1850 Dubosq $10 gold. K-2, B-7815. EF-40 (PCGS). Rarity-7. The 1988 work, Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins, states forthrightly: "8 known." At the time this book was created the presently offered S.S. Central America specimen was unknown. Light yellow gold characteristic of Dubosq and most related coinage (made without added copper alloy; the native gold has a small percentage of silver, giving a light overall color). Scattered marks from circulation are normal for the grade. One might imagine that this coin participated in many games of faro and monte and spins of the roulette wheel at the El Dorado, Verandah, Union Hotel, and other gaming palaces of the city.

1850 Dubosq & Co. $10 A Central America Showpiece Classic Rarity

Details

1850 Dubosq $10 gold. K-2, B-7815. EF-40 (PCGS). Rarity-7. The 1988 work, Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins, states forthrightly: "8 known." At the time this book was created the presently offered S.S. Central America specimen was unknown. Light yellow gold characteristic of Dubosq and most related coinage (made without added copper alloy; the native gold has a small percentage of silver, giving a light overall color). Scattered marks from circulation are normal for the grade. One might imagine that this coin participated in many games of faro and monte and spins of the roulette wheel at the El Dorado, Verandah, Union Hotel, and other gaming palaces of the city.
The 1850 Dubosq $10 has been respected as one of the great rarities in California gold coins. Significantly, the remarkable collection of Louis E. Eliasberg, Sr., which included representative denominations and types from California coiners 1849-1855, had not a single Dubosq coin.
The present coin is one of the great landmarks from the S.S. Central America. Combining as it does the pedigree of the treasure connection plus its status as an incredible rarity, this piece will draw wide attention as it crosses the block.

Further details

Die notes: Dies attributed to Albrecht (Albert) Kuner. Obverse with Liberty Head inspired by the federal motif, DUBOSQ & 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 D. below. Reeded edge. · This identical reverse die was later used to coin the 1852 Wass, Molitor & Co. $10 (K-3, B-7924; see later offering). Die state: Perfect dies. PCGS Data: This is the only Dubosq $10 gold coin from the S.S. Central America treasure certified by PCGS. In fact, PCGS has certified just three examples from other sources, two lower quality examples and one AU-50.Dubosq & Co. The story of Dubosq & Co. begins in the exciting early days of the Gold Rush. The gold fever was sweeping the East, and members of one of Philadelphia's leading families in the jewelry trade had caught it. The Philadelphia Evening Bulletin, January 18, 1849, noted that the Gray Eagle had sailed and gave a passenger list, including Theodore Dubosq, Sr., Theodore Dubosq, Jr., and Henry A. Dubosq, and went on to state: "Mr. Theodore Dubosq, jeweler, North Second Street, we understand takes out with him machinery for melting and coining gold, and stamping it with a private mark, so as to establish a currency which will afford the greater convenience and facility for dealing in the raw material." At the time, Philadelphia had at least two local manufacturers of coin presses. Also in the city were several accomplished diecutters in the private sector as well as James B. Longacre, chief engraver at the Philadelphia Mint, who sometimes did private commission work. The Dubosq family (sometimes spelled Dubosque in accounts) could have drawn upon much expertise in their home town and could have obtained any equipment desired. In the summer of 1849 the Gray Eagle engaged in coastwise passenger trade between California and Mexico. The ship seems to have attracted a lively commerce, for it is mentioned in a number of contemporary accounts.Dubosq in California On May 31, 1849, the Alta California informed its readers: 'We learn that Mr. Theodore Dubosq, jeweler from Philadelphia, who recently arrived in the Gray Eagle, has brought with him the necessary machinery for striking private coins." Although Dubosq arrived at a time in which coins were rare in circulation and other private minters met with success, it is not known whether gold coins were actually struck by him in the 1849 year, although trial pieces in copper of that date are known to have been made. It is likely that Dubosq brought with him 1850-dated dies made in Philadelphia, possibly by James B. Longacre. In 1850, Dubosq formed a partnership that became known as Dubosq & Goodwin, using the trade style of Dubosq & Co.Dubosq Gold Coins Today, the only Dubosq & Co. gold coins known bear the date 1850, although it seems reasonable that at least some of these were struck in 1849 and perhaps additional pieces in 1851 as well. As noted, possibly Dubosq brought a supply of 1850-dated dies from Philadelphia and used them in 1849. Coinage continued apace in early 1851, as evidenced by published in San Francisco noting that from January 1st to March 31st of that year Dubosq & Co. had produced $150,000 value in gold. As no specimens bearing the 1851 date are known, they may have been dated 1850. Taking the most conservative posture and assuming that all the coins made in 1851 were of the 10 denomination, this would have amounted to 15,000 examples! However....Trial by Newspaper On March 21, 1851, the Banking House of James King of Wm. sent seven $10 and three $5 Dubosq coins to the United States Assayer, Augustus Humbert (by that time associated with the successor to Moffat & Co.), for evaluation. It was subsequently reported that the $5 issue had an intrinsic value of $4.96 and the $10 was worth $9.93, this being on a par, or even finer, with previous evaluations of coins issued by Moffat & Co. (where Humbert was now employed, a blatant conflict of interest re: this particular investigation). Even though the report was very favorable to Dubosq, the firm wrote to say that the pieces, due to the value of silver in them, were worth even more than the high figure reported, this appearing in the Alta California, March 30: "Having read in the Daily Alta California an account of the assays of the different private coins made in San Francisco, assayed by you, in which you have not mentioned the value of silver contained in our coins, if it is not too much trouble, we should like you to make public what our coins would yield in Philadelphia." In the meantime, Humbert had sent a private reply to Dubosq on the 28th: "In answer to your letter of this day, stating that I had not mentioned the value of the silver contained in your coin as you call it (but which was stamped "Dubosq & Co."), and also what it will yield in Philadelphia, I beg leave to say in reply to the first, that the coin above mentioned was assayed according to the instructions given to this office by the government, and the same on which all assays are here made. Your coin was found to be 880 thous. fine, and the value of the gold only calculated. You asked what your coin would yield in Philadelphia. I answered that I do not think it worth any more there than in San Francisco. "If you desire to know what it would be worth at the United States Mint, I must refer you to them. Their charge for separating, alloying, toughening, etc., would absorb, I think, nearly, if not all, the silver. "I further beg leave to refer you to the following extracts from the manual of Coins and Bullion, issued by the Assay Office of the United States Mint at Philadelphia, December, 1849: "Silver considered merely as an alloy of gold coins, except that it can be profitably parted out, goes for no more than copper in the same predicament." "A. Humbert, "United States Assayer." Although the Dubosq coins were of very high intrinsic value, the implication was that they were below par. Whatever the reasons, the production of Dubosq & Co. coins seems to have been terminated about this time.Reality That Humbert's commentary and the newspaper accounts were patently unfair to Dubosq is proven by a comment made years later by Edgar H. Adams (Private Gold Coinage of California, 1849-55, p. 72): "A single specimen [of a Dubosq $5] assayed at the Mint showed a value of $4.92, but a mixed number of coins amounting to $1,000 worth gave a fineness of .887 and a total value of $1,000.20." In reality, Dubosq's coins were worth more than federal gold coins! Moffat had falsely claimed the same, but Dubosq's met and exceeded the challenge. In fact, Dubosq's coins were worth more than those of Moffat. Should anyone question the idea of using a "mixed number" of coins for testing, it is noted that the Treasury Department tested its own coins in this manner at the time. Each year a large number of coins taken from various production runs would be melted together and the resulting metal studied by the Assay Commission. It may be the case that of all pioneer minters of gold coins in quantity in California, Dubosq & Co. delivered the highest value. However, the firm certainly did not operate at a loss, and the difference had to be made up by minting charges to the customers or by incorrect weighing and assaying procedures. The ephemeral nature of privately minted California gold coins of this era is dramatized by no more than 20 combined $5 and $10 Dubosq coins known to exist today, each an extreme rarity. It is truly incredible that the Dubosq $10 as offered here once had many companions on the gaming tables of San Francisco, but today is of such great rarity that most numismatists have never seen one-let alone have had the opportunity to acquire an example.