Lot 109
109
1849 Moffat & Co. $10 gold. Kagin-6a, Breen-7782. EF-45 (PCGS). Rarity-5. Light yellow gold. An attractive example of Moffat's first California coinage-dating from late July or early August 1849. Minimal surface marks for the grade. Some lightness of impression at the center, characteristic of the dies.
1849 Moffat & Co. $10 First Moffat Coin Issue
1849 Moffat & Co. $10 gold. Kagin-6a, Breen-7782. EF-45 (PCGS). Rarity-5. Light yellow gold. An attractive example of Moffat's first California coinage-dating from late July or early August 1849. Minimal surface marks for the grade. Some lightness of impression at the center, characteristic of the dies.

Details
1849 Moffat & Co. $10 gold. Kagin-6a, Breen-7782. EF-45 (PCGS). Rarity-5. Light yellow gold. An attractive example of Moffat's first California coinage-dating from late July or early August 1849. Minimal surface marks for the grade. Some lightness of impression at the center, characteristic of the dies.
Further details
Die notes: Dies attributed to Albrecht (Albert) Kuner; see biographical notes below. Obverse with Liberty Head inspired by the federal motif, Moffat & Co on coronet; 13 stars surrounding border, date 1850 below. Reverse with federal-style perched eagle at center, S.M.V. [STANDARD MINT VALUE] CALIFORNIA GOLD above, TEN DOL. below. Reeded edge.Die state: Perfect dies.PCGS Data: This is the single finest example of this variety from the S.S. Central America treasure certified by PCGS.Moffat & Co. Moffat & Co., while not the first large-scale coiner of gold in California (that designation seems to belong to Norris, Gregg & Norris, of Benicia), became the most important private mint in San Francisco. At a time when the coinage of other assayers, bankers, and minters was being seriously questioned, the issues of Moffat were readily accepted by merchants, due in part to the excellent reputations of its principals and the quality of its coins, but also because of "good press." Later, the facilities of the firm were incorporated into the United States Assay Office of Gold and, later, the San Francisco Mint.John L. Moffat The firm's name is from one of the partners, John Little Moffat (1788-1865), of New York City, who came to California in 1849 to recoup his fortune which had dwindled in recent years. The New York Tribune on February 14, 1849, told of his departure from that city: "The good bark Guilford sails today from the foot of Wall Street. Whatever success may attend the various adventurers, associated or individual, they will require a certain medium of circulation, or a fixed standard for their gold-dust. This end may be obtained through the operations of Messrs. Moffat & Co., who go out in the Guilford, with proper assistance, and most complete machinery and apparatus, to supply the want of Californians; in other words, to establish a sort of mint, to receive the gold-dust, smelt and assay it, and by their stamp to give it a currency and value, which must, in the absence of a government character, be received by the merchants and consumers. "Mr. John L. Moffat, known as the standard assayer in this city for many years, carries with him testimonials of our most eminent merchants, bankers, and bullion dealers.... They have our best wishes for their success." Moffat, who in New York was associated with the firm of Wilmarth, Moffat & Curtis, began business in San Francisco in the summer of 1849. Associated with him were Joseph R. Curtis, P.H.W. Perry, and Samuel H. Ward. Their office at Clay and Dupont streets was busy with the activity of trading in gold dust, refining it and converting the metal to bars and ingots to ship to the East for sale. Moffat produced small rectangular gold ingots ranging in value from $9.43 to $264. Most were of the value of $16. These are believed to have been the first issued in June or July 1849.Albert Kuner Makes $10 Dies The engraver Albrecht (Albert Kuner), who arrived in San Francisco on July 16th, was employed by Moffat & Co. Dies for the first Moffat coin, of $10 denomination (as offered here from the S.S. Central America treasure), were the first cut. The first $10 coins reached circulation about two weeks afterward. Kuner went on to cut many dies for Moffat and other California coiners and remained in San Francisco until his death in early 1906. At the Philadelphia Mint Jacob Eckfeldt and William DuBois examined certain of the 1849 issues and pronounced them to be inferior in quality to the standard of the Mint. However, the average value of the $10 piece was $9.977, which was far above the value of other California issues.Popularity of Moffat & Co. Coins The inclusion of several early Moffat & Co. coins in the S.S. Central America treasure, and the appearance of coins of other makers (notably, Baldwin and Dubosq of early date, but also of Kellogg & Co. and Wass, Molitor & Co., later issuers, reflects that in the summer of 1857 such coins were still seen in commerce. Although it is important to note that the intrinsic values of certain coiners did not match that of the federal standard and that private coins were not acceptable for customs duties, such coins found wide utility in most other venues. At the same time the circulating coinage of California included a wide mixture of foreign coins, including gold sovereigns, Spanish-American doubloons, and more.