lots of lots

Spectacular Dunbar & Co. Mint Letter of Gold Deposit

Similar Sale History

View More Items in Coins
item-118157395=1
item-118157395=2
Spectacular Dunbar & Co. Mint Letter of Gold Deposit
Item Details
Description
Exceptionally important letter signed by Dunbar & Co., March 31, 1851 noting the receipt of 192 9/16 ounces of gold dust at $17.125 per ounce to be paid in Dunbar & Co.'s (gold) coin on demand, "or if said coin will not pay at par at the time of such demand, the amount shall be redeemed at the office of Dodge & Co. in current silver at the hands of Henry D. Cogswell, and for the time of this deposit, namely from this date there shall be allotted to Henry D, Cogswell the depositor of said dust an interest of three percent per month on said deposit until the same shall be paid him", signed Dunbar & Co. by George J. Howell (?). The reverse of the note is as important as the obverse, as Cogswell notes when and how much he was paid in Dunbar coin. Interestingly, one of the payments is for $22.50, indicating the possibility of four $5 gold coins and one $2.50 for which none are known. On May 8, 1851, Cogswell presented the note to Dodge & Co. who refused payment. Then as of May 12, 1851, Cogswell had been paid $247.50 of $3,297.63. This note was used in suit against Dunbar, where Dunbar settled the judgement for $1650 on Jan 16, 1852. In short, Cogswell settled for half of the gold he deposited after he was paid an initial $247.50.Five days prior to this note, and just a few days after newspaper publication, James King of William went on the warpath against Dunbar, Baldwin and Schultz & Co. He had submitted gold coins to Humbert at the USAO San Francisco, and the coins were not as represented, all short of value. King sent the copy of the letter to all the San Francisco newspapers causing a sensational stir, not only in San Francisco, but around the country. Numismatic author Edgar Adams stated that Humbert had received 111 Dunbar gold pieces, and they averaged $4.98 each, a difference of only 4/1000. (Adams, E., in Private Gold Coinage in American Journal of Numismatics, January, 1912, p3). This important letter is the direct result of King's published letter, and further follows the failure of Dunbar & Co. after the fact.Date: Country (if not USA): State: CaliforniaCity: San FranciscoProvenance:
Buyer's Premium
  • 25%

Spectacular Dunbar & Co. Mint Letter of Gold Deposit

Estimate $3,000 - $7,000
Dec 19, 2021
See Sold Price
Starting Price $1,500
Shipping, Payment & Auction Policies
Ships from Reno, NV, United States
Local Pick-Up Reno, NV, United States
Accepts seamless payments through LiveAuctioneers
Holabird Western Americana Collections

Holabird Western Americana Collections

badge TOP RATED
Reno, NV, United States
2,643 Followers
logo
www.liveauctioneers.com
item

3390: Spectacular Dunbar & Co. Mint Letter of Gold Deposit

Sold for $2,000
6 Bids
Est. $3,000 - $7,000Starting Price $1,500
December Dreams Premier Auction: Day 3
Dec 19, 2021 11:00 AM EST
Buyer's Premium 25%

Lot 3390 Details

Description
...
Exceptionally important letter signed by Dunbar & Co., March 31, 1851 noting the receipt of 192 9/16 ounces of gold dust at $17.125 per ounce to be paid in Dunbar & Co.'s (gold) coin on demand, "or if said coin will not pay at par at the time of such demand, the amount shall be redeemed at the office of Dodge & Co. in current silver at the hands of Henry D. Cogswell, and for the time of this deposit, namely from this date there shall be allotted to Henry D, Cogswell the depositor of said dust an interest of three percent per month on said deposit until the same shall be paid him", signed Dunbar & Co. by George J. Howell (?). The reverse of the note is as important as the obverse, as Cogswell notes when and how much he was paid in Dunbar coin. Interestingly, one of the payments is for $22.50, indicating the possibility of four $5 gold coins and one $2.50 for which none are known. On May 8, 1851, Cogswell presented the note to Dodge & Co. who refused payment. Then as of May 12, 1851, Cogswell had been paid $247.50 of $3,297.63. This note was used in suit against Dunbar, where Dunbar settled the judgement for $1650 on Jan 16, 1852. In short, Cogswell settled for half of the gold he deposited after he was paid an initial $247.50.Five days prior to this note, and just a few days after newspaper publication, James King of William went on the warpath against Dunbar, Baldwin and Schultz & Co. He had submitted gold coins to Humbert at the USAO San Francisco, and the coins were not as represented, all short of value. King sent the copy of the letter to all the San Francisco newspapers causing a sensational stir, not only in San Francisco, but around the country. Numismatic author Edgar Adams stated that Humbert had received 111 Dunbar gold pieces, and they averaged $4.98 each, a difference of only 4/1000. (Adams, E., in Private Gold Coinage in American Journal of Numismatics, January, 1912, p3). This important letter is the direct result of King's published letter, and further follows the failure of Dunbar & Co. after the fact.Date: Country (if not USA): State: CaliforniaCity: San FranciscoProvenance:

Contacts

Holabird Western Americana Collections
(775) 851-1859
3555 Airway DR
Ste 308
Reno, NV 89511
USA
LiveAuctioneers Support
info@liveauctioneers.com
iphoneandroidPhone

Get notifications from your favorite auctioneers.

As Seen On
NBC
ABC
Today
Chicago Tribune
Architectural Digest
Shop With Confidence
Since 2002, LiveAuctioneers has made exceptional items available for safe purchase in secure online auctions.
TOP