
 were only checked by the Act authorizing the appointment of an Assayer, and instructions from 
 the Department permitting the receipt of the Assay Office ingots in payment of the revenue. 
 The result was most beneficial, not only to the mercantile community, but was more especially 
 felt by the miners, the price of gold-dust advancing from the current rate of $16 an ounce, at 
 which value it was used in barter, to $17 and $17.50 per ounce ; a circulating medium was 
 furnished, the baser coin of foreign countries driven comparatively from circulation, and the 
 private coining establishments compelled to discontinue operations. The confidence with which 
 a coinage attested by an officer of the United States was regarded withdrew from their hoard- 
 ing places the National emission, and the State at large was provided with a currency bearing 
 the same value in all parts and for all uses. 
 
 It is true the people of California were not wholly contented with the substitute for a 
 mint coinage, and have loudly called for the establishment of a mint; yet the issue of the 
 Assay Office was productive of so many advantages as to be gratefully received as an earnest 
 of the greater benefits soon to be conferred upon the youngest sister of the Confederation. 
 
 To illustrate the injustice of the Act, and the hardships attendant upon its operation, we 
 beg to apprize you that within two days, or since the instructions emanating from the Depart- 
 ment were made known, American coin has advanced from ^ to 10 per cent, premium, and as 
 a natural consequence articles of a dutiable class have advanced in prices in even greater ratio. 
 Flour quoted on the 5th at $27 a barrel was sold on the 9th at $29. The scarcity of goods at 
 this juncture is great, and their prices range from 50 to 150 per cent, above original cost. If 
 to those prices we are called upon to pay an additional tax of 10 per cent, upon the amount of 
 duties regulated by the Tariff Act, it is in fact to increase the cost to the consumer in like ratio. 
 We could multiply instances of a similar character were it necessary to show that the miner 
 will receive less for the fruits of his toil, and the consumer be required to pay more for the 
 necessaries of life, if the importer is compelled to add to the prices of goods the freight, insur- 
 ance, and interest on coin introduced from the Atlantic cities. We contend, moreover, that 
 having legalized a medium which is in fact the currency of the State, it is illegal as it is unjust 
 for the Government to repudiate the offspring of its own creation. 
 
 From inquiries of the Honorable Collector of this Port we learn the amount of duties 
 payable monthly to this office averages nearly $200,000. And we have ascertained that the 
 American coin held by seven principal bankers in this city, whose united deposits exceed 
 $1,500,000, does not amount to $100,000, sufficient to discharge the duties accruing and pay- 
 able within the next fifteen days. The inability of the merchants of San Francisco to comply 
 with the stringent instructions of the Department is therefore apparent. It is not a question 
 of convenience, of additional imports, or of impracticability, but is shown to be an impossibility. 
 
 In this emergency, the Collector of the Port having readily consented to the only measure 
 of relief which did not subject him to the penalties of the law, by continuing to receive the 
 assay ingots as a deposit merely, securing himself by individual guarantees against loss in their 
 ultimate exchange into American coin, it becomes our duty in earnest but respectful terms to 
 memorialize the Department to approve and confirm his action in relation thereto, and to re- 
 quest that upon the issue by the Assay Office of ingots of standard fineness of American mint 
 coinage, to authorize their receipt in payment of all public dues. 
 
 In view of the riches daily being poured out upon the common land by the State of Cal- 
 fornia, and the great stimulus to every branch of trade, manufacture, and commerce, commun- 
 icated by the enterprise of its citizens, we claim this as merited by every principle of right and 
 justice. 
 
 (Signed by numerous merchants.) 
 
4 8 
 
 PRIVATE GOLD COINAGE. 
 
 Certain criticisms as to the fineness of the coins of the Assay Office having 
 been published in the newspapers, the United States Assayer explained his 
 position in the “San Francisco Herald” of Oct. 13, 1852, as follows: 
 
 As erroneous impressions seem to have gone abroad in this community in regard to the 
 United States Assay Office, permit me through your columns to make the following statement : 
 
 The average of the rates of commission at present charged at this office is if per cent. 
 The issues of the office are of the denominations, in fineness, of 880, 884, and 887 thousandths, 
 adopted as a standard heretofore in consequence of these respective figures being about the 
 average fineness of gold found in California — it being well understood that coins of a lower 
 degree of fineness are made of greater weight, in order that they shall possess the full value of 
 coin of the United States Mint. 
 
 Now as the gold deposited for assay of late has ranged much higher in fineness than 
 formerly, it will be possible, without additional authority, to issue also at the same cost, and for 
 the same rates of commission as charged for the other issues of the establishment — a standard 
 of 900 thousandths fine, the alloy being, as in all previous issues, the silver originally found 
 in connection with the gold. This is all this office has proposed to do. In regard to what 
 constitutes the standard fineness of the United States coin the following is the law .- 
 
 An Act supplementary to the Act entitled An Act establishing a Mint, and regulating the coin of 
 the United States, approved Jan. 1 8, 1837 
 
 Section 8. — That the standard for both gold and silver coins of the United States shall hereafter 
 be such that of one thousand parts, by weight, nine hundred shall be of pure metal, and one hundred of 
 alloy ; and the alloy of the gold coins shall be of copper and silver ; provided the silver do not exceed 
 one-half of the whole alloy. 
 
 It is manifest that to conform strictly to this standard of the Mint, in all its points — 
 that is, to make the coin of a fineness of 900 thousandths of gold, and the “ alloy of not more 
 than one-half silver, and the balance copper” — would involve the necessity of separating the 
 silver from the gold and substituting copper. And it is very evident that this long, tedious, 
 and expensive process cannot be adopted until the proper facilities are afforded by the branch 
 of the Mint which is to be established in San Francisco, connected with which there must 
 necessarily be refining and chemical works for the manufacture of acids. 
 
 United States Assay Office, Augustus Humbert, 
 
 San Francisco, Oct. 12, 1852. U. S. Assayer. 
 
 The committee of merchants appointed at the meeting of Oct. 9, made 
 the following proposition to the Collector of the Port in regard to the accept- 
 ance of the issues of the Assay Office in payment of customs duties: 
 
 That five Trustees be nominated to execute a bond to the Collector conditioned for the 
 payment to him, at the period of his retirement from office, of a sum of American or other legal 
 coin equal to the amount of the balance of the ingots received by him from this date. To in- 
 demnify the parties to the bond it is proposed that importers who shall not wish to bond their 
 goods or enter the market to procure coin at the advanced premium which it will probably 
 command, shall make a deposit of 5 per cent, of the amount of ingots paid in by them, to the 
 credit of the Trustees; and at the same time execute a bond to the said Trustees, under the 
 provisions of which the sum so deposited may be used, either in the purchase of coin at low 
 rates, if practicable, to exchange for the ingots, or from which to realize the amount of coin 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 49 
 
 when called for by the Collector. Should a repeal of the law, as is confidently anticipated, be 
 obtained, or the reception of ingots be authorized, the sum so deposited will be returned to the 
 owners thereof without charge. 
 
 It would seem that the proposition of the merchants that they guarantee 
 the Collector against any loss through the free acceptance of the Assay Office 
 ingots satisfactorily settled all difficulty, for the California newspapers made 
 no further mention of the matter. 
 
 As far as can be learned the only action taken upon the petition of the 
 San Francisco merchants by the Secretary of the Treasury was to make the 
 following recommendation in his report for 1852 : 
 
 By the Act of Sept. 30, 1850, Congress authorized the appointment of a United States 
 Assayer for California, and directed a contract to be made by the Department with the proprie- 
 tors of some well-established assaying works for assaying gold and forming it into bars and 
 ingots under the supervision of the Assayer. A contract was concluded, and ample security 
 required for its faithful performance, and the contractors were limited in their charges for the 
 services rendered by them to the rate fixed by the Legislature of California in establishing the 
 State Assay Office. 
 
 The Department was induced, with a view to furnish so far as it had the power a safe 
 and convenient currency to the people of California, to authorize the receipt of the issues of 
 the Assay Office thus established for public dues, especially as they have all the essential requi- 
 sites of coin, and as this was believed to be the object of Congress. The general Appropriation 
 Act of the last session contained a provision by which a further receipt of these issues was pro- 
 hibited, and in obedience thereto the instruction under which they had been received was 
 revoked. The Department has reason to believe from petitions addressed to it by a public 
 meeting of the merchants of San Francisco, and from information received from other reliable 
 sources, that much inconvenience and embarrassment has resulted from this legislation. It 
 remains with Congress, however, to say what relief shall be extended, and the subject is 
 submitted to their consideration. 
 
 As soon as the Collector of the Port announced that it was his opinion 
 that the reason the Secretary of the Treasury had ordered him to refuse the 
 ingots of the Assay Office was because they were of a lower standard than 
 United States coins, it was suggested that this difficulty might be surmounted 
 by the issue on the part of the Assay Office of pieces of the Government 
 standard of 900 thousandths. Representations were made to Messrs. Curtis, 
 Perry & Ward, and they immediately prepared to strike coins of the fineness 
 of 900 thousandths, saying they thought this might be done in the course 
 of a week. 
 
 Apparently very few ingots were issued at the Assay Office after Octo- 
 ber, 1852, of a fineness lower than 900 thousandths. The publication of a 
 new tariff by Messrs. Curtis, Perry & Ward made the coining of $50 ingots 
 undesirable, and it is not probable that a piece of this denomination was issued 
 bearing date of 1853. From a San Francisco newspaper of 1853, we extract 
 the following : 
 
5 ° 
 
 PRIVATE GOLD COINAGE. 
 
 For the information of the public at home and abroad we publish below the new tariff of 
 coinage recently issued by the Assay Office in this city : 
 
 For $20 pieces, under 4000 dwts. . 
 
 Per Cent. 
 
 2 
 
 For $20 pieces, from 4000 to 8000 
 
 
 
 For $20 pieces, over 8000 
 
 IV2 
 
 For $10 pieces, under 8000 
 
 2 Vi 
 
 For $10 pieces, for 8000 and over . 
 
 2 
 
 For melting and assaying into bars 
 
 I 
 
 For large amounts 
 
 0% 
 
 It will be apparent on examining the above that the issue of ingots will for the present 
 cease, as no person would pay the same percentage for coining them (i£ per cent, the rate) as 
 for $20 pieces. We may therefore reasonably congratulate ourselves on having soon a circu- 
 lating medium without any of the objections so long and strenuously urged against the octagon. 
 
 The new table of rates announced by Curtis, Perry & Ward, in which 
 they stated that the $10 and $20 pieces could be struck at the Assay Office 
 as cheaply as the fifty-dollar pieces, effectually put an end to the issue of the 
 larger pieces, for depositors of gold could thus have their raw metal trans- 
 formed into the smaller and more useful coins at an equal expense. At this 
 time the establishment of Messrs. Curtis, Perry & Ward was the most exten- 
 sive in California, as will be seen by the following reference to it in “ Daily 
 Alta California ” of March 2, 1853 : 
 
 The machinery made use of by Messrs. Curtis, Perry & Ward is of the same description, 
 made by the same mechanics, and is as perfect in all its parts, as that of the United States Mint 
 at Philadelphia. The capacity of their press is such as to enable them to coin $360,000 in $10 
 pieces and $720,000 in $20 pieces per day, and it keeps up with their facilities for drawing, 
 cutting, and adjusting by being worked only a few hours per day. The mechanical execution 
 of the coin itself is fully equal to that of the United States Mint, as will be seen by a compari- 
 son of the coins. Too much credit cannot be awarded to Messrs. Curtis, Perry & Ward for 
 the radical change in the facilities for coinage offered by them to the people of this State while 
 at the same time it is advantageous to them personally. 
 
 There are no records to show the number of pieces of coin issued by the 
 United States Assay Office. At the time no attempt seems to have been 
 made to keep track of the number; apparently records of the lots of gold in 
 bulk received and coined alone were kept, and where these records now are 
 is unknown. Representatives of the newspapers of the period made frequent 
 efforts to obtain these particulars, and even then the coiners were unable to 
 furnish them. 
 
 That the number of pieces issued by the Assay Office ran into many 
 thousands is unquestioned, for in one of the few published statements of the 
 private coinage, which represented the period from Jan. 1, 1851, to March 
 31, 1851, Moffat & Co. had struck $89,000 of their coins bearing the name 
 of “ Moffat & Co.” up to Jan. 27, when they ceased the issue of this variety, 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 5 1 
 
 and commenced the coinage of the octagonal ingots bearing the Assay Office 
 stamp, of which, at the end of March 31, a total of $350,000 worth had been 
 coined. 
 
 The “San Francisco Herald” of Oct. 31, 1851, in an article on private 
 gold coinage, had the following to say in regard to the amount of coinage 
 produced by the Assay Office : 
 
 .... Since the publication of the product for the quarter ending March 31 of this year 
 the six coining establishments then in operation have ceased to issue. They have been super- 
 seded by the United States Assay Office By reference to our files we find that the 
 
 United States Assay Office coined $600,000 during the first quarter of 1851, at a time, too, 
 when Baldwin was coining $590,000, and Moffat, Shultz, and Dubosq together some $350,000. 
 Nearly all these private coins, except Moffat’s, have been recoined into $50 pieces. Taking 
 this into consideration, and also the increased percentage of exports which may also be applied 
 to the coinage, it would appear that the Assay Office must have coined during the quarter 
 ended Sept. 30, not less than $1,000,000. This is doubtless a low estimate, and the true 
 amount may reach two millions 
 
 On Sept. 30, 1851, the “ Prices Current ” said that the amount of gold-dust at the Assay 
 Office to be smelted and made into fifty-dollar ingots had lately been on the increase, and occa- 
 sionally attained the figure of $100,000 per day. 
 
 The comparative scarcity of the fifty-dollar slugs at the present time, not- 
 withstanding the enormous number originally struck, may be ascribed to the 
 fact that as the ungainly pieces were worth much above their face value, a 
 considerable profit was derived from remelting them. Foreign bankers, it is 
 said, preferred the octagonal ingots to regular American coin, and they were 
 exported in huge quantities, some direct from California, others from New 
 York City. An item appeared in one of the papers on Jan. 13, 1853, to the 
 effect that the steamer Asia, from New York to Liverpool, took $200,000 in 
 fifty-dollar gold pieces. The possibilities of profit through handling them are 
 shown by the report of the United States Mint Assayers, Messrs. Eckfeldt 
 and Du Bois, which stated : 
 
 The two professed finenesses, .880 and .887 thousandths, are found upon assay here to 
 be duly maintained, whether in single pieces or in large quantities. But some irregularity in the 
 weight of so large a piece, alloyed with silver only, and offering eight corners to wear, is to be 
 expected. When presented in quantities sufficient for parting the silver, say, seventy ounces, 
 the average mint value is about $50.10; in less quantities, the silver not being allowed for, the 
 average value is about $49.90. But even without the silver they occasionally come up fully to 
 the alleged value. 
 
 The United States Assay Office ceased operations December 14, 1853, 
 and the close of that year marked the last of the issues of the coins bearing 
 the stamp of “ Moffat & Co.,” although the latter conducted an Assay Office 
 in San Francisco until some time in the early ’sixties. 
 
 Messrs. Curtis & Perry, late of the United States Assay Office, took the 
 contract to furnish both building and machinery for the new United States 
 
52 
 
 PRIVATE GOLD COINAGE. 
 
 Branch Mint, — Mr. Curtis attending to the construction of the building and 
 Mr. Perry making all the arrangements for the machinery. Twenty feet front- 
 age was added to their old establishment on Commercial Street, near Mont- 
 gomery, and the Branch Mint began operations April 15, 1854, by striking a 
 number of twenty-dollar gold pieces of the National design. 
 
 Following are given the various denominations issued by Moffat & Co. ; 
 Augustus Humbert, United States Assayer, and the United States Assay 
 Office of Gold, from 1849 to the close of 1853 : 
 
 MOFFAT & CO. 
 
 1849. 
 
 6 — Sixteen Dollars. A rectangular ingot. Obverse , In three lines, the inscription: moffat & 
 co. | 20% carat | $ 1 6.00 
 
 It is not improbable that this was the form of the earliest pieces of gold which 
 passed as money in California. A local paper of 1849, referring to the original currency 
 of the State, said that at first rectangular bars of gold of the value of $20 and $50 were 
 circulated. That no examples of these values are now known does not necessarily prove 
 that none was ever issued, for many different values of ingots produced by Moffat & 
 Co. are on record, ranging in denomination from $9.43 to nearly $3,000. The Mint 
 Assayers refer to the assay of one ingot in particular which had a value of $264, and 
 also state that the Moffat ingots assayed and melted at the Mint bore the varying fine- 
 nesses of 21^, 2 i£, 21^, 2 1 1 , 2o|, 22, and 21^ carats. Only two ingots containing 
 gold of any of these finenesses are now known, viz : one of $16 and one of $9.43, which 
 possess finenesses respectively of 2of and 2\N carats. The $16 ingot is said to have 
 been intrinsically worth $15.75. 
 
 7 — Nine Dollars and Forty-three Cents. This ingot differed in form from the one of Si 6 de- 
 nomination. One end is rounded. Obverse , In three lines: moffat & CO. | 21^16 CARAT | $9.43 
 Reverse , In a single line : 10 dwt. 6 GRS. 
 
 Only one specimen of this ingot is known to exist, which is in the collection of the 
 United States Mint at Philadelphia. 
 
 8 — Ten Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars. Beneath 
 is the date, 1849. 0° the coronet of Liberty, moffat & CO. Reverse, An eagle, with the United 
 
 States shield on his breast; in the right talon an olive branch ; the left holds three arrows. The main 
 devices on both obverse and reverse closely resemble the regular Ten Dollar piece of the United States 
 Mint. Around the border of the reverse, at the upper portion, is the inscription, s. M. v. California 
 gold. At the bottom, the denomination, ten dol. 
 
 This was the first coin struck by Moffat & Co., and is said to have been the first 
 piece of the denomination issued in California, of the private series. We have already 
 commented on the letters s. m. v.‘ The 1849 Ten Dollar piece is not at all scarce, but 
 a very good specimen brought $17 at the Stickney sale. There are three varieties, 
 but they are probably merely die varieties, and represent no radical difference in design. 
 
 1 See page 15. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 53 
 
 9 — Five Dollars. Obverse and Reverse , Similar to those of the Ten Dollar piece, the reverse 
 inscription reading, s. m. v. California gold, five dol. 
 
 This is one of the commonest of all the issues of California private coins, and con- 
 sists of several die varieties, which are held at a slight premium. 
 
 1850. 
 
 10 — Five Dollars. Obverse and Reverse , Similar in design to the piece of the same denomination 
 issued in 1849. (See 9 -) There are several die varieties of the date of 1850. 
 
 1851. 
 
 There are no coins of Moffat & Co. bearing the above date, so far as can be ascer- 
 tained, but coins with the stamp moffat & co. were undoubtedly struck in 1851, before 
 the arrival of Augustus Humbert, the newly appointed United States Assayer. 
 
 AUGUSTUS HUMBERT, UNITED STATES ASSAYER OF GOLD, CALIFORNIA. 
 
 (MOFFAT & CO.) 
 
 1851. 
 
 ii — Fifty Dollars. Obverse , Within a beaded circle an eagle standing on a rock, his head to 
 right; the right talon holds a shield and three arrows; the left a bundle of arrows. In the beak a 
 scroll inscribed liberty. Around the inside of the enclosing circle, at the top, united states of 
 America. Below is the denomination, 50 D c. Above the eagle, on a label, 880 thous. ; the ends 
 of this label turn outward. Sunk in the edge, Augustus Humbert united states assayer of gold 
 California 1 85 1. That portion of the planchet outside the die (which is circular) is not depressed. 
 Reverse , A mass of engine-turning. In the centre a small circular target enclosing 50. Octagonal. 
 
 The first of the Fifty Dollar pieces issued, and regarded as one of the rarest. 
 
 12 — Fifty Dollars. Obverse , Same as 1 1, but fineness 887 thous. Reverse , The value 50 in 
 the centre of the engine-turning is absent. Octagonal. 
 
 The dies for the first of the two varieties of the octagonal Fifty Dollar ingots were 
 undoubtedly the work of Charles C. Wright, the famous medalist, who resided in New 
 York City at that period. Augustus Humbert also lived in New York City at the time 
 of his appointment as United States Assayer in the latter part of 1850, and it is quite 
 reasonable to suppose that he would commission Mr. Wright to design for him what was 
 actually nothing more than an assayer ’s stamp. 
 
 It is not probable that Mr. Humbert thought he was to affix his stamp to coins, 
 nor is there anything in the Act authorizing the establishment of the United States 
 Assay Office at San Francisco to lead one to believe that an issue of coins was contem- 
 plated. The establishment was created simply for the purpose of smelting and assaying 
 raw gold, running the same into ingots upon which the United States Assayer should 
 place his stamp, certifying that the particular ingot in question possessed a certain 
 weight ; that it contained gold of a certain fineness, and that its intrinsic value at the 
 prevailing market rate was a definite sum marked upon its face in dollars and cents. 
 
 The existence of two bronze pattern pieces bears out this contention, as indeed do 
 the first issues of the octagonal ingots at the United States Assay Office in San Fran- 
 cisco in 1851. The first of these was of the design known as the lettered edge variety, 
 but at the bottom was inscribed d c dwt. grs. At the top the label bore the 
 
54 
 
 PRIVATE GOLD COINAGE. 
 
 inscription thous. the degree of fineness thus being left blank. It would seem 
 from this pattern piece that the original intention of the makers of the octagonal ingots 
 was to strike a certain number of pieces from one melting, to stamp upon each at the 
 top, along side of the word thous. the degree of fineness, and at the bottom to punch 
 the value in dollars and cents, and the weight in pennyweights and grains. The edge of 
 this pattern was lettered, several errors being made, as follows : “ Augustus umbert 
 
 ASSAYER OF GOLD CALFORNIA UNITED STATES. 1 85 1. Wright fee.” The H was left 
 off the name of Humbert and the first i omitted from California. 
 
 The same design could have answered very well for the purpose of striking the 
 One-hundred and Two-hundred Dollar gold pieces, to which reference is made elsewhere, 
 although no gold piece of any denomination is known to be in existence, which has 
 features of design similar to the above-described pattern coin, and the inscription 
 d c DWT. GRS. 
 
 The first octagonal Fifty Dollar ingot shows the d c, the last letter of which cer- 
 tainly did not stand for California , as has been stated, but for Cents , and a close 
 scrutiny of the earlier issues will show that the digits 50 beside the d c were made 
 with a punch, and there is one variety of the Fifty Dollar piece which shows the fine- 
 ness, 880, struck with a punch alongside the word thous. 
 
 The dies for the Fifty Dollar ingots of the later variety, showing the denomination 
 in letters, as fifty dolls, and dated 1851 and 1852, were all engraved by Albert Kiiner 
 of San Francisco, and the value is engraved in the die. It is not known who made the 
 dies for the $ 10 and $20 pieces of the United States Assay Office, although Mr. Kiiner 
 informed a friend that they were not executed by him. 
 
 While many references to the Fifty Dollar octagonal piece as a coin have been 
 made in recent years, still it was rarely so called in the pioneer days. The name of 
 ingot, given to it in the Act authorizing its issue, clung to the piece through all the 
 period it was made, although various other terms were applied to it in common parlance, 
 such as “golden adobe,” “quintuple eagle,” “slug,” and “five-eagle” piece. During 
 the active discussion which took place in the California newspapers in the Fall of 1852, 
 after the repudiation of the Fifty Dollar piece by the Custom House authorities, it was 
 almost invariably referred to as an “ingot.” 
 
 The term “slug” originated with the Moffat & Co. and F. D. Kohler rectangular 
 pieces. Kohler was the first to strike a real Fifty Dollar “ slug,” and pieces bearing 
 his stamp had a general currency throughout California long before the issue of the 
 octagonal ingots by the United States Assay Office. 
 
 13 — Fifty Dollars. Obverse , An eagle, as on 11, but the label above has 887 thous. and the 
 ends are folded under. Below the eagle fifty dolls. The field outside the circle is depressed, and 
 has the legend Augustus Humbert united states assayer of gold California and 1851 at the 
 base. Border beaded. Reverse , Engine-turned. Edge reeded. Octagonal. 
 
 1 4 — Fifty Dollars. Obverse and Reverse the same as 1 3, but the fineness is 880 thous. Edge 
 reeded. Octagonal. 
 
 1852. 
 
 1 5 — Fifty Dollars. Obverse and Reverse , As 13, but from entirely different dies. Fineness 887 
 thous. ; the ends of the label turned outward. Edge reeded. Octagonal. 
 
MOFFAT & CO., SAN FRANCISCO. 
 
 55 
 
 16 — Ten Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars. On the 
 coronet, MOFFAT & co. Below is the date, 1852. Reverse , An eagle holding a scroll, upon which is 
 880 thous. This eagle is the same as that used by Augustus Humbert on pieces of different denomi- 
 nations. Around the border is the inscription 264 grs. California gold ten d. 
 
 This Ten Dollar piece is that issued by Moffat & Co. in response to the petition 
 by San Francisco business men to strike $ 300,000 worth of their private coin. From 
 the edge inscription it would seem that the firm had in mind the opinion of Eckfeldt and 
 Du Bois, who stated in one of their reports that a coin struck in California gold, in order 
 to have the value of ten dollars, should weigh 264 grains. 
 
 17 — Twenty Dollars. Obverse , The same eagle as that borne by the Fifty Dollar piece, except 
 that instead of arrows an olive branch is held in the left talon. Around the border united states of 
 America. Below is the denomination twenty dols. On a scroll above the eagle is 884 thous. 
 Reverse , Engine-turned, inclosing a rectangular tablet across the centre, upon which, in four lines, 
 AUGUSTUS HUMBERT | UNITED STATES ASSAYER | OF GOLD CALIFORNIA. | 1852. Tile border is beaded 
 and the edge reeded. 
 
 This was the first Twenty Dollar piece from the United States Assay Office. The 
 date is struck over 1851. It is said that but six of these pieces are known. There is 
 little doubt that the foregoing variety is quite rare. When permission was asked to strike 
 pieces of a less denomination than $50 in 1851, the Assayer doubtless thought that it 
 would be readily granted. It is therefore reasonable to suppose that he soon took steps 
 to have dies made for the new denominations, and it is not unlikely that long before 
 1851 ended the United States Assayer was in possession of dies bearing that date. 
 
 When the permission was given in December, 1851, and then almost immediately 
 withdrawn, it is reasonable to suppose that no further steps were taken for making 
 new dies. When the long-delayed permission was finally granted, Feb. 11, 1852, the 
 contractors, in order to begin coinage immediately, and to facilitate matters, undoubtedly 
 instructed the engraver to sink a figure 2 over the 1, in 1851. That the coinage from 
 these dies was extremely limited and lasted only a short time, is evident from the fact 
 that the firm of Moffat & Co. dissolved almost immediately after the permission to issue 
 £10 and $20 pieces had been received, the dissolution being announced on Feb. 16. 
 The newly organized firm naturally wished to issue coins bearing their distinctive 
 stamp immediately, and such pieces, with the stamp of the “United States Assay 
 Office of Gold ” very soon made their appearance. 
 
 18 — Ten Dollars. Obverse and Reverse , The designs are the same as the Twenty Dollar piece, 
 but the obverse inscription reads united states of America ten dols. The fineness, like that of 
 the Ten Dollar piece, reads 884 thous. 
 
 This is the first Ten Dollar piece struck at the United States Assay Office. 
 
 UNITED STATES ASSAY OFFICE OF GOLD. 
 
 1852. 
 
 (CURTIS, PERRY & WARD.) 
 
 Here lies the dividing line between the coin issued by the United States Assay 
 Office under Moffat & Co., as contractors, and the newly organized firm of Curtis, Perry 
 & Ward, and it is safe to place all the coins with the legend “ United States Assay 
 Office of Gold, San Francisco, Cal.” under the latter regime. 
 
5 6 
 
 PRIVATE GOLD COINAGE. 
 
 19 — Fifty Dollars. Obverse , The central device is an eagle holding a ribbon in beak, similar to 
 that of 1851, but around the border is united states assay office of gold, san Francisco, 
 California. Above the eagle, on a label with ends folded under, 887 tiious. Reverse , Engine- 
 turned. Edge reeded. 
 
 This is an entirely different die from the one of similar fineness described under 
 No. 13. 
 
 20 — Fifty Dollars. Obverse, Similar to 19, but from an entirely different die. The fineness is 
 900 thous. and the ends of the label are turned outward. Reverse , Engine-turned. Edge reeded. 
 
 21 — Ten Dollars. Obverse , The usual eagle, but with an olive branch in the left talon. Legend, 
 united states of America ten dols. Across the label above the eagle 884 thous. Reverse, In 
 four lines across the tablet is the inscription : united states assay | office of gold san | Francisco 
 California | 1 852. Above and below the inscription the surface is engine-turned. 
 
 * 853. 
 
 22 — Twenty Dollars. Obverse and Reverse, Inscriptions and designs the same as on the Ten 
 Dollar piece of 1852, with the difference in date and denomination. The fineness reads 884 thous. 
 Edge reeded. This is a very scarce variety. 
 
 23 — Twenty Dollars. Same design as the foregoing, but the fineness reads 900 thous. 
 
 24 — Ten Dollars. Same design as last, but with different denomination. Fineness on label 
 900 THOUS. 
 
 25 — Ten Dollars. Same design as 24, but fineness 884 thous. 
 
 26 — Twenty Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars ; the 
 date, 1853, below. On the coronet is MOFFAT & co. Reverse, A close imitation of that of the regular 
 United States Double Eagle, with shield on breast, a scroll at either side, and the radiation and thir- 
 teen stars above. The eagle grasps three short arrows. The border is beaded and the edge reeded. 
 
 This was the last coin struck bearing the stamp of Moffat & Co., and of course 
 was issued after the withdrawal of Mr. Moffat from the firm conducting the United 
 States Assay Office. 
 
 The first of the Twenty Dollar gold-pieces issued by the firm of Moffat & Co , 
 after its separation from the United States Assay Office, seems to have been struck in 
 the latter part of July, 1853, according to the following, from “Daily Alta California,” 
 July 26, 1853 : 
 
 Moffat & Co.’s Assay Office. — The new double eagles lately issued by this firm are 
 attracting much admiration for their beautiful workmanship. The coin is a fac-simile of that 
 struck by the United States Mint, with the exception that the head instead of bearing the motto 
 liberty has mokfat & co. As regards design and finish the piece is scarcely inferior to the 
 issues of the Mint, and reflects great credit upon Messrs. Moffat & Co.’s taste, enterprise, and 
 artistical skill. 
 
 This is the last obtainable record of the private mint of Moffat & Co. 
 But little information concerning the operations of Mr. Moffat after his retire- 
 ment from the Assay Office seems to be available. 
 
PRIVATE GOLD COINAGE, MOFFAT & CO. 
 
 
PRIVATE GOLD COINAGE. 
 
 III. 
 
 VARIOUS 
 
 CALIFORNIAN PRIVATE MINTS. 
 
 1849 - 55 . 
 
 BY 
 
 EDGAR H. ADAMS. 
 
 NEW YORK. 
 1912. 
 
REPRINTED FROM 
 
 THE AMERICAN JOURNAL OF NUMISMATICS. 
 1912. 
 
 Copyright, 1912, 
 Edgar H. Adams. 
 
III. 
 
 VARIOUS CALIFORNIAN PRIVATE MINTS, 
 
 1849 - 1855 . 
 
 Although the pieces struck by Moffat & Co. and their business suc- 
 cessors probably exceeded both in number and value those of any of their 
 competitors, there were several other Californian concerns engaged in the 
 production of private coinage. At this distance of time, and because of 
 the destruction of most of the original sources of information, it is impossible 
 to determine which of these firms is entitled to claim priority, although careful 
 researches have been made through the newspapers of the period, contem- 
 porary letters and documents, and indeed in every other direction accessible 
 to the writer, which seemed to offer a possible clue. What has been learned 
 is given in this chapter, but before taking up the story of these various firms 
 and “ Companies,” we will mention several other Moffat issues which were 
 omitted in the previous chapter. 
 
 8A — Ten Dollars. Obverse, Same as obverse of 8. Reverse, ten d. This variety is shown 
 on the plate of Moffat & Co.’s coins over No. 8. An illustration of No. 8, with ten ool. on the 
 reverse, will be shown over its proper number on another plate. 
 
 1 1 A — Fifty Dollars. Obverse, Same as obverse of ii. Reverse, Similar, but from an entirely 
 different die, which is striking enough to warrant giving the piece a separace number. 
 
 This coin is in the collection of Charles Gregory of New York City, to whom our 
 thanks are due for his kindness in loaning it, and also a number of other California 
 gold pieces for illustration. 
 
 nB — Fifty Dollars. Obverse, Same as obverse of it; the 50 omitted from the reverse. 
 Octagonal. 
 
 12A — Fifty Dollars. Obverse, Same as obverse of 12 , with fineness 887 thous. Reverse, 
 Same as reverse of 1 1, with 50 in centre of engine-turning. Octagonal. 
 
 Ten would seem to represent the total number of the varieties of the 
 octagonal Fifty Dollar “ slug.” Charles H. Shinkle of Pittsburgh, who has 
 made a special study of the Fifty Dollar pieces, states that he has examined 
 
PRIVATE GOLD COINAGE. 
 
 58 
 
 more than a hundred of them, as many as twenty-five and thirty at a time, 
 but could not find more varieties than given here. 
 
 The dissolution of the firm of Moffat & Co. took place earlier than was 
 stated in the account of the mint of Moffat & Co., according to an advertise- 
 ment in the San Francisco “ Daily Alta California,” of Feb. 12, 1852, which 
 apparently had been running since Dec. 24, 1851. For this information, 
 which seems quite important in this connection, we are indebted to John L. 
 Hitchcock of San Francisco. 
 
 Copartnership Notice. — The firm heretofore known and existing 
 under the name and style of Moffat & Co. is this day dissolved by mutual 
 consent, the entire interest of the special partner, John L. Moffat, having 
 been purchased by the remaining partners, who have the right to use the 
 name of Moffat & Co. 
 
 John L. Moffat, 
 
 Joseph R. Curtis, 
 
 By his attorney in fact, Samuel H. Ward, 
 
 Philo H. Perry, 
 
 Samuel H. Ward. 
 
 San Francisco , December 24th, 1851. 
 
 The firm will hereafter consist of the undersigned remaining partners, 
 and its business until further notice, will be conducted under the name and 
 style of Moffat & Co. 
 
 Joseph R. Curtis, 
 
 Philo H. Perry, 
 
 Samuel H. Ward. 
 
 San Francisco , December 24th, 1851. 
 
 As the remaining partners thus had the right to use the title of “ Moffat 
 & Co.,” the assumption that John L. Moffat continued in the assay business 
 after the date of his separation from the United States Assay Office may be 
 wrong; and if so, then the $20 piece of 1853 (No. 26), may have been issued 
 by the firm of Curtis, Perry & Ward. Just what reason they could have had 
 for the striking of a piece bearing their private stamp at a time when the 
 United States Assay Office was in full operation, and when pieces of that 
 stamp of $20 denomination were being made, is not however apparent. 
 
 THE PACIFIC COMPANY, SAN FRANCISCO. 
 
 1849. 
 
 From what information can be gained, the coins bearing the stamp of the 
 “Pacific Company” were produced by the coining firm of Broderick Sc 
 Kohler, sometimes referred to as F. D. Kohler Sc Co., composed of David 
 C. Broderick, afterward United States Senator from California, and one of 
 that State’s chief citizens, and Frederick D. Kohler, the first Chief Engineer 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 59 
 
 of San Francisco’s Fire Department, and the only California State Assayer. 
 One authority states that : 
 
 There was a lack of coin on the Coast, and a considerable time was required to get it 
 from the East, so it was proposed to form a company to assay and coin gold. Frederick D. 
 Kohler was selected as the assayer, and Broderick was made his associate. They coined Five 
 and Ten Dollar pieces, and it is said the profit upon these coins, which contained only $4 and 
 $8 respectively, and upon the gold purchased at $14 per ounce, was so great that they were 
 soon enabled to retire, and in the Fall of 1849 the firm sold the business. 
 
 Here is another reference to this firm : 
 
 In April, 1849, a party of eleven New Yorkers, consisting of D. C. Broderick, F. D. 
 Kohler, George W. Green, William McKibbin, Dr. Carpenter, Jacob Howe, Michael Phelan, 
 and four others, organized themselves into a company styled the ‘ Republic Company,’ em- 
 barked for California, via Panama, and reached San Francisco in June. Then each member 
 of the company followed the line of business in which he had an interest, quite a number going 
 to the mines. 
 
 There was a great need of coin or ingots to act as currency to take the place of gold-dust, 
 suitable for transmission abroad, and Kohler, who was an assayer, as well as a jeweler, and 
 Col. Jonathan D. Stevenson [who commanded the First Regiment of New York Volunteers in 
 the Mexican War], a leading figure in San Francisco in those days, a friend of Kohler, told the 
 latter that a number of Englishmen, among them being skilled assayers, had consulted with Col. 
 Stevenson and San Francisco merchants as to the possibility of starting an assaying estab- 
 lishment, and of coining gold pieces that should pass in lieu of gold-dust. Kohler made a 
 number of assays, and he was chosen for the purpose and backed by ample capital to embark in 
 the enterprise. He and Broderick entered a partnership for the conduct of the assaying busi- 
 ness under the title of Broderick & Kohler. Broderick knew absolutely nothing about the 
 assaying business, but he had many friends willing to assist him with capital. 
 
 The firm, says another authority, “ coined Five and Ten Dollar pieces, 
 which passed equally current with United States coinage, and yielded a hand- 
 some profit of about twenty-five per cent, on the value of each dollar coined, 
 reckoning gold-dust at $20 per ounce, which was further increased by the 
 purchase of the dust at $j 6 per ounce. The partnership continued until 
 Broderick’s election to the State Senate in January, 1850, when the firm sold 
 out to Baldwin.” 
 
 Still another account says : 
 
 Broderick & Kohler entered a co-partnership to make coin out of gold-dust. After melt- 
 ing the dust and pounding it into bars in various sizes, ranging in value from $5 to $50, 
 they stamped the pieces of gold with the firm name of Broderick & Kohler. They carried on 
 their business in a little shanty which they built opposite the Plaza, on Clay Street, above 
 Kearny. This was the first mint of San Francisco. The coin turned out of this establishment 
 was always found to be worth just as much as was represented, and in many instances, when 
 the bars were weighed, it was discovered that they contained more gold than the acknowledged 
 value of the coin. 
 

 60 PRIVATE GOLD COINAGE. 
 
 Another reference to the firm of Broderick & Kohler states: 
 
 The firm of Kohler & Co. engaged in business in Clay Street, opposite the Plaza, melt- 
 ing, assaying, and manufacturing coin. Shortly after, they commenced the manufacture of 
 jewelry, being among the first in this State. The part in which Mr. Broderick officiated was at 
 the stamping press and using the sledge-hammer when necessary, which was not very infre- 
 quent. He was constantly very arduously at work, very often from daylight to midnight, from 
 the time of the formation of the firm up to the time he was elected to represent San Francisco 
 County in the Senate of the State, which was in January, 1850. 
 
 Still another account reads : 
 
 Broderick met some former friends on the coast in the Spring of 1849, and, as there was 
 a lack of coin on the coast, and several months being required to procure it from the East, it 
 was proposed to form a company to assay and coin gold. Frederick I). Kohler was selected 
 for the assayer, and Broderick became his associate, performing the severe manual labor re- 
 quired. They coined so-called Five and 'l'en Dollar pieces, and the profits upon these coins, 
 which contained only four dollars and eight dollars respectively, and upon the gold purchased 
 at $14 per ounce, soon placed Broderick in good circumstances, and laid the foundation for a 
 fortune large for those times. In the Autumn of 1849 the firm sold the business and Broderick 
 began to think of returning to politics. 
 
 When the announcement of the death of Kohler was published in the 
 “ Daily Alta California ” of Dec. 7, 1864, it stated : “ He entered into partner- 
 ship with the lamented Broderick in the business of assaying gold, stamping 
 bars, and coining ‘ slugs,’ the office occupied by the firm being on Clay- 
 Street, opposite the Plaza. Some of the $10 stamped bars issued by this 
 firm were shown us this morning. He left three sons.” 
 
 These extracts, which furnish a good illustration of the difficulty of find- 
 ing the facts in a mass of contradictory evidence, contain some accurate 
 statements and very many inaccurate ones. While the plant of Broderick & 
 Kohler was not sold immediately after Broderick’s election to the State 
 Senate, still it was sold to Baldwin & Co. But this was for the reason that 
 Kohler had been appointed State Assayer of California, and he discon- 
 tinued his private business in order to take up his new duties. It is probable 
 that the Fifty Dollar pieces attributed to them in the citations above were not 
 issued under the auspices of the firm of Broderick & Kohler, but that the 
 writers had in mind the slugs of the State Assay Office. The office was, it is 
 true, located on Clay Street, opposite the Plaza. 
 
 Broderick & Kohler bought many pieces of San Francisco real estate 
 from November 19, 1849, up to and including January 3, 1850, under the firm 
 name; after that date the name of D. C. Broderick alone is found in connec- 
 tion with similar purchases, that of Kohler not appearing again in connection 
 with such transactions. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 6 1 
 
 Broderick and Kohler were old firemen, the former having been a 
 member of Howard Engine Company, No. 34, of New York, and Kohler an 
 assistant engineer of the old New York Volunteer Fire Department, and a 
 member of Protection Engine No. 5. The business of Kohler in New York 
 City was that of a jeweler, while Broderick was an expert stone-cutter. 
 Broderick was born in Washington, D. C., in 1819, and Kohler on Staten 
 Island in 1810. 
 
 It is quite probable that the coins of the Pacific Company were hand- 
 struck, which explains the reference above to Broderick’s arduous labors with 
 the sledge-hammer. This method was utilized at some of the other private 
 mints, such, for instance, as that of the Ormsby establishment, which operated 
 at Sacramento at about the same time. At the 1884 Levick sale a Ten Dollar 
 gold-piece of the Pacific Company, rudely struck, but in fine condition, would 
 seem, judging from the photograph, to have been produced by a blow of the 
 hammer. 
 
 Taking into consideration all the circumstances, it seems almost certain 
 that the Pacific Company coins were made by Broderick & Kohler. This 
 firm undoubtedly struck P'ive and d en Dollar pieces, yet there is no specimen 
 known showing either the name of Broderick & Kohler or F. D. Kohler & Co. 
 No coins of the California series, except those of the Pacific Company, were 
 of a value approximate to $4 and $8 for the Five and Ten Dollar pieces, 
 and the origin of the other coins of 1849 h as been settled with reasonable 
 certainty. 
 
 Kohler, being a jeweler, as already mentioned, could very well have 
 engraved the dies for the coins, the design of which was particularly appro- 
 priate when it is remembered that California had just come from under 
 Mexican control, for it showed the radiated Mexican liberty cap on one side 
 and the American eagle on the other. 
 
 27 — Ten Dollars. Obverse , An eagle, with outspread wings, its head turned defiantly to the 
 left; the talons hold an olive branch. Around the border pacific company, California. Below is 
 the date in large figures, 1849- Reverse , In the centre of the field, a liberty cap, from which spring 
 ten radiations, between each of which are three stars, making a total of thirty. Below is the denomi- 
 nation, 10 dollars the figures being large and out of proportion to the word dollars. 
 
 An assay at the United States Mint of a Ten Dollar piece of this Company showed 
 it to weigh 229 grains, with a fineness of .797, and an intrinsic value of $7.86 ; it thus 
 enjoys the distinction of being the least valuable of all the varieties of Ten Dollar pieces 
 ever struck by private persons in this country, making the much condemned Baldwin 
 Ten Dollar piece stand out as the acme of purity in contrast. 
 
 Notwithstanding its low intrinsic worth, this piece now commands an excessively 
 high fictitious value, which has steadily advanced. In 1884, at the Levick sale, a rudely 
 
62 
 
 PRIVATE GOLD COINAGE. 
 
 struck but otherwise fine specimen brought $22; at a Chapman sale, April 6-9, 1886, 
 one with milled edge and in fine condition was sold for an unknown figure, while the last 
 to be disposed of, at the Elwcll sale, held by Low, July 15-16, 1903, an uncirculated 
 example with milled edge, said to have come from Cuba, brought $420. Virgil M. 
 Brand has a specimen, and there is also one in the Philadelphia Mint cabinet. 
 
 28 — Five Dollars. Obverse and Reverse , Similar to those of the last, but the date, 1849, is not 
 so large in proportion, and is more in harmony with the rest of the inscription. This may also be said 
 of the denomination on the reverse, the 5 and dollars being of almost equal size. 
 
 This piece was the lowest in value of any of the pioneer gold. It weighed 130 
 grains, of a fineness of .797, and an intrinsic value of $4.48. Like the Ten Dollar piece, 
 this fact has no bearing upon the esteem with which it is regarded by collectors, it being 
 one of the great rarities. Only three specimens are known, one of which is in the Mint 
 at Philadelphia ; Mr. Brand has one, but the whereabouts of the third is not known. 
 
 29 — Dollar. Olmerse and Reverse, Similar to 27; but value on the reverse 1 dollar. 
 
 This is the rarest denomination of this very rare series. Only two examples are 
 known — one being owned by Virgil M. Brand, and the other by H. O. Granberg. It 
 is not probable that Dollars of this stamp were generally circulated. 
 
 CINCINNATI MINING AND TRADING COMPANY. 
 
 1849. 
 
 An exhaustive search through the files of California newspapers from 
 1848 to 1855 has failed to reveal any mention of this Company. Indeed, the 
 only reference to the name was the “ Cincinnati Company,” mentioned in 
 “Alta California” of November 10, 1851. It seems to have been simply a 
 mining company, operating in Calaveras or Tuolumne County. The Super- 
 intendent was a Mr. Windier, and others connected with the Company were 
 Messrs. Buck, J. Barkhone, and L. Forstling. 
 
 Almarin B. Paul, of San Francisco, who conducted an extensive business 
 in Sacramento in 1849 and 1850, and through whose hands passed many 
 of the private issues, states that neither he nor any of the pioneers with whom 
 he had consulted, remember seeing this Company’s coins in circulation. It 
 is very likely that those known were simply trial pieces, struck in gold, and 
 that for some reason the Company which contemplated their issue abandoned 
 the plan. The design was markedly different from those of the other private 
 coins. 
 
 The By-laws of this Company were printed by the Model Western Print- 
 ing House of Cincinnati in 1849, and show the organization to have been 
 one of the hundreds of bodies of men in various parts of the country, who 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 63 
 
 fitted out expeditions for the purpose of conducting a general business in 
 California in the gold-fever days. The full title was given as the “ California 
 Mining and Trading Company of Cincinnati, Ohio.” The names of the 
 officers and members follow : 
 
 J. H. Leavering, President; W. B. Norman, Vice-President ; David Kinsey, Treasurer ; 
 Sam. T. Jones, Secretary ; A. H. Colton, Book-keeper ; Jos. Talbert, G. W. Letter, L. M. Rogers, 
 Board of Finance , and J. Johnson, S. Whitehead, T. W. Kinsey, A. G. Kinsey, M. West, G. J. Guil- 
 ford, H. Probasco, C. Mohr, E. A. Stokes, C. Long, J. P. Harley, P. K. Urner, W. Kerr, R. W. Cook, 
 F. Moreland, John Bell, R. L. Megowan, F. Hamlin, J. Bird, Sam. Withington, J. Graham, Geo. Mar- 
 tin, H. Ruffner, J. W. Anderson, J. D. Benedict, A. T. Perry, T. A. Bishop, Chas. Eberle, A. S. Voor- 
 hees, Christopher Bell, W. Wilson, A. F. Gove, J. Pearson, H. Urner, A. B. Nixon, H. Helm (died at 
 Savannah), J. Elstner, J. King, G. W. Fosdick, W. B. Diver, N. Graves, David Scott, A. Johnson, 
 Members. 
 
 30 — Ten Dollars. Olwerse, The bust of an Indian wearing a headdress of feathers, and facing 
 to the left. Around the border is inscribed Cincinnati mining & trading company. Reverse , An 
 eagle of peculiar shape, very slender in outline, facing to the left, with outspread wings and upturned 
 beak. The right talon grasps the United States shield, the left an olive branch and three arrows. 
 Around the border at the top is the inscription California ten dollars. At the bottom is the date, 
 1849. 
 
 There are four known specimens of this piece, which weighs 258 grains, and has 
 an intrinsic value of $9.70. One of these is in the Philadelphia Mint cabinet, another 
 in the collection of Virgil M. Brand; a third was disposed of at Philadelphia in 1908, 
 and the fourth at the Zabriskie sale in 1909. 
 
 31 — Five Dollars. Obverse and Reverse , As that of the larger denomination, but the reverse 
 inscription reads California five dollars. 
 
 The only known specimen is in the Mint cabinet at Philadelphia. The coin was 
 of such apparent rarity, even when the first piece came to the Mint in 1849, that the 
 Assayers did not cut it for a test. It weighed, however, 132 grains, and its intrinsic 
 value as estimated by them was $4.95. 
 
 J. S. ORMSBY & COMPANY, SACRAMENTO. 
 
 1849. 
 
 The minting firm of Ormsby & Co. was composed of Dr. J. S. Ormsby 
 (said to have come from Pennsylvania) and Major William M. Ormsby, who 
 in 1860 was killed in a battle with the Indians at Winnemucca, Nev. Ormsby 
 County, Nev., is named after him. 
 
 Early in the summer of 1849 the firm opened a gold-smelting and coining 
 establishment on K Street, in Sacramento. From their proximity to the 
 gold-workings along the upper Sacramento and American Rivers, and as 
 they were also the nearest coining plant to the mines of all the private estab- 
 
64 
 
 PRIVATE GOLD COINAGE. 
 
 lishments of this character then in operation in California, Ormsby & Co. did 
 an extensive business and turned out many coins, although specimens of their 
 work are now extremely rare. 
 
 While one of the California historians has stated that some of the 
 machinery which had been brought out by different Trading Companies 
 was removed to San Francisco by the Ormsbys, a coining press cannot have 
 been included, for all the pieces issued from this mint, like some others of the 
 private coins struck elsewhere in California during the same period, were 
 made with a hammer. 
 
 It has been stated that Five and Ten Dollar gold-pieces were struck at 
 this mint, but there is no proof available that coins of the denomination of 
 Five Dollars were made by the Ormsbys. Neither is there anything to show 
 that they operated in 1850, as has also been stated. This however is a point 
 which cannot be decided by reference to the coins themselves, for they bear 
 no date. It is reasonably certain that they were not struck earlier than 
 July, 1849. 
 
 The principal workman at the Ormsby mint was a dentist, Dr. William 
 W. Light. Dr. Light was a native of Bethel, Clermont County, Ohio; after 
 studying medicine and dentistry, he left on January 1, 1849, f° r California, 
 reaching there in August. According to Winfield J. Davis’s History of 
 Sacramento County, “ he found employment almost immediately with the 
 Ormsbys, who had set up a mint and were coining gold. Not knowing how 
 to do the annealing, however, they were making bad work of it, and were 
 glad to employ the doctor at $50 a day, to superintend the work, but he 
 shortly after quit that situation and went mining.” Dr. Light was a member 
 of the firm of Light and Pierson, who conducted a dental business in Sacra- 
 mento for a number of years. 
 
 The following extract, which is taken from the “ San Jose Pioneer,” 
 of May 5, 18 77, written by one of the California pioneers, may be con- 
 sidered as fairly reliable in the most of its references to the Ormsby mint, 
 and it also contains some other interesting data in connection with the Cali- 
 fornia private coinage : 
 
 In the flush days of ’49 gold was 80 plenty in San Francisco, Sacramento, and other 
 towns, that its value w f as not readily appreciated. There was plenty of gold, but no coin. 
 This was the basis of one of the first speculations of the country. 
 
 In the general rush to California, consequent upon the discovery of gold at Sutter’s saw- 
 mill, among other machinery brought here, was a quantity for the purpose of coining the 
 precious metals. Almost every company crossing the plains or rounding the Horn brought 
 with them ample machinery for this purpose, and several well-known institutions of this kind 
 did an extensive business in San Francisco. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 65 
 
 The singularly-shaped block of granite found buried in the sand at the time of the exca- 
 vation for the foundation of the California Market, some years since, which is still to be seen 
 at the junction of Sumner Street with the market nearest Mongomery Street, and which 
 excited so much speculation at the time of its discovery, was undoubtedly intended for this 
 purpose, and portions of iron-work designed for similar use lay until within a few years past 
 scattered about various portions of Sacramento. 
 
 A private mint was established in Sacramento in 1849, and continued during the follow- 
 ing year by J. S. Ormsby & Co., the company consisting of Major Ormsby, who was killed by 
 the Indians in the Winnemucca War, famous in the early annals of the State of Nevada, and 
 his brother, Dr. Ormsby, who some years after represented the County of Sonoma in the Cali- 
 fornia Assembly. 
 
 This establishment, which was located on K Street, just below the site of the Golden 
 Eagle, did an extensive business, the miners bringing dust to be coined forming a line and 
 awaiting their regular turn. The gold was melted here, and without alloy, as it came from the 
 mine, cast into bars, rolled into strips, the rollers used for this purpose being still in the 
 possession of Dr. Light, a leading dental-surgeon of Sacramento, who was the chief operator of 
 the establishment at a salary of $50 per diem. 
 
 Coins of the denomination of $5 and $10 were issued, stamped with the name of the 
 proprietors, who received a royalty of $4 on every $20 coined. It is the opinion of the gentle- 
 man named as the chief operator of the concern, who was the melter and aided by an assist- 
 ant rolled out the bullion and struck the dies with a sledge-hammer, that the crucibles used in 
 melting the dust, and which have long been buried by the filling of the street, contain a large 
 amount of gold, so wasteful was the operation and so plentiful the precious metals, in those 
 days which constituted the flush time in California. 
 
 32 — Ten Dollars. Obverse, Within a fine line drawn around the edge and around the border at 
 the top, united states OF America. Below are the letters cal. On a straight line in the centre 
 of the field are the initials .j .s .0, with the periods reversed, an error of the die-cutter, who is unknown. 
 Reverse , A faint line around the extreme edge, immediately within which, and all around the circle are 
 thirty-one stars, close together, one for each State of the Union, California being the thirty-first State 
 to be admitted. The field is perfectly plain with the exception of the denomination, which appears in 
 two straight lines, 10 dolls. 
 
 According to the Mint Assayers of 1849, but few of the pieces reached the Phila- 
 delphia Mint, one of which when assayed showed a fineness of .842, a weight of 258^ 
 grains, and an intrinsic value of $9.3 7. 
 
 It is probable that there are only three of the Ormsby Ten Dollar pieces in 
 existence — that is, so far as known. One of these has been in the cabinet 
 of the Philadelphia Mint for many years. A. Reimers, the well-known San 
 Francisco collector, states that he sold two specimens to the late Alexander 
 Cartwright of Honolulu. One of these was a sharply struck, perfect piece, 
 while the other was somewhat worn. The latter, it is thought, was the one 
 for which the late De Witt Smith of Lee, Mass., paid $1,310 at the sale 
 by Sotheby, in London, in 1907, of the collection of Bruce Cartwright, son of 
 Alexander. The location of the third piece is unknown. 
 
66 
 
 PRIVATE GOLD COINAGE. 
 
 NORRIS, GRIEG & NORRIS, SAN FRANCISCO. 
 
 1849. 
 
 The significance of the initials “ N. G. & N.” is said not to have been 
 understood until the sale of the coins of Augustus Humbert in 1902. Among 
 his effects was found a perfectly uncirculated gold-piece of this variety, wrapped 
 in a sheet of paper bearing the words, “ From my friends, Norris, Grigg & 
 Norris.” 
 
 The Mint Assayers at Philadelphia said that the claim of the coin to be 
 “ full weight ” had been substantiated, but that the inscription “ Pure Cali- 
 fornia Gold ” had a wide latitude of meaning. No alloy had been added to the 
 metal, according to them, beyond that already introduced by the hand of 
 nature, which was entirely sufficient, as California gold was also strong in 
 silver. Three pieces which were assayed showed a fineness of .870, .880, 
 and .892, which made them worth respectively $4.83, $4.89, and $4.95^, 
 without the silver, — including which, the coins were worth 2^ cents 
 more. 
 
 It is the opinion of the writer that this Five Dollar piece was the first to 
 be circulated in California. A close search of the California newspapers of 
 1848 and 1849 revealed but few references to private coinage, among the 
 very first of which was the following extract from the “Alta California” of 
 May 31, 1849: 
 
 We have in our possession a Five Dollar gold coin, struck at Benicia City, though the 
 imprint is San Francisco. In general appearance it resembles the United States coin of 
 the same value, but it bears the private stamp of Norris, Grieg & Norris, and is in other 
 particulars widely different. 
 
 Albert Kiiner is credited with having engraved the dies for this coin 
 — or, at least for one bearing the stamp of Norris, Grieg & Norris. As he 
 was unusually painstaking and methodical, it is difficult to imagine that he was 
 wrong when he stated that he had engraved the dies. One would rather 
 think that there had been another variety. As Mr. Kiiner did not arrive in 
 San Francisco until July 16, 1849, he could not have engraved the dies in 
 question. It is well known that the Five Dollar piece of Norris, Grieg & 
 Norris is entirely and radically different in design from any coin ever produced 
 at the United States Mint. The only resemblance would be in the size. We 
 may reasonably assume that the correct spelling of the name of the second 
 member of the firm should be Grieg, as given in the newspaper of 1849, 
 rather than Grigg, as spelled on the wrapper of Humbert’s coin. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 67 
 
 33 — Five Dollars. Obverse , In the field an eagle facing to the front, with expanded wings, but 
 with head turned to the left; a shield on its breast bears the figure 5 ; the talons grasp a laurel branch 
 and three arrows. At the top of the border, California gold with a period at each end, and below 
 are the words without alloy. Reverse, A circle of twenty-two stars, inside of which and at the top, 
 are the initials N. G. & N. ; in a curved line at the bottom, also within the circle, san Francisco. 
 In the centre, on a straight line, is the date, 1849 . Outside the circle, and around the border, at the 
 top, full weight of with a period at either end ; below, around the border, half eagle. Reeded 
 edge. 
 
 34 — Five Dollars. Same as 33, but plain edge. 
 
 TEMPLETON REID. 
 
 Almost nothing is known of the California coin issues of Templeton Reid. 
 Research has failed to show where the plant was located, at which was struck 
 the Ten and Twenty-five Dollar gold pieces bearing his stamp. One of the 
 early authorities states that when gold was discovered in 1849, Reid moved 
 his minting machinery from the scene of his former coining operations, in 
 Lumpkin County, Georgia, to California, and began the issue of gold. 
 
 The only proof extant that Reid carried out this plan are the two known 
 specimens of Ten and Twenty-five Dollar gold pieces which came to the 
 United States Mint at Philadelphia in 1849, and which were described by 
 Eckfeldt & Du Bois, the Mint Assayers, in their book on California private 
 coinage of 1849. Even that solitary Twenty- five Dollar piece, or “ half-slug,” 
 as it was termed in California, is not now visible, for it was carried away by 
 men who robbed the coin cabinet of the Philadelphia Mint some years ago. 
 
 Judging by the meagre information available in relation to the Reid 
 issues, it would almost seem as if Reid never reached California, yet the 
 Assayers stated that the gold in the two coins which first reached the Mint 
 indicated all the peculiar qualities which distinguish the precious metal mined 
 in California. When Moffat & Co. wrote their letter of Jan. 28, 1850, defend- 
 ing their right to strike private coins (which will be printed elsewhere), they 
 pointed to Templeton Reid’s coining establishment of Georgia in 1830 as an 
 illustration of the legality of such issues. They referred to Reid, “ who for- 
 merly conducted the assay office in Georgia,” but did not make the slightest 
 allusion to the fact that when they wrote, or shortly before (in 1849), Reid 
 had been engaged in the conduct of a similar business in California. Such a 
 reference might reasonably have been expected in this communication, had 
 Reid actually been in the assay business in California at the time, There is 
 a record of an unnamed assayer who did business at San Jose in 1849, t* ut 
 whether or not this was Templeton Reid has, so far, not been ascertained. 
 
 35 — Twenty-five Dollars. Obverse , A fine line drawn around the border, inclosing a wide 
 cogged circle. Around the inside of the circle, at the top, Templeton reid, and at the bottom 
 assayer. A star between templeton and assayer. Directly under the inscription at the top, and 
 
68 
 
 PRIVATE GOLD COINAGE. 
 
 on a line with the centre, is a dollar mark ($), immediately below which were Roman numerals xxv. 
 The centre of the field perfectly plain, but at the bottom, just over the word assayer, was the date 
 1849. Reverse , The same cogged circle as on the obverse, but the fine border line is omitted. Inside 
 the circle at the top, and curved, California, with a star in front. Below, and curving slightly upward 
 from one side of the circle to the other, twenty-five. Below, curving slightly downward from one 
 side of the circle to the other, dollars, the upper and lower inscriptions forming an oval. Between 
 the two an ornament, and below, the word gold.' 
 
 The weight of this piece was 649 grains, and it had a probable intrinsic value of 
 $24.50, according to the Mint Assayers, who did not assay it on account of its rarity. 
 
 36 — Ten Dollars. Obverse , Three fine lines drawn around the border in the form of a target, 
 but close together. Inside of these lines and around the circle, templeton reid. At the bottom, 
 assayer. In the centre of the field, on a straight line, the date 1849. A star in front of templeton. 
 Reverse , Around the border three lines as on obverse. Around the inner side at the top, California 
 with a star at either end. At the bottom, gold. In the centre, in two lines, ten dollars. 
 
 On account of the great rarity of this piece the Assayers at the Mint did not cut 
 it to ascertain its exact intrinsic value. It weighed 260 grains, and the officials stated 
 that if it was what it appeared to be — that is, struck from California gold — the value 
 would be $9.75. A specimen of this denomination is on exhibition at the present time 
 at the Philadelphia Mint. 
 
 MASSACHUSETTS AND CALIFORNIA COMPANY. 
 
 But little information regarding this Company can be gained. In the 
 American Journal oj Numismatics for January, 1898, p. 91, appeared a 
 reprint from an old paper of May, 1849, 2 which stated that a party had “gone 
 from Northampton, Mass., taking with them a mint, or, rather, all the imple- 
 ments necessary for coining gold and silver, and a competent assayer.” It was 
 the intention to establish a private mint, buy gold, and coin it. It was said 
 that the plant would have a coinage capacity of $10,000 a day. The curious 
 part of the story was that it was “ said to have the sanction of the Govern- 
 ment.” 
 
 From what could be learned in California the extract above undoubtedly 
 referred to the party which struck the few coins bearing the stamp of the 
 Massachusetts & California Company. Letter heads having that title are 
 still to be found in California, although data regarding its coinage are not 
 available. Frederick P. Tracy, afterward a prominent California lawyer, was 
 Secretary of the Company. 
 
 1 The description of this Twenty-five Dollar piece illustrations in this work correspond closely with known 
 (No. 35) is taken from the engraving in Eckfeldt & originals. 
 
 Du Bois “ New Varieties of Gold and Silver Coins,” 2 The paper is not named, but was probably one 
 issued in 1851. It is believed to be accurate, as other printed in Northampton or Springfield, Mass. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 69 
 
 A long article in regard to the private gold coins of California, published 
 in a San Francisco paper, contained the statement that the Massachusetts and 
 California Five Dollar piece was understood to have been made in the East. 
 This indeed would seem to be the fact. From the great scarcity of the gold 
 coins of this stamp, and the fact that they were heavily debased with copper, 
 in contrast with the usual combination of metal contained in the private coins 
 of California, which had a strong percentage of silver, and little or no copper 
 (just as the gold came from the mines), it is easy to believe that the two 
 known gold-pieces of this Company were simply trial pieces struck in gold. 
 If it did not issue many pieces, it is quite evident that it contemplated an 
 extensive coinage, for there are no less than three distinct varieties of patterns 
 of the denomination of Five Dollars, bearing its stamp, and struck in silver 
 and copper. Only one variety in gold has been discovered up to the present 
 time, the design of which is : 
 
 37 — Five Dollars. Obverse , A shield bearing a mounted vaquero in the act of throwing a lasso. 
 Supporters, on the right a stag, and on the left a bear, both rampant. On a ribbon scroll directly 
 underneath, alta. (upper.) Crest, An arm, with the hand holding an arrow. Around the border of the 
 field are thirteen stars, the whole forming a very handsome design. Reverse , In the field a wreath 
 inclosing in two lines, five d. Around the border is the legend, Massachusetts & California 
 co. Below is the date, 1849. 
 
 The United States Assayers found but one specimen among all the private gold- 
 pieces sent to the Mint, and this had apparently been alloyed with copper. Its 
 weight was 1 1 5 J grains. Only two examples have been located, one of these being in 
 the collection of the United States Mint at Philadelphia, and the other in that of the 
 Pioneer Society of California, now on exhibition at the San Francisco Mint. 
 
 MINERS’ BANK, SAN FRANCISCO. 
 
 In the unbound papers in the Bancroft Library, containing the Archives 
 of California, page 326, appeared the following: 
 
 On Aug. 7, 1849, Wright & Co. asked permission to issue gold coins of the denomination 
 of $5 and $ 10 . They are willing to give bonds to any amount required by the Collector of this 
 Port that their coin shall be of equal (if not more) value than the coins of the United States 
 Mint. They wanted their coins to be receivable in payment of duties, and they said their 
 object was to afford a circulating medium for business purposes in this country. Rejected. 
 
 Early in September, 1849, the firm of Wright & Co., exchange brokers, 
 was located at the corner of Washington and Kearny Streets, Portsmouth 
 Square, San Francisco. In the early part of the following November, they 
 organized as bankers, the firm being composed of Stephen A. Wright, John 
 
7 ° 
 
 PRIVATE GOLD COINAGE. 
 
 Thompson, Samuel W. Haight, and J. C. L. Wadsworth. The institution was 
 known as the Miners’ Bank, and was housed in a little wooden cottage, for 
 which a yearly rental of $75,000 was paid. The coins bearing the stamp of 
 the Miners’ Bank must therefore have been issued after the beginning 
 of November, 1849. 
 
 Absolute proof that the Miners’ Bank Ten Dollar piece was made in 
 1849 * s shown by the statement of assay of one of the pieces by William P. 
 Hoit, Assayer of the New Orleans Mint, dated Dec. 13, 1849, in which he 
 says : 
 
 On the 1 6th of October I assayed one ten-dollar piece, coined at San Francisco, nearly 
 a fac-simile of the U. S. gold eagle (Moffat & Co.) ; weight 258 grains; title 888 millieines of 
 gold, 60 do. of silver, and the balance of copper; value $9.78. This is the only coin in which 
 art has been resorted to in making an alloy that I have seen. Also on the same day one ten- 
 dollar piece of the Miners’ Bank of San Francisco; stamp very different from that of the U. S. ; 
 weight 259 grains, title 866 milliemes of gold, 105 do. of silver, value $9.65. 
 
 Their issues met with little favor, owing to their being below their face 
 value, and on Jan. 14, 1850, the firm of Wright & Co. dissolved. 
 
 A letter to “Alta California” of April 11, 1850, says: 
 
 The issue of the Miners’ Bank is a drug on the market. Brokers refuse to touch it at less 
 than 20 per cent, discount. Moffat’s issue will probably soon be no better ; he already refuses to 
 redeem it in American gold. Those who have it would do well to get five-franc pieces to the 
 dollar, which is really 7 per cent, discount for it, at Moffat’s counter now-, as it is not impossible 
 they may refuse to pay even that for it soon.' 
 
 Only one denomination bears the title of the Miners’ Bank, that of Ten 
 Dollars, which had the following design : 
 
 38 — Ten Dollars. Obverse , An eagle with expanded wings, a shield on its breast, and holding 
 in its talons a laurel branch and three arrows. Above, between the tips of the wings and near the 
 border, miners’ bank. At each end of this inscription is a star. Below is san fkancisco, and in 
 the centre of the field ten d. Edge reeded. 
 
 This coin was alloyed with copper; it had an average weight of 263 i 
 grains, a fineness of about .865, and an average value of $9.87, with a proba- 
 bility, said the Mint Assayers, of running as low as $9.75. It is interesting 
 to note in Thompson’s Coin Chart Manual of 1856, that the market value of 
 a Miners’ Bank Ten Dollar piece was $9.50 ; Norris, Grieg & Norris’s Five 
 Dollar piece, $4. 75, and mention was made that California coins were bought 
 at one-half to five per cent, below these quotations. 
 
 1 The letter of Moffat & Co. on another page specifically deals with just such criticisms as the above. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 7 1 
 
 DUBOSQ & CO., SAN FRANCISCO. 
 
 The first reference to the senior member of this firm in connection with 
 the California private coinage, is found in “ Alta California” of May 31, 1849, 
 which reads : 
 
 We learn that Mr. Theodore Dubosq, a jeweler from Philadelphia, who recently arrived 
 in the “ Gray Eagle,” has brought with him the necessary machinery for striking private coins. 
 
 Although arriving in California so early, and at a time when there was 
 such an urgent need of coins, it is not known positively that Mr. Dubosq 
 struck gold coins in 1849. Those of the denomination of $5 and $10, dated 
 1850, and bearing his name, are all that are now known. 
 
 That he did strike gold coins in 1849, however, is extremely probable, 
 for there are in existence trial-pieces in copper of the denomination of $2.50 
 and $5 which bear his name. The designs of these two pieces, while quite 
 similar, are widely different from those with the name of Dubosq & Co., 
 issued in 1850. They both bear the name t. dubosq and the date 1840 . 
 These designs are known in no other metal than copper, but it is quite 
 likely that gold pieces were struck from the same dies. As Mr. Dubosq was 
 a jeweler, it is also probable that he engraved the dies for all the coins which 
 have his name. 
 
 Some time in 1850 he formed a partnership with Goodwin, and their 
 
 establishment struck a considerable proportion of the private gold in 1850. 
 It is not known when the firm ceased operations, but, judging from an extract 
 taken from a San Francisco paper of 1851, giving the coinage of the private 
 mints from Jan. 1, to March 31, 1851, Dubosq & Co. had struck $150,000 
 worth of gold up to that time. This certainly proves that they issued coins 
 bearing the date of 1851, no specimen of which, however, has come to light. 
 
 March 21, 1851, the house of James King of William sent specimens 
 of California private coinage to the United States Assayer, Augustus Hum- 
 bert, for assay, among which were seven Ten Dollar and three Five Dollar 
 pieces of Dubosq & Co. In his report upon the intrinsic value of these coins 
 the Assayer stated that the Ten Dollar pieces averaged a weight of 262 
 grains, a fineness of .880, with an intrinsic value of $9.93, while the Five 
 Dollar pieces averaged 13 1 grains, a fineness of .880, and an intrinsic value 
 of $4.96. 
 
 Upon the publication of the intrinsic value of the coins, Messrs. Dubosq 
 & Goodwin, who issued the coins bearing the stamp dubosq & co., wrote a 
 letter to Augustus Humbert, which appeared in the “Alta California” of 
 March 30, 1851 : 
 
72 
 
 PRIVATE GOLD COINAGE. 
 
 San Francisco, March 28, 1851. 
 
 Augustus Humbert, Esq. 
 
 Respected Sir: — Having read in the “ Daily Alta California” an account of the assays of 
 the different private coins made in San Francisco, assayed by you, in which you have not men- 
 tioned the value of silver contained in our coins, if it is not too much trouble, we should like 
 you to make public what our coins would yield in Philadelphia, and oblige, 
 
 Dubosq & Goodwin. 
 
 Assayer Humbert made the following reply: 
 
 U. S. Assay Office, San Francisco, March 28, 1851. 
 
 Messrs. Dubosq & Goodwin, 
 
 Gentlemen: — In answer to your letter of this day, stating that I had not mentioned the 
 value of the silver contained in your coin as you call it (but which was stamped “ Dubosq & 
 Co."), and also what it will yield in Philadelphia, I beg leave to say in reply to the first, that 
 the coin above mentioned was assayed according to the instructions given to this office by the 
 Government, and the same on which all assays are here made. Your coin was found to be 
 880 thous. fine, and the value of the gold only calculated. 
 
 You ask what your coin would yield in Philadelphia. I answer that I do not think it 
 worth any more there than in San Francisco. If you desire to know what it would be worth 
 at the United States Mint, I must refer you to them. Their charge for separating, alloying, 
 toughening, etc., would absorb, I think, nearly, if not all, the silver. 
 
 I further beg leave to refer to the following extract from the Manual of Coins and Bullion, 
 issued by the Assay Office of the United States Mint at Philadelphia, December, 1849 : “ Silver 
 considered merely as an alloy of gold coin, except it can be profitably parted out, goes for no 
 more than copper in the same predicament.” 
 
 Respectfully your obedient servant, 
 
 A. Humbert, United States Assayer. 
 
 39 — Ten Dollars. Obverse , Head of Liberty, surrounded by thirteen stars. Below is the date, 
 1850 . On the coronet of Liberty, dubosq & co. Reverse , An eagle with outstretched wings, bearing 
 a shield on its breast. The right talon holds a laurel branch, and the left three arrows. Around the 
 border, s m v California gold. Below is the denomination, ten d. 
 
 The Ten Dollar piece averaged in weight 262 grains, of a fineness of .899’, and 
 had an intrinsic value of $10.15. The late R. H. Brock of Philadelphia, owned the only- 
 known Ten Dollar piece of Dubosq & Co. It was in poor condition, and is now in the 
 collection of the University of Pennsylvania, at Philadelphia, to which institution Mr. 
 Brock bequeathed his collection of coins. 
 
 40 — Five Dollars. Obverse and Reverse , The same in all respects as 39, except that at the 
 bottom is five D. 
 
 A single specimen assayed at the Mint showed a value of $4.92, but a mixed num- 
 ber of coins amounting to $1,000 worth, gave a fineness of .887 and a total value of 
 $1,000.20. Only one example can be definitely located; this is in the collection of 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 73 
 
 Virgil M. Brand. The only record of the coin is the one in the R. E. Curtis sale, held by 
 Bangs & Co., Dec. 12, 1884, where a Dubosq & Co. Five Dollar gold-piece, dated 1850, 
 in good condition, brought $6.40. The coins of Dubosq & Co. were held at par by the 
 Mint Assayers at Philadelphia, who sustained the contention that the Dubosq coins 
 were worth their stamped value. 
 
 BALDWIN & CO., SAN FRANCISCO. 
 
 The firm of Baldwin & Co. was composed of George C. Baldwin and 
 Thomas S. Holman, who conducted a jewelry business in San Francisco as 
 early as April 1, 1850. In that month they purchased the coining apparatus 
 of F. D. Kohler & Co., and the following advertisement appeared in the 
 “ Pacific News ” of May 1 , 1850 : 
 
 Successors to F. D. Kohler & Co., assayers, refiners, and coiners, 
 manufacturers of jewelry, etc. George C. Baldwin and Thos. S. Holman. 
 
 All kinds of engraving. Our coin redeemable on presentation. 
 
 The undersigned, having disposed of their stock in trade, machinery, 
 etc., to Messrs. Baldwin & Co., would cheerfully recommend them to the 
 confidence of the public. F. D. Kohler & Co. 
 
 Baldwin & Co. struck a large number of coins, probably outranking any 
 of the private coiners who did business in 1850 or 1851, with the exception of 
 the United States Assay Office, and even exceeding the output of the latter 
 establishment from Jan. 1 to March 31, 1851, when Baldwin & Co. struck 
 coins to a total amount of $590,000 against $530,000 by the Assay Office. 
 
 When the specimens of private coins were submitted to Assayer Hum- 
 bert by “James King of William” for valuation, among them were thirteen 
 Twenty Dollar, ten Ten Dollar, and twenty-eight Five Dollar pieces of 
 Baldwin & Co. The result of Assayer Humbert’s assays showed that the 
 Baldwin Twenty Dollar coins averaged 516^ grains in weight, a fineness of 
 .871, and an intrinsic value of $19.40 ; the Ten Dollar pieces averaged 259^ 
 grains, a fineness of .872, with a value of $9.74 ; and the Five Dollar pieces, 
 I 3°f i grains, a fineness of .871, and a net intrinsic value of $4.91. 
 
 The report on the results of these assays brought forth a storm of indig- 
 nant comment from the San Francisco newspapers, and when the citizens 
 of San Francisco resolved no longer to accept the coin bearing the stamp of 
 Baldwin & Co. it is supposed that the firm immediately ceased their issue. 
 
 “ The Pacific News,” under date of April 9, 1851, printed the following 
 editorial on the coining operations of Baldwin & Co. : 
 
 The Gold Coin Swindle. — It is perhaps a matter of no especial wonder that the 
 community feel outraged because of the fact that nearly all of the gold coin put in circulation 
 by the private manufacturing establishments is short of weight. A citizen last evening went to 
 
74 
 
 PRIVATE GOLD COINAGE. 
 
 Baldwin’s establishment, and, presenting two of their own Twenty Dollar gold-pieces, asked 
 their redemption in silver. These were taken, and thirty-eight dollars returned. 
 
 This is about as cool and direct a piece of shaving as has come under our eye, touching 
 the short-weight gold coin swindle. Why should the community suffer this to go on longer ? 
 Why not refuse every dollar of Baldwin’s coin ? as well as that of every other that is not of full 
 value and redeemed on demand. A bank-bill is worth no more than the bare paper upon which 
 its pretty picture is printed, except from the fact that securities are pledged for its redemption. 
 So also with Baldwin’s coin. It is worth no more than the actual value of the gold when com- 
 pared with the Government standard. 
 
 In the instance we refer to, there was a loss of five per cent., and as Baldwin’s establish- 
 ment has an immense deal of coin in circulation the proprietors must make a very neat little 
 speculation out of the country and ultimately amass wealth at the expense of the honest and 
 industrious citizens. The only way to stop this swindle seems to be to refuse the coin alto- 
 gether, not only that issued from Baldwin’s mint, but from every other that proves a short 
 weight and not to be redeemed on presentation. 
 
 On April 17, 1851, the ‘‘Pacific News” contained the following: 
 
 We hear a story, which is pretty well authenticated, that Messrs. Baldwin & Bagley, the 
 manufacturers of “ Baldwin’s Coin,” left in the Steamer Panama of Tuesday for the Atlantic 
 States. This is of course what might have been anticipated as the finale of so magnificent a 
 financial operation as the coinage of one or two millions of circulating medium upon which 
 thev have pocketed a profit of from 10 to 15 per cent., less the expense of manufacturing the 
 stuff. Unable longer to impose their false tokens upon the community, an outraged public will 
 now pocket the loss and congratulate themselves that the swindle has been exposed even thus 
 early. 
 
 The amount of this coin in circulation is not less than $1,000,000, and is probably nearer 
 two. But suppose that the smaller sum be correct, the profit to the manufacturers is one hun- 
 dred thousand dollars. Whose swindling false token establishment is next to be chronicled 
 amongst the “ departures for Panama ? ” 
 
 Baldwin & Co. issued coins of two denominations in 1850 — Five and 
 Ten Dollars — the dies for which were cut by Albert Kiiner. 
 
 41 — Ten Dollars. Obverse , A large figure of a mounted vaquero, with a lasso in his hand, ready 
 for a throw. Underneath is the date, 1850. At the top, around the border, California gold. 
 Around the border at the bottom, ten dollars. On the ground is the name A. kuner. Reverse , 
 An eagle; between the tips of its expanded wings and around the border at the top, Baldwin & co. 
 At the bottom and around the border, san Francisco. From each end of the name and extending to 
 he tip of the eagle’s wing on either side are five stars, making ten in all. The right talon of the eagle 
 holds a branch of olive, and the left three arrows. 
 
 A specimen of this Ten Dollar gold-piece assayed at the Mint weighed 263 grains, 
 of a fineness of .880, and an intrinsic value of $9.96. 
 
 42 — Five Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars. On the 
 coronet Baldwin & co. Below is the date, 1850. Reverse , An eagle with expanded wings and a shield 
 on its breast: in the right talon a branch of olive; the left holds three arrows. At the top, s m v Cal- 
 ifornia gold, and at the bottom, five dol. 
 
 The intrinsic value of these pieces averaged about $4.92. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 75 
 
 1851. 
 
 43 — Twenty Dollars. Ofn'erse, Head of Liberty to left, surrounded by thirteen stars; on the 
 coronet Baldwin. Below is the date, 1851. Reverse , An eagle, with expanded wings, its head turned 
 to the left ; the right talon holds a branch of olive, and the left three arrows. Around the upper por- 
 tion of the border s m v California cold. At the bottom twenty d. 
 
 This was the first Twenty Dollar gold-piece issued in California, and the dies for 
 it were engraved by Albert Kiiner. A wax impression of the first piece struck is still 
 extant. An assay of four of these pieces at the United States Mint at Philadelphia 
 showed that their weight varied from 5 1 1 to 523 grains, but a lot of one hundred pieces 
 averaged 517 grains, of which the fineness varied from .861 to .871, with an average 
 fineness of .868 J, and an average intrinsic value of $19.33. This denomination is very 
 rare. Probably not a half dozen specimens are known. 
 
 44 — Ten Dollars. Obverse , Head of Liberty facing to the left, surrounded by thirteen stars 
 On the coronet Baldwin & co. Below is 1851. Reverse , An eagle as borne by the Twenty Dollar 
 piece. Around the border s. M. v. California gold. Below is the denomination, ten d. 
 
 When a lot of these coins were assayed at the Mint they were found to average 
 259] grains in weight, a fineness of .870, and an average value of $9.72. This denom- 
 ination also is very rare. The Baldwin coins were said to contain a copper alloy which 
 amounted to about twenty-thousandths. 
 
 SHULTZ & CO., SAN FRANCISCO. 
 
 1851. 
 
 The firm of Shultz & Co. was composed of Judge G. W. Shultz and 
 William Thompson Garratt, who conducted a brass foundry in San Francisco, 
 on Clay Street, back of Baldwin’s coining establishment, as early as 1850, 
 and made nearly all of the dies used in that city for private coinage. In a 
 biographical sketch of Mr. Garratt in “ Builders of a Great City,” published 
 in San Francisco in 1891, this statement was made: 
 
 William T. Garratt was born at Waterbury, Conn. Judge Shultz and he went into busi- 
 ness in October, 1850, making all the dies in use in San Francisco for private coining except 
 those of Moffat, whose $50 slugs will be remembered by all old-timers. Albert Kiiner did 
 the engraving for these dies. Besides the actual manufacture of the dies the firm also 
 coined Five Dollar pieces. Owing to a scarcity of coin in circulation, the firm built the 
 machinery for coining Five and Ten Dollar pieces, and continued this until the Legislature 
 passed a law placing private coiners on a banking basis, and on account of this law they dis- 
 continued. The firm coined for Burgoyne & Co., and Argienti & Co., brokers. This depart- 
 ment of the business had been under the management of Mr. Shultz, and when it was given 
 up he retired. Garratt was originally a mechanic by trade. 
 
 In a dictated statement Mr. Garratt gave the following information in 
 regard to the conduct of the coining establishment with which he and Mr. 
 Shultz were connected : 
 
76 
 
 PRIVATE GOLD COINAGE. 
 
 We made a great many dies for private coining. Albert Kiiner, who is still in business 
 here, would do the engraving and I the turning — that is, the machine-work on the dies — for 
 which at the time we would get $100 per day per man on that special job. 
 
 After that, Shultz took a notion to go into coining for Burgoyne & Co. and Argienli & 
 Co., who were bankers here at that time. They would buy the dust and we would do the 
 coining. We ran for a while, and then Shultz and I separated, he taking the coining es- 
 tablishment and I the foundry, he keeping the room over the foundry for his business. He 
 continued only a short time before the Legislature passed a law prohibiting private coining. 
 We took gold at $16 an ounce, and put it through the refining process, and then would add 
 io per cent, copper. That of course would take a very little copper — just enough to make 
 the coin hard enough to wear. I think the Legislature prohibited it altogether ; I am not 
 exactly clear on that point. Moffat was allowed to go ahead. We continued in the same place 
 after Shultz had quit. We had moved from Clay Street down to Leidersdorff, near Sacramento. 
 While we were there we separated. He continued coining until he was shut off by the 
 Legislature ; it might have been two months. From that he went up into the mountains, and 
 I continued with the business. 
 
 Judge Shultz was connected with the Gold Mountain Quartz Mining Company. 
 
 One biographer stated that Messrs. Shultz and Garratt, in connection 
 with their foundry business, also struck Five and Ten Dollar gold-pieces, for 
 which there was a great demand. Only Five Dollar coins bearing their stamp 
 are now known, however, and it is not probable that the firm issued Ten Dol- 
 lar pieces. 
 
 In Mr. Garratt’s statement he says he coined pieces for Burgoyne & Co. 
 and Argienti & Co. from gold-dust furnished by them. It is probable that 
 all such coins bore the name of Schultz & Co., as no specimens having the 
 private stamp of either of the above concerns, — both of which were prominent 
 banking firms in San Francisco, — are known. The only piece of currency 
 credited to Burgoyne & Co., so far as known, was a Twenty-five Cent paper 
 note. This was issued in the early ’fifties, and specified that it was redeem- 
 able in gold-dust. The plates for this were engraved by J. Manouvrier and 
 T. Snell, of New Orleans, who engraved those for some of the Confederate 
 paper-money issues. 
 
 45 — Five Dollars. Obverse , Head of Liberty to left, surrounded by thirteen stars. On the 
 coronet, shults & co. [The spelling of the name is an error on the part of the engraver, Mr. Kiiner, 
 as Mr. Shultz unquestionably wrote his name with a Z instead of an S.] Below is the date, 1851. 
 Reverse , An eagle with expanded wings, shield on breast, and holding arrows and an olive branch, 
 much like the eagle used on the other coins of the series. Around the upper portion of the border, 
 PURE California gold. Below is the denomination, five d. 
 
 Three coins with this stamp were assayed at the Mint in 1851 ; they averaged in 
 weight I28| grains, a fineness of .879, and showed an intrinsic value of $4.94.4. Only 
 three specimens are known. One is owned by H. O. Granberg ; the second by Virgil 
 M. Brand, and the third is in the Lighthouse collection. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 77 
 
 DUNBAR & CO., SAN FRANCISCO. 
 
 1851. 
 
 From what can be learned, the gold-pieces bearing the above stamp were 
 issued by Edward E. Dunbar, who conducted the California Bank in San 
 Francisco. Mr. Dunbar afterwards came East and organized the well-known 
 Continental Bank Note Company. An advertisement appeared in one of the 
 California papers that “ The banking office of Edward E. Dunbar would 
 redeem the coin of Baldwin & Co.” This was at the time when the issues 
 of Baldwin & Co. were discredited in San Francisco because they were below 
 the value stamped upon their face, and business men in general had refused 
 to take them. As Baldwin & Co. ceased to strike coins about this time, it is 
 not unlikely that their machinery was taken over by Dunbar & Co., and used 
 for making the coins bearing the latter stamp. Only one denomination was 
 struck by the firm, that of Five Dollars, a description of which follows : 
 
 46 — Five Dollars. Obverse , Head of Liberty, surrounded by thirteen stars. On the coronet, 
 dunbar & CO. Below is the date, 1851. Reverse , An eagle with expanded wings. On the breast is 
 a shield, while the talons hold an olive branch and arrows. Around the border, s m v California 
 gold. Below is FIVE D. 
 
 A lot of hi pieces was assayed at the Mint in 1851, which showed an average 
 weight of 13 1 grains, a fineness of .883, and an intrinsic value of $4.98. Not more 
 than three of these pieces are now known to be in existence. The only record of sale 
 was the example in the Cleneay collection, sold Dec. 9-13, 1890, when a Five Dollar 
 piece, dated 1851, brought $6.50. Charles Gregory owns probably the finest known 
 specimen from this mint, and through his kindness we are enabled to show it on one of 
 the plates ; H. O. Granberg owns the second located specimen, and Virgil M. Brand the 
 third. 
 
 YVASS, MOLITOR & CO., SAN FRANCISCO. 
 
 1852-1855. 
 
 The firm of Wass, Molitor & Co. was composed of Count S. C. VVass and 
 A. P. Molitor, the other member, if there was one, being unknown. The 
 earliest reference to their establishment of a gold smelting and assaying plant 
 is found in the “San Francisco Herald” of November 19, 1851, which reads 
 as follows : 
 
 Messrs. Wass, Molitor & Co. have removed their establishment into Naglee’s fireproof 
 building, in Merchant Street, where they are now busily engaged in smelting ores of all kinds, 
 melting down and assaying gold for the largest houses in the city, and attending generally to all 
 business connected with mining, for which their scientific attainments and long experience 
 eminently fit them. They have now an excellent laboratory, fitted up in the most approved 
 style, with powerful furnaces and every species of apparatus required for the most delicate and 
 accurate analyses. 
 
7 » 
 
 PRIVATE GOLD COINAGE. 
 
 These gentlemen have acquired a thorough and practical knowledge of mining in all its 
 ramifications, in the celebrated School of Mines of Germany; having perfected that knowledge 
 by working in the gold mines of their native land — Hungary — for many years, and later those 
 of this country. This establishment therefore is almost the only one in California capable of 
 making those delicate assays which are so much needed just at this time. 
 
 They are prepared, too, to furnish mining plans and information as to the best and cheap- 
 est method of working the mines, which will be invaluable at the present time, when attention 
 is so much directed toward them. We consider the scientific experience of these gentlemen a 
 valuable acquisition to the State. They are compatriots, and were companions in-arms of the 
 heroic Kossuth throughout the memorable Hungarian revolution. Their hope of liberty in their 
 native land crushed, their fortunes confiscated, and themselves exiled by the ruthless Austrian, 
 they have sought a home in our land, the refuge of the oppressed of every nation. 
 
 The announcement of the beginning of operations of the establishment 
 of Wass, Molitor & Co., appeared November 25, 1851, in the “San Francisco 
 Herald ” : 
 
 Assay Office. — Important Advantage. — The subscribers are now 
 ready to melt and assay gold-dust, and will pay to parties depositing the dust 
 the net proceeds as soon as the dust is melted and assayed, less the usual 
 percentage for melting and assaying. 
 
 The advantage in this arrangement is that the depositor gets his money 
 within forty-eight hours after depositing the dust. 
 
 Wass, Molitor & Co. 
 
 Merchant St., Naglee’s Building. 
 
 The “ San Francisco Herald ” of the same date, also made the following 
 editorial comment upon the opening of the assaying establishment of Wass, 
 Molitor & Co. : 
 
 It will be seen from the announcement of Wass, Molitor & Co. that the public have a 
 prospect of being relieved from any great addition to the torrent of cumbrous slugs that has for 
 the last nine months been inundating the country. These gentlemen, of whose peculiar fitness 
 as smelters and assayers we have heretofore spoken, are prepared to receive gold-dust, melt it 
 down, and by assay determine its mint value. Then, deducting the usual percentage for their 
 labor, they will pay over to depositors the net proceeds of their gold in forty-eight hours from 
 the time of deposit. The United States Assay Office, we are informed, makes a return — and 
 that return in slugs — in eight days from the time of deposit. By this new arrangement there- 
 fore, the depositor not only saves six days’ use and interest on his gold, but relieves the cur- 
 rency from the addition of as many slugs as his gold could be coined into. Messrs. Wass, 
 Molitor & Co. pay over the proceeds in any coin that may be current at the banks. They do 
 not of course undertake to coin, themselves. Their establishment will be a great convenience 
 to the public, while it will, to the extent of the business done by them, check the incessant stream 
 of unwieldy slugs that clog the ordinary transactions of business to a most serious extent. 
 
 In the latter part of 1851, when the only coins struck in California were 
 the octagonal Fifty Dollar pieces, there occurred a famine of gold of small 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 79 
 
 denomination in the channels of trade, owing to the fact that regular United 
 States gold coins and the foreign coins authorized to be received at the Cus- 
 tom House were hoarded and reserved for this purpose and for foreign ship- 
 ment. A substitute gold currency was urgently required, and therefore the 
 business men of San Francisco petitioned the firm of Moffat & Co. to strike 
 gold coins of small denominations bearing their private stamp, to supply this 
 need. Wass, Molitor & Co., recognizing this necessity, began the issue of a 
 Five Dollar piece bearing their own stamp, which was gladly welcomed, the 
 first one apparently making its appearance about January 8, 1852, to which 
 “ Daily Alta California ” of that date makes reference : 
 
 Day before yesterday we were shown a piece of the denomination of £5, which Messrs. 
 Wass, Molitor & Co. are preparing to issue from their assay office, Naglee’s building, in Mer- 
 chant Street. It has the head and stars like the American coin, with the letters w m * co in 
 the place occupied by the word liberty on our National currency. Below is the date, 1852. 
 On the reverse is the eagle, with the words “ In California Gold — Five Dollars ” around it. 
 The coin has the pale yellow appearance which is peculiar to the private coinage of the State, 
 and which is caused by the silver alloy natural to the gold, whereas the issues from the United 
 States mint are slightly alloyed with copper. 
 
 On the same date as the above the “San Francisco Herald” had this 
 comment to make upon the appearance of the new specimen of private coin- 
 age : 
 
 The very serious inconveniences to which the people of California have been subjected 
 through the want of a mint, and the stream of unwieldy slugs that have issued from the United 
 States Assay Office have imperatively called for an increase of small coin. The well known and 
 highly respectable firm of Wass, Molitor & Co. have come forward in this emergency, and are 
 now issuing a coin of the value of $5 to supply the necessities of trade. Their coining estab- 
 lishment, located in Naglee’s fireproof brick building, in Merchant Street, is now complete, be- 
 ing provided with the most powerful and improved machinery for such purposes. 
 
 The mechanical execution of the coin issued by these gentlemen certainly reflects the 
 highest credit upon their skill. It is a beautiful specimen of art, far superior in finish to any- 
 thing of the kind ever gotten up in California. It is surrounded by a raised milled edge to 
 protect the surface from being defaced by friction, and is almost a facsimile of the United 
 States coin. On one side, surrounded by a circle of thirteen stars, is a finely engraved head of 
 Liberty, around which is a band bearing the letters w m & co, being the initials of the coiners. 
 Beneath is the date of its issue, 1852. On the reverse is an eagle, bearing in its talons a bundle 
 of arrows and an olive branch. Just within the milled edge is the inscription, — In California 
 Gold Five Dollars. 
 
 But the most important point to the public is its fineness and weight, as upon these two 
 qualities combined must depend its value. In this particular it will be found highly satisfac- 
 tory, and at once secure the confidence of the community. It has a uniform standard of .880, 
 and contains no other alloy than that of silver, which is found naturally combined with gold. 
 The weight of each of the $5 pieces, which are the only ones at present issued, is 131/5 grains- 
 
8o 
 
 PRIVATE GOLD COINAGE. 
 
 The standard fineness of the United States Five Dollar piece is .900, weight 127 grains. 
 It is therefore T #gjj finer than Wass, Molitor & Co.’s pieces, but this is more than counterbal- 
 anced by the latter’s being 4^ grains heavier, so that the new Five Dollar gold piece is in real- 
 ity worth five dollars and four cents, a sufficient excess to pay the expense of recoinage at the 
 United States Mint without cost to the depositor. 
 
 The reason Messrs. Wass, Molitor & Co. have adopted the standard of .880 is because 
 this is about the average fineness of California gold, and further because the cost of refining 
 California gold to the United States standard is exceedingly heavy, and the necessary chemicals 
 cannot be obtained in this country. But it will be remembered that the difference is more than 
 made up by the increased weight of 4/^ grains, which every one can try for himself on a pair 
 of scales. These coins will be redeemed on presentation in funds received at the Custom House 
 and banks. The high reputation for honor and integrity enjoyed by Count Wass and his asso- 
 ciates in this enterprise is an additional guaranty that every representation made by them will 
 be strictly complied with. The public will be glad to have a coin in which they can feel con- 
 fidence, and which can’t depreciate in their hands. The leading bankers, too, sustain and 
 encourage this issue, and will receive it on deposit. Among others are the heavy houses of 
 Adams & Co., Burgoyne & Co., and Page, Bacon & Co. 
 
 Messrs. Wass, Molitor & Co.’s coining establishment, which is entirely disconnected from 
 the smelting and assaying office, now in active operation, is capable of turning out from $7,000 
 to $8,000 in Five Dollar pieces per day. We shall in a future article give a description of the 
 minting process by which through many stages the crude gold-dust is converted into coin. 
 
 This description, as promised, appeared in the “ Herald ” of January 
 1 7, 1852, and as it is regarded as being of much interest to the reader, the 
 full text is herewith given : — 
 
 We gave a detailed description a few days ago of the new Five Dollar piece issued by this 
 enterprising firm. Since then they have prepared a die for coining Ten Dollar pieces, some of 
 which we have seen struck off. They are superior in mechanical execution to the Five Dollar 
 pieces, and will compare favorably with any coin now in the market. They are similar to the 
 smaller coin, with the exception of being stamped on one side, “ s m v (standard mint value) 
 Ten Dollars.” A quantity of their coin has been sent on to the Mint by the bankers who re- 
 ceive it, so that by an official assay the public may be entirely satisfied that it is worth all it 
 purports to be. 
 
 The process by which the crude gold-dust is converted into coin is quite intricate and 
 interesting. The metal has to pass through half a dozen different stages in the hands of a 
 dozen workmen before it is turned out of the press ready for circulation. In the first place the 
 dust is placed in suitable vessels and smelted by the heat of a powerful furnace. In its molten 
 state it is run into thick bars or ingots. These are separately assayed with extreme care and 
 nicety by Count Wass. The fineness of each bar being ascertained, silver is either added or 
 subtracted, according as it is above or below the standard fineness, so as to attain a uniform 
 mixed degree of purity. It will be remembered that there is no alloy of copper in these coins, 
 as in those issued from the United States Mint, and hence they have a lighter yellow color. 
 
 After the bars have been made of a requisite fineness they are resmelted and cast into 
 smaller bars. These are hammered out, then drawn through slits in a powerful machine — the 
 width of the slit being diminished. By this means ii is made to assume the shape of a golden 
 hoop. It is then drawn through a powerful rolling machine, graduated to the required thick- 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 81 
 
 ness, from which it issues a long, thin strip, brightly polished, and of the thickness of the coin. 
 It is then placed under another ingenious machine in which it is cut up into circular pieces the 
 size of the proposed coin. These pieces are separately adjusted to the standard weight in very 
 nice scales prepared for the purpose. If they weigh a little too much, as they always do, they 
 are reduced by filing. They are now ready to be stamped. 
 
 The first stage in this process consists in placing them in a milling machine of great 
 power. From this they receive a neat, raised milled edge. Nothing remains now but to place 
 them in the press, where they are stamped. This press operates on the principle of the screw. 
 The circular piece of gold — the embryo coin — is placed upon a die which is to give its im- 
 press to one side, while another die, which stamps the other side, is made to descend with 
 great force by whirling the heavy loaded arms of a lever passing through the screw. It is a 
 current Five or Ten Dollar piece, as the case may be. The finishing touch is put to it by 
 roasting it, so as to give it a bright color. All these different processes of course require great 
 scientific and mechanical skill, extreme accuracy, and heavy and complete machinery. All of 
 these requisites Messrs. Wass, Molitor & Co. possess. 
 
 The firm issued coins of the denomination of Five, Ten, Twenty, and 
 Fifty Dollars. The first issue in 1852 included the denominations of Five 
 and Ten Dollars. No pieces bearing the stamp of the firm were coined in 
 1853 or 1854, but in 1855 they began the striking of Fifty and Twenty Dollar 
 pieces, the latter of which are now of extreme rarity. The Fifty Dollar piece, 
 which is circular in shape, came into being about the time the business men 
 of San Francisco petitioned Congress to strike such coins at the United States 
 Mint, and it must have made its appearance some time in the Spring of 1855, 
 judging by the following extract from the “ Sacramento Daily Union ” of April 
 30, 1855 : 
 
 Col. Pardee of Wells, Fargo & Co.’s Express has exhibited to us the new Fifty Dollar 
 piece, which in a great measure is destined to supplant the old-fashioned octagon slug now in 
 circulation. This coin is circular, almost entirely destitute of ornament, and plain as a maiden’s 
 countenance who has breathed the air of fifty summers. At the outer edge of one side are the 
 words “ Wass, Molitor & Co. San Francisco,” inclosing on the centre of the coin the figures 
 “ DUO ” and abbreviated word “ Thous.” with the figures “ 50 ” underneath, and the word 
 “ Dollars ” below the latter figures. On the reverse of the coin is a homely head of Liberty 
 and the figures “ 1855.” The coin certainly has no pretentions to beauty ; nevertheless we 
 would not like to refuse a few to break with our friends. 
 
 Evidently the Fifty Dollar pieces of this firm were struck in considerable 
 numbers, and are not very rare even at the present time, yet well-preserved 
 specimens command a substantial premium. Perhaps the record price for 
 one of these coins was $400, paid for a very fine example at the Bruce Cart- 
 wright sale in London. 
 
 Proof of the considerable volume in which the gold Twenty and Fifty 
 Dollar pieces of this firm were originally issued is furnished by the state- 
 
82 
 
 PRIVATE GOLD COINAGE. 
 
 ment contained in “Alta California” of May 16, 1855, that “ Wass, Molitor 
 & Co. have commenced issuing their Fifty and Twenty Dollar pieces at the 
 rate of $38,000 per day. The coin is above the United States standard, and 
 is confidently received throughout the State.” 
 
 1852. 
 
 47 — Ten Dollars. Obverse , Head of Liberty (a small head). On the coronet is w M & co. 
 Around the border are thirteen stars, and below is the date, 1852. Reverse , An eagle, shield on breast, 
 with an olive branch in its right talon and three arrows in the left. The olive branch points above the 
 lower part of the latter s. Around the border issMV California gold ten d. The borders are 
 beaded and the edge reeded. 
 
 48 — Ten Dollars. Obverse , Liberty (a large head), thirteen stars, and the date, 1852. Reverse , 
 Similar to 47, but from a different die, the olive branch pointing below the s. The borders beaded and 
 the edge reeded. 
 
 49 — Five Dollars. Obverse , Head of Liberty to left, surrounded by thirteen stars. On the coro- 
 net the letters w m & co., while below is the date, 1852. Reverse , An eagle bearing a shield upon its 
 breast, with three arrows and an olive branch in its talons, and surrounded by the legend, in Cali- 
 fornia gold. 
 
 There is only one type of the Five Dollar piece, which is quite similar in general 
 design to the regular United States Five Dollar coin, but there are a number of trifling 
 die varieties. 
 
 1855. 
 
 50 — Fifty Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars. Below 
 is the date, 1855. Reverse , Two branches of laurel crossed and forming a wreath, within which, in two 
 lines, 50 dollars. Just above the figures 50 is the fineness on a label, 900 thous. Around the border 
 at the upper portion, san Francisco California, and around the lower portion, wass, molitor & co. 
 Border beaded and edge reeded. Circular. 
 
 51 — Twenty Dollars. Obverse , Small head of Liberty, with w M & co on the coronet. Around 
 the border thirteen stars, with the date 1855 below. Reverse , An eagle with outstretched wings, an 
 olive branch in its right and three arrows in its left talons. Above, on a label, 900 thous. Around 
 the border, san francisco California twenty dol. The edge is reeded. 
 
 The only example of this denomination that has been offered in recent years, 
 brought $500 at one of the Elder sales. A. Reimers of San Francisco also owns an 
 excellent specimen. 
 
 KELLOGG & CO., SAN FRANCISCO. 
 
 I 854-1855. 
 
 John Glover Kellogg, the senior member of the firm of Kellogg & Co., 
 came from Auburn, N. Y., to San Francisco, October 12, 1849. He secured a 
 position with Moffat & Co., who were then in the coining business at the cor- 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 83 
 
 ner of Clay and Dupont Streets. He continued with this establishment when 
 it passed to the control of Curtis, Perry & Ward, who conducted their assay 
 office in the building of the old United States Mint on Commercial Street. 
 When the United States Assay Office ceased operations, on December 14, 
 1853, Mr Kellogg opened one of his own with G. F. Richter, who had been 
 employed as an assayer at the United States Assay Office, and began business 
 at 106 Montgomery Street, December 19, 1853, as Kellogg & Richter. The 
 following advertisement appeared in the “San Francisco Herald” of that date : 
 
 Assay Office. — The undersigned, who have been connected with the 
 United States Assay Office from its commencement, have opened an office 
 for melting and assaying gold in the basement of J. P. Haven’s building, No. 
 
 106 Montgomery Street, one door of Lucas, Turner & Co.’s banking house, 
 and nearly opposite Adams & Co. 
 
 Kellogg & Richter. 
 
 Under this advertisement was the following indorsement: 
 
 San Francisco, Dec. 19, 1853. 
 
 Messrs. Kellogg & Richter have been employed (the former as cashier 
 and the latter as practical assayer) in the United States Assay Office from 
 its commencement to its close. We take pleasure in bearing testimony to 
 their industry, integrity, and skill, and in commending them to the confid- 
 ence and patronage of the public. 
 
 Curtis & Perry, 
 
 A. Humbert, Late U. S. Assayer. 
 
 In January, 1854, owing to the great scarcity of gold coin with which to 
 carry on ordinary business, the United States Assay Office having ceased 
 operations and no private firm at that time striking gold, a petition was ad- 
 dressed to Kellogg & Richter requesting them to issue gold coins bearing 
 their stamp, the text of which follows : 
 
 San Francisco, Jan. 14, 1854. 
 
 Messrs. Kellogg & Richter, Assayers. 
 
 Gentlemen: — The undersigned bankers of this city and State, perceiving the results which 
 would follow our continued shipments of coin, would respectfully submit your attention to this 
 want of the public, and if possible that you will supply the vacuum until the Mint shall go into 
 operation, and remove the chances of financial embarrassment from this cause, by the issuing of 
 your own private coin. Your long connection with the late Government Assay Office of Messrs. 
 
8 4 
 
 PRIVATE GOLD COINAGE. 
 
 Curtis, Perry & Ward gives us confidence in your ability and integrity, and that you will con- 
 duct this business with a proper regard to the rights of the community, as well as your own 
 private emolument. Such coin we shall be willing to receive. 
 
 Page, Bacon & Co. 
 Burgoyne & Co. 
 
 James King of Wm. 
 Tallant & Wilde. 
 
 Drexel, Sather & Church. 
 Robinson & Co. 
 
 Adams & Co. 
 
 Lucas, Turner & Co. 
 
 Wells, Fargo & Co. 
 Carothers, Anderson & Co. 
 Palmer, Cook & Co. 
 Sanders & Brenham. 
 
 SACRAMENTO. 
 
 A. G. Richardson, Agent. 
 
 B. F. Hastings & Co. 
 
 M. McNair, Agent. 
 
 D. O. Mills & Co. 
 
 Gwin & Rumbar. 
 Read & Co. 
 
 Page, Bacon & Co. 
 Jno. M. Rhodes. 
 
 In response to this petition Kellogg & Richter on January 31, wrote the 
 subjoined letter : 
 
 San Francisco, Jan. 31, 1854. 
 
 Gentlemen : — Your letter under date of Jan. 14, requesting us to issue our own private 
 coin is at hand. We shall be able to comply with your request ten days from this date. With 
 many thanks for your expressions of confidence in our ability as Assayers, and in our integrity, 
 we remain, 
 
 Yours truly, 
 
 Kellogg & Co. 
 
 To Messrs. Page, Bacon, Adams & Co., and others, Bankers. 
 
 The first coin to be issued by Kellogg & Co. was on February 9, 1854, as 
 will be seen by the following reference in “Alta California ” of February 16, 
 1854: 
 
 Messrs. Kellogg & Richter have established a private coining house on Montgomery 
 Street, in the basement of the building adjoining Adams & Co.’s old banking house. They 
 issued their fiist coin on the 9th. It is like United States coin, except that in place of liberty 
 on the head are the words Kellogg a co. They expect to be able to issue $20,000 per day. 
 
 The “San Francisco Herald” of February 11, makes this reference to 
 the new issue : 
 
 We have seen to-day the first issue of the new Twenty Dollar pieces issued by Messrs. 
 Kellogg & Richter. It is an exact and very handsome imitation of the United States coin, the 
 only difference being the motto upon the cap of the Goddess of Liberty which adorns one side 
 of the coin. On the front of the cap are the words, Kellogg a co. inscribed in the place of 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 85 
 
 the word liberty which marks the regular piece. The appearance of the new coin is highly 
 creditable to Kellogg & Co., who enjoy in the highest degree the confidence of the business 
 community. We learn that they will be able to issue about $ 20,000 per diem with their present 
 arrangements, which will probably be speedily improved and their facilities for coinage increased. 
 
 The “ San Francisco Prices Current” of February 15, 1854, had this to 
 say in connection with the opening of the new United States Mint: 
 
 We have to notice that the alterations of the old Assay Office of Curtis, Perry & Ward are 
 progressing well, the additions and changes being by virtue of a contract for the erection of the 
 United States Mint Buildings and the supplying of suitable machinery. To supply any de- 
 ficiency or vacuum which may arise before the Mint can commence operations, or indeed after- 
 ward, we have to notice that Messrs. Kellogg & Richter, Assayers, have commenced the issue 
 of private coin, the first pieces of this stamp, “ Kellogg & Co.” having made their appearance 
 this week, and of the denomination of $ 20 . They are similar in their general style to the 
 United States coins, but easily distinguishable by their yellow appearance, which is the natural 
 color of California gold, while the peculiar appearance of the regular Double Eagle is the result 
 of copper alloy. 
 
 Enormous amounts were struck at the Mint of Kellogg & Co. at this 
 time, to fill the demand for coined gold, it being the only establishment for 
 this purpose then in operation, and the gold produced by the mines reaching 
 an extraordinary volume, to which the “Prices Current” of March 31, re- 
 fers : 
 
 We question whether there ever was a fortnight since the California mines were discovered 
 during which so much gold-dust came down to San Francisco as during the fortnight just passed, 
 and in connection with the product of gold, and in intimate connection, too, we deem it not mis- 
 placed to call public attention to the admirable manner in which the Assay Office (Kellogg & 
 Richter) in this city is conducted, and the very important part it has performed during the past 
 month in preventing any disarrangement of our financial matters ; for without the coining of the 
 dust which it has done we might have found ourselves forced to return to weighing it out for 
 payment. 
 
 Even though the Branch Mint had begun operations, but few pieces were 
 struck, owing to the scarcity of silver for alloying and refining purposes, and 
 the few denominations of $ 1 , $2.50, $5, and $10 were made in order to test 
 the machinery. The bulk of the work of coin-making therefore fell upon 
 Kellogg & Richter. 
 
 In the latter part of 1854 the firm of Kellogg & Richter was dissolved, 
 and reorganized as Kellogg & Humbert, the new member being Augustus 
 Humbert, the former United States Assayer, and this partnership lasted until 
 i860, although the firm ceased to strike coins in 1855. 
 
86 
 
 PRIVATE GOLD COINAGE. 
 
 Notwithstanding the operation of the United States Branch Mint Kellogg 
 & Humbert issued coins in 1855 in even greater volume than before. On 
 May i, 1855, the “Alta California" announced that the Branch Mint had 
 just resumed coining, and further stated that the principal assay office in the 
 country (Kellogg & Co.) effected over 50 per cent, more toward the supply 
 of coin than the United States Mint. It is said that $1,500,000 was the great- 
 est amount per month produced by the Mint, while the assay office had for 
 weeks manufactured from $60,000 to $80,000 daily, and every banker in the 
 State admitted that but for the assay office the financial crisis would have 
 been prolonged. To this office, the paper continued, the holders of bullion 
 had to look for coin, and but for this private mint San Francisco might have 
 been bankrupt. 
 
 Although the California papers in 1855 mention the Fifty Dollar piece of 
 Wass, Molitor & Co., yet they do not contain the slightest reference to that 
 of Kellogg & Co. (that could be found), which would seem to indicate that 
 coinage of that denomination did not go beyond the experimental stage, and 
 that the thirteen known pieces now located were scarcely more than trial 
 pieces. 
 
 In 1905 the late De Witt Smith of Lee, Mass., compiled a list of the 
 known Kellogg & Co. Fifty Dollar pieces, and their holders : Nos. 1, 2, 3 are 
 owned by the Kellogg family (one by Karl Kellogg, son of J. G. Kellogg); 4, 
 United States Mint; 5, Virgil M. Brand, Chicago; 6, Mr. Earle, Philadelphia; 
 7, Andrew C. Zabriskie, New York; 8, De Witt Smith, Lee, Mass.; 9, George 
 W. Rice, Detroit, Mich.; 10, John A. Beck, Allegheny, Penn.; 11, W. W. 
 Kaufman, Marquette, Mich.; 12, C. W. Cowell, Denver, Colo. ; 13, John A. 
 Jenks, Philadelphia, Penn. The finest specimen is in the collection of Virgil 
 M. Brand, which he obtained at the sale of the coins of Augustus Humbert in 
 Philadelphia. This is a beautiful proof. A perfect proof was disposed of at 
 the Zabriskie sale. H. O. Granberg owns a proof specimen also, making 
 the thirteenth, as Mr. Smith was mistaken in thinking that there was an 
 example in the Mint cabinet. 
 
 The firm of Kellogg & Co. is credited with having struck $6,000,000 
 worth of Twenty Dollar pieces during its operations, a large consignment of 
 which was lost by the sinking of a steamer in the Pacific on its way from San 
 Francisco to New York. The dies for the Twenty and the Fifty Dollar pieces 
 are said to be still in existence. 
 
 The firm of Kellogg & Humbert was dissolved in i860, and Mr. Kellogg 
 became associated with J. H. Stearns and John Heuston, Jr., as Kellogg, 
 Heuston & Co., who carried on an assaying business at 416 Montgomery 
 Street. This firm was dissolved in 1866, and merged into the Selby Lead 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 87 
 
 and Silver Smelting Company, which is still doing business. Mr. Kellogg 
 died on April 21, 1886. 
 
 1854. 
 
 52 — Twenty Dollars. Obverse , Head of Liberty to left, surrounded by thirteen stars. At the 
 bottom is the date, 1854. On the coronet, Kellogg & co. in small letters. Reverse , A close imita- 
 tion of the regular United States Double Eagle. The talon of the eagle clasps three short arrows. 
 
 53 — Twenty Dollars. Obverse , Similar to 52, but the name Kellogg & co. in larger letters. 
 Reverse , Similar to 52, but the arrows in the eagle’s talon are much longer and extend almost to the 
 scroll. 
 
 1855. 
 
 54 — Fifty Dollars. Obverse , Head of Liberty, surrounded by thirteen stars. On the coronet 
 Kellogg & CO. Below is the date, 1855. On the truncation of the bust of Liberty, in small letters, 
 F. gruner, for Ferdinand Gruner, a well-known die cutter of San Francisco. Reverse , An eagle sim- 
 ilar to that on the octagonal Fifty Dollar piece, grasping in its right talon a United States shield and 
 three arrows, while in the beak is held a long flowing ribbon without inscription. Above the eagle 
 upon the folds of a long label is 1309 grs 887 thous. Around the border san Francisco Califor- 
 nia fifty dolls. The edge is reeded. 
 
 This represents one of the handsomest pieces of die-cutting in the entire California 
 series. No information concerning this Kellogg Fifty Dollar piece seems to be obtain- 
 able. It is quite certain, however, that it was issued about the same time as the Wass, 
 Molitor & Co. piece of the same value, and like the latter, owes its origin to the demand 
 of the San Francisco merchants for a gold piece of large denomination for quick count- 
 ing purposes. 
 
 55 — Twenty Dollars. Obverse , The usual Liberty head, surrounded by thirteen stars, Kellogg 
 A co. on coronet, with 1855 below the bust. Reverse , Similar to 52. 
 
 56 — Twenty Dollars. Obverse , Similar to 55, but the eagle on the reverse grasps long arrows, 
 as on 53. 
 
 ADDITIONAL NOTES. 
 
 The following additional information regarding several of the important 
 mints has come to our knowledge since the previous pages were printed. 
 
 Until late in December, 1911, the existence of a Five Dollar coin of the 
 Ormsby mint was unknown. While a letter to the “San Jose Pioneer” 
 of May 5, 1877, said that J. S. Ormsby & Co. had struck both Five and 
 Ten Dollar pieces, we were very much inclined to doubt its statement that 
 the smaller denomination had been coined. However, such a piece has now 
 come to light, and was purchased by the writer, in conjunction with J. W. 
 Scott of New York City. A reproduction of this is shown on one of the 
 plates herewith. 
 
88 
 
 PRIVATE GOLD COINAGE. 
 
 32A — Five Dollars. Obverse , j. s. o. in the centre of the field. Around the border united 
 states of America. cal. Reverse , 5 dolls in the centre of the field. Around the border 
 twenty stars. Plain edge. 
 
 This piece had been in the possession of Jacob B. Moore, Jr., since 1849. He had 
 been employed by his father Jacob B. Moore, Sr., Postmaster of San Francisco, as an 
 assistant in that year. Mr. Moore’s brother, George H. Moore, was formerly Librarian 
 of the New York Historical Society. It will be observed that the punches used in mak- 
 ing the dies for the Ten Dollar Ormsby piece were also used in making this. The Ten 
 Dollar piece shows thirty-one stars around the border (California having been the thirty- 
 first State admitted to the Union) while the Five shows only twenty. The latter fact 
 has no significance, as the limited space would permit no more to be added. So far as 
 can be learned, the Five Dollar piece is unique. It is in splendid condition, and docs 
 not appear to have seen much circulation. 
 
 The firm of Ormsby & Co. was composed of Dr. J. S. and Major William 
 M. Ormsby. Their assay office and mint was located on K Street, Sacra- 
 mento, just below the site of the Golden Eagle. Dr. Ormsby was a member 
 of the California Legislature in 1858. Major Ormsby was one of the Nevada 
 pioneers, and owned the third house built in the Eagle Valley, on the site of 
 what is now Carson City. He was prominent in early Nevada affairs, and one 
 of the prime movers in the organization of a Territorial government. Identi- 
 fied with him in Nevada was O. H. Pierson, another California pioneer, who 
 had been a clerk in the Ormsby mint at Sacramento. During the Indian 
 troubles in i860, Major Ormsby, with a force of 105 men, had a fight with a 
 band of Pah Ute Indians, under the leadership of Chiquito Winnemucca 
 (Black Rock Tom, as he was known) near Pyramid Lake, the result of which 
 was a disastrous defeat of the white men. Major Ormsby and about sixty 
 others were killed. 
 
 In the “ New York Herald ” of May 1 !, 1849, * s a full list of California 
 companies at St. Joseph, Mo., April 14, ready to start on the long journey 
 over the plains and mountains. Among these were “ Dr. J. S. Ormsby, L. 
 P. Ormsby, of Peru ; Major William Ormsby and J. K. Trumbull, of Ken- 
 tucky ; A. McLain, J. Moats, J. Shutt, M. L. Detter, J. McManus, and Samuel 
 Stoufer, of Westmoreland, Pa., ready to move, provided with four wagons, 
 six mules to each ; necessary provisions, etc.” This item gives an idea of 
 about the time the members of the firm left for the gold diggings. 
 
 Regarding the origin of the Massachusetts and California Company, the 
 “ New York Tribune” of January 23, 1849, stated : “In Northampton (Mass.) 
 Rev. F. P. Tracy is the agent of a company who have raised $6,000, and are 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 89 
 
 soon to leave.” In the same paper, February 3, 1849, we find that on Jan- 
 uary 26 the brig Mary Wilder cleared for the Gold Regions with the Massa- 
 chusetts and California Mining and Trading Company. In another issue of 
 the paper, giving a tabulated statement of the companies that had been or- 
 ganized to go to California, the Massachusetts and California Trading Com- 
 pany was mentioned as having a membership of 150. In the March 3 issue 
 of the “ Tribune ” the following very valuable and interesting information is 
 given, which explains clearly the origin of this Company and supplies certain 
 knowledge which those devoted to the pioneer gold series have vainly sought 
 for many years, the only clue previously found being the item in the Jourtial 
 for January, 1898 (p. 91), as already mentioned: 
 
 The Massachusetts and California Company, formed in Northampton, Mass., which origi- 
 nally contemplated a capital of only $6,000, has increased it to $50,000. Only a quarter of the 
 amount, however, is to be paid in at the outset. Josiah Hayden of Haydensville is President 
 of the Company, and S. S. Wells of Haydensville, Miles G. Moies, and others, Directors. Rev. 
 F. P. Tracy goes out to California as its active agent. It is the intention of the Company to 
 establish a private mint at California, and, with the approbation of the Government, to make 
 coins of the same denominations of the coins of the United States, and of equal, if not a little 
 higher, value. Mr. William H. Hayden goes out as assayer, having qualified himself for the 
 purpose by a series of studies under Prof. Silliman, and by all the information that could be 
 obtained at the United States Mint. Mr. Hayden is a graduate of Yale College, and a son of 
 the President of the Company. The machinery will coin about $10,000 a day. It is the in- 
 tention of the Company to purchase gold-dust, at the current prices, and transform it into coin 
 for circulation. Should the Government establish a Mint there, it will be worth its denomina- 
 tional value, or more, at the Mint. The agent and those who accompany him will go by one 
 of the land routes. 
 
 We add some further information regarding the firm of “Norris, Grieg & 
 Norris,” mentioned above. It would seem that the name of the middle mem- 
 ber of the firm was “ Gregg,” and not “ Grigg ” or “ Grieg ” as has been 
 stated. A thorough search of the California papers failed to mention this 
 Company, but the advertisement as given below in a book published in New 
 York in 1849, explains the origin of the firm : 
 
 Norris, Gregg & Norris, Manufacturers and Dealers in Wrought 
 Iron Pipes, and Fittings of all kinds, for Steam, Water, Gas, &c., &c. No. 
 
 62 Gold Street (Between Beekman and Fulton Streets, New York). Mills 
 and Public Buildings heated by steam. Tubular Boilers of various sizes. 
 
 Thos. H. Norris, Charles Gregg, Hiram A. Norris. 
 
 The New York Directory of 1849 gives Thomas H. Norris, civil engineer, 
 62 Gold Street, house 268 Jay Street, Brooklyn ; Hiram A. Norris, civil 
 

 9 o PRIVATE GOLD COINAGE. 
 
 engineer, 62 Gold Street, house 310 Gold Street, Brooklyn, and Charles 
 Gregg, engineer, 62 Gold Street, house 209 Pearl Street, Brooklyn. Up to 
 the present no information dealing with this firm’s connection with private 
 coinage has been found, although the sailing list of a vessel bound for Cali- 
 fornia in 1849 mentions the name of H. A. Norris. 
 
 In the “Tribune” of February 15, 1849, we find an account of the sailing 
 of John L. Moffat for California; the reference to “a sort of mint” it contains, 
 proves that the issue of private coins by him in California was contemplated 
 before he left New York, and was not due to local conditions upon his arrival 
 there, as had been supposed : 
 
 The good bark Guilford sails to-day from the foot of Wall Street. Whatever success may 
 attend the various adventurers, associated or individual, they will require a certain medium of 
 circulation, or a fixed standard for their gold-dust. This end may be obtained through the 
 operations of Messrs. Moffat & Co., who go out in the Guilford, with proper assistants, and 
 most complete machinery and apparatus, to supply the want of Californians ; in other words, to 
 establish a sort of mint, to receive the gold-dust, smelt and assay it, and by their stamp to give 
 it a currency and value, which must, in the absence of a Government character, be received by 
 the merchants and consumers. Mr. John L. Moffat, known as the standard assayer in this city 
 for many years, carries with him testimonials of our most eminent merchants, bankers, and bull- 
 ion dealers, including a certificate of the strongest character from Messrs. Beebee, Ludlow & 
 Co., the heaviest bullion dealers in the United States ; the most eminent gold dealers, in the 
 city, together with Hon. R. J. Walker, Secretary of the Treasury, have indorsed the circular of 
 Messrs. Moffat & Co. They have our best wishes for their success. 
 
 JOHN LITTLE MOFFAT. 
 
 For the following biographic sketch of Mr. Moffat we are indebted to the 
 kindness of R. Burnham Moffat of New York City, a grandson, who in 1909 
 prepared and privately printed the “ Moffat Genealogies. 
 
 John Little Moffat at the age of twenty-three years married Hannah Curtis, daugh- 
 ter of Reuben Curtis, of Danbury, Conn. Fourteen children were born to them, but 
 only five survived infancy, and but three of those five married and had issue. Mr. 
 Moffat lived in New York City from his marriage until about the middle of the ’thirties, 
 when he moved to Northern Georgia, in the valley of the Nacoochie, where he had pur- 
 chased some gold mines which he had begun to operate. He had previously owned a 
 gold mine in North Carolina, and on three separate occasions during his life made, and 
 as many times lost, what in those days was deemed a very substantial fortune. In his 
 youth he learned the trade of a silversmith, and throughout his life found satisfaction in 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 9 1 
 
 the thought that he “ had a trade.” Lack of persistence seems to have been the defect 
 in what otherwise was a character of high purpose, charm, and manly lovableness. He 
 was identified in turn with the Presbyterian, Episcopalian, Dutch Reformed, Quaker, 
 Methodist, and Swedenborgian faiths, but found the satisfaction he sought in none of 
 them — except possibly in the last, with the teachings of which he became familiar dur- 
 ing the closing years of his life. 
 
 When the “ gold fever ” fell upon the country, following the discovery of gold in 
 California, it found Mr. Moffat at the bottom of one of his waves of financial success, 
 and he joined the throng of “forty-niners.” .... While in California he became Assayer 
 for the United States Government, and during the few years of his stay there estab- 
 lished a reputation for unswerving integrity in the assaying of gold, which survived, for 
 many years, his return to the East. He died in Brooklyn, N. Y., at the home of his 
 son, Dr. Reuben Curtis Moffat, on June 19, 1865, at the age of seventy-seven years, 
 idolized by his daughter and surviving sons. 
 
 Mr. Moffat was born at Goshen, N. Y., February 12, 1788, and was 
 seventy-three years of age when the photograph (reproduced in the plate) 
 was taken. For permission to use this we wish to thank Arthur Moffat 
 Allen, a grandson of Mr. Moffat. It is said to be the only one extant. 
 
 We are now able to show positively that Theodore Dubosq, senior mem- 
 ber of the firm of Dubosq & Co., came from Philadelphia, and before he left 
 for the gold fields of California had contemplated the striking of private coins. 
 The “ Philadelphia Evening Bulletin ” of January 18, 1849, records the sailing 
 of the Gray Eagle, and gives its passenger list, in which appear the names 
 of Theodore Dubosq, Sr., Theodore Dubosq, Jr., and Henry A. Dubosq. 
 “ Mr. Theodore Dubosq, jeweler, North Second Street, we understand, takes 
 out with him the machinery for melting and coining gold, and stamping it 
 with a private mark, so as to establish a currency which will afford the greater 
 convenience and facility for dealing in the raw material.” 
 
 Regarding the Cincinnati Mining and Trading Company, the “ Cincin- 
 nati Gazette ” of March 10, 1849, states that the steamer Bay State, Capt. 
 Collier, left Cincinnati on March 10 with the Cincinnati Company aboard. 
 (For this information we are indebted to Henry Clay Ezekiel of Cincinnati.) 
 The “New York Tribune” of March 18, 1849, states that on March 10 the 
 Company started overland by way of St. Louis. The names of the members 
 were given. In the same paper of July 7, is printed a letter, dated May 17, 
 written to a Cincinnati newspaper, by a member of an overland company, at 
 Fort Childs, 300 miles west of Independence, Mo. From the date and con- 
 
92 
 
 PRIVATE GOLD COINAGE. 
 
 tents there can be little doubt that this was the Cincinnati Company, although 
 no mention is made of its name. The letter is particularly important as it 
 shows that this Company really did take its coining apparatus with it : 
 
 On the ioth we arrived at the junction of St. Joseph’s Road, and in the course of the 
 morning saw so many wagons that we thought we must lighten our loads and get in advance of 
 the tide of emigration, or our mules and oxen must suffer in consequence of short feed ; there- 
 fore about noon we stopped and held a meeting, and passed a resolution appointing a committee 
 to examine all the wagons and throw out and abandon everything that was not absolutely 
 necessary. Accordingly we left behind the wagon that we purchased for carrying corn, which 
 cost $210 ; blacksmith tools, consisting of anvil, forge, sledge-hammers, etc. ; about 200 mule 
 shoes, several extra axle-trees, and came very near leaving the coining apparatus, most of the 
 company being in favor of so doing, it being very heavy. We also changed the sugar, rice, etc., 
 from boxes into bags. While we were engaged in this business a train of over 50 wagons 
 passed. They reported that they had passed between 600 and 700 wagons; some they left at 
 St. Joseph’s, and that a great many of them had to throw away a part of their loading, almost 
 every one loading too heavy. One team they passed had abandoned 1200 lbs. of bacon, among 
 other things. So many trains have started that fears are entertained that they cannot all get 
 through, as there will not be grass enough for the animals. This and the anxiety to get to the 
 gold diggings as soon as possible, are the causes of property being abandoned. Among the 
 wagons that passed us was one train from Georgia with a carriage or hack containing a man 
 and his wife; that train also had several negroes with them. Our wagons are made too heavy 
 and strong. There are none like them. Other trains have just such as come out of market at 
 Cincinnati, many of them poorer. We might have saved $600 and had wagons more suited 
 for the trip. 
 
 There are two companies of regulars, mounted riflemen, stationed here for the protection 
 of the encampments. I stopped at the store and found it full, there being two or three trains 
 encamped close by. Among them is one of thirty wagons from Alton, 111. Almost every 
 article can be had at an advance of from 200 to 400 per cent, over prices in the United States. 
 The sale of liquor was yesterday prohibited by an order from the officer at the Fort. One 
 man told me that he bought, previous to the order being given, fifteen gallons at 30 cents, and 
 had since been offered $8 per gallon. The houses, consisting of about a dozen, are built of 
 turf or sod cut from the prairies, having a frame of wood inside, wood being very scarce — the 
 nearest on this side of the Platte being thirty miles. We have been all the forenoon picking 
 up what wood we cooked our dinner with, finding it stick and chip at a time, from old encamp- 
 ments. 
 
 We first came in sight of the Platte yesterday, and struck it at the head of the “Grande 
 Island,” as it is called, being an island ninety miles long. Near us are encamped a wagon and 
 six men, Mormons, just from California. I saw a specimen of the ‘ dust ’ ; it is in scales, about 
 the size of a large pin’s head hammered out. According to their account, there is enough for 
 all who go ; but, like some other places, it takes hard work to procure it. The specimen I saw 
 weighed just ten dollars, pure gold — this was all they had convenient. I asked them how 
 much they had made. They said they had dug until they were satisfied, and had all they 
 wanted, which must be a large amount, if they are as greedy as some of us. One of them told 
 me the most he ever made in the shortest time was $750 in half a day; he said they averaged 
 $150 per day apiece. 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 93 
 
 GEORGE FERDINAND ALBRECHT KUNER. 
 
 The designing of a coin is always an important part of its history, and it 
 seems but appropriate that in connection with the account of the California 
 private coinage, especial mention should be made of the engraver who de- 
 signed and cut the dies for a majority of the private mints which did business 
 in California from 1849 U P to an d including 1855, the last year of such issues. 
 
 George Ferdinand Albrecht Kiiner, more familiarly known as Albert 
 Kiiner, for he dropped the first two names upon his arrival in San Francisco, — 
 was born at Lindau, Bavaria, October 9, 1819, learning there the business of 
 a gold and silversmith. When he first came to the United States, in the latter 
 part of 1848, he intended to follow the occupation of cameo cutting, in which 
 he was particularly skillful ; but, like many others, he was attracted to Cali- 
 fornia by the marvelous gold discoveries, and arrived in San Francisco July 
 16, 1849. 
 
 There being a great need for a die-cutter and seal engraver, Mr. Kiiner 
 entered the employ of Moffat & Co., who were then smelting and assaying 
 gold, and engraved the dies for the first Ten Dollar piece of private manu- 
 facture to be issued on the coast, which bore the stamp of Moffat & Co. 
 Among other dies he cut those for the seal of California, all the medals 
 awarded by the Mechanics’ Institute, and hundreds of others issued along the 
 Pacific Coast for various purposes from 1849 until within a few years of his 
 death. 
 
 He started in business for himself in October, 1849, on Clay Street, next 
 moving to Kearny, between Jackson and Pacific ; but, being burned out in May, 
 1850, he returned to Clay Street. He was again burned out in May, 1851, and 
 then went to Dr. Mitthall’s building, on Montgomery, near California. In 1852 
 he moved to Washington Street, using a part of Braverman & Levy’s store, 
 where he remained fifteen years. He then removed to the building occupied 
 by Wores, the hatter, where he continued seventeen years. In 1884 he 
 moved to 704 Montgomery Street, where he remained until 1891. 
 
 He was painstaking and methodical, and had a carefully prepared record 
 of each specimen of his handicraft — impressions in wax, dies, etc., nearly all 
 of which, with his papers, were destroyed in the great fire when his residence 
 at the corner of Golden Gate Avenue and Gough Street was burned. How- 
 ever, a record of many of the coins for which he cut the dies remains in his 
 personal copy of the book issued by Eckfeldt & Dubois in 1851. He made a 
 memorandum in his own handwriting over each illustration of the various 
 California coins engraved by him. Guided by these notes we find that he 
 made the dies of the N. G. & N. Five Dollar piece, the Five and Ten Dollars 
 
94 
 
 PRIVATE GOLD COINAGE. 
 
 of Moffat & Co., dated 1849 ar >d 1850; the Schultz & Co. Five Dollars of 
 1851 ; the Dunbar & Co. Five Dollars dated 1851 ; the Baldwin Five, Ten, 
 and Twenty Dollars of 1850 and 1851 ; and the Fifty Dollar octagonal, with 
 the denomination reading, “Fifty Dolls.” and the name on the obverse around 
 the border. 
 
 The illustrations of the Miners’ Bank Ten Dollars, the Pacific Company 
 Five and Ten, the Massachusetts and California Five, the Templeton Reid 
 Ten and Twenty-five, the Cincinnati Mining and Trading Company Five and 
 Ten, the “ J. S. O.” Ten, and the Dubosq & Co. Five and Ten Dollar coins 
 were not marked, and therefore were not his work. 
 
 He also engraved the dies for all of the coins issued by Wass, Molitor 
 & Co., as well as those for the Deseret Assay Office Five Dollar piece of 
 Utah, dated i860. Robert Schaezlein, his close friend, says that after 
 Mr. Kiiner received the commission to cut the dies for this Mormon piece 
 he showed him the first impression, struck before the date and inscription 
 had been added. This was the identical gold pattern piece, presented to 
 Brigham Young, which is said to have hung on the watch chain of the Mor- 
 mon leader as a charm. Upon Mr. Young’s death the watch, chain and pat- 
 tern piece were sold for $300, and are said to be now in the possession of 
 the Mormon Church at St. Lake City. We learn that this pattern was the 
 one that showed mountains back of the reclining lion, and which were omitted 
 from the regular Deseret Assay Office Five Dollar piece issued for circulation. 
 
 One of his daughters has wax impressions of some of his pieces, among 
 which are the W. M. & Co. Five of 1852, the Schultz & Co. Five of 1851, 
 the Baldwin Twenty of 1851, and a reverse showing an eagle and the inscrip- 
 tion, “ Pure California Gold.” One of the cards bearing a wax impression 
 contained this memorandum : 
 
 Impression taken from the die while it was being engraved in the month of July, 1849, 
 by A. Kiiner, engraver with Moffat & Co., at the southeast corner of Montgomery and Jackson 
 Streets. 
 
 This was the Ten Dollar piece of Moffat & Co. of 1849, but it had neither 
 date nor inscription, and was the first private coin of the denomination to be 
 issued in the extensive California series. 
 
 He was paid $600 for the die for the first State seal of California, and 
 in 1883, when it became necessary to renew it, journeyed to Sacramento 
 and engraved the new seal, for which he received $300. He stated to Mr. 
 Schaezlein that he received as much as $500 for a pair of coin dies in the 
 pioneer days. A wax impression of the first seal was in his possession 
 for many years, but was destroyed in the fire of 1906. There was a great 
 
VARIOUS CALIFORNIAN PRIVATE MINTS. 
 
 95 
 
 scarcity of metal in San Francisco in 1849, and when he received the com- 
 mission to engrave the seal he found it necessary to go around the neighbor- 
 hood and pick up scraps of metal from which to make the first die. 
 
 In 1862, when the Government of British Columbia contemplated an 
 issue of local gold, the order to prepare the dies was given to him and he cut 
 those from which were struck the excessively rare Ten and Twenty Dollar 
 pieces, dated 1862 and bearing the name of “ British Columbia,” of which 
 but few sets are now known to be in existence. One of these is in the 
 British Museum, and another brought a large sum at the Montague sale some 
 years ago. 
 
 Before turning over the dies to the Government of British Columbia, he 
 struck a few trial-pieces in silver on a coining press which Lemme Brothers 
 had brought from Germany. The existence of these trial-pieces seems to 
 have been unknown until recently, following the investigations of the author 
 in California. 
 
 It has been stated by one of his biographers that he engraved the dies 
 for the coins of Broderick & Kohler — supposed to have been the Pacific 
 Company pieces ; but this is certainly an error, for in his copy of Eckfeldt 
 & Dubois’s book, as stated above, he made a careful memorandum over 
 each of the coins engraved by him, and the spaces over the Pacific Company 
 coins were left blank. He also wrote his name opposite each coin in the 
 Index of California coins in another part of the same book, and in this again 
 he omitted any mention of the coins of the Pacific Company. 
 
 A. Reimers of San Francisco, another warm friend, states that Mr. Kuner 
 told him that he had engraved the dies for the N. G. & N. Five Dollar piece, 
 and that these men were Stockton merchants, who expected to use the coins 
 at the mines in the lower part of the State; and we find that he made a 
 memorandum in the book cited to that effect, but there must be some error, 
 or this firm issued two different designs, judging by a paragraph taken from 
 the “Alta California” of May 31, 1849, which said that a gold coin of Norris, 
 Grieg & Norris, of the usual design, had just come to hand ; and that, al- 
 though it bore the name “ San Francisco,” it was nevertheless struck at the 
 instance of the above-named firm, who were located at Benicia. This date, 
 which must have been accurate, is several weeks before his arrival at San 
 Francisco, on July 16, 1849. Of course it is possible that he cut the N. G. 
 & N. dies before he got to that city. 
 
 Mr. Kiiner painted in water colors, and during his leisure moments exe- 
 cuted many exquisite examples of the engraver’s art in different materials, 
 principally mother-of-pearl, which he presented to his wife and children from 
 time to time. All of these works, of which none was ever made on a com- 
 
9 6 
 
 PRIVATE GOLD COINAGE. 
 
 mission, were of original conception and of the most delicate and artistic 
 workmanship, and are still carefully preserved by various members of his 
 family. 
 
 He was a great lover of animals, and especially skillful in depicting them. 
 An example of the magic touch of the artist is shown by his wife in the shape 
 of a napkin ring which he carved from a bone picked up at random. In a 
 mass of the most delicate carving is traced a continuous scene of a grizzly 
 bear hunt in the mountains by two hunters ; their start in the morning, their 
 fight with the bear, the evening camp, the dead bear at one side, the guns 
 resting against a tree, and the hunters rehearsing the day’s exploit, are grace- 
 fully given. 
 
 He engraved all the seals for Wells, Fargo & Co., from 1852, the first 
 year of the firm’s existence, until the day of his death. They always turned 
 their work over to him, and, though retired from all other business, he took 
 care of this one commission. 
 
 He died on January 23, 1906, at the age of eighty-six years, being 
 survived by a wife, three daughters, and one son. 
 
 We received too late for insertion in its regular order, the following description of 
 a Ten Dollar piece struck by Wass, Molitor & Co. : — 
 
 1855. 
 
 51 A — Ten Dollars. Obverse , Head of Liberty to the right. On the coronet the letters w. m. 
 & co. Around the border are thirteen stars. Below the bust is the date, 1855. The last figure 5 in 
 the date seems to have been set in a circular plug. Reverse , An eagle with arrows and an olive branch 
 in his talons. Around the border, s. m. v. California gold ten d. The olive branch points below 
 the letter s. 
 
GEORGE ALBERT FERDINAND KUNER. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No. 14. 
 
 No. 19. 
 
 No. 20. 
 
 No. 16. 
 
 No. 9. 
 
 PRIVATE GOLD COINAGE. VARIOUS MINTS. 
 

 
 
 
 No. 17. 
 
 No. 21 . Rev. 
 
 Nos. 24, 25. Rev. 
 
 No. 25. Obv. 
 
 No. 24. Obv. 
 
 No. 28. Obv. 
 
 No. 27. 
 
 No. 28. Rev. 
 
 No. 33. 
 
 No. 36. 
 
 No. 41. 
 
 PRIVATE GOLD COINAGE, VARIOUS MINTS. 
 
JOHN LITTLE MOFFAT. 
 Senior Member Firm of Moffat & Co. 
 
Member Firm of Shultz & Co. 
 

JOHN GLOVER KELLOGG, 
 
 Senior Member of the Firm of Kellogg & Co. 
 
lefia 
 
 PRIVATE GOLD COINAGE. VARIOUS MINTS. 
 
>SCO !< 
 
 , .,M ' >M‘ l* t 
 
 liv iuunn 
 
 AiOLlT 
 
 ,uninuiu 
 
 
 PRIVATE GOLD COINAGE. VARIOUS MINTS. 
 
PRIVATE GOLD COINAGE. 
 
 IV. 
 
 Pattern and Experimental Pieces 
 
 OF CALIFORNIA. 
 
 1849 - 53 . 
 
 BY 
 
 EDGAR H. ADAMS. 
 
 NEW YORK. 
 1912. 
 
REPRINTED FROM 
 
 THE AMERICAN JOURNAL OF NUMISMATICS. 
 1912. 
 
 Copyright, 1912, 
 Edgar H. Adams. 
 
IV. 
 
 PATTERN AND EXPERIMENTAL PIECES 
 
 OF CALIFORNIA. 
 
 1849 - 1853 . 
 
 Of equal interest to the gold struck by the different minting firms in 
 California for use as coins, are the Pattern pieces of various denominations, 
 made from dies evidently intended for the same purpose, but which for one 
 reason or another were abandoned. Nearly all these Pattern dies were made 
 in the East, and it is usually from some Eastern source that specimens come 
 to notice. As related by an old California pioneer, in 1849 many of the Com- 
 panies organized to seek fortune in the California gold-fields carried with 
 them coining apparatus of some kind. In a few instances heavy machinery 
 was taken along, as in the case of the Cincinnati Mining and Trading Com- 
 pany, while in others it is probable that the coinage equipment consisted 
 mainly of a few sets of dies ; but it is not likely that much of this, beyond the 
 dies, reached California by the overland route. 
 
 In the statement of a member of the Cincinnati Company he says that 
 when only three hundred miles west of Independence, Mo., they were begin- 
 ning to lighten their wagons of the weightier articles, and were considering 
 the abandonment of their “ heavy coining apparatus.” At this point the Com- 
 pany had little more than started on their long and trying journey. Two 
 huge mountain ranges were yet to be crossed, with many miles of intervening 
 desert, and it is very safe to conjecture that their machinery was abandoned 
 long before they reached the Rocky Mountains. When travel had become so 
 difficult that such important articles of food as bacon and beans were becom- 
 ing a burden to many of the overlanders, it is easy to guess the fate of the 
 “ heavy apparatus.” Along the overland trail from Fort Laramie, and on 
 through the South Pass, the route in 1849 was strewn with thousands of dol- 
 lars’ worth of abandoned property of every sort — food, furniture, stoves, hard- 
 
9 8 
 
 PRIVATE GOLD COINAGE. 
 
 ware and tools of all kinds, wagons, etc., and many of the adventurers, on 
 account of the exhaustion of their draught cattle, made up packs and con- 
 tinued their way on foot. 
 
 In the case of the Massachusetts and California Company it is not prob- 
 able that their coinage exceeded the striking of a few trial pieces in gold, 
 silver, and copper. As this Company was transported to California by ship, 
 their coining apparatus no doubt reached its destination. All their silver and 
 copper trial pieces, it is thought, were made in the East, though the few 
 known gold pieces may have been struck in California. 
 
 The existence of a Five Dollar die bearing the United States Assay Office 
 design indicates the intention of that establishment to issue a piece of that 
 denomination. This had evidently been engraved in 1851, at the time the 
 Ten and Twenty Dollar dies were made, which show an overstruck date, as 
 coins from the latter dies were not struck until 1852. It was expected by the 
 Assay contractors that the Secretary of the Treasury would give authority to 
 strike all the regular denominations of United States gold. Of course, as will 
 be seen by reference to the letter allowing the Assay Office to coin lower 
 values than Fifty Dollars, the authority clearly specified only the Ten and 
 Twenty Dollar pieces, and the plan of making Five Dollar pieces had to be 
 given up. 
 
 The Pattern pieces bearing the name of T. Dubosq are of considerable 
 interest. It is not unlikely that impressions in gold from these dies may even 
 yet make their appearance. Mr. Dubosq reached California in time to engage 
 in striking private coins in 1849, and it is difficult to see why he did not do 
 so. There was then a great need of such pieces ; he was prominent in busi- 
 ness affairs in San Francisco, irrespective of his coinage operations, and en- 
 joyed a high reputation. 
 
 The interesting design for a Twenty Dollar piece bearing the stamp of 
 Wass, Molitor & Co., suggests that we may yet see this in gold. However, 
 up to the present time, Mr. Granberg’s specimen, of which an illustration 
 (92) is shown, is the only example from the dies known to be extant. 
 
 The Twenty Dollar piece in copper bearing the stamp of the Cincinnati 
 Mining and Trading Company is the only one known to exist; the Company 
 evidently intended to issue a piece of that denomination, and it may be that 
 this was the very first die made. It certainly antedated the Mormon Twenty 
 Dollar piece by some time, and was far ahead of the United States Double 
 Eagle, which was not made until the latter part of 1849. It is related that 
 this piece was obtained from a miner in Salt Lake City, and that he had 
 carried it for a long time as a pocket piece. It may have been brought to 
 the Mormon capital by one of the members of the Company. 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 99 
 
 The Model Half Eagle, Quarter Eagle, gold Dollar, and gold Half Dollar 
 series is one of which nothing is known : as the design indicates, they were 
 undoubtedly intended as Patterns for private coinage. It is not hard to un- 
 derstand why they were not adopted. Very little need was felt for gold of 
 the smaller values, and extremely few such pieces were issued by the private 
 mints. Coinage was confined to denominations of Five Dollars and above, 
 and specimens of lower value are nearly all trial pieces or Patterns, which were 
 never issued for regular circulation. Facilities were so limited that these lower 
 values could not have been made to advantage. A large profit was necessary, 
 for without it the private coiners could not have operated successfully, owing 
 to the extremely high cost of labor and materials in 1849 and the early ’fifties. 
 
 THEODORE DUBOSQ. 
 
 57 — Five Dollars. Obverse , T. dubosq across the field, encircled by thirteen stars. At the 
 bottom is the date, 1849 Reverse , An eagle of the usual type, with shield ; around the border s m v 
 CALIFORNIA GOLD FIVE DOL. 
 
 This piece is described by Dr. R. Coulton Davis, but there is no record obtainable 
 showing where a specimen has been sold. In Mr. Groh’s book of “ Rubbings ” in the 
 library of The American Numismatic Society, is to be seen one of this coin. As Dubosq 
 was a jeweler by profession, it is supposed that he engraved the dies for all his coins. 
 
 58 — Two and a Half Dollars. Obverse , t. dubosq across the field, encircled by thirteen stars. 
 The date 1849 below. Reverse , An eagle similar to that on 57 , bearing a shield, surrounded at the 
 border by smv California gold and 2^6 dol. below. Copper. 
 
 A fine specimen, supposed to be unique, was offered at the Bushnell sale. J. Schul- 
 man, of Amsterdam, recently sold an example of the same design in copper, in fine con- 
 dition. Another fine specimen, in copper, was offered at the Levick 1884 sale. Through 
 the kindness of H. O. Granberg I am able to show an illustration of this interesting 
 Pattern, which I believe is the Schulman piece. 
 
 MASSACHUSETTS AND CALIFORNIA COMPANY. 
 
 59 — Five Dollars. Obverse , On a shield supported by a bear and stag, a cowboy; a crest 
 above as on 37 ; alta on a ribbon below. Around the border, thirteen stars. Reverse , An open olive 
 wreath inclosing five d. in two lines. Around the border, Massachusetts & California co. and 
 below is the date 1849. Silver and copper. 
 
 A fine specimen in silver brought $4.25 at the Parmelee sale ; another in silver 
 brought $3.10 at the Levick sale; one in copper brought $1.55 at the R. C. Davis sale, 
 and another in silver sold for $72.50 at the Zabriskie sale. This has the design of the 
 two specimens known in gold. A fine example in silver is owned by Fred. T. Huddart 
 of San Francisco ; it is from exactly the same die as 37. 
 
IOO 
 
 PRIVATE GOLD COINAGE. 
 
 60 — Five Dollars. Obverse , Same design as the foregoing. Reverse , The same as last, but 
 the wreath is closed at the top. Copper. 
 
 A very fine example brought $2.19 at the Levick sale. The only located speci- 
 men of this variety is in the collection of Malcolm N. Jackson, of Boston, who kindly 
 loaned it to be illustrated. 
 
 61 — Five Dollars. Obverse , Similar to the foregoing, but from an entirely different die. The 
 workmanship is not so good, and the design somewhat rude. The border is broader. Reverse , A 
 small wreath of leaves in the centre surrounded by a circle of thirteen stars. There is no denomina- 
 tion. Around the border the same inscription as on 59 and 60. Copper. 
 
 An impression brought £2.30 at the Levick sale. A specimen of the same design, 
 somewhat mutilated, also in copper, brought $31 at the Zabriskie sale. In an issue of 
 the Titusville Circular a Massachusetts & California Five Dollar piece in brass is men- 
 tioned, but which of the three above described does not appear. 
 
 MINERS’ BANK. 
 
 62 — Ten Dollars. Obverse , miners . bank . above, » ten . d. « on the field, and san Francisco . 
 below, as shown on the Ten Dollar gold piece of the Miners’ Bank issue (38). Reverse, Eagle as on 
 that, with California above, and thirteen stars around the border below. Copper. 
 
 A good specimen brought $1.75 at the Parmelee sale; another sold for $3 at the 
 Levick 1884 sale ; still another, in fine condition, brought $2 at the Scott Stamp & Coin 
 Co. sale, June 26-27, 1893. This seems to have been struck from the regular dies 
 of the Miners’ Bank Ten Dollar piece, already illustrated. 
 
 PACIFIC COMPANY. 
 
 63 — Two and a Half Dollars. Obverse and Reverse, In all respects the same as those of the 
 Pacific Company coins which were struck for circulation (27 and 28), except that the reverse reads 2 Va 
 dollars. Silver. 
 
 There are only two known specimens of this variety. One is in the collection of 
 H. O. Granberg, which he has kindly loaned for illustration. The other is in the collec- 
 tion of Virgil M. Brand. 
 
 64 — Dollar. Obverse and Rez’erse, The same designs as those of the other Pacific Company 
 coins. Tin. 
 
 There is only one example known in any metal, which, in good condition, brought 
 $1.05 at the Levick sale. 
 
 65 — Dollar. Obverse, The same as that of the Pacific Company Dollar (29), with 1 dollar 
 below the Liberty cap. Reverse, None of its own. Struck over a Spanish Real of 1 776. Good 
 condition, and unique. Silver. 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 IOI 
 
 This piece is described in the Catalogue of the sale of Ed. Frossard’s collection, 
 1884. At that time it was thought to have been a private token of the period 1834- 
 1838, and it brought $9.10. It is now in the collection of H. O. Granberg. 
 
 COLUMBUS COMPANY. 
 
 66 — Five Dollars. Obverse , columbus 1849 company. Reverse , California gold, dol’s. 
 Within a double circle in the centre is the Arabic figure 5 . Silver, unique, and copper. 
 
 A specimen in silver, with Feb. 15 scratched in the field, but otherwise in fine 
 condition, brought $3.25 at the Parmelee sale. A fine example in copper brought $2.75 
 at the Levick sale. 
 
 Nothing whatever is known concerning the origin of this piece, nor where 
 either of these examples now are. Judging by the name, it is not unlikely 
 that this was struck by a Company organized at Columbus, Ohio. It was 
 customary for the Companies of adventurers preparing to go to California in 
 1849 to give their organization the name of their home city. 
 
 MORAN & CLARK. 
 
 67 — Ten Dollars. Obverse , Inscription in five lines, California gold above and moran & 
 Clark below warranted | * 10 dolls. * | mint val* Reverse , san Francisco above, and 
 California below, around the border. Within a wreath 11 dwt. 8 GR | 20 carat in two lines, 
 above and beneath which is a star. A five-pointed star on each side the wreath divides the legend. 
 Copper. 
 
 It is not supposed that there are many trial pieces of this design. One in the 
 Levick sale of May 26-29, 1884, brought $2.60; another, in copper, brought 62 cents 
 at the Leonard & Co. sale at Boston, May 14, 1862, and still another impression sold 
 for a few dollars at the recent Ulex sale in Frankfort, Germany. The latest specimen 
 to be offered in this city was the one with milled edge, struck in copper, sold by Low 
 at the Comstock sale, Sept. 16, 1903, for $5.25. A fine example brought about $80 in 
 a recent sale by Henry Chapman. 
 
 While the Pattern piece bearing this stamp shows the imprint of San 
 Francisco, the firm of Moran & Clark was located at Sacramento. The piece 
 was probably issued late in 1849 or i n 1850. A reference to the firm has been 
 found in the “ New York Spirit of the Times,” of Jan. 18, 1851, where a cor- 
 respondent from Sacramento, in a letter dated Nov. 28, 1850, says: “Mr. 
 Dan Moran, formerly of Moran & Clark, of this city, is, I believe, in New 
 York, doing there a large auction business.” Mr. Huddart has kindly loaned 
 his specimen to be illustrated. 
 
102 
 
 PRIVATE GOLD COINAGE. 
 
 CINCINNATI MINING AND TRADING COMPANY. 
 
 68 — Twenty Dollars. Obverse and Reverse , The same designs as the other pieces of the Com- 
 pany (30 and 31), but the reverse reads twenty dollars. In diameter it is somewhat smaller than 
 the regular Double Eagle. Copper, unique. 
 
 This is the only known specimen of the denomination in any metal, and is in some- 
 what worn condition, having been carried as a pocket-piece for a long time, the owner 
 not being aware of its value. It brought $125 at an Elder sale two or three years ago. 
 It is now in the collection of H. O. Granberg. Thanks are herewith expressed to that 
 gentleman for loaning it for our illustration. 
 
 69 — Five Dollars. Obverse and Reverse, As 3 1 ; a trial-piece from the regular dies of the de- 
 nomination. Copper, unique. In the collection of H. O. Granberg. Illustrated with the gold (3 1). 
 
 SAN FRANCISCO STANDARD MINT. 
 
 70 — Five Dollars. Obverse, 5 dollars san Francisco standard mint. 22 carat fine. 
 Reverse, Plain. Tin. 
 
 A proof in tin brought $1.60 at the McCoy sale of May 17-21, 1864. This is 
 the only specimen that can be located. 
 
 MEYERS & COMPANY. 
 
 71 — Obverse, warranted 4 oz. troy. u. s. standard. No reverse. Struck over a United 
 States Cent. Sold for $ 1.60 at the 1884 Levick sale. 
 
 There is no denominational value on this piece ; from its inscription the die was in- 
 tended simply as a stamp for one-half an ounce of gold ; as the market rate for gold was 
 $16 an ounce, this was equivalent to about a Half Doubloon. 
 
 J. S. ORMSBY & COMPANY. 
 
 72 — Ten Dollars. Obverse, united states of America, cal. and .j .s .0 in the field. Re- 
 verse, A circle of thirty-one stars around the border. In the field, in two lines, 10 | dolls. Silver. 
 
 This was struck from the regular dies of the Ormsby Ten Dollar piece (32). Said 
 to be in the collection of Virgil M. Brand. At the Scott Stamp & Coin Co.’s sale of 
 the Herman collection, June 26-27, 1893, a J. S. O. of the usual design, struck over a 
 silver Two-real piece of Ferdinand VII, of the Mexico mint, dated 1815, size 27^, in 
 good condition, brought $4. At the Cleveland sale, by Low, of Feb. 28, 1903, the J. 
 S. O. piece, struck on a Spanish Two-real of Ferdinand VII, in good condition, brought 
 $12.75. Evidently these last two are identical. The one in the Brand collection is 
 supposed to be unique. This was illustrated under the gold (32). 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 
 J. H. BOWIE. 
 
 73 — One Dollar. Obverse , J. H. bowie above, 1 on the field, and dol. below. At the left is 
 24 G and at the right 24 C. Reverse , A pine tree, with cal. above and gold below. The border 
 and edge are plain. Copper. 
 
 This piece, struck in copper, is unique so far as known, and nothing has been 
 learned concerning its history. This specimen brought $35 at the Stickney sale. By 
 the courtesy of Malcolm H. Jackson of Boston, the present owner of this rarity, we are 
 enabled to give an illustration of the piece. 
 
 PELICAN COMPANY. 
 
 74 — Two and a Half Dollars. Obverse , pelican CO. 1849 with a large star in the centre of 
 the field. Reverse , California 2Ys dolls, around the border. In the field, 21 carats. Brass. 
 
 This piece, so far as known, is unique. It was disposed of at the Zabriskie sale in 
 1909, for $105. Nothing has been learned of its history, and it is the only one of the 
 design in any metal which has as yet been discovered. 
 
 CALIFORNIA GOLD MINES. 
 
 75 — Twenty Dollars (?) Obverse, Two bears embracing; around the border is the legend, Cal- 
 ifornia gold mines A. D. 1850 Below the ground under the right-hand bear is a tiny L. Reverse, 
 An eagle with wings displayed, on a wheat sheaf ; five five-pointed stars above. Around the border 
 California gold mines 1850. Milled edge. Struck in brass and copper. 
 
 This piece, which from the splendid manner in which the dies were en- 
 graved would lead us to suppose that it had been intended for a Pattern 
 private coinage, is thought to have been the work of William Lemme, a San 
 Francisco engraver of the pioneer days. A. Reimers, the San Francisco collec- 
 tor, however, inclines to the belief that as it has no value stated upon it, it was 
 one of the counters so extensively used in California gambling houses, and 
 properly belongs to the same class of tokens as the flag and steamship count- 
 ers. Others, because of its style of workmanship, have thought it was pro- 
 duced some time after the pioneer days, but this opinion is not supported by 
 facts. Farran Zerbe has an impression which he obtained from an old lady 
 in Cumberland, Md. It came to her from her brother, a “ Forty-niner,” and 
 she stated it had been in the family for fifty years. A specimen, gilt proof, 
 brought $3.60 at the Levick 1884 sale. They are rather rare. Thanks are 
 extended to Elliott Smith, of New York, for his kindness in loaning his 
 example for illustration. 
 
104 
 
 PRIVATE GOLD COINAGE. 
 
 SAN FRANCISCO, STATE OF CALIFORNIA. 
 
 76 — Twenty Dollars. Obverse , Head of Liberty surrounded by thirteen stars ; liberty on the 
 coronet ; date, 1851 below. Reverse , The arms of California : a seated female figure, gazing through 
 the “ Golden Gate,” a bear at her feet, and a miner in the background. Below the figure, in the ex- 
 ergue, is the denomination, 20 d. Legend, san Francisco state of California Silver, copper and 
 white metal. 
 
 Through the kindness of Fred. T. Huddart, who has loaned his complete set of 
 the Patterns described under 76 to 79 inclusive, illustrations of the entire series are 
 shown on the plates. 
 
 77 — Ten Dollars. Obverse and Reverse, As those of the Twenty Dollar piece, differing only in 
 the exergue inscription, showing the denomination. Silver, copper and white metal. 
 
 78 — Five Dollars. Obverse , Head of Liberty. Not an imitation of the United States Five 
 Dollar head, but similar, with liberty on the coronet, and thirteen stars around the border. Reverse, 
 An open wreath inclosing, in two lines, 5 | dollars The date 1851 below the wreath and near the 
 edge. Around the border san Francisco state of California Silver, copper and white metal. 
 
 79 — Two and a Half Dollars. Obverse and Reverse, Same as those of the Five Dollar piece, 
 except that the wreath on the reverse incloses 2£ | dollars in two lines. Silver, copper and white 
 metal. 
 
 It has been said that this series of Patterns was struck at the San Fran- 
 cisco Mint, but their date contradicts the statement, for the Branch Mint did 
 not begin operations until 1854, and Pattern coins are never struck at Branch 
 Mints, but exclusively at the parent establishment at Philadelphia. Wherever 
 they were struck, they are the most interesting set of Patterns and have the 
 most artistic design of any of the California private issues. 
 
 AUGUSTUS HUMBERT. 
 
 1851. 
 
 80 — Fifty Dollars. Obverse, An eagle standing on a rock, holding the United States shield 
 and having a ribbon in his beak. Above is a scroll bearing the inscription, thous. Around the 
 central device and near the edge is united states of America d c dwt grs. The edge is 
 lettered Augustus Humbert assayer of gold California, united states 1851 wright fec. 
 Reverse, Engine-turned, or lathe-work. Octagonal. Bronze. 
 
 One struck in bronze, and said to be unique, brought $12 at the Bnshnell sale. 
 
 It is quite probable that the dies for this and also 81 and 82 were 
 cut by the well-known engraver, C. C. Wright, of New York City. 
 
 81 — Fifty Dollars. Obverse and Reverse, Similar to those of the last-mentioned Fifty Dollar 
 piece, but the edge is not lettered. Octagonal. Bronze. 
 
 This was struck in bronze, and, like the preceding, is thought to be unique ; it 
 brought $12.50 at the Bushnell sale. 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 io 5 
 
 At the Woodward sale of March 20-25, 1885, a “ unique trial impression 
 from the dies of the California octagon Fifty Dollar piece — Reverse, Lathe 
 work ” — was sold. The description is too meagre to enable us to identify 
 this Pattern with any one of several pieces which might have been struck 
 later from the dies. 
 
 82 — Ten Dollars. Obverse, As the first issue of the Ten Dollar piece (18) struck by Humbert; 
 an eagle with head to right, wings displayed, his right talon grasping the National shield, and his left 
 holding an olive branch. Above the eagle a ribbon-scroll on which is the fineness, 884 thous. ; 
 united states of America above and ten dols. below. Reverse, Engine-turned, the field divided 
 by a label or tablet, on which, in four lines, the words, AUGUSTUS Humbert | united states 
 assayer | OF gold California | 1852. Bronze. 
 
 This was struck in bronze, and brought $i i at the Bushnell sale. 
 
 1852. 
 
 83 — Fifty Dollars. Obverse , Within a beaded circle an eagle holding a ribbon in his beak, a 
 shield in his right and an olive branch in his left talon. Above the eagle, on a label with the ends 
 turned outward, 900 thous. Surrounding the device, united states of America and at the bot- 
 tom, fifty dollars Outside the circle, near the edge, united states assay office of gold 
 
 san Francisco California; the date 1852 at the bottom. Reverse , ? Octagonal, and very 
 
 similar to 19. 
 
 This was undoubtedly a Pattern made by Albert Kiiner, and has his name in very 
 small letters under the eagle. The dies were supposed to have been destroyed in the 
 San Francisco fire, but the obverse was afterwards rescued from junk that had been 
 taken to Los Angeles. Impressions of the obverse die on very thin silver and brass 
 planchets were struck ; it was also used on a silver spoon, and is still extant. It is 
 supposed that it was intended to use with this obverse the usual engine-turned reverse 
 device, but there is no known example showing both sides. 
 
 1853. 
 
 84 — Twenty Dollars. Obverse, From the reverse of Humbert’s regular Twenty Dollar piece 
 of the year. Reverse, Blank. Lead, and unique. 
 
 Examples of this and the three following numbers are in the Joseph C. Mitchelson 
 collection, in the Connecticut State Library, Hartford, Conn. 
 
 85 — Ten Dollars. Obverse, Similar to the regular obverse of the denomination of the year. 
 On a scroll, above the eagle, thous. Reverse, Blank. Lead, and unique. 
 
 86 — Ten Dollars. Obverse, Similar to the regular reverse of the denomination of 1853, show- 
 ing the engine-turned device. Reverse, Blank. Lead, and unique. 
 
 87 — Five Dollars. Obverse, Similar to that of 85, and a similar scroll above the eagle, with 
 thous. Around the border, united states of America five d. Reverse, Blank. Lead, and 
 unique. 
 
io6 
 
 PRIVATE GOLD COINAGE. 
 
 These four pieces (84-87 inclusive), and also 88, 89 and 90, under Moffat & Co., 
 following, are simply uniface trial impressions from single dies. The space before 
 thous. on the dies, denoting fineness, was to have been filled with the proper figures 
 later. 
 
 MOFFAT & CO. 
 
 88 — Ten Dollars. Obverse, The head of Liberty, the same as that which appears on the other 
 coins of Moffat & Company. Undated. Reverse, ? 
 
 89 — Ten Dollars. Obverse, Eagle, similar to that on the reverses of the regular United States 
 coins. Around the border, san Francisco California ten d. Reverse, Blank. Lead, and unique. 
 
 In the Mitchelson collection, at Hartford. This was apparently intended to be 
 used as the reverse of the foregoing obverse, 88, of which no impression in metal is 
 known, the engravings being made from plaster casts taken from the original dies. 
 
 90 — Five Dollars. Obverse, Similar to obverse of 89, but around the border, san francisco 
 California five D. Reverse, Blank. Lead, and unique. In the Mitchelson collection. 
 
 The foregoing (83-90 inclusive) are all from dies which are now in the 
 Philadelphia Mint cabinet. They possess a very interesting character, as they 
 indicate it was the intention of the Assay Office to issue denominations 
 which were never struck in gold, or at least are unknown in that metal.- 
 84, 85 and 86 represent trial pieces from the regular dies that were adopted, 
 and from which the coins of the year were struck, but 87 shows that dies had 
 been prepared to strike coins of the denomination of Five Dollars, if per- 
 mission had been granted by the Treasury Department ; but so far as known, 
 no coin of that denomination was struck in gold at the Assay Office. 89 and 
 90 are evidently impressions from dies for a private issue by Moffat & Co., 
 and probably prepared some time in 1853, when the Twenty Dollar piece 
 (26) bearing the stamp of Moffat & Co. was issued ; the similarity of design 
 would seem to show that that firm also intended to strike Five and Ten 
 Dollar pieces at the same time, but no impressions in gold of either are 
 known, and it is not believed that any were made. The history of these 
 dies is not known, but it is probable that they were sent to Philadelphia 
 from San Francisco in 1854, when the Assay Office became the San Francisco 
 Branch of the United States Mint. 
 
 WASS, MOL 1 TOR & CO. 
 
 91 — Twenty Dollars. Obverse , Small head of Liberty with w. m. & co on the coronet, etc., as 
 obverse of 5 1 . Reverse, As reverse of 5 1 . Copper. 
 
 This is a trial piece struck from the regular dies of the Wass, Molitor & Co.’s 
 issue of the denomination in 1855. A specimen is said to be owned by W. W. Kauf- 
 mann, of Marquette, Mich. 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 107 
 
 92 — Twenty Dollars. Obverse , Large head of Liberty, as on the regular United States Double 
 Eagle; w. M. & CO. on diadem; around the edge thirteen stars, and the date 1855 below. Reverse , 
 An eagle with outstretched wings, shield on breast, a large olive branch in his right talon and three 
 arrows in the left ; above, on a label, the ends turned backward, 900 thous Around the device, san 
 francisco California above, and twenty dol. below. Reeded edge. Lead. 
 
 This design is distinctly different from the gold piece of the same denomination 
 struck by Wass, Molitor & Co. (51), and the above is the only impression known in any 
 metal. It is illustrated through the kindness of H. O. Granberg, its present owner. 
 
 KELLOGG & CO. 
 
 93 — Fifty Dollars. Obverse , Head of Liberty surrounded by thirteen stars; the date 1855 
 below. Reverse , An eagle with scroll, etc., and legend as on 54. Edge reeded. Copper. 
 
 This is a trial piece from the regular dies of the denomination as issued by Kel- 
 logg & Co. (54), which has already been illustrated. An example sold for 58 at one 
 of Low’s sales in 1903. One in proof condition, bought by Henry Chapman for $15, 
 is said to be now in the collection of George H. Earle, of Philadelphia. 
 
 94 — Twenty Dollars. Obverse and Reverse, From the dies of one of the 1854 or 1855 pieces 
 issued by Kellogg & Co. Copper. 
 
 An uncirculated specimen brought 5i.io in the Parmelee sale, where the descrip, 
 tion given is not sufficiently complete to identify it certainly with either of the four 
 Kellogg issues in gold of this denomination (52, 53, 55, 56). Its present ownership is 
 unknown, and there is a possibility that this and that next described are the same. 
 
 95 — Twenty Dollars. Obverse , Head of Liberty to left, and one of the best of the various 
 heads ; on the coronet, Kellogg & CO. Around the border thirteen stars. No date. Reverse , A 
 close imitation of the regular United States Double Eagle, as on 52 and 53. Copper. 
 
 An uncirculated impression from these dies, struck in copper, brought $17 in 
 Elder’s thirteenth sale in 1907. H. O. Granberg has a specimen of the piece, in very 
 fine condition, which he has kindly loaned for illustration. 
 
 BLAKE & CO. 
 
 96 — Twenty Dollars. Obverse , Head of Liberty to the left, surrounded by thirteen stars; on 
 the coronet, blake & co. Below is the date 1856. Reverse , An eagle similar to that on the regular 
 United States Double Eagle, with a radiated cluster of stars above his head, the rays being somewhat 
 thicker than on others similar. Around the edge, above, Sacramento California and below, 
 twenty d. Milled edge. Brass and copper. 
 
 A specimen catalogued as struck in brass, gold-plated, and in fine condition, brought 
 $34 at the McCabe sale. Another, also fine, struck in copper, was bought by a Mr. 
 Sherman for $2.50, at the Woodward sale of December 10, 18 66, and a fine impression 
 in copper, probably the same piece, sold for $1.75 at the Levick sale in 1864. So far 
 as is now known, there are actually but two of these pieces, one of which is in the col- 
 
i o8 
 
 PRIVATE GOLD COINAGE. 
 
 lection of Virgil M. Brand — that bought at the McCabe sale — and the other in that of 
 Fred. T. Huddart, of San Francisco, which is in copper, and we are indebted to him for 
 the opportunity to illustrate it. 
 
 This piece is of special interest as being the final effort of a contem- 
 plated renewal of private coinage in California. In 1856, owing to the lim- 
 ited operations of the San Francisco Branch Mint, and to the fact that not 
 one of the private assay offices was making coins, the regular United States 
 money became very scarce, and there was talk of a resumption of the issues 
 of private bankers, which no doubt induced Blake & Co. to prepare the dies 
 for a Twenty Dollar piece, from which this Pattern was struck. 
 
 Blake & Agnell conducted a gold-smelting and assaying plant at 52 J 
 Street, between Second and Third Streets, Sacramento, in 1855. Later the 
 firm was composed of Gorham Blake and W. R. Waters, and the name was 
 changed to Blake & Co., under which title it was known from December 29, 
 1855, until some time in 1859, when Mr. Blake retired, and the business was 
 continued by his partners as Waters & Co. 
 
 BALDWIN & CO. 
 
 1850. 
 
 97 — Ten Dollars. Obverse, The figure of a mounted vaquero riding to right, with lasso. 
 Below is the date 1850. Above is California gold and below ten dollars Reverse, An eagle 
 with expanded wings; Baldwin * co at top between the tips of the wings, and san Francisco 
 below, with five stars on each side filling out the legend, as on 41 . Various metals. 
 
 This trial piece, which undoubtedly was the work of Alfred Kiiner, follows closely 
 the issue of the same denomination described under 41, but the dies, both of obverse 
 and reverse, show a number of slight variations. On 41 the small s in dollars lines 
 with the bottom of the other letters, and is followed by a period ; on this, the s is raised, 
 to line with the top of the others ; on the reverse of 41 the tip of the eagle’s right wing 
 extends to the edge of the piece ; on this, it is not so long, and differs slightly in 
 shape ; a close examination shows other trifling differences. There have been restrikes, 
 and it is said two impressions were taken in gold ; the obverse die was also used to 
 strike souvenir spoons before the great San Francisco fire. 
 
 1851. 
 
 98 — Ten Dollars. Obverse, Head of Liberty to the left, surrounded by thirteen stars; Bald- 
 win & CO. on the coronet; the date 1851 below. Reverse, An eagle with expanded wings, its head to 
 the left ; a branch of olive in the right and three arrows in left talon. Around the border s. m. v. 
 California gold and the denomination, ten d. below. Brass. 
 
 The only known example of this variety is that which was catalogued in the 
 Leavitt sale, held January 9, 10, 1891. The dies are those used for 44. 
 
PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 
 109 
 
 H. SCHAEFFER. 
 
 99 — Five Dollars. Obverse , Around the border at the top, H. Schaeffer and below, com- 
 pleting the circle, seven five-pointed stars ; on the field, 5 over dollars, the last line curving upward. 
 Reverse , Inscription in four lines, the first and last curving to the border: California gold | 134 
 G R j 21 | carats Struck on a large copper Cent dated 1841. 
 
 This trial piece, which presents an entirely new design for private gold 
 coinage, links the private issues of North Carolina with those of California. 
 It first came to notice when S. H. Chapman exhibited it at the meeting of 
 The American Numismatic Society in March, 1912. It was then thought by 
 the writer to have been an impression from the dies said by Prof. William E. 
 Hidden to have been made by an employee of the Bechtler mint and taken 
 to California in 1849, with the intention of striking private gold coins. Prof. 
 Hidden, who has made a close study of the Bechtler coins, was shown the 
 piece, and pronounced the name it bears to be that of Heinrich Schaeffer, 
 who, he was informed, had made a series of dies and gone to California. 
 He further said : — 
 
 This Mr. Schaeffer was “a witness and if necessary an executor” of the will of 
 Alt Christoph Bechtler (who died in 1842). I learned at Rutherfordton from a son of 
 Heinrich Schaeffer that his father had a set of dies made soon after the discovery 
 of gold in California, and it was his intention to hasten there and begin a mintage 
 business similar to that which had been so prosperous under the Bechtlers. This set 
 must have been made as late as 1849 or 1850, and some half a dozen years after the 
 death of both of the original Bechtlers (Christopher and his son Augustus). It follows 
 that the old punches (of letters) were used for the Schaeffer dies, and the design shows 
 a continuance of the Bechtler ideas. It seems, therefore, that we can look with con- 
 fidence to further discoveries of specimens of the Schaeffer coinage. 
 
 THE “MODEL” SERIES. 
 
 100 — Half-Eagle. Obverse , Within an open wreath of olive is the inscription in three lines, 
 model | half | eagle At the border, above the wreath, California and the date 1849 at the bot- 
 tom. Reverst r, An eagle with outspread wings, holding an olive branch and three arrows in his talons. 
 Around the border are thirteen stars. Gold and brass. 
 
 We are indebted to H. O. Granberg, who owns the impression in gold, which is 
 supposed to be unique, for the opportunity to illustrate this piece. 
 
 101 — Quarter-Eagle. Obverse and. Reverse, Design same as the foregoing, with the exception 
 of the denomination. Brass. 
 
 102 — Dollar. Obverse and Reverse, Design same as the foregoing, with the exception of the 
 denomination. Brass. 
 
 103 — Half-Dollar. Obverse and Reverse, Design same as the foregoing, with the exception of 
 the denomination. Brass. 
 
PRIVATE GOLD COINAGE. 
 
 i i o 
 
 MARKERS OR COUNTERS. 
 
 There are a number of tokens, dated 1847 and 1849, of the size of Ten 
 and Twenty Dollar pieces, which bear the name of California, on one side 
 of which is a large United States flag; but these are not patterns for gold 
 coinage. They are thought to have been chiefly used as gambling markers 
 for their nominal amounts, at a time when the currency in California was 
 chiefly gold dust. They are very much like the designs of the United States 
 Eagle and Double Eagle of the period, and they are usually found combining 
 the flag with an imitation of either the obverse or reverse of those coins, but 
 no specimen which has embraced both obverse and reverse devices of the 
 regular coinage has been seen, and it is doubtful if any were made. Such 
 a piece would have been a very close imitation of the regular United States 
 coins, and undoubtedly the Government would have stopped their issue. 
 Almarin B. Paul, a California pioneer, stated that when he was in business in 
 Sacramento in 1849 he was offered a keg of these markers or counters by 
 an Eastern concern. It is quite probable that these and the following were 
 all made in the East. 
 
 There is also a large token with the design of an eagle and steamship, 
 and the name California. No doubt this piece was used for a similar pur- 
 pose to the preceding, and cannot be classified with those which were intended 
 to circulate as money. 
 
 Still another counter associated with the California of pioneer days is a 
 brass piece of about the size of a Five Dollar coin, showing a miner at work 
 on one side and the head of Liberty on the other. This also was dated 1849, 
 and is to be included among the markers or counters. 
 

 
 
 
 
 
 
 
 
 
 
No. 67. 
 
 No. 
 
 4 
 
 
 
 
 
 
 
 < ' - 
 
 
 68 . 
 
 No. 75. Obv. 
 
 No. 75. Rev. 
 
 No. 78. 
 
 
 PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA. 
 

 
 \ *2 9^ N jdSCvy 
 
 ’&i't‘i"L 
 
 No. IOO. 
 
 PATTERN AND EXPERIMENTAL PIECES OF CALIFORNIA.