SOLD
19,500.00USD+ (4,875.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2023 Jun 17 @ 13:09UTC-7 : PDT/MST
Did you win this lot?
A full invoice should be emailed to the winner by the auctioneer within a day or two.
SHIPPING & HANDLING: The customer is responsible for all shipping and packaging charges. We offer shipping service as a convenience to our buyers. Items are not shipped until the invoice and shipping charges are completely paid. Shipping costs will be calculated and billed separately after your items have been paid for. Purchases will be shipped via our approved, insured carriers: FedEx, UPS, USPS or DHL. Pick up is available from our Reno office, once you have received your invoice post auction
Gould & Curry Silver Mining Co. Silver Ingot, c1904
by Fred Holabird
Description
"14.85 ozs, .0285 fine gold, value $8.74; 963 fine silver, value $18.58, $27.82" "No. 2"
Measures 3 3/8" x 1 9/16" x 1/2". The reverse and sides are all unmarked. The G & C bullion punch matches the style of the punch held by the Keck (Mackay) Museum in Reno, given them by the descendants of the Con Virginia MC, probably prior to 1940 (Fulton collected much material from key Comstockers before 1929). No assay chip, but there is a drill hole in the upper right corner of the reverse where an assay was taken.
The rounded corners of this ingot, and its general style of manufacture have always led me to believe the ingot is a product of post-bonanza production, certainly post-1890, which took advantage of the new cyanide extraction process for lower valued ores.
After much research, it is believed that the ingot was produced in 1904, in conjunction with a major new mining effort and a reincorporation of the company in San Francisco, California, where its head office was located. The ratio of gold to silver was typical of Comstock mines.
Provenance
This Gould & Curry Silver Mining Co. silver ingot is x-Ford, Part XXI, lot 3514 ($27,600). The original documentation of Ford, complete with letters, comes with the ingot.
Ford purchased the ingot from the family of William L. Warren, Curator, Old Sturbridge Village Museum, Sturbridge, Massachusetts in 1966. The letter states that Warren's father was given the ingots from his cousin Edwin Tomlinson of Quaker Farms, Connecticut. Tomlinson was an active mining investor, prospector, and traveler. His biography states "he (made) a fortune in the mining and oil business between 1874 and 1897." The letter mentions another ingot and gold nuggets, the whereabouts of which are unknown today.
Background - 1860's History
The Gould & Curry is unarguably one of the most important mines on the Comstock, and also is solely responsible for the huge gains in Comstock mine stock prices in 1863 that made millionaires overnight of many mining men (stock quoted in July, 1863 at $6,300 per foot). George Hearst was one of the men who helped consolidate the Alva Gould and Abe Curry (First Superintendent of the Carson City Mint) claims into the Gould & Curry. He and partners John Earl and William Lent and others went on to incorporate the G&C, ultimately making them millions. Inflated stock prices in 1863 later caused a massive market crash, because investors couldn't tell the legitimate mines from the promotions and development efforts of the outright frauds (ex: Fly By Night Gold and Silver MC). G&C stock fell to $900 per foot by July, 1864. The Gould & Curry built the largest mill in America in 1863, only to nearly run out of ore within a year. The superintendent, Charles Strong, ultimately committed suicide after all of his mining investments failed.
The mine produced just under $16 million before 1889. It is entirely possible that half of this came before 1864, though records are poor. As a visual reference, a significant portion of the men listed in Kelly's 1863 Territorial Directory were employed by the G&C MC.
Post-1885 History
Much is written on the Comstock from the discovery through the Hale & Norcross Bonanza of the mid-1880's. But little summary work has ever been published on the post-1885 period, particularly post-1890. With production during that period at nearly nine million ounces of gold and 220 million ounces of silver, it is no wonder it has been generally left out of the modern historical record. However, a careful search of the Mining and Scientific Press and Engineering and Mining Journal, accompanied by the Mines Handbook, gives us a much better picture of the "new era" of mining on the Comstock.
In summary, the mines of the middle and north end of the Comstock were generally flooded below the Sutro Tunnel Level since about 1880-1885. Mining on the Comstock was basically dead during the depression of the early 1890's, a great part due to the flooding of the deep levels. Annual production during that decade was at an all-time low of under $1,000,000 per year (1895-1910).
In 1897, the G&C had begun to experiment with low grade ore, averaging about $12 per ton. By November of that year, reports had confirmed the grade. The experiment was for 1000 tons. But it was unsuccessful, and by the end of 1899, the company only had $468 in the bank and owed another $4,000. Many of the mines were in a similar position. The group of northern and middle mines got together in about 1902 and put together a plan to pump the lower levels to access what they thought would be more ore. The plan included revamping the Ward Shaft and accessing all of the mines of these groups through the Ward Shaft. The shaft, which was caved, a mess and inoperative in 1902, was completely revamped by 1904. By April, it was pumping full force. Additionally, with renewed interest and access to ores not accessible in 25 years, the Butters Mill, using the new, more efficient cyanide process, was reopened as were several other mills.
The G&C SMC, taking advantage of the new operations, reincorporated in 1904 to sell more stock to pay for their portion of the Ward, and for exploration activity. It represented a new day for the G&C. It was at this time, I believe, that the ingot was issued and used as a marketing tool in San Francisco, or at a shareholder meeting in December, 1904. The serial number of #2 is very indicative of a new beginning, and very typical of ingot numbering.
It ultimately took years for the mines of the north and middle ends to get going. The pumping was slow, as was mine cleanup, sampling and drilling. After 1915, production on the Comstock again rose to over $1 million per year.
This unique ingot is a choice example of a Comstock mine ingot.
Date: c.1904
Country (if not USA):
State: Nevada
City: Virginia City
Provenance:
Auction Location:
3555 Airway Drive Suite 309, Reno, Nevada, 89511, United States
Previewing Details:
Preview
Phone or video previews are strongly encouraged. Our staff is tech savvy and ready to use Skype/Facetime/Zoom if you would like to video preview with us. Please provide a list of items and minimum of 24 hours notice so that we may pull your lots and schedule a private viewing. Office preview by special private appointment ONLY. Call (775) 851-1859 to schedule.
Nevada State Sales Tax
Taxes:
| Tax | Rate | Desc. |
| NSST |
8.375% |
Nevada Sales Tax |
| CSST |
7.25% |
California Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
Shipping Details:
SHIPPING & HANDLING: The customer is responsible for all shipping and packaging charges. We offer shipping service as a convenience to our buyers. Items are not shipped until the invoice and shipping charges are completely paid. Shipping costs will be calculated and billed separately after your items have been paid for. Purchases will be shipped via our approved, insured carriers: FedEx, UPS, USPS or DHL. Pick up is available from our Reno office, once you have received your invoice post auction, with 24 hours notice given to HWAC prior to pick-up.
Payment Details:
Due on receipt of invoice.
Accepted Payment Methods:
- VISA
- Master Card
- AMEX
- Discover
- Money Order/Bank Draft
- Check/Cheque
- COD (cash on delivery)
- PayPal
- Wire Transfer
TERMS AND CONDITIONS
This is a Live Auction conducted by Holabird Western Americana Collections, LLC (HWAC).
1. The placing of a bid shall constitute the bidder’s acceptance of these terms of sale.
2. BUYER’S PREMIUM & INSURANCE: There will be a 25% Buyer’s Premium added to the sale price (hammer) of each lot. We accept cash, checks, money orders, wire transfers, credit cards and PayPal.
3. COINS, CURRENCY AND PRECIOUS METALS, Insurance. The buyer’s commission for this section is 20.5%. Coins and currency shall be defined as any regular Federal issue circulating coins and currency. Tokens are not considered coins. Precious metals shall be defined as ingots, silver or gold rounds, bullion items and gold nuggets. Mineral specimens are not considered under the precious metals category. Commemorative items such as metals and ribbons are not considered coins of precious metals. However, lots that consist entirely of gold or silver of high purity, including commemorative metals, are considered precious metals. Please contact our office if you need clarification on a specific lot.
4. SALES TAX: Sales tax may be applicable in any of the 50 states according to current tax laws regarding internet sales. Please check your state's tax regulations. HWAC will charge sales tax for those states that we know have instituted internet sales tax. All bonafide resale dealers with a current valid resale license should submit their license in advance to HWAC.
5. SHIPPING & HANDLING: The customer is responsible for all shipping and packaging charges. We offer shipping service as a convenience to our buyers. Items are not shipped until the invoice and shipping charges are completely paid. Shipping costs will be calculated and billed separately after your items have been paid for. Purchases will be shipped via our approved, insured carriers: FedEx, UPS, USPS or DHL. Pick up is available from our Reno office, once you have received your invoice post auction, with 24 hours notice given to HWAC prior to pick-up.
6. 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 60 and 150 lots per hour. An item is not sold until the next lot is announced. (We are not responsible for Internet bids that arrive late.) The auctioneer 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, prior to the start of the next auction lot. Auctioneer reserves the right to reopen the lot in the case of an immediate dispute at the actual time of the sale.
7. TELEPHONE BIDDING: Telephone bidding MUST be scheduled prior to this auction. If you do not schedule in advance, and choose instead to call on the day of the auction to request a line for bidding, you may find that we are unable to accommodate your request. Please limit your telephone bids to items of value greater than $500, or to a string of items with a similar total.
8. LIVE AUCTION ABSENTEE BIDDING: Mail or FAX Absentee bids for the live auction MUST be received by 5pm Pacific Time the day before the auction. Bids accepted after the cutoff time will be represented live only if an agent is available and will not be considered absentee or given first priority as such. It is your responsibility to submit all lot numbers and bid amounts accurately. Absentee bids MUST be equal to at least 50% of the low estimate if an estimate is provided. Bids on “No Lots” or “Withdrawn” Lots will not be executed. Bids made in amounts that do not conform to the bid increment table under Item #13 will be automatically rounded up or down by the computer, or rounded to the nearest proper bid increment at the discretion of the auctioneer. Absentee bids are entered into a computer that 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.
9. INTERNET BIDDING: Both Absentee and Live Internet bidding are available through our live auction networks. If you wish to bid LIVE via the Internet, you MUST pre-register. A live feed is generally accessible during the auction. Online bidding remains open through the live auction, and online absentee bids may be placed anytime. Live bidding will open when the auction starts. Internet bidding is offered as a convenience for those who cannot attend the live sale. Please note that there may be delays or interruptions in Internet connectivity that are beyond our control. Attending the live auction or arranging for an agent is the most reliable way to secure your bids.
10. NEW BIDDERS: Bidders unknown to us, who anticipate an expenditure in excess of $20,000, must provide commercial references or a deposit of 25% of the amount to be bid in order for the auction staff to execute bids. Deposits will be credited towards lots won and any balance will be refunded within 10 business days after the auction has concluded. New bidders will be given a spending limit at their initial request to participate. In order to increase this limit, you may be required to provide a letter of authorization from your bank in addition to providing references. Please contact our office at any time if you have questions regarding spending limits or references required to bid.
11. AGENT BIDDING: There are numerous professional agents available to assist you should you require this service. Please contact the office for a list or to arrange for representation on the floor during the live auction. HWAC is not responsible for any acts or omissions by agents acting on behalf of bidders at our auctions.
BE ADVISED: Auction participation through the live Internet bidding site is not 100% foolproof. The technology for this process is always changing, 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.
12. RESERVES: Most of the lots in this auction are unreserved. Precious metals may be reserved at or near or slightly below spot, at the auctioneer's discretion.
13. BIDDING INCREMENTS: All bids must be submitted in U.S. dollars and in whole dollar amounts only in the appropriate increments as outlined below. If you choose to submit bids in an increment not listed below, your bid will be rounded to the nearest increment and you will be expected to pay the amount to which the bid was rounded should your bid be the winning bid. If you have any questions about an appropriate bid amount, please call us.
14. BID REDUCTION: All winning absentee bids will be reduced, if necessary, to the next bidding increment up from the last competing bid, as long as the minimum bid requirement has been met. For example, if you submit an absentee bid of $1000 and the next highest competing bid is $250, then you will win the lot for $275.
15. BID INFORMATION: Collectors often ask in advance the price level of a particular lot. We will give out the current competitive high absentee bid until we close the day before the live auction. You may also view absentee bids online at www.holabirdamericana.com. While we try to update the absentee bids as often as necessary, bids received close to the bidding deadline might not be reflected online, and we disclaim any responsibility for any bids made in reliance upon inaccuracies on our website, which may be beyond our control. We do not own any of the live Internet bidding platforms, and thus many aspects of the Internet technology are out of our control.
16. BID CANCELLATION: If you wish to cancel or change a bid after you have submitted your bids to us due to an error, you MUST PHONE us to advise us of this. Bid cancellations through mail, email, or faxes are not advisable. Errors are easy to make. Please call us if you have any questions on this.
17. All stock certificates, checks, warrants, and other financial documents sold herein are sold as antiquities, and have no financial, securities, or public trading value whatsoever.
18. We reserve the right to reject any bid we feel is not made in good faith.
19. INVOICING: 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 Western Americana Collections, 3555 Airway Dr., #308, Reno, NV 89511. Late fees may be added if payment arrangements are not made within those 15 days. Sales tax will be added to all sales picked-up after the auction or shipped to Nevada addresses, according to Nevada State law, unless a resale certificate is provided.
20. PAYMENT: We accept Cash, Visa, Master Card, American Express, Discover, Money Order/Cashier’s Check, Wire Transfer, Personal Check or 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.
21. Automatic Credit Card Billing: Internet bidders are subject to the payment terms and conditions outlined on the internet bidding platform they utilize, which may include the automatic payment of auction invoices with the credit card information on file at the time of registration.
22. NON-PAYMENT: HWAC reserves the right to cancel any invoice not paid in full within 15 days. A cancelled invoice does not relieve the bidder from their obligation to pay seller fees and buyer’s premiums compensating HWAC for its services in conducting the auction. Interest shall run on all outstanding balances at the highest rate permitted by law. HWAC shall have a lien against the merchandise purchased by the bidder, and any other of bidder’s property then held by HWAC or its affiliates, to secure payment of the invoice, and with respect thereto HWAC shall have all the rights of a secured creditor under the Nevada Commercial Code, including but not limited to the right of sale. HWAC may sell the lot(s) securing the invoice to any under bidders in the auction that the lot(s) appeared, or at subsequent private or public sale, or relist the lot(s) in a future auction conducted by HWAC. A defaulting bidder agrees to pay for the reasonable costs of resale (including a 10% seller’s commission, if consigned to an auction conducted by HWAC). The defaulting bidder is liable to pay any difference between his or her total original invoice for the lot(s), plus any applicable interest, and the net proceeds for the lot(s) if sold at private sale or the subsequent hammer price of the lot(s) less the 10% seller’s commissions, if sold at an HWAC auction. If HWAC refers any invoice to an attorney for collection, the bidder agrees to pay attorney’s fees, court costs, and other collection costs incurred by HWAC. Any bidder who fails to follow the terms of payment will be reported to iCollector, Live Auctioneers, Invaluable, or applicable bidding platform, and may be barred from participating in future Holabird Western Americana auctions.
23. 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 775-851-1859. Bidders are responsible for understanding the condition of items. Conditions noted are subjective, and may differ person to person. High resolution images of all items are available online for inspection. HWAC is not responsible for condition discrepancies; it is the bidders responsibility to determine condition prior to bidding.
24. RETURN POLICY: All items are guaranteed to be authentic unless otherwise noted. If authenticity is challenged, please call our office for assistance. ALL SALES ARE FINAL. You may only return any piece that was significantly inaccurately described by calling our office within 10 days of receipt of item(s) and notifying us of the error and reason for return. We do not refund postage or insurance. Please call us if you require a more specific condition report. Any items that are returned must be returned in the exact, unaltered condition. When we receive your bids we will assume you have read the description in the catalog, viewed the image of the item, have contacted us regarding any questions you may have on any lot and/or have previewed the lot in person.
25. This sale is being held under the laws of the State of Nevada.
26. HWAC shall not be held responsible for any problem due to the bidder’s 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 bidder’s failure to follow the proper bidding procedure outlined herein.
27. By placing a bid or otherwise participating in the auction, Bidder accepts these Terms and Conditions, and specifically agrees to the dispute resolution provided herein.
28. HWAC shall not be responsible for consequential damages, incidental damages, compensatory damages, or any other damages arising or claimed to be arising from the auction on any lot. Bidder’s sole remedy for any proven act or omission shall be rescission of sale and refund of the amount paid by Bidder.
29. Any claim, dispute, or controversy in connection with, relating to and/or arising out of the Auction, participation in the Auction, award of lots, damages of claims to lots, descriptions, condition reports, provenance, estimates, return and warranty rights, any interpretation of these Terms and Conditions, any alleged verbal modification of these Terms and Conditions and/or any purported settlement shall be exclusively heard by, and the parties consent to exclusive in personal jurisdiction of, the Superior Court of Washoe County, Nevada. The parties expressly waive any right to trial by jury. Any claim must be brought within one (1) year of the auction from which the claim arose or the claim is waived. In every case, the prevailing party shall be entitled to an award of its attorney’s fees and costs.