Lot 1789
1855 Wass, Molitor & Co. (San Francisco) $20 Gold. Small head. PCGS graded VF-35 PQ. Lovely golden toning. This is the extremely elusive Small Head $20 denomination, a coin much in demand because it appears in the Red Book, but one whose auction appearances confirm the true scope of its rarity in all grades. The present example displays light and lively golden surfaces with toning at the border and (for the type) a bold strike. W.M.&Co appears on the coronet. Most hair curls including those at the ear and brow plainly visible. Rims choice with only one tiny bruise at the upper obverse edge. The eagle shows slightly less detail than the Liberty head, but the shield is complete in outline with some of the stripes still evident. Bold legends, date and stars. Everything you would want from the grade, and probably then some. Only 18 coins graded for the type at PCGS (PCGS # 10357) .
According to the Dr. Donald Kagin reference on Territorial Gold pieces, "Count Samuel C. Wass and Agoston P. Molitor were Hungarian compatriots during their native country's war for independence. Both had acquired considerable practical knowledge of mining and all its ramifications at the celebrated School of Mines of Germany, and they had subsequently worked the mines in Hungary before they were exiled by the Austrians. Wass emigrated to California in October 1850; Molitor in 1851, having traveled there via London.
"Upon arriving in California, Wass spent three months exploring the mines of the gold regions. The detailed report of his findings was published in the Alta California in January 1851…"
Their first isues of gold coins consisting of $5 and $10 denominations, was made in 1852.
During 1854 and 1855, the United States Branch Mint at San Francisco was forced to close intermittently for lack of proper acids to refine gold dust and copper alloy. During a particularly long layoff of coining operations in March 1855, a group of prominent bankers petitioned Wass, Molitor & Co. to supply the city with gold coins once more. Coinage commenced using 1855-dated dies and the firm subsequently issued $10, $20 and $50 coins.
Estimated Value $30,000 - 35,000.
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