1853 $20 Moffat & Co. Twenty Dollar AU55 NGC.

1853 $20 Moffat & Co. Twenty Dollar AU55 NGC. K-19, High R.5. The year 1849 saw the first of the California minters to produce any measurable quantity of circulating gold coins. Generally acknowledged to be first is Norris, Gregg & Norris, mentioned in a newspaper article on May 31, 1849, as coining a five dollar gold coin struck in Benicia City, California, but with a San Francisco stamp and the imprint of Norris, Gregg, & Norris. That firm's production was complemented later in the year by that of Moffat & Co.
Despite their initial similarities, however, the two firms met remarkably different fates.
Since the Norris, Gregg & Norris coins in reality bore only the initials N.G.&N., it would be 1902 before the issuing company was identified, when the collection of U.S. Assayer Augustus Humbert was sold. Norris, Gregg & Norris only struck 1849-dated half eagles--apparently in both Stockton, California, and San Francisco. No later-dated issues from the company are known.
Moffat & Co. joined the coinage fray soon after (June or July), producing rectangular ingots of various values. Unique $9.43 and $14.25 ingots are known today, along with numerous $16 ingots, although other sizes are recorded. Moffat issued five and ten dollar gold coins as early as the end of August. But Moffat & Co. continued issuing coinage of various denominations through 1852, when the firm was dissolved. A new firm was organized under principals Curtis, Perry, and Ward, taking over the contract for the Assay Office.
While the K-18 1853 twenty dollar issues resembled the old fifty dollar octagonal Humbert-Assay office designs, with eagle, scroll, and rock and "watchmaker" engine-turned reverse, the last 1853 twenty dollar pieces (K-19) greatly resembled the federal double eagles of the era. The Moffat issues were so popular and well thought-of that even the interim U.S. Mint--the Assay Office of Gold--issued those twenty dollar gold pieces under the aegis of Moffat & Co., relying upon a provision that they could issue such pieces despite Moffat's having retired by that time from the Assay Office. MOFFAT & CO. replaces LIBERTY on the coronet and SAN FRANCISCO CALIFORNIA on the reverse, but otherwise the issue is virtually indistinguishable from the regular U.S. double eagle.
This example is nearly fully lustrous, although it displays myriad abrasions on both sides, mostly small, but some worth noting. The coloration is pretty yellow-gold, and while the numerous contact marks on each side attest to a short spate in circulation, the bold luster remaining makes the viewer believe that it was rapidly taken back out of circulation, as well. Perhaps the coin was a pocket piece for a short time. Listed on page 365 of the 2009 Guide Book.

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