Kellog & Humbert gold ingot makes $176,500 at Heritage Auctions

paulfrasercollectibles

2015-06-26 13:37:17

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Kellog & Humbert gold ingot makes $176,500 at Heritage Auctions

The Kellog & Humbert gold ingot was recovered from the wreck of the SS Central America

A 36.4-ounce Kellog & Humbert gold ingot, recovered from the wreck of the SS Central America, has achieved $176,250 at Heritage Auctions' February 4 sale in New York.

The ship left Panama for New York on September 3, 1857, laden with more than 30,000 pounds of gold, valued at around $48.5m today.

On September 11, it entered the path of a hurricane off the North Carolina coast and was sunk, with many of those on board lost.

Kellog Humbert gold ingotThe Kellog & Humbert gold ingot was recovered from the wreckage of the SS Central America

The effect on the world economy was near instantaneous as investors lost confidence - leading to the panic of 1857.

Around 400 ingots have since been recovered from the wreck site, with this example considered among the finest. It features no rust and exhibits a clear impression of the individual number along with the company imprint.

In August 2012, a 174.4-ounce example, stamped Harris Marchand & Co, made $891,250 at Stacks Bowers in Philadelphia.

An 1870-CC Double Eagle was another highlight of the present sale, realising $164,500.

CC refers to Carson City, where the coin was minted following the discovery of the Comstock Lode, a large vein of gold and silver ore.

It exhibits light wear but is in otherwise bright and fine condition, and is one of only 50 examples known to have survived to the present day.

On January 9, an exceptional example sold at Heritage for $329,000.

We have a range of rare coins available to purchase.

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