By Andrew Bowers – Store Manager & Buyer, Stack’s Bowers ……
This week in our New York City gallery, an ingot from the U.S. Assay Office at New York was brought in. The ingot dated 1928 is stamped 27.44 ounces and shows its value at the time of $567.12. The heft of gold relative to its size is always striking, and having nearly two pounds of gold in this small bar is certainly impressive when you hold it! This ingot will be featured in our upcoming March Official Auction of the Whitman Coin & Collectibles Baltimore Expo, along with many other great numismatic items.
We provide this information from our July 2002 Rarities Sale where similar ingots were sold:
The ingots of the U.S. Assay Office at New York were not coins, but they did serve as government sanctioned stores of value and, in that respect, functioned much as the coin products of the U.S. Mint did. Before 1968, when the price of gold was allowed to ‘float’ based upon market forces, gold was officially valued at $35 per ounce. This meant their value did not fluctuate like gold bullion does on today’s market, so these government-produced ingots were solid but compact forms of wealth.
New York Assay bars are all scarce and usually are found smaller than this. The offering of this particular ingot will be a great opportunity for anyone who has been searching for a very attractive example. Or, perhaps it will be a chance to expand on a date set for a seasoned collector.
If you have items that you would like to consign to our March sale, it’s not too late! There are still a few more days to get your pieces to us for this important event. Give us a call at 800-566-2580 to set up an appointment with one of our numismatists.