Colorful 1852 "Slug" Graded VF25 by PCGS, Issued by the US Assay Office of Gold

K-13, R-4+

Varieties of this issue exist with .887 fineness and also with .900 fineness. This was due to a notice from the Federal government that all gold issues made in the United States had to be produced from gold which was 90% pure. As a result, the .887 fifty dollar coins that were under the mandated purity were soon melted. Today, there are an estimated 150 or so of the 1852 US Assay Office of Gold fifty dollar octagonal pieces known. This includes a significant number that have been repaired.

I recently purchased this coin from a dealer who has a knack for coming up with very cool, very fresh US gold coins. A few years ago, I offered a magnificently toned 1907 High Relief from him, and this was one of the most ordered five-figure items ever to appear on the raregoldcoins.com website. 

The obverse shows what I refer to as “leather pouch” color. Such color is seen on a handful of 19th century US gold coins, and it is the result of natural chemicals in leather reacting with the gold. It appears that coins with this look were stored for many years in leather pouches, or in an environment which had the ability of intensely coloring the coin(s). It should be stated that I am not 100% certain that this coin was ever in a leather pouch—just that it has a unique appearance which I associate with this.

The coin itself is choice for the grade with good detail and remarkably clean rims. Most examples of this issue—or any $50 slug in fact—show badly dented corners. Close examination reveals numerous shallow marks from circulation, and the peripheral lettering is weak, as always seen on lower grade Slugs. And the color…it’s just wonderful with rich reddish hues and some blues and purples seen in the interior portions of the obverse.

How did I arrive at a price for this coin? I paid just around $40k for it, and didn’t hesitate to write a check. Any US Assay Office $50 is worth at least 22,500-25,000+, even if it is damaged, while a less colorful PCGS VF25 is worth around $30,000-35,000 in my experience. I feel that this coin has a unique appearance (I have never seen another lower grade one with color as intense as on this piece), and thus the premium.

In May 2022, DLRC sold an OGH PCGS/CAC VF20 example of this issue for $44,500. I liked the coin, but it lacked the great color seen on mine.

Note that I’ve not sent this coin to CAC, but I’m almost certain that the dealer I purchased it from did.

DWN specializes in Coins With Character™, and you won’t find a lower grade Slug with more character than this one!

DWN collects sales tax when appropriate.