NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2018 Mar 15 @ 08:00UTC-7 : PDT/MST
SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All shipping is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be reinvoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require sp...
Obv.: Miners Bank / San Francisco / Ten D. (in the middle); Rev.: Eagle with spread wings head facing left with striped shield on breast and laurel branch and arrows in talons. California above and between the spread wings. Thirteen stars at the border circling below. R6, 16.7 grams, crimped border.
The Miners' Bank was an early gold rush San Francisco business. The firm issued one, three, and five dollar notes on March 1, 1849, and later issued undated fractional denominations. We known that ten dollar gold eagles were struck prior to August 9, 1849, but the firm's president and cashier, Stephen A. Wright and Samuel Haight, were unsuccessful at petitioning the customs collectors on that date to accept their coins.
There is also evidence the New Orleans Mint assayed several examples of the ten dollar coins on October 16, 1849 and by October 25th the Miners Bank moved forward with their coining operation.
Miner Bank eagles even made it back to the east coast, as an October 12, 1849 edition of the Lowell Daily Journal And Courier published a clip stating “…several five and ten dollar gold pieces, coined in California, have found their way to Boston. They are not so yellow, or so highly finished, as those coined at the mint in Philadelphia…The ten dollar gold piece…around the edge and just inside the rim, are the words “Miners Bank San Francisco;” and directly across the center of the piece is the inscription “Ten D.”
The firm was dissolved on January 14, 1850, but historical records show many of the coins still circulating along with those created by other 1849 private gold coiners. Then, in an April 11, 1850 report by the Alta California newspaper it was noted: "Brokers refuse to touch it at less than 20 percent discount." The Miners' Bank gold coins then quickly became discredited by local assayers. Most were eventually melted by bankers and other arbitragers, often with their alloy converted to U.S. Assay Office "slugs."
Professional numismatists and collectors have long known that two different varieties of the Miner’s Bank gold eagle were produced, and they are distinctive for either brilliant orange-gold color or attractive green-gold color. It’s been surmised that the orange colored pieces (K-1) were die trials produced in the east, while the green-colored pieces (K-2) were struck in native California gold. It has further been suggested that the K-1 coins were struck with a collar, after which the obverse and reverse dies were transported to California, where the K-2 coins were struck without a collar. These latter coins had the characteristic of weak lettering in CALIFORNIA, being struck on a constricted (crimped) planchet. Because official assays at the time rated these coins at 866 Fine (some even with copper alloy), and valued at about $9.65, they became unpopular and brokers who valued them at $8 apiece (San Francisco Daily Alta California, April 11, 1850, p. 2). This accounts for their short existence and hence, great rarity.
There are only four or five known examples of the constricted (crimped) planchet variety. For the most part, these coins were held by serious collectors and in the rare instance they became available for sale, they usually traded privately. Such an instance occurred at a west coast coin show in 2014, when a certified uncirculated (and the finest known) coin was displayed and available for sale – and coincidentally a collector had brought in his certified About Uncirculated, CAC endorsed coin for possible sale. Not only was this a special occasion having two ultra-rarities in one place, but a wonderful opportunity to compare the two side-by-side. What came next was somewhat disconcerting. We discovered, in fact, a few repeating depressions on both coins that were identical, (or nearly so, since the conditions were obviously different).
The NGC website describes these depressions on coins as: “…abrasions or marks that were transferred from a genuine example onto a counterfeit die that then struck multiple counterfeits with these same flaws. On genuine pieces they’re called marks; on counterfeits they’re called depressions. While they essentially look the same, a depression is repeated on all counterfeits because it is a part of the die. They can be very difficult to identify unless you are familiar with commonly seen counterfeits in a series.”
Of course, these "repeating depressions" in the die could have been created much later in an attempt to deceive collectors of the day, as we have alluded to. One must consider, however, that these constricted planchet or crimped border dies could have been created on the east coast and then shipped to San Francisco, as experts have previously suggested. Making the trip through or around North America would certainly incur great jostling and much movement, and it is entirely possible the dies received these depressions while being transported. Who's to say the box containing them didn't get dropped? Nonetheless, the grading services will err on the side of conservatism. This is a wonderful subject for open discussion. You be the judge...
With this new comparative analysis, an attempt was made to recall all of those known examples for further examination. The end result was that they were removed from their respective certified holders. This lot is the aforementioned coin that was once graded AU58, endorsed by CAC, and still has a published price on the PCGS website of $100,000. Bidders should understand that while somewhat inconclusive (afterall, we do not know exactly WHEN these coins were struck), the grading services will NOT endorse the authenticity of the constricted, or “crimped” border Miner Bank gold eagle. Sold as is, no returns.
Date: 1849 Location: San Francisco, California HWAC# 59579
Auction Location:
3555 Airway Drive Suite 309, Reno, Nevada, 89511, United States
Previewing Details:
Preview will be at our Auction Location,
3555 Airway Drive Suite 309
Reno, NV 89511
on Wednesday, March 14th, from 9:00 am to 5:00pm or by appointment.
Please call 775-851-1859
Nevada State Sales Tax
Taxes:
| Tax | Rate | Desc. |
| NSST |
8.265% |
Nevada Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
| Fee | Amount | Applicable Locations | Applied To |
| Handling |
5.00
|
Not Applicable
|
This fee applies to the total of the invoice
|
Shipping Details:
SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All shipping is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be reinvoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
Large, heavy or fragile items will incur extra shipping charge. After initial payment we will pack your shipment and print shipping label. We will then re-invoice you for any additional charges.
Please consider extra costs of shipping and handling charges when you make your purchases.
We encourage you to pick up items after the auction. Many items may require special handling and would incur additional handling and shipping costs way beyond those anticipated.
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Terms and Conditions
This is a Live Auction conducted by Holabird Western Americana Collections, LLC (HWAC).
1. The placing of a bid shall constitute the bidder’s acceptance of these terms of sale.
2. BUYER’S PREMIUM & INSURANCE: There will be a 25% Buyer’s Premium added to the sale price (hammer) of each lot. We accept cash, checks, money orders or wire transfers, credit cards and PayPal.
3. COINS, CURRENCY AND PRECIOUS METALS, Insurance. The buyer’s commission for this section is 20.5%. Coins and currency shall be defined as any regular Federal issue circulating coins and currency. Tokens are not considered coins. Precious metals shall be defined as ingots, silver or gold rounds, bullion items, gold nuggets. Mineral specimens are not considered under the precious metals category. Commemorative items such as metals and ribbons are not considered coins of precious metals. However, lots that consist entirely of gold or silver of high purity, including commemorative metals, are considered precious metals. Please contact our office if you need clarification on a specific lot.
4. SALES TAX: Sales tax will apply, according to Nevada State law, for any items that ship to or are picked up in Washoe County, Nevada (8.265%) unless a current, valid resale certificate is faxed to us at 775-851-1834 before bids are placed.
5. SHIPPING & HANDLING: Shipping and Handling will be estimated prior to invoicing, based on the size and weight of your purchase. All shipping and handling is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be re-invoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
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7. TELEPHONE BIDDING: Telephone bidding requests MUST be scheduled prior to this auction. If you do not schedule in advance, and choose instead to call on the day of the auction to request a line for bidding, you may find that we are unable to accommodate your request. Please limit your telephone bids to items of value greater than $500, or to a string of items with a similar total.
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BE ADVISED: Auction participation through the live Internet bidding site is not 100% foolproof. The technology for this process is always changing, and the operation of it and the corresponding Internet connectivity issues are far beyond our control. Some folks have attempted to use the live Internet bidding process as their primary method of bidding, and have been quite successful. Others have failed completely. Depending upon your computer, server, host, and other factors, Internet signals may be delayed, such that bids may not be received in time. We cannot be held responsible for these delays, or for the lack of placed bids in a timely manner, or any other factors leading to unaccepted bids that are far beyond our control. Bidders should always have a backup plan for lots they highly desire. Live participation is best, followed by phone participation. We will not reopen lots for missed bids.
12. RESERVES: Most of the lots in this auction are unreserved. Gold is generally reserved at or near spot, though it could be slightly below spot.
13. BIDDING INCREMENTS: All bids must be submitted in U.S. dollars and in whole dollar amounts only in the appropriate increments as outlined below. If you choose to submit bids in an increment not listed below, your bid will be rounded to the nearest increment and you will be expected to pay the amount to which the bid was rounded should your bid be the winning bid. If you have any questions about an appropriate bid amount, please call us.
14. BID REDUCTION: All winning absentee bids will be reduced, if necessary, to the next bidding increment up from the last competing bid, as long as the minimum bid requirement has been met. For example, if you submit an absentee bid of $1000 and the next highest competing bid is $250, then you will win the lot for $275.
15. BID INFORMATION: Collectors often ask in advance the price level of a particular lot. We will give out the current competitive high absentee bid until we close the day before the live auction. You may also view absentee bids online at www.holabirdamericana.com. While we try to update the absentee bids as often as necessary, bids received close to the bidding deadline might not be reflected online, and we disclaim any responsibility for any bids made in reliance upon inaccuracies on our website, which may be beyond our control. We do not own any of the live Internet bidding platforms, and thus many aspects of the Internet technology are out of our control.
16. BID CANCELLATION: If you wish to cancel or change a bid after you have submitted your bids to us due to an error, you MUST PHONE us to advise us of this. Bid cancellations through mail, email, or faxes are not advisable. Errors are easy to make. Please call us if you have any questions on this.
17. All stock certificates, checks, warrants, and other financial documents sold herein are sold as antiquities, and have no financial, securities, or public trading value whatsoever.
18. We reserve the right to reject any bid we feel is not made in good faith.
19. INVOICING: Shipping charges will be added to all invoices. Invoices are mailed or emailed within two business days after the close of all portions of the sale. Within 15 calendar days of receipt of invoice, payment is due in full to Holabird Western Americana Collections, 3555 Airway Dr., #308, Reno, NV 89511. LATE FEES MAY BE ADDED IF PAYMENT ARRANGEMENTS ARE NOT MADE WITHIN THOSE 15 DAYS. Sales tax will be added to all sales picked-up after the auction or shipped to Nevada addresses, according to Nevada State law, unless a resale certificate is provided.
20. PAYMENT: We accept Visa, Master Card, American Express, Discover, Money Order/Cashier’s Check, Personal Check or PayPal. Customers wishing to pay by check or money order MUST contact our office for an invoice total before sending payment All returned checks are subject to a $25 fee. Cash received in amounts greater than $10,000 is subject to the filing of IRS form 8300, as required by law.
21. SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All invoices are subject to a minimum shipping and handling charge of $19.00. If additional shipping and handling costs are required, the buyer will be re-invoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
22. NON-PAYMENT: HWAC reserves the right to cancel any invoice not paid in full within 15 days. A cancelled invoice does not relieve the bidder from their obligation to pay seller fees and buyer’s premiums compensating HWAC for its services in conducting the auction. Interest shall run on all outstanding balances at the highest rate permitted by law. HWAC shall have a lien against the merchandise purchased by the bidder, and any other of bidder’s property then held by HWAC or its affiliates, to secure payment of the invoice, and with respect thereto HWAC shall have all the rights of a secured creditor under the Nevada Commercial Code, including but not limited to the right of sale. HWAC may sell the lot(s) securing the invoice to any under bidders in the auction that the lot(s) appeared, or at subsequent private or public sale, or relist the lot(s) in a future auction conducted by HWAC. A defaulting bidder agrees to pay for the reasonable costs of resale (including a 10% seller’s commission, if consigned to an auction conducted by HWAC). The defaulting bidder is liable to pay any difference between his or her total original invoice for the lot(s), plus any applicable interest, and the net proceeds for the lot(s) if sold at private sale or the subsequent hammer price of the lot(s) less the 10% seller’s commissions, if sold at an HWAC auction. If HWAC refers any invoice to an attorney for collection, the bidder agrees to pay attorney’s fees, court costs, and other collection costs incurred by HWAC. Any bidder who fails to follow the terms of payment will be reported to iCollector and may be barred from participating in future Holabird Western Americana auctions.
23. CONDITION: We strongly recommend that you attend the live preview to see lots in their entirety. Conditions are not always noted, and large lots may not be itemized due to catalog restraints. For questions, detailed information, or additional images of any lot please contact our office at 775-851-1859. Bidders are responsible for understanding the condition of items. Conditions noted are subjective, and may differ in the opinion of different people or collectors.
24. RETURN POLICY: All items are guaranteed to be authentic unless otherwise noted. If authenticity is challenged, please call our office for assistance. ALL SALES ARE FINAL. You may only return any piece that was significantly inaccurately described by calling our office within 10 days of receipt of item(s) and notifying us of the error and reason for return. We do not refund postage or insurance. Please call us if you require a more specific condition report. Any items that are returned must be returned in the exact, unaltered condition. When we receive your bids we will assume you have read the description in the catalog, viewed the image of the item, have contacted us regarding any questions you may have on any lot and/or have previewed the lot in person.
25. This sale is being held under the laws of the State of Nevada.
26. HWAC shall not be held responsible for any problem due to the bidder’s failure to follow the rules, terms and conditions of this sale, or any failure to bid due to the loss of the online auction process provided by any of the online auction networks; or missed bids, changed bids or cancelled due the bidder’s failure to follow the proper bidding procedure outlined herein.
27. By placing a bid or otherwise participating in the auction, Bidder accepts these Terms and Conditions, and specifically agrees to the dispute resolution provided herein.
28. HWAC shall not be responsible for consequential damages, incidental damages, compensatory damages, or any other damages arising or claimed to be arising from the auction on any lot. Bidder’s sole remedy for any proven act or omission shall be rescission of sale and refund of the amount paid by Bidder.
29. Any claim, dispute, or controversy in connection with, relating to and/or arising out of the Auction, participation in the Auction, award of lots, damages of claims to lots, descriptions, condition reports, provenance, estimates, return and warranty rights, any interpretation of these Terms and Conditions, any alleged verbal modification of these Terms and Conditions and/or any purported settlement shall be exclusively heard by, and the parties consent to exclusive in personal jurisdiction of, the Superior Court of Washoe County, Nevada. THE PARTIES EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY. Any claim must be brought within one (1) year of the auction from which the claim arose or the claim is waived. In every case, the prevailing party shall be entitled to an award of its attorney’s fees and costs.