Learn About Augustus Humbert’s Unique Octagon Ingots
After gold was discovered in California in 1849, there was a lack of accurate assays and there needed to be someone who would accurately convert gold dust and gold ore into physical coinage. The government allowed Humbert to open a quasi-official assay office and for him to conduct assays. In 1850 an official US Assay office was opened and one of their most important missions was to strike ingots from the native gold that was being dug up daily. The ingots were to be between $50.00 and $10,000 in weight and value and each ingot was to be struck of refined gold of uniform fineness. These ingots were to bear legends and devices that would resemble the current-circulating US coinage of the day. For all intents and purposes, Augustus Humbert was running a branch mint of the United States Mint.
But the ore from California fields and mountains was not of the highest fineness so it was easier to stamp the fineness on an ingot than it was to strike a coin from it. The US Mint mandated that all gold coins be struck from .900 Fine Gold while the Gold coming out of the ground varied from .850 to .935 Fine. By adding pure gold to the mix, Humbert was able to achieve ingots with finenesses of .880, .884, .887 and .900, which was the most desired situation.
Humbert had lured away all of the miners who were typically selling the gold dust and ore to local bankers by offering $16 per ounce, which was about twice what the greedy bankers were offering the unsuspecting miners. His prices and his close arrangement with the US Mint gave him great credibility.
In 1851, Humbert created and struck a $50.00 (face value) gold ingot. This ingot was LARGE (about 2.5 ounces of Gold), octagonal in design, bore a heraldic eagle with upswept wings leaning on a rock, on the obverse, a shield by its breast, the periphery has the legend “UNITED STATES OF AMERICA” and the denomination “50 D.” on it. The reverse just has an intricate pattern design but no writing. Around the edge was “AUGUSTUS HIMBERT UNITED STATES ASSAYER OF GOLD, CALIFORNIA 1851” around it.
The next ingot produced was exactly like the prior one, except that there was a “50” in the center of the intricate reverse design.
The next ingot was the same as the one above, except that the fineness went from “.880” to now “.887” but all else was the same.
Then Humbert replaced the lettered edge with a reeded edge, ostensibly making it harder to shave off some gold from the edge. The “50” was removed from the reverse so this ingot is often called the “Target Reverse”.
The next one is the exact same, except it has a fineness of .887.
The last example he struck was dated 1852 and had a fineness of .887 and, again, a Target reverse.
These large octagonal ingots did serve well as coinage and were eagerly accepted by merchants, bankers and miners alike. Many of the surviving specimens today are in well-worn (Very Fine condition) with few in actual surviving Mint State.
| Date | Type | Mintage | Fine Value | AU Value |
| 1851 | .880, Lettered Edge, No 50 on Rev | Unknown | $27,500 | $100,000 |
| 1851 | .880, Lettered Edge, 50 on Rev | Unknown | $55,000 | $170,000 |
| 1851 | .887, Lettered Edge, 50 on Rev | Unknown | $34,000 | $120,000 |
| 1851 | .880, Reeded Edge, Target Rev | Unknown | $17,500 | $55,000 |
| 1851 | .887, Reeded Edge, Target Rev | Unknown | $17,500 | $55,000 |
| 1852 | .887, Reeded Edge, Target Rev. | Unknown | $19,000 | $100,000 |
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