SOLD
14,000.00USDto 4***4+ buyer's premium (2,730.00)
This item SOLD at 2013 Aug 24 @ 13:14UTC-07:00 : PDT/MST
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Preview
Holabird-Kagin Americana Office
3555 Airway Drive Suite#309
Reno, NV 89511
Thursday August22, 10am-6pm
* Preview also available by appointment
Live Auction
Friday & Saturday
August 23 & 24, 2013
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 August 25, 10am-1pm
Description
Large presentation ingot for a celebration honoring William Sharon "by his old friends of the Comstock Lode,” 1876. This ingot was made for all-out surprise celebration for Sharon and his friends. This ingot is blank where the others I have seen have the attendees name engraved at the bottom of the obverse of the ingot. Nineteen of these ingots were reportedly made for each of the attendees and a 20th for William Sharon. 6.13 Troy ounces. Approximately 6.25” X 4” and 1+ mm thick.
The Story
The party was at the Palace Hotel, built by Sharon`s old boss, William Chapman Ralston. Ralston had committed suicide several months earlier after the Bank of California`s failure in 1875. It was at one time the largest and most powerful bank in the United States. The Bank had made it through the failure with the help of Sharon and friends. Reports said the affair had all the accoutrements of an inaugural ball but was exceptionally private. Flowers were everywhere. The Palace Hotel manager, Mr. Warren Leland, was told to spare no expense, according to an article that appeared in the "San Francisco Examiner" the next day. It reported:
"It is fair to presume that the grand dinner spread in honor of William Sharon, in the Palace Hotel, on Tuesday Evening, has never been equaled in good taste or elegant surroundings on this continent. An enthusiast might say that `it was fit for the gods` and it is doubtful whether there would be an exaggeration in such an assertion… No public announcement of the intended gathering was given, and Mr. Sharon was ignorant of the arrangements until he was escorted into the banquet hall."
The paper went on to report the attendees were all old friends of Sharon`s "long before he found the means to build up a fortune." Twenty men sat at a single table. D. O. Mills, sat at one end, and General John F. Miller, of the Alaska Commercial Company, sat at the other. Judge Heydenfeldt was seated at Miller`s left. Seated down the two sides were people who will be a familiar lot to those students of early Comstock history: Thomas Bell, William Lent, and W. Alvord, all part of the original Gould & Curry Company; William Morris Stewart, champion Comstock lawyer and later Senator; Wood A. Head and Bob Morrow, all early claim stakers on the Comstock from Nevada City and Grass Valley; J. Sahaw, J. Skae, both mine superintendents on the Comstock (Morrow was also supt. of the Savage); and G. S. Dodge, A. Gansl, A. Selover. Sta. Marina, D. L. Bliss and Steinhart. Apparently, while the men celebrated and told stories to one another, a band played nearby. There were no speeches; the party was a simple celebration of friendship in its grandest form.
The ingots were so exciting to the men and news media, that they were described in detail in the "Examiner". It reported that "At each plate were glasses for eight different kinds of wine. The napkins were folded flat, and on each was a delicate bouquet. Beneath the napkin was a bill of fare engraved on solid silver, dug from the Comstock lode, and highly polished. These measured about 6 1/4 by 4 1/4 inches… On the front of this novel and costly affair was inscribed in ornamental text and script…" words about the celebration and the menu fit for a king. An observer "laughingly remarked… Everybody went away from the dinner with a silver brick in his hat."
The silver ingot was the perfect gift for all the attendees. Nearly all the men were heavily involved in mining at one time. Most were on the Comstock at the beginning. A very fresh story would have been shared about silver ingots, told by Senator Wm. Morris Stewart. Stewart had headed a bunch of investors along with John P. Jones in the mines at Panamint, California. In 1875 they pulled out a million in silver, but were acutely aware of highwaymen just waiting for the bullion laden wagons to come down the treacherous canyons out of the Panamints. The mountains were so rugged, that there is about 6000 feet of relief in just over a mile of horizontal distance. Even the mighty Wells Fargo & Co. would not dare to establish an express office there for fear the risk of robbery was too high. Stewart related "They said they wouldn`t run any risks at Panamint, not with that bunch of highwaymen lying around just waiting to swoop down and gobble up every dollar in sight." Stewart needed a plan. He said, "Finally I hit on a scheme. I had some moulds made in which a ball of solid silver could be run weighing 750 pounds. Then I began smelting the ore, and I ran out enormous cannon balls of the precious stuff that could have bombarded a battleship. When the road agents saw what I was doing, their eyes stuck out of their heads. They acted as though I had cheated them out of property… ." It was a very clever plan indeed.
There are many incidences surrounding William Sharon`s rise to power. Sharon was the manager of the Bank of California in Virginia City who had been handpicked by Ralston. He was a man who knew failure, and Ralston felt Sharon was not likely to want to fail again. Ralston told his Board that Sharon was the best poker player he had ever known. Ralston knew Sharon could beat any of the Board at any game of business they chose, so that`s why Ralston thought Sharon should head the Virginia City office. He would be the best manager of money and bank affairs they could every hope for.
There was a crash on mining stocks in May, 1872, which persisted until 1875. Another stock panic hit in August, 1875, which crushed the Bank of California, once considered "the strongest banking institution on the Pacific Coast." The great bonanzas of the Crown Point and others were only temporary fixes in a stock market that was wild with excitement and activity. There was a run on the Bank of California on August 26, 1875. They closed on the 26th. Ralston had surrendered the Palace Hotel, one of his jewels which was not yet finished, to Sharon on the 25th. He had absolute confidence in Sharon. George Lyman wrote in Ralston`s Ring, "They were closer than brothers". Ralston surrendered all of his personal property to the Bank for the benefit of the depositors. But he was deceived. That day, Ralston had not a friend, as the entire Board turned against him, and left the bank in resignation. He would never return. Mills was instructed to tell Ralston of his dismissal, which was done the next day. In the afternoon, he walked into the ocean and never came out alive. In the ensuing crash, the value of the mines of the Comstock shrunk to one thirtieth of their value that they had been on Jan 1, 1875. D. O. Mills, the first president of the Bank of California, when it was organized in 1864, became president once again, and secured the funding necessary for the Bank`s reopening, which was on October 2. Sharon was a huge asset, tying up loose ends in Nevada and San Francisco. The stock exchanges in San Francisco also closed because of financial panic, reopened on October 5. The Bank went on to great success and is alive today. Sharon also took over and managed Ralston`s estate for his widow and children.
Our consignor inherited this ingot and mirror from her grandmother, who had been given it from a manager at the Palace Hotel, along with a matching ladies’ bathroom (toiletry) silver set of mirror, hair brush and comb. After the Sharon dinner had been completed and the guests had left the building, the hotel manager and several co-workers were given the left-over non-personalized ingots as a souvenir of their work for the hotel. The other two silver toiletry items in the family from the Palace were lost over time.
This story confirms what we thought long ago: that Schreve & Co. of San Francisco made extra ingots for the Sharon dinner in case any dignitaries were invited at the last minute. To date, three of the non-personalized ingots have shown up (including this piece), each with engraving exactly matching the personalized pieces.
The William Sharon Dinner Plate Ingot remains one of the most important keep-sakes of western business and politics, joining both the financial center of the West (San Francisco) and one of its political , banking and mining heavyweights, William Sharon.
Summary
This ingot is important not only because of its rarity and of its presentation value to William Sharon, but because of what it represents. It is a remnant of an important turning point in California financial history, recognizing the great mines of the Comstock, the great bankers of California, and the ingenuity of American financiers in general - all at once. There would have been sad discussion of Ralston`s tragedy, but happiness abounded at that dinner at the success of the Palace Hotel, just completed, and of Sharon`s election to the Senate over his bitter rival James G. Fair, one of the Comstock kings. They would have discussed the old times on the Comstock in 1859-60, and their luck in California during the Gold Rush.
Although this particular ingot is blank, it is unquestionably authentic because it is identical in every way to those I have seen previously (we`ve never published a detailed photograph of these ingots.)
Regardless of the lack of an engraved name, this ingot remains one of the great silver presentation pieces of the nineteenth century. It encompasses everything about the nineteenth century West – one of the great Comstock financiers and bankers, a celebration of mining in the West and the incredible splash that the wealthy used at the time. This is one of three in excellent condition known today that have changed hands publicly, though one of the three has a hole in it. It is a treasure whose appearance is not likely to be duplicated anytime soon.
HKA#64622
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 8/23/2013. 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 |
19.5% |
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.
Within 15 calendar days of receipt of invoice, payment is due in full to Holabird-Kagin Americana, 3555 Airway Dr., #308, Reno, NV 89511.
Accepted Payment Methods:
- VISA
- Master Card
- Money Order/Bank Draft
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August 23 & 24 2013
Absentee Bidding will end
Thursday, Aug 22, 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.
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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.
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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.
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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
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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.
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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.
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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.