Learn About Wass, Molitor & Co. San Francisco – 1852 – 1855
Samuel Wass and Agoston Molitor were Hungarian patriots during Hungary’s war for independence from Austria. Both of them had attended the School of Mines in Germany so both men had a practical knowledge of mining and geology. So it is not terribly surprising that both men had been excited by the opportunities posed by the finding of gold in California. In fact, Wass spent 3 months studying the geology of California and published an account of the gold-mining districts there.
In 1851, they met up in California and decided to establish an assaying office in San Francisco. Their assaying office was incredibly successful, no doubt in part to their knowledge, but also owing to the fact that they paid their gold depositors only 48 hours after the deposit, rather than the 8 days that the United States Assay Office had currently required.
With so many competing firms no longer in business due to incorrect assays, Wass and Molitor found very little competition. Further, the United States Assay Office was only striking the large $50 slugs which were discounted up to 5% for the inconvenience of their size. Add the 48 hours turnaround as opposed to the 8-day turnaround and business was booming!
What they needed to really expand the business was to strike their own coins. So in 1851, they obtained coinage dies for $5, $10, $20 and $50 coins.
In 1852, their first $5 gold coin was struck. It, too, looked similar to the federal counterpart. The obverse had a depiction of Miss Liberty, facing left, encircled by 13 six-pointed stars with the date below. On Miss Liberty’s headband instead of “LIBERTY” was “W. M. & Co.” Miss Liberty’s head was small for the coin size.
The reverse displayed the federal eagle, the shield covering its breast, wings outstretched and upraised, with an olive branch in one talon and 3 arrows in the other. Around the periphery was “IN CALIFORNIA GOLD” and down at the bottom “FIVE DOLLARS.”
The next coin struck, was also another $5.00 gold coin, but this one had a re-engraved large head for Miss Liberty. All other elements were exactly the same.
The third coin was a very similarly designed Small Head $10 Gold coin. The design was exactly the same as the Small Head $5.00 gold coin, only this was a larger $10 Gold Coin, used “TEN D.” as the denomination, and instead of “IN CALIFORNIA GOLD” adorning the periphery it was changed to “S. M. V. CALIFORNIA GOLD across the periphery.
Very predictably, the fourth gold coin was the exact same design and notations as the $10.00 Small Head Gold Coin, except that this $10.00, utilized the re-engraved larger Liberty Head.
The fifth type of coin struck is very similar to the Large Head $10.00 Gold coin, except that the numerals in the date are unusually close to one another. The last time that coin was at auction was in 1996 – NOT IMAGED.
The sixth type of Wass Molitor coin struck was an 1855-Dated $10.00 Gold Coin. Other than the date, it is similar to the Large Head $10.00 Gold Coin in all respects other than the date.
The next 1855-dated coin, and seventh type overall, struck by Wass, Molitor was an 1855 Twenty Dollar Gold coin with a larger size, an 1855 date on the obverse and utilizing the small head variety of engraving.
The reverse depicts a smaller eagle, above the eagle is a banner with “.900 THOUS.” on it. Around the periphery is “SAN FRANCISCO CALIFORNIA” as well as the new denomination for this larger size coin “TWENTY DOL.”
The eighth type of coin struck by Wass, Molitor was an 1855-dated $20.00 Gold Coin, except that the Liberty Head was of a large size. Other than that, the coin was exactly the same as the seventh type.
The ninth and final type of coin struck by Wass, Molitor was a $50 “slug”. Massive in size and unique to other coins Struck by Wass, Molitor, the obverse bore the date “1855” as well as 13 six-pointed stars around the periphery. Miss Liberty did not bear the company’s name or anything on her headband.
The reverse of the coin did not depict an eagle. Instead, the central vignette was the words “50 DOLLARS” enclosed in a wreath. Above the wreath was the banner “.900 THOUS.” and around the periphery were “SAN FRANCISCO CALIFORNIA” and “WASS MOLITOR & Co.”
Because of such a lack of change, the coins were enthusiastically received and used. In fact, they were trading at a 2-3% premium over face value due to their convenience. Some $7,000 to $8,000 face value of the Wass, Molitor smaller denomination coins was struck every day. In fact, the $38,000 face value of the $50 coins could be struck every day as well.
When a question arose as to their intrinsic value, Wass and Molitor were the first voices to have their coins assayed and they were found to be of the correct value.
But by 1855, Wass, Molitor had ceased operations after all of their 1855-dated issues had been distributed.
After several years’ absence, Molitor returned to the assaying business, this time with his son, Stephen. They operated an office in San Francisco, ironically, across the street from the recently built United States Mint building in San Francisco.
The Wass and Molitor coins continued to be accepted at face value long after the US Mint was cranking out Millions of $20.00 Gold Double Eagle coins as well as the small denominations.
| Date | Type | Mintage | Fine Value | AU Value |
| 1852 | $5.00 Small Head | Unknown | $5,750 | $45,000 |
| 1852 | $5.00 Large Head | Unknown | $5,250 | $37,500 |
| 1852 | $10.00 Small Head | Unknown | $6,500 | $35,000 |
| 1852 | $10.00, Large Head | Unknown | $3,000 | $15,000 |
| 1852 | $10.00 Small Head, Close Date | Unknown | $15,000 | $95,000 |
| 1855 | $10.00 | Unknown | $10,000 | $30,000 |
| 1855 | $20.00, Large Head | 4-6 Known | $400,000 | $700,000 |
| 1855 | $20.00, Small Head | Unknown | $14,000 | $80,000 |
| 1855 | $50.00 | Unknown | $27,500 | $90,000 |
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