LOT #4489 |
Sold on Jan 7, 2015 for: Not Sold
Justh & Hunter Gold Ingot, 144.25 Ounces....
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Sold on Jan 7, 2015 for:
Not Sold Description
Justh & Hunter Large Gold Ingot
144.25 Ounces, 886 Fine
Exceptionally Attractive S.S. Central America Ingot
Justh & Hunter Gold Ingot, 144.25 Ounces. CAGB-313. Mold
J&H S.F.-08. For those who may not know, the E-Sylum is
a weekly online publication. It mostly deals with numismatic
literature since it is a web-based offshoot of The Asylum, a
quarterly printed publication for numismatic bibliophiles. However,
there is the occasional nugget of pure numismatic information that
is included. The June 2, 2013 issue included the following
information about the San Francisco Mint in 1857 and its
relationship with private gold refineries in the region."In April of 1857, the Branch Mint's policy for receiving all forms of gold including unrefined dust to be coined into double eagles and smaller denominated gold coins was suspended with one notable exception. Refined gold bars of a quality suitable for coinage were accepted.
"This temporary change in policy was apparently the equivalent of winning the lottery for gold refineries like the magnificent Eureka Gold & Silver Refinery and the California Metallurgical Works run by Haraszthy's business associate Charles Uznay and the firm of Justh & Hunter or Justh, Hunter & Uznay. The San Francisco Branch Mint's records revealed that from mid to late April through July 28th, 1857, these firms were the dominant depositors of refined gold bars being received at the Mint for coinage. They were supplying the Mint with parted gold bars ranging from 900 to 993 1/2 fine. Three of their bars that assayed out at only 876, 877 and 886 fine were rejected by the Mint.
"Just prior to the Branch Mint's re-opening, Justh, Hunter & Uznay submitted a 14.01 oz. gold bar that was 998 1/2 fine. Perhaps they were just showing off their refining capabilities."
This passage does much to explain the nature of this ingot by Justh. At 886 fine, it was not sufficiently refined to sell to the San Francisco branch mint. It would, however, be salable in New York. So it was loaded on board the S.S. Central America which was bound for the East Coast, but sank along with the ship in the Atlantic in September 1857. If this ingot's fineness had been 900 or higher, it would undoubtedly have been converted into S-mint gold (probably twenties) dated 1854. But the quirk of fate of its lower fineness has preserved this massive brick of gold for 158 years.
This is an unusually attractive and problem-free ingot. No dings or scratches are worthy of mention. Just a perfectly formed block of gold, 97mm x 55mm x 47mm. On the back side there is a small area of discoloration, most likely from the rusted iron from the ship's ribbing. The top side contains all the necessary information: NO. 4244. / [Justh & Hunter logo] / 144.25 OZS. 886 FINE. / $2641.96.
Auction Info
2015 January 7 - 12 FUN US Coins Signature Auction - Orlando #1216 (go to Auction Home page)
Auction Dates
January, 2015
7th-12th
Wednesday-Monday
Bids + Registered Phone Bidders: 9
Lot Tracking Activity: N/A
Page Views: 2,583
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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