A noteworthy AU example of this scarce Territorial gold issue. Moffat & Co. was one of the earliest firms to strike gold coins in California, in 1849, very soon after the beginning of the great Gold Rush, and they were one of the most highly esteemed of the private minters. This example displays remarkably well struck design motifs, for a privately minted item, and the beaded rims are quite sharp, especially on the reverse. The coin is struck with counter-clockwise reverse die rotation on the order of 120 degrees, in relation to the obverse. Evenly worn across the central high points, but the surfaces are exceptionally smooth and distraction-free, for a lightly circulated piece.