1960
Wass, Molitor & Co, Assay Receipt
Currency:USD
Category:Coins & Paper Money / US Coins
Start Price:5,500.00 USD
Estimated At:11,000.00 - 12,000.00 USD
SOLD
11,000.00USD+ (2,200.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2010 May 31 @ 21:47UTC-7 : PDT/MST
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Wass, Molitor & Co, Assay Receipt. Imigrating from Hungary, Count Samuel C. Wass and Agoston (Augustus) P. Molitor had studied mining in Germany at the School of Mines and both had experience as miners in their native Hungary.
Wass arrived in California in 1850 and immediately went to the gold producing regions and completed a detailed report that was published in The Alta California in January, 1851.Molior arrived that year.
Wass & Molitor set up an assay office in San Francisco in Oct, 1851, and acquired high volume client Adams & Co., the largest express company in the west and rival to Wells Fargo. Initially assaying and stamping gold ingots, they established a reputation for quick and honest service that was equalled only by Moffitt & Co. They payed depositors in 48 hours as opposed to 8 days by the U.S. Assay Office.
Wass, Molitor proceeded to produce $5 and $10 denominations in 1852 to counter the cumbersome U.S. Assay Office's $50 slug. The coins they produced were considered to be as good as any of the era because of their weight accuracy and fineness. In 1855 they did produce $20 and $50 coins.
Another interesting item of note is that this memorandum or receipt, like many of its early contemporaries, was for "Gold Dust." In today's world most of us would probably associate gold dust with an image in our minds eye of very fine pinhead sized particles of gold… almost too small or too insignificant for comment. However, the words "gold dust" had a much different meaning to the miners, assayers, and ordinary citizens of Gold Rush California during the 1850's. An 1861 reference stated the definition plainly: "Gold Dust. Placer gold is usally called gold dust; but the word dust, without explanation, conveys an erroneous idea. Gold dust is not a fine powder, but ordinarily consists of pieces larger than a pinhead, very often with lumps varying from a pennyweight to an ounce; and even if the lumps weigh ounces or pounds, it is none the less gold dust." [Ref: Hittell, J: Mining in the Pacific States of North America, 1861, pg 44 (Book cover as: Bancroft's Hand-Book of Mining for the Pacific States)].
This is possibly the only Wass, Molitor Memorandum of Gold Dust bullion/assay receipt known. At the very least it is an R8 rarity and the likelihood of it being Unique has a very high probability.
There should be no doubt among collectors that the well-preserved 1852 gold dust receipt offered here is an item of historical importance that will be a highlight of any collection. Its overall condition is Fine, having typical "pocket" folds and some minor foxing and a few very small light colored spots. There ia also some soilimg on the reverse probably due to being carried by Mr. Rosborough in one of his pockets or his wallet. The receipt is signed Wass, Molitor & Co, From the John J. Ford, Jr. Collection. R8 and possibly Unique.
Memorandum of Gold Dust Deposited by A.M. Rosborough. Inlike most other bullion deposit or assay receipts, this very early and incredibly rare Wass, Molitor is not numbered, although there is a space provided for a "No." on the preprinted receipt. The receipt measures 7 3/4 x 6 1/4" and is printed in black ink on light blue paper. Weight before melting 9 oz, 10dwt. After melting 8oz, 18dwt. Loss in melting 12dwt. Fineness .757, Value per oz $15.524, Full value $138.16, Fees $5.00.
Estimated Value $11,000 - 12,000.
Auction Location:
350 S. Beverly Drive Suite 350, Beverly Hills, California, 90212, United States
Previewing Details:
LOT PREVIEW SCHEDULE
By Appointment Only
May 3 - 17, 2010
9am - 5pm
OPEN LOT VIEWING
May 24 - May 31, 2010
9am - 5pm
350 South Beverly Drive, Suite 350
Beverly Hills, CA 90212
310-551-2646 | 800-978-2646
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
20% |
Additional Fees:
Shipping Details:
Will ship worldwide
Payment Details:
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Accepted Payment Methods:
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These Terms And Conditions Of Sale Set Forth The Terms Of A Public Auction Sale Conducted In Beverly Hills, California By Ira & Larry Goldberg Coins & Collectibles, Inc., A Nevada Corporation, California Auction Bond No. 3s95453300 (Hereinafter, The "Auctioneer" Or "Goldberg").
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Disclaimers And Warranties
All Items Offered In This Catalogue Are Guaranteed To Be Genuine.
This Is A Limited Warranty That The Item Sold Is Not Counterfeit, That Its Date Or Mintmark Has Not Been Altered And That The Coin Has Not Been "Repaired."
29. Any other warranty is expressly disclaimed; Goldberg offers no representation that a numismatic item has or has not been cleaned; that any toning is natural or artificial; that any coin will meet the standards or grade of any independent grading service; that any item has a particular provenance or pedigree, or that a numismatic item is struck or produced in a particular style. Any statement concerning such matters reflects an opinion only. Questions regarding the minting of a coin as a proof or as a business strike relate to the method of manufacture and not to authenticity.
a. The descriptions contained herein represent the Cataloger's good faith opinion, or the opinion of an independent grading service, as to the state of preservation and strike. When a grade from an independent grading service is utilized, the information is provided strictly for the convenience of the bidder by mail, telephone or facsimile. Bidders and Purchasers acknowledge that (i) grading is an art, not a science; (ii) the grades contained in the catalogue represent the opinion of the Auctioneer based upon its experience; (iii) it is possible that two people will not always grade the same items alike; and (iv) as market conditions change, grading standards change, and will most likely continue to do so in the future.
NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, IS MADE WITH RESPECT TO ANY GRADE DESCRIPTION, WHICH IS MERELY AN OPINION THAT IS LIKELY TO DIFFER, EVEN AMONG EXPERTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING OF A LOT BY AN INDEPENDENT GRADING SERVICE.
b. Grading or condition of rare coins may have a material effect on the value of the item(s) purchased; and the opinion of third parties (including independent grading services) may differ from the independent grading service's opinion or interpretation of Goldberg. Goldberg shall not be bound by any prior or subsequent opinion, determination or certification by any independent grading service.
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d. Bidders shall have no recourse against the Consignor for any reason whatsoever.
e. Notwithstanding anything to the contrary in these Terms and Conditions of Sale,
COINS & CURRENCY LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC, ICG, SEGS, ACCUGRADE, PCI, NTC, CGA, PMG OR ANACS CACHET MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER.
30. By bidding in the sale, (whether in person, by mail, telephone or facsimile, or through an agent), Bidder expressly consents to the following
Waiver and Releases:
Purchaser, for himself, his heirs, agents, successors and assigns, generally and specifically waives and releases, and forever discharges Goldberg, and its respective affiliates, parents, shareholders, agents, subsidiaries, employees, members of their respective boards of directors, and each of them, and their respective successors and assigns from any and all claims, rights, demands and causes of action and suites, of whatever kind or nature, whether in law or equity, whether known or unknown, suspected or unsuspected, which Purchaser may claim to have with respect to and/or arising out of, or in connection with any challenge to the title to any good purchased, the sale itself and/or the auction, except for reimbursement in the amount equal to any bid actually paid by Purchaser, plus any Buyer's Commission actually paid by Purchaser where such reimbursement is authorized in these Terms and Conditions of Sale. It is the intention of Purchaser that this waiver and release shall be effective as a bar to each and every claim, demand, cause of action and suit that may arise hereunder, and Purchaser hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred upon him by the provisions of the California Civil Code, which reads in full as follows:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
31. Neither Goldberg nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms and Conditions of Sale of the auction or the conduct thereof and in no event shall liability for any such failure exceed the purchase price paid.
32. The sole remedy that any Purchaser in the auction shall have, whether such Purchase is bidding in person, by mail, by facsimile, by telephone, or through an employee or agent, for any claim or controversy arising out of the auction shall be a refund of the original purchase price and premium paid, if any.
33. Upon payment of any disputed sum, which in no event shall be greater than the original purchase price actually paid by Purchaser plus any commission or premium actually paid by Purchaser to Goldberg, Auctioneer and its employees shall be deemed released from any and all claims of the Bidder arising out of or in connection with the sale of such property. Purchaser agrees to execute prior to delivery of any refund, any documents reasonably requested to effect the intent of this paragraph. Should the Purchaser decline to do so, Purchaser hereby grants to Goldberg a limited power of attorney to unconditionally effect such release.
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35. If the Purchaser fails to comply with one or more of these Terms and Conditions of Sale, then in addition to all other remedies which it may have at law or in equity, Goldberg may at its sole option, either (a) cancel the sale, retaining all payments made by Purchaser as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell some or all of the property and (some or all other property of the Purchaser held by Goldberg, if Goldberg deems necessary), in a quantity sufficient in the opinion of Goldberg to satisfy the indebtedness, plus all accrued charges. More than one such sale may take place at the option of Goldberg. Such sale may take place without notice to Purchaser. If Goldberg gives notice, it shall be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other address known to Goldberg. Such sale will be at Goldberg standard commission rates at public or private sale, within California, or at another location outside of California to be determined by Goldberg. At the time of sale the defaulting party shall not bid nor be permitted to bid. The proceeds shall be applied first to the satisfaction of any damages occasioned by Purchaser's breach, and then to the payment of any other indebtedness owing to Goldberg, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees and costs, collection agency fees and costs and any other costs or expenses incurred thereunder. If a lot or item is not paid for, and is sold by Goldberg for Purchaser's account, in accordance with the Uniform Commercial Code, Goldberg shall not be required to account to the Purchaser for any excess proceeds. Purchaser shall remain liable to Goldberg if the proceeds of such sale or sales is insufficient to cover the indebtedness. If other property of Purchaser is also sold, any excess of proceeds will be remitted to the Purchaser after first deducting the expenses set forth above. If Purchaser fails to remit sums due to Goldberg, Purchaser grants to Goldberg a lien with respect to such sum, with interest to accrue thereon at the legal rate, until actually paid, which lien shall apply against any property of Purchaser, including any future goods of Purchaser coming into possession of Goldberg. To the extent permitted by law, Purchaser hereby waives all the requirements of notice, advertisement and disposition of proceeds required by law.
36. These Terms and Conditions of Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of California, whether or not the auction is and these Terms and Conditions of Sale are fully performed in California.
37. Purchaser acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction over any dispute(s) arising hereunder, and Purchaser hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of California, and not elsewhere, regardless of any party's current or future residence or domicile. Purchaser further agrees that venue shall be in the Superior Court of Los Angeles, in the State of California.
38. ATTORNEY FEES AND COSTS. The Bidder/Purchaser shall pay to Goldberg all costs and expenses of collection of amounts due herein, or to otherwise enforce any or all provisions of these Terms and Conditions of Sale, the subject matter of these Terms and Conditions of Sale, or any other agreement entered into with Goldberg, including but not limited to, reasonable attorney fees and costs incurred before legal action, if any, is commenced. The Bidder/Purchaser further agrees that in any litigation or other proceeding based upon, arising out of or related to these Terms and Conditions of Sale, the Bidder/Purchaser shall pay to Goldberg its attorney fees and other expenses and costs incurred in connection with the litigation or other proceeding if Goldberg is the prevailing party.
39. If any section of these Terms and Conditions of Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way. AS STATED IN THE TERMS AND CONDITIONS OF SALE Certain lots may be reserved by the Consignor. If the Auctioneer identifies a Consignor bidding on his own property, an announcement will be made that the Consignor is now bidding. If the Consignor places a bid in the mail bid book and is successful, the Auctioneer will announce that the lot has been passed.
40. These Terms and Conditions contain the entire agreement and understanding between Goldberg and Bidder concerning the auction and any items bid on or purchased at the auction. Bidder acknowledges that Goldberg has not made any promises, representations or warrantee to bidder, not contained herein concerning the auction and any items bid on or purchased at the auction.