1852 $5 Wass, Molitor & Co. large head (K-2, R-6) PCGS VF25 - Struck by a firm of Hungarian immigrants, Wass, Molitor & Co. was one of many companies which struck gold coins during the California gold rush. The number of coins known is limited, and most are in well circulated coins, as seen here. Many, however, have been mistreated in the past and are now damaged, cleaned or both. As such, original pieces are rare, and always in demand due to their history and relation with a romantic era of American history.

First struck on January 6, 1852, plans for a coinage by the assay and refining office of Count S.C. Wass and A.P. Molitor had already been made the previous year. While usually identified as having another member, it is unknown if this was actually the case, and who this person was. Both Wass and Molitor had come to California during the early 1850s, and their firm moved to a fireproof building in November of 1851. In the Alta California of January 8, 1852, the new $5 gold pieces were first described, being the first coinage made by the firm:

“Day before yesterday we were shown a piece of the denomination of $5, which Messrs. Wass, Molitor & Co. are preparing to issue from their Assay office, Naglee’s Building, Merchant street. It has the head and stars like the American coin, with the letters “W.M. & Co.” in the place occupied by the word “Liberty” in our national currency. The date is 1852. On the reverse is the eagle, with the words “In California Gold-Five Dollars,” around it. The coin has the pale yellow appearance which is peculiar to the private coinage of this State, and which is caused by the silver alloy natural to the gold, whereas the issues from the United States Mint are slightly alloyed with copper.”

All Wass, Molitor & Co. issues are scarce and seldom found in any condition. The piece offered here has clearly circulated during the early days of San Francisco, but has remained in excellent condition for the grade. No major hits are noted on both sides, except those consistent with the grade. As described above, the color remains light yellow, giving it excellent eye-appeal. In the protected areas it has toned to a darker green-gold, which confirms the originality of the present piece. In all, this is a rare coin and an important offering for the specialist of private California gold.