1855 $50.00 Wass, Molitor & Co. PCGS AU50. Some mint luster still remains within the devices of this rare 1855 territorial fifty dollar coin. Light abrasions and a few nicks along with a little wear on the highest points, in keeping with the grade, are seen. Many Wass, Molitor & Co. fifty dollar coins had the fields retooled or polished to remove nicks, dents and scratches. This piece has original surfaces with marks as noted. The strike is strong on both sides, with all of the details easily seen. Private mints existed during the time of the California gold rush. They were established to convert ore and dust into gold bullion and coin. Private bankers tried to fulfill this function, but many were inconsistent in their rates of return to the miners. Some discounted the rate of exchange so much that it amounted to usury. During that time the federal government could not assay enough gold or supply enough coins to support the economy. In order to coin gold, parting acids, concentrated nitric, sulfuric and hydrochloric were needed to separate silver from gold. Parting is a necessary stage in refining gold because it is often found combined with silver. The government did not have enough parting acids to meet the refining requirements of the mining community. A need existed for a reliable assay and gold processing operation until the government was able to fulfill this role.

Hungarian freedom fighters and immigrants Count Samuel C. Wass and Agoston (Augustus) P. Molitor opened an assay office in San Francisco in 1851. They were experienced miners who were exiled by the Austrians at the end of the Revolution. Wass came to California in 1850, and Molitor came a year later. They opened up their assay office in October, 1851. At first they made and stamped gold ingots. In the process, they established their reputation for honest, fast, and reliable service. They paid depositors in forty-eight hours, which was six days faster than the U.S. Assay Office was able to do.

Because the U.S. Assay Office was only producing fifty dollar slugs, Wass and Molitor made five and ten-dollar gold coins in 1852. When the San Francisco assay office and later the Mint began making their own coinage in 1854, Wass and Molitor stopped their assay business; however, when the new San Francisco Mint could not make enough coins to satisfy the need, Wass and Molitor resumed. In 1855, they minted ten, twenty, and fifty dollar gold pieces. The reason that the U.S. Assay Office could not make sufficient coinage was that they could not obtain the necessary parting acids. The daily need for coinage was supplied by two firms Kellogg & Co., and Wass and Molitor. When the federal branch mint in San Francisco resumed operations in 1856, Wass, Molitor & Co. stopped making coins. Molitor went to London and Wass went into other businesses.

Although the San Francisco Mint rated the coins from Wass, Molitor at full face value, most were melted and converted into federal gold.

The fifty dollar coin minted by Wass and Molitor is unusual in that it is the only fifty dollar round California gold piece. The U.S. Assay and Humbert slugs were octagonal shaped. The obverse of the fifty dollar coin has an obverse that shows a Liberty Head Coronet motif. However, unlike the other denominations made by Wass and Molitor, the coronet was not inscribed. The reverse features a laurel wreath surrounded by the legend SAN FRANCISCO CALIFORNIA WASS MOLITOR & Co. Inside the wreath is 900 THOUS at the top on a small banner. Below that is the denomination written as 50 in large numerals with the word DOLLARS below. The coin was described in the Sacramento Daily Union of April 30, 1855 as follows: "Col. Pardee of Wells, Fargo & Co.'s Express has exhibited to us the new fifty dollar piece, which in a great measure is destined to supplant the old fashioned octagon slug now in circulation. This coin is circular, almost entirely destitute of ornament, and plain as a maiden's countenance who has breathed the air of fifty summers. At the outer edge of one side are the words 'Wass, Molitor & Co. San Francisco,' enclosing on the centre of the coin the figures '900' and abbreviated word 'Thous.' with the figures '50' underneath and the word 'Dollars' below the latter figures. On the reverse of the coin is a homely head of Liberty and the figures '1855.' The coin certainly has no pretensions to beauty; nevertheless we would not like to refuse a few to break with our friends."

All Wass, Molitor & Co. fifty dollar gold pieces are rare in all conditions. Both major grading services have certified a total of 98 pieces in all conditions. In AU55 PCGS has 1 with 2 better and NGC has 4 with 10 better.