NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2014 Sep 14 @ 09:00UTC-7 : PDT/MST
If you want to see an enlarged image, click on the thumbnail image in the lower left of the main image.
You can download a higher resolution image by clicking on the title below the enlarged image.
You can request extra images to be added by contacting HWAC at uwe@fhwac.com or by calling 775-851-1859
Assayer Edward Ruhling’s Presentation Ingot to William Sharon, circa 1869
Introduction
This important silver ingot was first illustrated in the book, The Anatomy of an Ingot (Franklin, 2012, p. 12). It is ornately engraved “Presented to William Sharon, Esq. by E. Ruhling & Co., Virginia City, Nevada.” It measures 2 1/4" x 1 3/16" and weighs 4.90 troy ozs. The ingot is perfectly rectangular, with the top and bottom corner edges beveled at the edges. It is blank on the reverse, highly polished throughout, indicative of its importance at the time.
This unique and significant silver ingot was made by Edward Ruhling and engraved by Nye & Co. of Virginia City in 1869, for William Sharon, the Infamous King of the Comstock and commensurate with the creation of the silver spike for the Central Pacific Railroad and the silver hammer for the Virginia & Truckee Railroad. (See biography of William Sharon by Michael J. Makley, 2006)
Edward Ruhling Background
Friedrich Wilhelm Eduard Ruhling was born in Hamburg, Germany in 1832 and arrived at San Francisco in 1850. Little is known about his early life in California which, like so many other pioneers, may have been spent in the goldfields.
Ruhling may have been assayer for the prestigious assay firm Wass, Molitor & Co., a well-known pioneer gold coiner, which later evolved into Wass, Uznay & Co, in 1856. It is documented that he was working at the California Metallurgical Works owned by Wass, Uznay & Warwick by 1858. Ruhling probably worked with and perhaps was trained by the famed assayer and metallurgist, Guido Kustel who was employed during the same period by this firm. By 1859 he was an experienced assayer with Harris, Marchand & Co. in Sacramento, one of the companies represented in the SS Central America gold ingot discovery. While working for Harris, Ruhling was among the first to report (October 1859) on the richness of the Comstock ore, analyzing specimens of “Washoe silver ore” assaying some $4000 per ton.
Grass Valley assayer Melville Atwood was the first to report on the Comstock high grade silver and gold ore on June 27th, 1859. Nevada City assayer J.J. Ott became the second a few days later. Ruhling, at Harris’s Sacramento branch assay office, became the third assayer to report on the rich ore helping set off the great rush to the Comstock silver and gold deposits. Ruhling quickly left Harris to set up his own assay office in Virginia City in mid-1860 with Joseph Trench. Harvey Harris soon followed his former employee, Ruhling to the Comstock and eventually set up three assay offices in Nevada Territory.
The western assay business involved a variety of precious metals trading transactions. Dore, the melted product of the reduction of ores at a mill, mainly a mixture of gold and silver, was brought to the assayer for valuation. He, in turn, would pay the client in gold coin, return new ingots to the client, or ship the dore to a bank, smelter, or Branch Mint per the owners instructions. Being involved in converting ingots to cash, essentially a banking function, the western assayer was at the center of commerce during these early days. Entering the banking business was a logical next step for Ruhling.
With his partner H. V. S. McCullough, he established one of the early Comstock banks in 1862 associated with their assaying business. Over time, Ruhling expanded his business interests setting up branch assay offices in Gold Hill and Hamilton, Nevada. In 1871 he sold out to his partner McCullough and returned to San Francisco working as an assayer and joined the Assay Department at the San Francisco Mint by 1878. Ruhling died in San Francisco at the age of 66 in 1898.
Ruhling on the Comstock
As one of the pioneer assay firms on the Comstock, Ruhling quickly took control of a significant portion of the assay business after he opened his office at Virginia City in 1860. When the Bank of California opened their doors in that location with William Sharon at the helm in 1864, the bank required precise information on the mining interests to which they were loaning money. Ruhling was the “go-to” assayer for Sharon, keeping him abreast of the values of the mines and production, allowing him to make informed decisions on high risk ventures. Over the years, the two became close friends, according to several sources.
Sharon had envisioned a railroad link from the Comstock to the Carson River ore mills, ultimately connecting with the Central Pacific Railroad (CPRR) at Reno. The Virginia & Truckee Railroad (V&T RR) became the main artery from the Comstock to the mills and the CPRR, with Sharon leading the venture. Sharon and William Ralston (Bank of California president) controlled the mills through their privately owned Union Mill and Mining Co. When the first link of the V&T RR to the Carson River mills was completed in November, 1869, a special silver hammer was made for driving the last spike: “At Nye & Co.'s jewelry store, Virginia, this morning, we saw the hammer being finished there with which the last spike of the Virginia and Truckee Railroad is to be driven, in about ten days from now when the final celebration will take place. This hammer is of solid silver bullion, weighing 43 ounces, cast by Ruhling & Co., they furnishing the bullion, in which each mine on the Comstock is represented. It was forged by Haskins & Co., blacksmiths, and is being polished off and appropriately engraved by Nye & Co.” (Gold Hill News 11/13/1869) Thus the Ruhling & Co., Sharon and Bank of California enterprises were closely woven, forming a unique bond. By 1871 Sharon and Ralston controlled most of the mines and mills on the Comstock making them the two most powerful financial figures in the West.
This ingot, most likely was engraved by the same Nye & Co. Jewelers as the Ruhling silver hammer, has been in the same family collection for more than 50 years. Other important Sharon personal artifacts left the family over time, including his personal gold quartz engraved walking cane now at the Bank of California Museum in San Francisco, and the Sharon document archive, now thoroughly distributed, which included deeds, checks and other documents.
Dating the Ingot
The Ruhling-Sharon ingot probably dates to the 1869 period, at a time when Ruhling also made the ceremonial silver hammer for the opening of the V & T RR and the silver spike for the CPRR. Ruhling was asked to produce the silver spike for the CPRR completion presentation at Promontory Point, Utah taking place on May 10, 1869. The “Nevada silver spike” was made at the request of Nevada Railroad Commissioner Fred A. Tritle, containing 25 ounces of silver. It assayed 942 fine silver and 050 fine gold. A leftover piece was given to the editor of the Territorial Enterprise, Mr. Goodman, the man who hired the famous Sam Clemens (aka Mark Twain) to write for that paper, etching his name in history. Another piece was given to Alf Doten, Editor of the Gold Hill News, who wrote in his Journal on May 7: “After I got back from the Hill I went to Ruhling & Cos office, Virginia, B Street, & got a little piece of the “last spike” – the silver spike of Nevada, that finishes the great railroad – the spike was made at Virginia City and sent to the front yesterday – the spike was 4 or 5 inches too long - & this was part of what was cut off – got about a half ounce of it – David Sampson, the young assayer at Wiegand’s assay office gave me a small, brick of silver bullion this PM, worth about $6.” The Nevada Silver Spike today is owned by the Museum of the City of New York (see Tents of the Golden Spike, by our friend Bob Spude.) The Virginia & Truckee Railroad silver hammer was given by the Yerington family to the Mackay Museum in Reno in 1929. Its whereabouts today is unknown.
Sharon gave two important speeches in Virginia City and Gold Hill in early October, 1869 pressing the importance of the new railroad. On November 12, as the railroad neared final completion, he and Senator Jones made speeches of the upcoming successes for miners with the completion of the Railroad. That day, he wrote in his journal: “…Gold Hill – 1PM the track layers finished the railroad to Crown Point Ravine, & at 5PM in presence of big crowd the two construction trains passed over the big trestle bridge – brass band playing on first locomotive – flags flying everywhere – big gun at Ft Homestead firing, whistles all blowing, people cheering, and hell of a noise generally – After both trains passed over, speeches were made by JP Jones and Sharon and lots of cheers were given for RR & its successful projectors and all the most prominent persons connected with it – Then there was a huge lot of champagne, lager, etc. drank…” This would have been the time that Ruhling presented the ingot to Sharon in recognition of his great feat, the completion of the Virginia & Truckee Railroad.
Summary
This choice presentation ingot was made by Edward Ruhling, an assayer at two of the great California gold rush assay firms and a key Nevada assayer, for presentation to one of the West's most powerful men upon completion of the Virginia & Truckee Railroad. This is the first public appearance at auction for this very significant Ruhling-Sharon ingot.
City: Virginia CityCounty: StoreyState: NVDate: c. 1869
Auction Location:
3555 Airway Drive Suite 309, Reno, Nevada, 89511, United States
Nevada Satte Sales Tax
Taxes:
| Tax | Rate | Desc. |
| NSST |
7.75% |
Nevada Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
19.5% |
Additional Fees:
| Fee | Amount | Applicable Locations | Applied To |
| Handling Fee |
5.00
|
Not Applicable
|
This fee applies to the total of the invoice
|
Shipping Details:
No Info Available
Payment Details:
Due on receipt of invoice.
Accepted Payment Methods:
- VISA
- Master Card
- Discover
- Money Order/Bank Draft
- Check/Cheque
- COD (cash on delivery)
- PayPal
- Wire Transfer
Great American Treasure Hunt
Absentee Bidding will end
Friday, September 12, 2014 at 5pm PDT,
Internet bids accepted any time
Terms and Conditions
1. This is a Live Auction conducted by Holabird’s Western Americana Collections (HWAC).
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. Auctioneer reserves the right to reopen the lot in the case of an immediate dispute at the actual time of the sale.
3. Telephone Bidding: Telephone bidding requests 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.
4. 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.
5a. Live Auction Absentee Bidding: 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 should be equal to at least 50% of the low estimate if an estimate is provided. Bids on “No Lots” or “Withdrawn” Lots are considered no-bids. Bids made in amounts that do not conform to the bid increment table in item 8 below 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 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.
5b. NEW BIDDERS: Bidders unknown to us 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 online users will be given a spending limit at their initial request. 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.
6. Internet Bidding: Absentee and Live internet bidding are both available through our live auction network. If you wish to bid LIVE via the internet, you MUST pre-register. A live video and sound feed will be accessible during the auction for those bidding via the internet. 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.
WARNING: Auction participation through the live internet bidding site is not 100% foolproof. The technology for this process is still under 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.
7. Reserves: Most of the lots in this auction are unreserved. Gold is generally reserved at or near spot, though it could be slightly below spot.
8. 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.
From: To: Increment:
$1 $24 $1
$25 $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
9. 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.
10. Bid Information: Collectors often ask in advance the price level of a particular lot. We will give out the current 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.
11. 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 fax are not advisable. Errors are easy to make and we are happy to assist all callers.
12. 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.
13. We reserve the right to reject any bid we feel is not made in good faith.
14. The placing of a bid shall constitute the bidder’s acceptance of these terms of sale.
15. Buyer’s Premium: There will be a 19.5% Buyer’s Premium added to each lot. US coins, nuggets, and bullion are calculated at a 15% 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% (18% on US coins, gold, & currency.)
16. Sales Tax: Sales tax will apply, according to state law, for any items that ship to or is picked up in Nevada (7.725%) unless a current, valid resale certificate is faxed to us at 775-851-1834 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’s Western Americana Collections, 3555 Airway Dr., #308, Reno, NV 89511. Sales tax will be added to all sales picked-up after the auction or shipped to 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 or PayPal. A 3% cash discount is automatically calculated 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 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 HWAC 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.
20. 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 underbidders 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 and may be barred from participating in future Holabird’s Western Americana auctions.
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 775-851-1859. Bidders are responsible for understanding the condition of items. Conditions noted are subjective, and may differ in the opinion of different people or collectors.
22. Return Policy: All items are guaranteed to be authentic unless otherwise noted. If authenticity is challenged, please call our office for assistance. You may return any piece that was significantly inaccurately described by calling our office within 15 days of receipt of item(s) and notifying us of the error and reason for return. We do not refund postage or insurance. We have attempted to describe the items and their condition accurately. If no condition is given, assume average. Please call us if you require a more specific condition report. Any items that are returned must be returned in the exact, unaltered condition. NGC certified tokens that are returned must be original, unaltered NGC holders. Any tokens removed from the original NGC/NCS certification holders or items returned in an altered condition are deemed not returnable under any circumstances. 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. Therefore, returns are only accepted if prior approval is given by Holabird’s Western Americana Collections.
23. This sale is being held under the laws of the state of Nevada, without reference to choice of law rules.
24. HWAC shall not 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.
25. 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.
26. 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 of
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.
27. 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 personam 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.