Lot 2612
1867. Bank Draft in Gold Coin, The Bank of California. Duplicate draft originating at Virginia City, Nevada; dated Feb. 23, 1867. Draft double signed, and payable for $100 in Gold Coin, and numbered 421. Two fine, lightly canceled banking stamps at left: U.S. 2¢ orange, Nevada 5¢ green. Generally crisp and clean, with four creases. Along with this, a vintage pearl-handled ink pen, of the sort that might have signed this draft. Slim handle in mother-of-pear, with ornate foliated gold-filled collar, holding old Conklin nib. Comes with black morroco leather-covered locking case, the interior blue satin-lined. Certificate size: 4-1/9" x 9"; pen length: 6-1/4". Lot of 2.
Bankers Darius Ogden Mills of Sacramento and William Chapman Ralston of San Francisco had already made individual fortunes from California's gold rush before they teamed up in 1864 to found the Bank of California, which prospered nicely. Later, Ralston, recognizing the importance of the Comstock Lode in Nevada, sent William Sharon to Virginia City to establish a branch for his bank. The venture proved immensely lucrative for both Ralston and Sharon. Soon, Ralston and Sharon were probably the richest men in the West. Their grip on the Comstock bonanza seemed unbreakable. They owned or controlled many of the other mines, along with crushing and stamping mills. In addition, they had a virtual monopoly on water and timber supplies, as well as transportation to and from the Comstock Lode. Due to Ralston#s aggressive lending policies, the Bank of California had virtually eliminated competition from all of the Virginia City banks. Their investments from the Comstock in the 1860's, 1870's and 1880's, allowed the Bank and its owners to fuel the building of San Francisco, making it the queen of the Pacific coast.
Estimated Value $75 - 125.
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| Realized $92 |
