Gold bar sells for $8 million

Associated Press

NEWPORT BEACH, Calif. – The largest known gold bar from the California gold rush – a bread loaf-sized brick named Eureka – has been sold for a record $8 million, officials said Thursday.

The ingot was bought by a collector described only as a Forbes 400 business executive, said Michael Carabini, president of Monaco Financial, the Orange County-based rare coin company that handled the sale.

The sale nearly doubled the record set previously for the sale of collectible money. In 1999, a single silver dollar sold for more than $4 million, said Donn Pearlman of the Professional Numismatists Guild.

“They sold the artifact that was the piece of numismatic history of the California gold rush,” he said.

The bar was handmade in 1857 by California assayers John Kellogg and Augustus Humbert. Weighing nearly 80 pounds troy, the bar’s face was stamped with its 1857 value – $17,433.57.

On Sept. 3, 1857, the bar was loaded onto the SS Central America in San Francisco. The “Ship of Gold” was bound for New York, where the gold was to be turned into coins.

Eight days later, the ship was damaged in a hurricane and sank Sept. 12 more than 140 miles east of Cape Hatteras, N.C., in 8,000 feet of water. More than 400 people died.

The lost riches helped spark an economic depression that lasted three years.

The gold sat on the ocean floor until 1986, when Thomas Thompson founded the Columbus-America Discovery Group to research and locate the shipwreck. The treasure was recovered, but a court fight with insurance companies kept the gold locked up.

The treasure was later sold to the California Gold Marketing Group, a group of private investors. The bar was part of a 16-month exhibit that included $20 million worth of gold items recovered from the shipwreck.

To learn more about America’s lost treasure, visit www.sscentralamerica.com

Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Local News

A view of one of the potential locations of the new Aquasox stadium on Monday, Feb. 26, 2024 in Everett, Washington. The site sits between Hewitt Avenue, Broadway, Pacific Avenue and the railroad. (Olivia Vanni / The Herald)
20 businesses could be demolished for downtown Everett stadium

Some business owners say the city didn’t tell them of plans for a new AquaSox stadium that could displace their businesses.

Kathy Purviance-Snow poses for a photo in her computer lab at Snohomish High School on Tuesday, Feb. 27, 2024, in Snohomish, WA. (Annie Barker / The Herald)
To ban or embrace ChatGPT? Local teachers fight AI with AI — or don’t

“It has fundamentally changed my teaching in really stressful and exciting ways,” an EvCC teacher said. At all levels of education, ChatGPT poses a tricky question.

In this Feb. 5, 2018, file photo a Boeing 737 MAX 7 is displayed during a debut for employees and media of the new jet in Renton, Wash. (AP Photo/Elaine Thompson, File)
FAA gives Boeing 90 days to develop plan to fix quality, safety issues

The agency’s ultimatum comes a day after a meeting with CEO Dave Calhoun and other top Boeing officials in Washington, D.C.

A man walks by Pfizer headquarters, Friday, Feb. 5, 2021, in New York. Pfizer will spend about $43 billion to buy Seagen and broaden its reach into cancer treatments, the pharmaceutical giant said. (AP Photo / Mark Lennihan, File)
Pfizer backs out of Everett manufacturing plant after $43B Seagen deal

Pfizer finalized the acquisition of the Bothell-based cancer drug developer in December.

Cars drive through snow along I-5 in Snohomish County, Washington on Thursday, Jan. 11, 2024.  (Annie Barker / The Herald)
In March, 7 p.m. sunsets are back for Western Washington

Washingtonians will finally start seeing more sun starting March 10. But a little more winter could be on the way first.

One of the parking lots at Stevens Pass Thursday afternoon on December 30, 2021.  (Kevin Clark / The Herald)
Stevens Pass to charge $20 for parking reservations on busy days

Two-thirds of spaces will remain free for early arrivers on weekends. Cars with four or more occupants can also park free.

Lynnwood
Days after shootout with Lynnwood police, suspect checks into hospital

Police learned the 18-year-old was in a hospital in Portland, Oregon. His alleged role in the shooting remained unclear.

Everett
Snohomish County pharmacy tech accused of stealing 2,500 opioid pills

Rachel Langdon stole oxycodone while working at a Snohomish County pharmacy, according to state Department of Health allegations.

Patrick Kunz speaks during his sentencing on Thursday, Feb. 29, 2024, at Snohomish County Superior Court in Everett, Washington.(Annie Barker / The Herald)
Everett gymnastics coach who spied on students sentenced to 6 months

Patrick Kunz, 47, pleaded guilty to charges of voyuerism and possession of child pornography last month.

Traffic moves along Highway 526 in front of Boeing’s Everett Production Facility on Nov. 28, 2022, in Everett, Washington. (Olivia Vanni / Sound Publishing)
Everett transgender mechanic alleges Boeing treated her ‘like a zoo animal’

For years, Boeing allowed toxicity “to fester and grow” at its Everett factory, according to Rachel Rasmussen, an employee from 1989 to 2024.

Everett police officers survey the scene of a shooting along East Casino Road on Friday, Oct. 13, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
Washington’s 5th police academy could be in Snohomish County

A new academy in Northwest Washington would help clear a lengthy wait list for new police hires to get training.

Monroe High School (Monroe School District)
Monroe High School teacher accused of sexual misconduct, put on leave

Few details were not available Thursday afternoon. Police were seeking information from the public.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.