DWN Sells Finest Known Wass, Molitor & Co. 1855 $20.00

Douglas Winter Numismatics, a Portland Oregon firm specializing in choice and rare United States gold coinage, recently sold the single finest known example of the 1855 Small Head Wass, Molitor & Company Small Head $20.00, graded MS62 by PCGS and approved by CAC. The coin was sold to a specialized collector in Southern California, and the reported price was in excess of $200,000.

1855 Wass, Molitor & Co. $20.00, PCGS MS62, image courtesy of PCGS

Samuel Wass and Agoston Molitor were Hungarian immigrants who found their way to the California gold fields in 1851. In October of that year, they established an assaying office in San Francisco, and in November 1851 they made the decision to strike coins in denominations smaller than the $50 Slugs which were being issued by the US Assay Office.

The first coins produced by the firm were dated 1852 and were in $5 and $10 denominations. The second wave of coins issued by Wass Molitor occurred in 1855 when they struck $20 pieces, and large-sized Round $50s.

1855 Wass Molitor $20s are found with two distinct varieties: the Small Head (Kagin-7) which is rare with an estimated 30-40 known in all grades, and the Large Head (Kagin-8) which is exceedingly rare with just three or four known; one was stolen from Yale University in 1967 and its location is unknown.

The design of this issue has a somewhat odd appearance and this is due to the fact that the obverse and reverse devices were originally intended to be used on a $10 coin: none were struck by the firm in 1855. As a result, the head of Liberty looks somewhat out of proportion in comparison to the large diameter of the $20 fields.

This 1855 Small Head $20 is not often found in grades higher than AU50. This is due to the poor strike on nearly all examples, as well as very rough handling in local commerce. No Wass Molitor $20s have been found on shipwrecks, making this an especially challenging issue for the condition-oriented specialist.
The coin sold by DWN is a reasonably new discovery which has never appeared at auction. It is by far the finest graded at PCGS; the next best are two graded AU55.

According to Doug Winter, “this coin is amazing for the issue. It has full mint luster, pristine surfaces and lovely natural green-gold and orange-gold color. It shows excellent detail for the issue and it is likely unique in Uncirculated.”

Douglas Winter Numismatics is located in Portland Oregon and it specializes in choice, rare United States gold coinage produced between 1795 and 1933. They can be reached by phone at (214) 675-9897 or via email at dwn@ont.com.