The firm of Moffat & Co. was perhaps the most important of the California private coiners. The assay office they conducted was semi-official in character. The successors to this firm, Curtis, Perry, and Ward, later sold their coining facility to the Treasury Department, which in March 1854 reopened it as the branch mint of San Francisco.
In June or July 1849, Moffat & Co. began to issue small, rectangular ingots of gold owing to lack of coin in the locality, in values from $9.43 to $264. The $9.43, $14.25, and $16.00 varieties are the only types known today.
The dies for the ten-dollar piece were cut by a Bavarian, Albert Kuner. On the coronet of Liberty appear the words MOFFAT & CO., instead of the word LIBERTY as in regular United States issues.