LOT Old Heritage Auctions  /  2007 NOV Dallas, TX US Coin Signature #452  / 

2619

Kellogg & Humbert Gold Ingot. 48.05 Ounces

Currency:USD Category:Coins & Paper Money / Bullion Start Price:50,000.00 USD Estimated At:1.00 - 100,000.00 USD
Kellogg & Humbert Gold Ingot. 48.05 Ounces
<B>Kellogg & Humbert Gold Ingot. 48.05 Ounces.<BR><BR></B></I> While gold ingots may have existed at one time from the gold rush in the Southeast, none appear to have survived today. Gold ingots are almost exclusively a phenomenon of Gold Rush California, brought about by the enormous quantities of the metal flakes found in the northern part of the state. Ingots such as this one from Kellogg & Humbert are primarily transport bars that concentrated a large store of value in a form that could essentially be used as money. In quantities such as this, the value was in excess of what could be used in the channels of commerce: Who has change for $942.62? Thus, the value of these ingots was in transferring large amounts of gold to a major financial center (such as New York). It was also imperative that everyone who handled such an ingot had faith that the value stamped on it was accurate. And that is where the reputation of Kellogg & Humbert played such an important role.<BR> Gold Rush California had numerous private assayers and coiners in the early 1850s. But publication of the slim volume <I>Gold and Silver Coins</B></I> (1851)<I> </B></I>by Jacob Eckfeldt and William Du Bois revealed that many of these private companies were not issuing coinage of full intrinsic value. These companies were soon out of business and their coins were melted when found. John Kellogg and Augustus Humbert (U.S. Assayer) maintained the highest standards of quality in their assaying operations, both singly and in partnership. This last fact explaining the large number and significant value of the gold ingots that were lost with the sinking of the <I>S.S. Central America</B></I>.<BR> This is an attractive, well-impressed ingot. The top side reads: No 550 / Kellogg & Humbert imprint / 48.05 Oz / 949 FINE / $942.62. The individual ingot number is repeated at the top of the back side, and the usually seen assay chips are out of opposing corners. Bright yellow-gold color throughout, the only spot of the often-seen reddish patina is located at the bottom of the back side. Included with the lot is the massive reference book by Q. David Bowers, <I>A California Gold Rush History, </B></I>and a facsimile treasure chest with red velvet interior is included with the lot. 44 x 99 x 20 mm.<BR><I>From The Arroyo Grande Collection.</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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