Heritage Auctions is renowned as the leading auction house for unique collectibles, showcasing a stunning collection of gold ingots retrieved from the S.S. Central America shipwreck. This article highlights some of the most valuable ingots sold at auction, along with intriguing historical insights into the private assay firms that crafted these treasures back in the 1850s.
The gold rush in northern California in 1848 was a pivotal moment that not only transformed the region but also had far-reaching impacts on the nation and those drawn to the area in search of riches. California, once a sparsely populated Mexican outpost, quickly became a significant player in the U.S. economy following John Marshall’s discovery.
The influx of California gold into the American economy led to a surge in the value of silver, a trend that would later be rectified with the discovery of the Comstock Lode.
In 2010, a large 18.41 ounce ingot from Harris Marchand Co. went up for auction but unfortunately did not find a buyer.
The Gold Rush in the western United States led to a surge in migration as Europeans and East Coast Americans flocked to seek their fortunes. In San Francisco, the use of gold dust for transactions became common, despite its inconsistent quality and occasional adulteration with brass flakes.
As demand for standardized coinage grew, the citizens of San Francisco pushed for the establishment of a branch mint. The San Francisco Mint was finally opened in 1854, but even then, it struggled to keep up with the demand for converting placer gold into coins and ingots of various sizes.
To fill the gap, several reputable private assayers emerged, offering quick conversion of gold dust into stamped ingots in as little as 24 hours.
The 14.01 ounce Kellogg Humbert gold ingot fetched a hefty sum of $51,600 at an auction that took place on September 5, 2019. Assayers’ ingots were widely used as a form of currency, with the bars salvaged from the S.S. Central America proving to be popular for transferring large amounts of wealth.
The sinking of the S.S. Central America played a significant role in the transportation of gold during the California Gold Rush of the 1850s. Gold from the California goldfields was transported to eastern banks through a challenging route – from San Francisco to Panama by ship, then a fifty-mile journey across the Isthmus of Panama, and finally another ship ride to the East Coast of the United States.
With the completion of the Panama Railroad in 1855, the transfer of cargo, including substantial quantities of gold, became more efficient across the isthmus. On September 3, 1857, the S.S. Central America set sail from the City of Aspinwall (now Colón, Panama) towards New York City, carrying ten tons of gold, 477 passengers, and 101 crew members.
However, tragedy struck on September 9th when the ship encountered a devastating hurricane, which tore its sails and caused water to flood the boiler room, leading to a loss of power. The lack of functioning bilge pumps ultimately led to the demise of the S.S. Central America and the majority of its passengers and crew members, marking it as one of the worst American maritime disasters of its time.
The sinking of the S.S. Central America in 1857, as depicted in a historical painting, resulted in the loss of gold worth over $800 million in today’s money. This loss triggered a financial panic that affected both the United States and Europe. Over time, advancements in technology attracted treasure hunters to go after the sunken riches lying 7,200 feet below the sea’s surface. In 1988, the Columbus-America Discovery Group successfully recovered an estimated $100-$150 million in gold from the ship.
In recent years, various expeditions have retrieved additional gold and treasures from the wreckage. Some of the remarkable ingots salvaged from the S.S. Central America belonged to prominent California private assay firms, such as Justh Hunter. Justh Hunter had a significant number of gold ingots recovered during the late 1980s and 1990s, valued at over $7 million in today’s currency. Emanuel Justh, the founder of Justh Hunter, originally emigrated from Hungary to San Francisco, where he established a successful lithography business before venturing into the assaying industry.
Just one year later, in May 1855, Justh and Solomon Hillen Hunter formed a partnership for assaying. Justh’s exit from the branch mint seemed to be smooth, as the new partnership received glowing recommendations from U.S. Assayer Agoston Haraszthy and branch mint Superintendent Louis Birdsall, who commended Justh’s skills as an assayer.
Solomon Hunter, originally from Maryland where he was involved in the shipping trade in Baltimore, made his way to San Francisco. Interestingly, he arrived in California on the S.S. George Law, which was later renamed as the S.S. Central America. This ship would eventually play a crucial role in bringing attention to Hunter’s firm in the numismatic community around 130 years later.
Back in August 4, 2020, a 7.67 Ounce Justh Hunter gold ingot fetched a whopping $66,000 at an auction. Justh Hunter wasted no time making their mark in the gold industry. By May 1856, they had already set up a branch assay office in Marysville, much closer to the gold fields, offering a quick 12-hour turnaround time for assaying ore. Despite their success, the partnership eventually came to an end in July 1858.
Fast forward to January 14, 2022, a larger 866.19 Ounce Gold Ingot by Justh Hunter was sold for an impressive $2,160,000. The ingot boasts a neat layout, with markings that include the Justh Hunter hallmark, weight, and purity. A hint of reddish patina can be seen on its surfaces, adding to its character. This particular ingot was crafted using Mold J Hsf-15, measuring 87 mm x 283 mm.
The range of Justh ingots varied greatly in size, with the smallest weighing in at 5.24 ounces and the largest, which hails from the San Francisco office, tipping the scales at an impressive 866.19 ounces. This hefty ingot is only surpassed in weight by the famous “Eureka!” Kellogg Humbert ingot, weighing 933.94 ounces. This makes the Justh Hunter ingot the heaviest from that particular assaying office worldwide and also marks it as the largest ingot ever to be auctioned off to the public.
To better understand the present-day worth of this ingot, let’s take a look at historical data. Back in 1857, a carpenter in New York City earned an average of $1.79 per day. With a six-day work week, that adds up to $10.74 per week for our typical carpenter. Comparing that to the stated value of this ingot at $15,971.93, it’s clear that this single ingot could cover the weekly wages of 1,487 carpenters.
The sinking of the S.S. Central America had a significant impact on the financial markets in New York and played a part in causing the Panic of 1857. A Justh Hunter 464.65 Ounce Gold Ingot was recently sold on May 5, 2022 for $1,320,000. The ingot has bright yellow-gold surfaces, typical of its .912 fineness. This extremely large ingot bears two company hallmarks on its top side, which is laid out horizontally like other Marysville ingots.
The marks on the upper side include: NO.9521 / J H emblem, another J H emblem / 464.65 Ounces. 912 Fineness. / Valued at $8759.90. The bar was cast in Mold J Hm-08, making it 72mm x 216mm in size, with a thickness of 51mm.
A notable characteristic found in Marysville ingots is the small J H stamp located on the corners where the assay chips were removed. This particular ingot, part of the 9000 series, is the largest known to date. The rarity and significance of this ingot in understanding Gold Rush California cannot be emphasized enough.
