When some not-yet-born numismatic historian explores our own age, he or she will see that the turn of the 21st century was when western Americana and ingots first came into their own. Thrust into the spotlight by two events – the salvage of the S.S. Central America and the so-called “Great Debate – ingots are beginning to be appreciated as important artifacts by scholars and fascinating collectibles by numismatists. The most recent exposition on the subject was prepared by Fred Holabird and Bob Evans, a pair of gentlemen who are as enjoyable in conversation as they are serious in their studies of these items, and a mining geologist named David Fitch. Given as a Numismatic Theatre at the 2003 ANA Convention, their paper “Western Precious Metal Ingots: The Good, The Bad, and The Ugly” was published in truncated form in the ANA’s August 2003 Numismatist and available in complete form online at www.money.org/publications/IngotPaperFinal.pdf. Holabird, Evans, and Fitch describe presentation ingots therein, a distinct form from the sort of ingots found aboard the S.S. Central America, which were intended as temporary forms to transport assayed gold in measured quantities. Presentation ingots could have been produced for a variety of reasons – to celebrate the opening of a new mine or assay firm, discovery of a new vein, to attract new investors to a project, or merely as a gift to a friend of the firm.

In our January Classics Sale, we are fortunate enough to offer a particularly interesting presentation ingot that was produced in the territorial days of Nevada, prior to statehood on October 31, 1864. While the ingots found aboard the S.S. Central America were usually hefty and always gold, this bar is neither – it is a tiny silver ingot, containing just over 1 troy ounce of fine silver! The quantity of silver, as noted on the bar’s inscription, is the amount of that metal found in 1 pound of rock, a concentration that far exceeds the yields of most modern mines but is consistent with other silver veins in Nevada during the period. The silver came from the “Silver Chamber Mine” in Lander County, Nevada Territory near the town of Austin. As the gold strikes in California were waning, silver strikes in Nevada were on the rise; indeed, many miners and other professionals in the industry went from one metal rush to another in order to stay afloat. One industry professional who sought opportunity in Nevada in 1863 was H.W. Theall, who opened an assaying firm in Austin before April 1864.

Oddly enough, a tiny silver ingot which would seem to have nothing at all to do with the S.S. Central America actually has a rather direct connection! Theall cut his teeth in the industry as an agent with Wells Fargo as early as 1856, and in 1859 he took over the Marysville office of Justh & Hunter at 102 First Street, the assaying firm that produced many of the ingots found in the 1857 wreck of the S.S. Central America. Theall maintained this California office even after his move to Nevada.

While presentation ingots by definition have unique inscriptions, this Theall & Co. ingot’s inscription bespeaks the maker’s sense of humor. In 1864, the U.S. government instituted a tax on refined bullion amounting to 1/20 of 1% of the value of the bar. The act was passed in June and instituted in September in both California and Nevada – precisely the month this bar was produced. In identifying the amount of tax the firm owed on this tiny bar (valued in 1864 at $1.34), the producer of the ingot marked the bar “INFERNAL REVENUE TAX $0.00067” – making clear that the assayers were none too pleased with this brand new tax! It is rather heartening that folks a century ago didn’t like taxes any more than folks do today, even if the tax amounted to less than one cent.

For more information, consult the above referenced article by Holabird, Evans, and Fitch or Dan Owens’ masterful work California Coiners and Assayers, which includes a chapter on H.W. Theall.