SOLD
41,000.00USD+ (7,175.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2013 Apr 12 @ 16:44UTC-7 : PDT/MST
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Preview
Holabird-Kagin Americana Office
3555 Airway Drive Suite#309
Reno, NV 89511
Thursday April 11, 10am-6pm
* Preview also available by appointment
Live Auction
Friday & Saturday
April 12-13, 2012
9am PDT starting time, both days
Location
Atlantis Casino & Resort
Grand Ballroom #4
3800 S. Virginia Street
Reno, NV 89502
Lot Pick Up
Holabird-Kagin Americana Office
3555 Airway Drive Suite #309
Reno, NV 89511
Sunday April 14th, 10am-1pm
1976 Possibly the Largest New York Assay Office Ingot-
The End of an Era!
Fred N. Holabird
The New York Assay Office was created in 1851 and opened in 1852 to help process the huge influx of California gold for the US Mint. It operated at a high capacity until December 31, 1982, when it closed. Along the way, it underwent many expansions and revisions. It was perhaps best known during the Depression, when it was the major US Assay Office to respond to a constantly changing world market in gold, while the Government considered a gold standard. After implementing the Gold Reserve Act of 1933 (as amended), the NYAO was the Government’s primary receiving arm for gold. Of that crucial year 1933 (as known from the presence of one legal 1933 US $20 Saint-Guadens coin worth in excess of $7 million), only one gold ingot is known.
American Assay offices were created along the way in many of the bullion-producing centers of America, inclusive of Assay Offices in Boise, Deadwood, Helena, Seattle, Salt Lake City and San Francisco. Other offices were created to help with job creation or to help in the overall infrastructure of the America bullion business in Saint Louis. New York, San Francisco and Seattle were used for the influx of foreign metals, though the Seattle Assay Office was formed primarily to handle the Alaskan and Yukon gold rush gold.
Through time with the advancement of technology, the need for US Assay Offices diminished. The New York Assay Office was the last of the stand-alone assay offices to close. The San Francisco Mint was decommissioned, but remained a Mint facility, changing over to an Assay Office from 1962-1988.
The End of an Era
The closure of the New York Assay Office marked the end of an era that started with the California Gold Rush. Along the way, the 130 year assay office period reflected the great discoveries in the West, inclusive of the silver discoveries in the Coeur D’Alene Idaho, the Alaska and Yukon Gold rushes, the South Dakota gold rush which included America’s greatest single ore deposit -- the Homestake Mine (over 50 million ounces of gold produced), and the multi-metal deposits of Utah, known to us today through their world-class copper deposits at Bingham, which has produced upwards of 20 million tons of copper, 25 million ounces of gold and 200 million ounces of silver (all approximate).
With modern technology, the need for a USAO has ceased. Many companies refine their metals on site. Others produce a 99 fine or better product (viz the carbon process at some gold mines). Large scale refiners such as Johnson-Matthey act as intermediaries to the world market, and controls over fineness are everywhere, significantly reducing and eliminating risk to end-source buyers.
The NYAO Ingots
New York Assay Office ingots are known in both silver and gold. The gold ingots are the most common of all the US Mint or Assay Office facilities, though perhaps there are only 100 (or less) known today. The silver ingots are generally rare. The most common of the US Mint facility silver ingots are those from the San Francisco Mint. Silver ingots from the US Assay Offices are generally rare. New York, in my estimation, are the most "common", though there are perhaps less than 50 known. San Francisco Assay Office silver ingots are next (probably less than 30 known, watch out for silver-plated fakes). Silver ingots from the other Assay Offices are rare to unknown. There is one Boise Assay Office ingot known, and none from the other Assay Offices.
The designs of the Assay Office bullion punches have changed over the years. Most are marked with the year of manufacture inside the circular punch. This has also become an arena for collecting, as there are a few collectors who try to collect ingots from each year, or as many years as possible. There is only one 1890’s NYAO silver ingot known to my knowledge, which I have a photograph of from the 1950’s, though I don’t know its whereabouts today.
This Ingot
This USAO New York silver ingot weighs 1050 troy ounces.
Auction Location:
3800 S Virginia St, Reno, Nevada, 89502, United States
Previewing Details:
Preview is available at our Reno office located at 3555 Airway Drive Suite #309 by appointment only, any
time prior to 4/12/2013. Call 775-852-8822 to schedule a preview. Space is limited. Preview is open to
the public on 4/12/2013 from 10:00am to 6:00pm at the Holabird-Kagin Americana Office.
3555 Airway Dr. Suite 309
Reno, NV 89511
775-852-8822
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:
Shipping Details:
Shipping will be estimated prior to invoicing, based on the size and weight of your purchase. Additional shipping fees may be invoiced separately. The buyer is responsible for arranging and paying for shipment of large or special items. 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 or USPS 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.
Payment Details:
We accept Visa, Master Card, Money Order/Cashiers Check, Person Check, PayPal: HKAEbayRep@yahoo.com. A 3% discount is applied to the Buyer’s Premium on all sales. That discount will be reversed if payment is made with a credit card or through PayPal.
Accepted Payment Methods:
- VISA
- Master Card
- Money Order/Bank Draft
- Check/Cheque
- PayPal
April 2013
Treasures & Tribes Auction
Absentee Bidding will end
Thursday, April 11, 2013 at 5pm PDT,
Internet bids accepted any time
Terms and Conditions
1. This is a Live Auction.
2. Live (Floor) Bidding: Please arrive a few minutes early to check in and receive your bidding paddle. We will open lots with more than one bid at the current high absentee bid or 50% of the low estimate at the auctioneer’s discretion. Please be sure to bid on the correct lots during the live auction. Our auction progress is at a rate of between 100 and 200 lots per hour. When the auctioneer says “sold”, he will identify the successful bidder by number and announce the winning bid amount. If you are not sure whether you won the lot or not, it is your responsibility to ask for clarification immediately. Tie bids are awarded to the first absentee bid placed if not advanced on the floor, or by a phone bidder, whoever is first. Auctioneer reserves the right to reopen the lot in the case of an immediate dispute at the actual time of the sale.
3. 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.
4. Agent Bidding: There are numerous professional agents available to assist you should you require this service. Please contact the office for a list or to arrange for representation on the floor during the live auction.
5a. Live Auction Absentee Bidding: Absentee bids for the live auction must be received by Friday, April 11, 2013 at 5pm PDT. It is your responsibility to submit all lot numbers and bid amounts accurately. Absentee bids should be equal to at least 50% of the low estimate if an estimate is provided. Bids on “No Lots” or “Withdrawn” Lots are considered no-bids. Bids made in amounts that do not conform to the bid increment table in item 8 below will be automatically rounded up or down by the computer, or rounded to the nearest proper bid increment at the discretion of the auctioneer. Absentee bids are entered into a computer which will bid live on your behalf at the auction. Absentee bids will compete live against other absentee bids, live internet bidders, floor bidders and phone bidders.
5b. TIE BIDS: Bids are awarded at the discretion of the auctioneer and are based on the first bids brought to his/her attention during the live sale. Absentee bids are entered into a computer which will bid live on your behalf at the auction. Absentee bids will compete live against other absentee bids, live internet bidders, floor bidders and phone bidders. For your protection the computer does not reveal your maximum bid, therefore if another player bids the same amount as your maximum before your bid is accepted, the lot will be awarded to the live bidder. This is considered a tie bid. If you prefer us to call your bid at the live sale (jump to your maximum) please note this on your absentee bid sheet.
6. Internet Bidding: Absentee and Live internet bidding are both available through our live auction network. If you wish to bid LIVE via the internet, you MUST pre-register. A live video and sound feed will be accessible during the auction for those bidding via the internet. Online bidding remains open through the live auction and online absentee bids may be placed anytime. Live bidding will open when the auction starts. Internet bidding is offered as a convenience for those who cannot attend the live sale. Please note that there may be delays or interruptions in internet connectivity that are beyond our control. Attending the live auction or arranging for an agent is the most reliable way to secure your bids.
WARNING: Auction participation through the live internet bidding site is not 100% foolproof. The technology for this process is still under review and development, 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.
7. 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.
8. 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.
From: To: Increment:
$0 $29 $1
$30 $95 $5
$100 $190 $10
$200 $475 $25
$500 $1,450 $50
$1,500 $3,400 $100
$3,500 $9,750 $250
$10,000 $max $500
9. 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.
10. Bid Information: Collectors often ask in advance the price level of a particular lot. We will give out the current high absentee bid until we close the day before the live auction. You may also view absentee bids online at www.holabirdamericana.com.
11. 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 fax are not advisable. Errors are easy to make and we are happy to assist all callers.
12. 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.
13. We reserve the right to reject any bid we feel is not made in good faith.
14. The placing of a bid shall constitute the bidder’s acceptance of these terms of sale.
15. Buyer’s Premium: There will be a 19.5% Buyer’s Premium added to each lot. US Coin, Nuggets, Ingots and/
or Paper Money are calculated at a 17.5% buyer’s premium. These premiums include a 3% discount for transactions paid with cash, checks, money orders or wire transfers. All other forms of payment are not subject to the 3% discount and the Buyer’s Premium will be calculated at 22.5% (20.5% on US coins, gold, & currency.)
16. Sales Tax: Sales tax will apply, according to state law, for any items that ship to Nevada (7.725%) or California (9.0%) unless a current, valid resale certificate is faxed to us at 775-852-8866 before bids are placed.
17. 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-Kagin Americana, 3555 Airway Dr., #308, Reno, NV 89511. Sales tax will be added to all sales picked-up after the auction or shipped to California or Nevada addresses, according to state law, unless a resale certificate is provided.
18. Payment: We accept Visa, Master Card, Money Order/Cashier’s Check, Personal Check, PayPal: HKAEbayRep@yahoo.com. A 3% discount is applied to the Buyer’s Premium on all sales. That discount will be reversed if payment is made with a credit card or through PayPal. 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.
19. Shipping: Shipping will be estimated prior to invoicing, based on the size and weight of your purchase. Additional shipping fees may be invoiced seperately. The buyer is responsible for arranging and paying for shipment of large or special items. 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 or USPS 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.
20. Non-Payment: Any lots not paid for within specified time frames will be cancelled. Any bidder who fails to follow the terms of payment may be barred from participating in future Holabird-Kagin Americana auctions, and will not be included on catalog mailing lists.
21. 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 775-852-8822. Bidders are responsible for understanding the condition of items. Conditions noted are subjective, and may differ in the opinion of different people or collectors.
21. Return Policy: All items are guaranteed to be authentic unless otherwise noted. If authenticity is challenged, please call our office for assistance. You may return any piece that was significantly inaccurately described by calling our office within 30 days of receipt of item(s) and notifying us of the error and reason for return. We do not refund postage or insurance. We have attempted to describe the items and their condition accurately. If no condition is given, assume average. Please call us if you require a more specific condition report. Any items that are returned must be returned in the exact, unaltered condition. NGC certified tokens that are returned must be original, unaltered NGC holders. Any tokens removed from the original NGC/NCS certification holders or items returned in an altered condition are deemed not returnable under any circumstances. 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. Therefore, returns are only accepted if prior approval is given by Holabird-Kagin Americana.
22. This sale is being held under the laws of the states of Nevada and California.
23. Neither Kagin’s, Inc. nor its subsidiary auction company Holabird-Kagin Americana shall be held responsible for any problem due to the bidders 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 bidders failure to follow the proper bidding procedure outlined herein.