LOT #4123 |
Sold on May 5, 2022 for: Sign-in
or Join (free & quick)
Henry Hentsch Gold Ingot. 238.84 Ounces....
Click the image to load the highest resolution version.
Sold on May 5, 2022 for:
$540,000.00
Bid Source: Internet bidder
Get one of these:
Explore Available Items
Description
Henry Hentsch Gold Ingot
Ex: S.S. Central America, 238.84 Ounces
The Second Largest Hentsch Ingot Known
Henry Hentsch Gold Ingot. 238.84 Ounces. CAGB-213. The
opening of the San Francisco Mint in April 1854 went a long way
toward regulating the coinage in Western commerce at the time. The
establishment of a California branch mint represented the
culmination of a years long effort to normalize exchange on the
frontier in the early period of the California Gold Rush and was
greatly welcomed, particularly by the merchant class. The Alta
California newspaper printed the following in its April 10,
1856 issue, as cited in Dave Bowers' A California Gold Rush
History:"A meeting of some of our most prominent merchants was held a few evenings since for the purpose of taking into consideration the propriety of discountenancing the circulation of private coinage ...
"Resolved, That in our opinion the time has arrived for placing the currency of the State on a sound basis, and that to continue to receive as currency private coinage is attended with present inconvenience and possible ultimate loss to the community ... The leading mercantile houses are determined to use every endeavor in their power, for the purpose of ridding themselves of what is to them a great and growing annoyance. That much inconvenience is suffered by the mercantile portion of our community on account of this private coinage, there can be no doubt."
Although the practice of using California gold in the production of private coinage ceased after 1855, the gold dust trade, including the manufacture of ingots by private assayers and their shipment eastward to New York and London, remained integral to the economy. Despite the establishment of the San Francisco Mint and the option to convert California gold into usable coinage, gold bars remained the medium of choice for shipping gold by sea according to Mint Director James Ross Snowden, writing in his 1857 Annual Report. It was cheaper for depositors to convert their gold dust into bars rather than coins, and the private assayers operating in San Francisco and the surrounding areas could often do so more efficiently than the federal branch mint.
If there was any doubt as to the continued importance of gold ingots in the California economy post-1855, one need only to look at the incredible number and variety of bars discovered among the wreckage of the S.S. Central America.
Ship of Gold: The S.S. Central America
Much has been written by authors, historians, and catalogers about the S.S. Central America and its Gold Rush treasure. The cache has been the subject of widespread media coverage and captured the hearts and minds of the public like few other discoveries had. Rightfully so.
Writing in Ship of Gold in the Deep Blue Sea, Gary Kinder relates what Tommy Thompson, head of the recovery mission, saw when he first laid eyes on the S.S. Central America gold on the ocean floor:
"The bottom was carpeted with gold. Gold everywhere, like a garden. The more you looked, the more you saw gold growing out of everything, embedded in all the wood and beams. It was amazing - bars stacked on the bottom like brownies, bars stacked like loaves of bread, bars that appear to have slid into the corner of a room. Some of the bars formed a bridge, all gold bars spanning one area of treasure over here and another area over here, water underneath, and the decks collapsed through on both sides. Then there was a beam with coins stacked on it, just covering it. You couldn't see the top of the beam, it had so many coins on it."
To date, nearly 600 gold bars have been brought up from the exploration of the S.S. Central America. The vast majority were produced by Kellogg & Humbert and by Justh & Hunter. The evidence is clear that they were the two leading assayers and refiners in San Francisco and Marysville during the mid-1850s. However, the ingots of three other makers - Blake & Co., Harris, Marchand & Co., and Henry Hentsch - were also discovered in much smaller quantities.
The Assay Office and Banking Office of Henry Hentsch
Henry Hentsch, a Swiss national, arrived in San Francisco on May 31, 1854 via the S.S. Sonora. According to Dave Bowers, he was "born into a prominent banking family on July 23, 1818" and "became prominent in San Francisco banking, real estate, and other endeavors, including assaying." By 1854, Hentsch was 36 years old with considerable experience in the family business back in Switzerland, having worked for Hentsch & Cie since 1842. It was a natural move, then, for Hentsch to announce in the February 2 issue of the Alta California:
ASSAY OFFICE OF HENRY HENTSCH
Northwest corner of Montgomery and Jackson streets. I have this day annexed to my Banking Establishment an Assay Office, and am prepared to carry on this business in all its branches. All orders confided to my care will be executed with promptness, and I will guarantee all my assays.
H. Hentsch.
San Francisco, February 1, 1856.
A total of 33 Henry Hentsch gold ingots were recovered from the first SSCA recovery efforts during the late-1980s and early-1990s. Another five bars were among the 2014 inventory. The 38 ingots range in size from 12.52 ounces at the low end to 319.22 ounces at the high end. This bar, weighing 238.84 ounces, was by far the largest example brought up during the first recovery period. It is the second largest Henry Hentsch ingot known to exist. There are no other ingots from Henry Hentsch other than the 38 bars that were on board the S.S. Central America. All the other ingots produced from this assayer were melted in the mid-19th century, and only those found in the time capsule of the Central America have survived.
Physical Description
The top side is laid out vertically: No 3123 / 903 FINE / Hy HENTSCH / Oz 238.84 / $4458.35. The serial number is repeated at the top of the back side. Cast from mold HH-06, measuring 68 mm x 109 mm. This is a nicely poured ingot that displays even yellow-gold color throughout.
Auction Info
2022 May 4 - 8 Central States US Coins Signature® Auction #1344 (go to Auction Home page)
Auction Dates
May, 2022
4th-8th
Wednesday-Sunday
Bids + Registered Phone Bidders: 27
Lot Tracking Activity: N/A
Page Views: 2,010
Buyer's Premium per Lot:
20% of the successful bid per lot.
Shipping, Taxes, Terms and Bidding
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial
Important information concerning Sales Tax and Resale Certificates. Learn More
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial