1855 $10 Wass Molitor MS(PCGS#10354)

The June 2013 Baltimore Auction

Auctioneer

Stack's Bowers

Lot Number

2360

Grade

AU50

Price

25,850

Lot Description

1855 Wass, Molitor & Co. $10 Gold. K-6. Rarity-7. AU-50 (PCGS). Bright yellow gold with much retained luster, particularly on the reverse. Scattered marks are present including a minor edge pinch above G(OLD) on the reverse. Hazy yellow-gold with a splash of peripheral copper toning, mostly on the reverse. Variety from an earlier die with 2 of date removed and plugged in the die and a 5 punched on the plugged area. <strong><em>From the S.S. Central America&nbsp; treasure.<br /> </em></strong><br /> The principals of the firm of Wass, Molitor &amp; Co., immigrants&nbsp;S.C. Wass and A.P. Molitor, left their homeland&nbsp;after the Hungarian&nbsp;War of Independence to pursue their fortunes in the California gold fields. The firm operated in San Francisco beginning in 1851, and quickly made a solid reputation for gold coins worth face value, one of the few operating firms&nbsp;of the era to&nbsp;gain the complete confidence of the public.&nbsp;Indeed, in January 1852, after the first of the firm's $5 and $10 gold coins appeared in circulation, the local news reported that, though just .880&nbsp; fine, the weight of their half eagles made the coins worth $5.04 face value! No coins dated 1853 or 1854 were struck, the firm taking a hiatus from coining endeavors after the opening of the U.S. Assay Office of Gold. Between the closing of the Assay Office in late December 1853 and the final ability of the new U.S. Mint to obtain parting acids and improve its technology sometime in 1855, a shortage of gold coins of small denominations occurred. In March 1855, local banks petitioned Wass, Molitor &amp; Co. to return to the coining business. The firm released $10 and $20 gold pieces dated 1855 in March of that year, followed by $50 "slugs" in May. Today, all varieties of their coins are rare, some moderately so, others, as here,&nbsp;of high rarity.&nbsp;<br /> <br /> Housed in a special <em>S.S. Central America </em>gold label PCGS holder.