An amorphous mass of gold, sil- ver, or other metal cast in a mold and stamped with some device to pass for cur- rency. Silver ingots are known of the Greek period and both gold and silver of the Roman Empire. Copper ingots occur in the money of Java, silver ones in Japan, etc.
The name has been recognized since the sixteenth century, for Stanyhurst, in his translation of Virgil's AEneid , 1583 (i.), says, " he poincted, where the vnknowne ingots of gould and siluer abounded. "
Source: Frey's Dictionary (American Journal of Numismatics, Vol. 50, 1916)