1851 "880" $50 LE Augustus Humbert, No "50" MS(PCGS#10196)

February 2026 Showcase Auction - The James A. Stack, Sr. Collection Part II

Auctioneer

Stack's Bowers

Lot Number

23054

Grade

AU55

Price

360,000

Lot Description

An iconic California Gold Rush issue, among the earliest $50 slugs produced before the labor-intensive process of lettering the edges was abandoned in favor of reeding. Abundant peripheral luster persists amidst rose-violet coppery toning highlights, which enliven the beautiful and original medium yellow gold surfaces. The devices are sharply rendered and fully struck on both sides, showing very little wear on the classic eagle device or elsewhere. Reflective texture remains within the hand-applied punches for the fineness (880) and denomination (50) seen on the obverse. This variety did not receive a hand-punched 50 at the central reverse, unlike its K-1 (also .880) and K-4 (.887) counterparts. Only the usual scattering of contact marks and short scratches are seen across the surfaces, and the portion of the edges visible in the encapsulation appear to show no major defects. The aesthetic appeal of this coin is immense, with the kind of color and originality rarely (almost never!) encountered in the modern era. With its look, luster, detail, and provenance, this coin would be exceptionally challenging to improve upon within the AU grade.<p><p>This is a simply incredible specimen of this important historical coinage, described by Kagin and McCarthy as "the earliest U.S. Government issues in California." The lettered edge $50 slugs were first struck on January 31, 1851, shortly after Augustus Humbert arrived in San Francisco with the necessary tools in hand. The majestic eagle on the obverse was accomplished by America's most highly regarded medalist, Charles Cushing Wright of New York. The reverse die, with its fine engine turned details, resembles watch cases of the era, unquestionably the work of Humbert, a former watchcase maker himself.<p><p>For modern collectors, there is not a single issue that symbolizes the California Gold Rush better than a Humbert $50 slug. They are massive and iconic, recognizable even outside the realm of numismatics, an encapsulation of the dramatic wealth and excess of the Gold Rush era. Though any Humbert slug is desirable, the lettered edge types of 1851 came first and remain the hardest to locate in nice grade. The Kagin-McCarthy book estimates that about 100 specimens of this variety, with the 880 THOUS obverse and no denomination on the reverse, exist today. Most are damaged, many are in institutional holdings, and very few are prettier than this.<p><p>Upon acquiring the Clapp Collection from Stack's in 1942, this coin became a duplicate in Louis Eliasberg's collection. Along with other notable U.S. and pioneer gold rarities, it was consigned to the 1947 "H.R. Lee" sale, with Lee an acronymic pseudonym for Louis E. Eliasberg. The Humbert $50 slug that Eliasberg retained last appeared in a PCGS MS-63 sale in Heritage's 2010 ANA sale, then realizing $546,250. While this piece is exemplary, Eliasberg definitely kept the nicer coin.<p><p>We have not offered a finer 880 THOUS Lettered Edge $50 slug since 2021, when an NGC AU-58 example crossed our podium. We haven't had a Mint State example since our 2006 sale of the Archangel Collection.