SOLD
42,000.00USD+ (7,350.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2011 Nov 30 @ 19:06UTC-8 : PST/AKDT
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Atocha Silver Ingot, 1622 – possibly the last of the 100 troy pound ingots
This remarkable silver ingot is one of only four ingots recovered from the famous wreck of the Nuestra Senora de Atocha that weighs over 100 troy pounds. It also may be one of the few remaining Atocha ingots of the original 962 silver ingots recovered from the Nuestra Senora de Atocha, the most famous of all modern treasure ship recoveries, a find that eluded treasure hunters for centuries until Mel Fisher and crew got lucky one day in 1985.
This ingot is the fourth largest silver ingot recovered from the Atocha and was the finest and most ornately marked bar in the first Atocha auction held at Caesar’s Palace in Las Vegas in September, 1987. It has been in the hands of the original buyer since that time.
Physical Characteristics
The Atocha bar measures 35.5 cm ( 13.98”) long x 13 cm (5.12”) wide x 10 cm (3.94”) deep. It weighs 100 pounds, 5.5 ounces, or 1205.5 troy ounces. The bar is number 2536 (as marked) and was number PB419 vo in the original shipping register, as shown in the original records in Seville, Spain. The purity is 2380 fine (as marked), or 9917 fine silver. The shipper was A. Saldana, as shown by the large A with an s carved in the bar at left, and the bar was owned by M. Santos, also shown by those initials carved in the bar at right. It has the typical assayers bite out of the center, signifying production at the Potosi Mint, as well as the Potosi mint mark weakly stamped at the top of the bar. There are several circular Spanish hallmarks (bullion punches) indicating the King’s quinto, or “fifth” tax was paid.
Comparative Analysis
This Atocha silver bar is one of 962 silver ingots recovered and recorded by Craig & Richards (2003) from the Atocha. About 722 of those bars were recorded in the shippers register, rendering the remaining 240 bars potentially “contraband” (24.95%). 52 silver bars weighed in excess of 90 pounds (5.4%). Only 4 silver bars weighed over 100 pounds. The ten largest bars were:
1. 106 troy pounds, 7.7 ounces, bar #877
2. 101 troy pounds, 7.0 ounces, bar #958
3. 101 troy pounds, 4.4 ounces, bar #956
4. 100 troy pounds, 5.3 ounces, bar #246 (this bar)
5. 99 troy pounds, 9.9 ounces, bar# 409
6. 97 troy pounds, 11.8 ounces, bar #416
7. 97 troy pounds, 4.4 ounces, bar #419
8. 95 troy pounds, 8.95 ounces, bar #124
9. 95 troy pounds, 6.2 ounces, bar #521
10. 95 troy pounds, 6.2 ounces, bar #791
In contrast, 123 silver bars weighed under 60 pounds each (12.8%), with many or most being from the potential “contraband” bar class. It is important to note that there is no weight data recorded for 47 of the bars in the data tally by Craig & Richards (4.9%).
A serious question is posed when one considers that a large portion of the Atocha bars have been melted, but the exact count is unknown. We do know positively that about 20% of the SS Central America gold bars were melted to make commemorative coins. But I assume that more than 50% of the Atocha bars were melted in the last few years as silver prices rose above the collectible market, especially for the more poorly marked Atocha bars. In our own company, we purchased a number of treasure recovery bars at spot over the past few years, and sold them again at spot (albeit a higher spot price) later. Several customers noted to me that they melted their bars, as silver was simply too high to resist. While the spot price lingered for several months at over $40 per ounce, it is easy to understand the push to melt.
Melt Considerations
As the fourth largest bar, those collectors who want the truly great material will want this bar. It is unknown if any of the other three large bars still exist, or if they hit the melting pot, thus this could be the last of the Atocha’s 100 ounce bars. In contrast, this bar has an approximate intrinsic value of:
Silver spot price of $30 per troy ounce $36,160
Silver spot price of $35 per troy ounce $42,190
Silver spot price of $40 per troy ounce $48,220
Silver spot price of $45 per troy ounce $54,245
Notes on Atocha Ingot Distribution
Clearly the Nuestra Senora de Atocha and SS Central America are the largest two groups of recovered shipwreck precious metal ingots in modern history, with a cumulative total surpassing 1450 ingots between the two wrecks. The two wrecks were handled completely differently, however, in the manner of initial distribution of the booty.
The SSCA ingots were disbursed through a very controlled economic environment, in which the Insurance companies’ portion was sold through a single sale at auction. The remainder was sold under contract through the California Gold Marketing Group.
The Atocha ingots were controlled by Mel Fisher himself, as project manager. Ingots were distributed to divers, individual investors who had given money for work over a specific time period, and to investment groups who may have had similar arrangements trough specific time periods of work and discovery. Others were distributed for other consideration. No organized plan was in place for the control or distribution of the treasure as a whole because of the complicated web of funding a major treasure search.
When the discovery of the treasure was announced in the media, I was approached by one of the divers regarding the possible sale of goods. We, in turn, approached Fisher with my marketing plan at Caesar’s. At first, we thought all we’d get were the non precious-metal artifacts. But through time, it was found that our approach at marketing differed substantially from others, and we were allowed to sell coins and ingots. Divers immediately approached me with their ingots. They had been selling them into the spot silver market in Florida at discount, and I offered spot, or a bit above. We ended up with about nineteen silver ingots. These divers told us they had sold many, assuming they would be melted immediately, and my friends at Handy & Harmon and Englehard confirmed that. In fact, when I was at one of the smelting facilities near that time, witnessing a melt of silver/gold that we had mined at an open pit mine that I managed, there was a small stack (group) of Atocha silver bars marked for melting. I looked (without touching) and noticed that most of these were not the most attractively marked bars I had ever seen, and quickly came to the conclusion that they were not as special as those that carried all the intricate markings.
Thus the Atocha ingots went the ways of the seven winds, into an uncontrolled economic environment, and we’ll never know how many were melted, but I’ll bet it is in excess of 50%. That makes this 100 troy pounder just that more special.
Important references
There are several key reference works on the Atocha. Students of precious metal ingots need Alan Craig and Ernie Richards’ Spanish Treasure Bars from New World Shipwrecks, 2003. This must-have reference discussed fully all of the precious metal bars from the New World wrecks, and further discusses the fakes that have come out. My friends Ernie Richards and Margret Weller hold a treasure seminar lasting nearly a week every year in Florida.
Another key reference is Duncan Mathewson’s Treasure of the Atocha, 1987, still available at Fisher’s Museum gift shops in Florida.
Auction Location:
Atlantis Casino Resort 3800 S. Virginia St., Reno, Nevada, 89502, United States
Previewing Details:
Preview is available at our Reno office located at 3555 Airway Drive Suite #308 by appointment only, anytime. Call 775-852-8822 to schedule a preview. Space is limited. Preview is open to
the public on 10/28/2010 from 12:00pm to 6:00pm at the Atlantis Casino Resort located at 3800 South
Virginia Street in Reno, Nevada.
Sales tax will apply, according to state law, for any items that ship to Nevada or California or are picked
up at our Reno, Nevada location, unless a current, valid re-sale certificate is provided at the time of
purchase.
Taxes:
| Tax | Rate | Desc. |
| NST |
7.725% |
Nevada Sales Tax: |
| CST |
9% |
California Sales Tax: |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
17.5% |
Additional Fees:
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the auction. NOTE: Some shipments (of unusual size, dimension or weight) may require special
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21. Shipping: Shipping will be calculated prior to invoicing, based on the size and weight of your purchase. A $5 handling fee will be included in the shipping charge. The customer is responsible for all shipping charges. We do not ship any purchases until the auction invoice is paid in full. Purchases will be shipped via our approved, insured carriers, Federal Express or the US Postal Service. All items shipped Federal Express will be insured for the full value determined at auction by Holabird-Kagin Americana at no extra cost to the buyer. Federal Express shipments will be sent the Monday, Tuesday or Wednesday following receipt of payment. Pick up is available from our Reno Office the next business day after the auction. 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.
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