With the California Gold Rush underway in 1849, the United States Mint was overwhelmed with the task of turning all that gold into coins. Also, transporting the ore to Philadelphia for coining was both time-consuming and hazardous. In 1850, President Millard Fillmore recommended that a branch of the United States Mint be established in California. Congress approved the plan in 1852, and the San Francisco Mint was on its way to being born. In 1854, the San Francisco Mint opened its doors and began converting miners' gold into coins, producing $4,084,207 in gold pieces by December of that first year alone. Since it took 4 years (1850 - 1854) to get the U.S. Mint at San Francisco up and able to mint coins, during the interim how did the 49ers cope and who helped them cope? As soon as the news about President Filmore's intentions hit the front pages of newspapers across the country his reccommendations were voiciferously blocked by people from New York - who wanted a branch in their own state - and from the objectionable voices of Georgia and Louisiana legislatures - who argued that any California operation would represent unfair competition to the branch mints in Dahlonega and New Orleans. But the 49ers did get an odd sort of hybrid. President Fillmore pressured Congress to follow through on his desires and on September 30, 1850, the United States Congress established the US Assay Office (later, in 1852, renamed United States Assay Office of Gold) in San Francisco and empowered the Assay Office to convert newly mined gold ore into an odd sort of money - a gigantic, octogonal-shaped fifty-dollar ingot that would also do double duty as a coin. The arrangement was made by the Treasury Department under a contract with Moffat & Company, private assayers, refiners and gold coiners in San Francisco, California. Early in 1850 the Treasury Department used every means at its disposal to find a reputable gold assaying company already established in San Francisco by sending inquiring communiques to bank owners operating in the area. Cashing in on owed favors, the name of Moffat & Company kept coming up more often than that of any other assay office in the territory. All references about Moffit & Company spoke of the firm's commitment to quality and its honesty. What cinched the decision to petition Moffat & Company to take on the responsibilities of a Government-backed assay office was the fact that the firm was already producing gold coins in values of $5, $10 and $20 plus further disertations that the company was reliable, creditable and well-respected in all of California. The banks along the entire West coast of the continent from California to Washington Territory accepted Moffat & Company's coins as legal tender because the values assigned were creditable and matched the compositional requirements of the United States Mint at Philadelphia, Charlotte and New Orleans. Here's photos of Moffat & Company's gold coins (courtesy of Bowers and Merena): 1849 $5 Gold piece: http://www.bowersandmerena.com/auct...essionno=4&catno=285&searchstring=&lotno=4221 1852 $10 Wide Date: http://www.usrarecoininvestments.com/coins_for_sale/territorial/1852_$10_moffat_n61_33001.htm 1853 $20: http://www.usrarecoininvestments.com/coins_for_sale/territorial/1853_Moffat_$20_N_58-RC3-475.htm Augustus Humbert, a watch maker from New York City, was enlisted to oversee the operation as Chief Assayer, which got under way at the end of January 1851 a few days after Humbert, with the new coin die in hand, introduced himself to John Moffat. For most of the next two years, Humbert’s octagonal Fifty-dollar "slugs" were the principal accepted currency in California. Not all the "slugs" bore the same fineness. There are finenesses of .880, .884, .887 and .900 stamped on the "slugs" because of the ever fluctuatung market prices of gold during 1851 through 1854. Most $50 "slugs" had a reeded edge, however Humbert produced some with edge lettering. Here's a photo courtesy of mybroker, a subsidiary of Coin Trader, Inc: http://www.mycoinbroker.com/recommend_view.php?id=38 Because his guidance was so successful, on December 9, 1851, Secretary Corwin had written to Humbert finally authorizing Moffat & Co. to issue $10 and $20 gold coins under the auspices of the United States Assay Office. Here's a photo of an 1852 Humbert $10 gold piece courtesy of Bowers and Merena (scroll down to photo): http://www.bowersandmerena.com/auct...essionno=4&catno=285&searchstring=&lotno=4225 Here's a photo of an 1852 U.S. Assay Office of Gold $10 (note different reverse text): http://www.bowersandmerena.com/auct...essionno=4&catno=285&searchstring=&lotno=4226 Here's an 1853 U.S. Assay office of Gold $20 courtesy of Bowers and Merena (scroll down to photo): http://www.bowersandmerena.com/auct...essionno=4&catno=285&searchstring=&lotno=4227 To paraphrase Paul Harvey, Thought you might like to know "the rest of the story." Clinker
Another outstanding piece, Clinker. You are a true constructive contributor to this forum, and greatly appreciated! One thing I must observe, however. As I look out at the San Francisco skyline and the Golden Gate bridge from my kitchen window, I must tell you that no one who lives in this area ever calls it "Frisco," and indeed, the old-timers out here actually take offense when others do. It's strictly "San Francisco" or maybe "The City" to the natives. Worth keeping in mind if you ever visit and don't want to stick out as a tourista!
There never has been a mint at "Frisco" FYI Using the term "Frisco" to refer to the city of San Francisco is really not quite proper and is something that effete Easterners and others of that ilk tend to use in an attempt to make themselves appear worldly. The city of San Francisco was named after Saint Francis. To call San Francisco "frisco" is like calling Saint Francis "frank". In deference to the natives of that lovely fog bound city and those of us who call it our second home please call our beloved Bagdad By The Bay by its proper name of San Francisco. Thank you. Paul Garner, USAF (Ret) aka The Old Sarge Texan by choice, San Franciscan by adoption
To tbarreca: Thought it may save title space. Won't do it again as I don't condone using Xmas for Christmas...Thanks for bringing it to my attention... Clinker
Thanks to The Old Sarge for your reading the trivia and for your admonishment about my degrading the city of San Francisco. I never called it "Frisco" in any posting of the past and shall never refer to the city as such ever again... Clinker
