Gold Coinage and the United States Assay Office of Gold
The California’s United States Assay Office of Gold was established, and they issued $50 “slugs”, $20 gold coins, and $10 gold coins from 1851-1853. The U.S. Assay Office was a federal operation and it served as a temporary government solution until the San Francisco Mint opened in 1854. The local merchants and bankers sought to persuade the minters to strike a $ 5.00-denomination coin to alleviate the coin shortage, but the United States Assay Office of Gold resisted striking smaller denominations than $10.
Coin Details
The two $50 Gold coins that were struck were exactly the same in design. Large and heavy (nearly 2.5 ounces) and octagonal, they were impressive in their size and weight. Inside a beaded circle is an American eagle with upraised wings, perched on a large rock, its breast covered by a patriotic shield, as depicted on the coin’s obverse. The eagle has a ribbon in its beak, and above the eagle is a banner on which is the fineness “.887 THOUS.”. Around the periphery of that beaded circle is “UNITED STATES OF AMERICA * FIFTY DOLLS.” Outside of that beaded circle, these words are imprinted on the outer periphery, “UNITED STATES ASSAY OFFICE OF GOLD SAN FRANCISCO CALIFORNIA 1852.”
The reverse is a geometric design of concentric circles that were added to deter counterfeiting.
The other $50 Slug has exactly the same obverse and reverse, except that the banner above the eagle states “900 THOUS.”
The smaller coin struck in 1852 was a $10.00 denomination gold coin. The obverse of this coin used a similar eagle to the $50 slug. The eagle has a banner in its beak with the word “LIBERTY” inscribed on it. The shield covering the eagle’s breast and the large rock are in place. The banner above the ribbon states “.884 THOUS” with “UNITED STATES OF AMERICA” around the upper periphery.
The reverse also has concentric rings used as a deterrent against counterfeiting. The reverse also has, on four lines in the center, “UNITED STATES ASSAY / OFFICE OF GOLD/ SAN FRANCISCO/CALIFORNIA 1852.”
In 1853, two $10.00 Eagles were struck, as well as two $20.00 Double Eagles were struck. The difference between them lies in fineness: each denomination offered both a .884 and a .900 fineness option.
The other $10.00 Eagle was a “.900 THOUS” option.
This Assay Office also struck two varieties of the $20.00 Double Eagle – one with “.884 THOUS” fineness and the other with “.900 THOUS” fineness.
The End of the United States Assay Office of Gold
In 1852, Congress passed a law restricting the acceptance of gold coins below .900 fine for customs duties and certain federal payments, which reduced the utility of lower-fineness assay tokens in official transactions. The United States Assay Office of Gold had struck and distributed coins of finenesses 0.880, 0.884, and 0.887, but the U.S. Government was concerned that lower fineness might damage the reputation and creditworthiness of the United States if these coins were accepted for international trade. Although most coins had lower fineness, they contained more gold to compensate.
By the end of 1853, the United States Assay Office of Gold ceased operations. The former United States Assay Office of Gold supplied both the building and many of the presses and other equipment for the new San Francisco Mint. The new mint would attend to the coinage needs of the citizens and merchants of the state of California. Expand your collection today and shop APMEX’s collection of pre-1933 U.S. gold coins.
