UNITED STATES ASSAY OFFICE - NEW YORK
RARE 11.84 OUNCE POURED BAR INGOT OF 999.4 PURE GOLD
ONLY 100 GOLD BARS ARE KNOWN TO EXIST FROM THE NEW YORK ASSAY OFFICE!
THE FACE OF THIS LUSTROUS GOLD BAR BEARS THE CIRCULAR OFFICIAL SEAL OF THE U.S. ASSAY OFFICE OF NEW YORK, FEATURING THE AMERICAN EAGLE WITH THE DATE 1920 ABOVE.
UNDER THE SEAL IS STAMPED THE FINENESS "999.4 FINE".
ON THE RIGHT EDGE IS STAMPED THE WEIGHT, "OZS. 11.84".
THE BOTTOM EDGE IS STAMPED WITH MELT NUMBER "185".
THE TOP EDGE IS STAMPED WITH THE SERIAL NUMBER "112916".
THE LEFT EDGE IS STAMPED WITH THE THEN FACE VALUE OF THE BAR "244.61"
THIS ATTRACTIVE INGOT MEASURES 34 MM IN WIDTH, 10 MM IN DEPTH AND 61 MM IN LENGTH.
THE BLANK REVERSE EVIDENCES CENTRAL RIDGES LEFT OVER FROM THE POURING PROCESS AND THE OBVERSE EXHIBITS AN ALMOST NATURAL STONE-TEXTURED SURFACE WITH SMALL PATCHES OF REFLECTIVE AND BRIGHT LUSTER AND BRIGHT MATTE SHEEN THROUGHOUT.
THE NEW YORK ASSAY OFFICE WAS ESTABLISHED BY THE ACT OF MARCH 3, 1853 AND OPENED IN 1854. IT WAS CLOSED ON DECEMBER 31, 1962. PRECIOUS METAL BARS AND INGOTS HAVE BEEN MADE AT U.S. ASSAY OFFICES AND MINTS SINCE THE LOCATIONS WERE IN OPERATION. MOST SURVIVING EXAMPLES ARE POST WORLD WAR II SILVER. THE FEW GOLD INGOTS THAT RESURFACE FROM TIME TO TIME ARE BELIEVED TO HAVE BEEN STORED IN EUROPE WHILE THE GOLD RESERVE ACT OF 1933 WAS IN EFFECT. ASSAY OFFICE INGOTS ON A WHOLE ARE RARER THAN MINT INGOTS AND MOST OF THE KNOWN GOLD INGOTS FROM THE U.S. NEW YORK ASSAY OFFICE ARE DATED 1933 AND LATER. WHEN THE NEW YORK OFFICE BEGAN OPERATIONS, MOST OF THE GOLD WAS COMING IN FROM CALIFORNIA DUE TO THE GOLD RUSH, BUT THE OFFICE ALSO RECEIVED BULLION FROM FOREIGN TRADE. BY THE TURN OF THE CENTURY, FOREIGN SHIPMENTS OF NEW YORK ASSAY OFFICE GOLD WERE BOUND FOR FOREIGN CITIES, THE ASSAY OFFICE BEING ENGAGED BY U.S. BANKS AND FINANCIAL FIRMS FOR LARGE SCALE GOLD TRANSFERS. THE GOLD WOULD THEN BE TRANSPORTED BY STEAMSHIP. IF THE BULLION DEMAND EXHAUSTED THE SUPPLY AT THE ASSAY OFFICE, IT WOULD BE SECURED IN GOLD COIN FROM THE SUB-TREASURY.
THE ORIGINAL NEW YORK ASSAY OFFICE BUILDING WAS DESTROYED BY AN ANARCHIST'S BOMB ON SEPTEMBER 16, 1920, THE YEAR THIS BAR WAS POURED. LOCATED IN THE FINANCIAL CENTER OF THE UNITED STATES, WALL STREET AND BROAD STREET, THE ASSAY OFFICE SHARED THE AREA WITH J.P. MORGAN COMPANY, THE NEW YORK STOCK EXCHANGE AND THE SUB-TREASURY BUILDING. THE BOMBERS WERE NEVER CAUGHT. THE BLAST OCCURRED AT 12 NOON, DURING A BUSTLING LUNCH HOUR, AND ORIGINATED FROM A HORSE DRAWN CARRIAGE PARKED OUTSIDE THE ASSAY OFFICE. THE EXPLOSION KILLED 38 PEOPLE AND SERIOUSLY INJURED 143. THE ASSAY OFFICE WAS REBUILT AND OPENED IN 1921 AND HAD A VAULT CAPABLE OF STORING $5 BILLION IN GOLD.
AFTER 1933, BARS SUCH AS THIS WERE MADE AS A RESULT OF EXECUTIVE ORDER 6102. THE ORDER WAS SIGNED BY PRESIDENT FRANKLIN D. ROOSEVELT IN 1933, AND WAS RATIONALIZED AS A MEASURE TO STOP GOLD HOARDING BY THE PUBLIC IN RESPONSE TO THE HARD TIMES CAUSED BY THE GREAT DEPRESSION, AND IN ESTIMATION BY THE ADMINISTRATION, WHICH WAS MAKING THE DEPRESSION WORSE AND STALLING ECONOMIC GROWTH.
EXECUTIVE ORDER 6102 CRIMINALIZED THE PUBLIC, PRIVATE AND CORPORATE POSSESSION OF MONETARY GOLD,AND FORBID THE OWNERSHIP AND HOARDING OF GOLD COIN, BULLION AND CERTIFICATES. PRESIDENTIAL PROCLAMATION 2039, WHICH LED TO ORDER 6102, TOOK ADVANTAGE OF A WARTIME STATUTE THAT HAD NEVER BEEN REPEALED. THE PROCLAMATION STATED THAT "WHEREAS THERE HAVE BEEN HEAVY AND UNWARRANTED WITHDRAWLS OF GOLD AND CURRENCY FROM OUR BANKING INSTITUTIONS FOR THE PURPOSE OF HOARDING..." AND "...INCREASINGLY EXTENSIVE SPECULATIVE ACTIVITY ABROAD IN FOREIGN EXCHANGE HAS RESULTED IN SEVERE DRAINS OF THE NATION'S STOCK OF GOLD..." AND "...THOSE CONDITIONS HAVE CREATED A NATIONAL EMERGENCY...IT IS IN THE BEST INTERESTS OF ALL BANK DEPOSITORS...THAT A PERIOD OF RESPITE BE PROVIDED WITH A VIEW TO PREVENTING FURTHER HOARDING OF COIN, BULLION OR CURRENCY OR SPECULATION IN FOREIGN EXCHANGE". THE UNREPEALED TRADING WITH THE ENEMY ACT OF OCTOBER 6, 1917 FURTHER GAVE THE PRESIDENT THE AUTHORITY TO "...REGULATE, OR PROHIBIT, UNDER SUCH RULES AND REGULATIONS AS HE MAY PRESCRIBE, BY MEANS OF LICENSES OR OTHERWISE, ANY TRANSACTIONS IN FOREIGN EXCHANGE AND THE EXPORT, HOARDING, MELTING, OR EARMARKING OF GOLD OR SILVER COIN OR BULLION OR CURRENCY...".
BECAUSE OF EXECUTIVE ORDER 6012, ALL PERSONS WERE REQUIRED TO DELIVER GOLD COIN, BULLION AND CERTIFICATES TO THE FEDERAL RESERVE BY MAY 1, 1933, ALTHOUGH "CUSTOMARY USE IN INDUSTRY, OR ART" AND "GOLD COINS HAVING RECOGNIZED OR SPECIAL VALUE TO COLLECTORS OF RARE AND UNUSUAL COINS", AND PRIVATE OWNERSHIP OF UP TO $100 FACE VALUE OR 5 TROY OUNCES WERE EXEMPT. VIOLATION OF THE ORDER WAS PUNISHABLE BY UP TO $10,000 AND/OR TEN YEARS IN PRISON. MANY CITIZENS WITH LARGE AMOUNTS OF GOLD TRANFERRED THEIR ASSETS TO SWITZERLAND. TREASURY GOLD FOR INTERNATIONAL TRANSACTIONS WAS RAISED IN VALUE FROM $20.67 (THE AMOUNT PAID IN EXCHANGE FOR GOLD TURNED INTO THE RESERVE) TO $35 AN OUNCE, THE PROFIT FROM WHICH FUNDED THE GOLD RESERVE ACT OF 1934 AND THE EXCHANGE STABILIZATION FUND. ADDITIONALLY, MOST OF THE $20 DOUBLE EAGLE COINS OF 1933 WERE MELTED, MAKING THE 1933 ONE OF THE RAREST AND MOST VALUABLE GOLD COINS IN THE WORLD.
EXECUTIVE ORDER 6102 WAS SUPERCEDED BY EXECUTIVE ORDERS 6111, 6260 AND 6261 WHICH CLARIFIED, ENHANCED AND UPHELD 6102, AND MANY INDIVIDULS AND CORPORATIONS WERE PROSECUTED FOR VIOLATIONS.
IN 1961 THE OWNERSHIP OF GOLD CERTIFICATES WAS LEGALIZED, ALTHOUGH NOT REDEEMABLE IN GOLD. PRESIDENT RICHARD M. NIXON ABANDONED THE GOLD STANDARD FOR FOREIGN EXCHANGE, AND ANNOUNCED THAT THE U.S. WOULD DISCONTINUE CONVERTING DOLLARS TO GOLD AT A FIXED VALUE IN 1971. IN 1974, PRESIDENT GERALD R. FORD AND AN ACT OF CONGRESS REPEALED LIMITATION ON GOLD OWNERSHIP. THE FORD BILL STATED THAT IT WOULD BE LEGAL TO " PERMIT UNITED STATES CITIZENS TO PURCHASE, HOLD, SELL, OR OTHERWISE DEAL WITH GOLD IN THE UNITED STATES OR ABROAD."
