JC Newman

January 25, 2025

H. Upmann The Banker Ingot Arbitrage (7 x 56 double Churchill)






Video review HERE.


(Description taken from Halfwheel.com website)

In 2016 and 2017, Altadis U.S.A. released limited edition H. Upmann cigars under the Ingot name, a nod to the brand’s founder and his role as a banker. Now a third version of the Ingot has been be released.

The H. Upmann The Banker Ingot Arbitrage is a 7 x 56 double Churchill that uses an Ecuadorian habano wrapper over a Nicaraguan binder and fillers from Nicaragua. In both blend and vitola, this release is different compared to the The Banker Private Holding Ingot and The Banker Ingot Rosé. That said, like the first two Ingots, it is made at Tabacalera de García in the Dominican Republic.

Each cigar has an MSRP of $15 per cigar and production is limited to 5,000 boxes of 12 cigars.

“Each H. Upmann Banker is a testament to the 180+ years of the brand and exemplifies our commitment to exceptional taste and innovation,” said Gabe Diaz, brand manager, in a press release. “This new offering provides a unique smoking experience that reflects the spirit of today’s discerning cigar connoisseurs, just how the Upmann brothers would have wanted it. We are proud to celebrate the H. Upmann legacy while continuously pushing the boundaries of excellence. With H. Upmann Banker Ingot we offer consumers not just the experience of an iconic brand, but an investment in quality and craftsmanship.”

An ingot is a piece of metal that is almost entirely pure, the most notable example of an ingot is a gold bar. H. Upmann was founded by Hermann Upmann, a German who emigrated to Cuba, established his own bank and eventually his own cigar factory and brands. As with the previous two releases, the packaging is designed to mimic the appearance of an actual ingot.

Due to the Cuban embargo and trademark issues, Altadis U.S.A. sells the non-Cuban H. Upmann brand only in the U.S.


The cigar is hefty and has a nice feel in the hand.




The test draw after cutting the cap was good. The initial flavors at light up were lemon, brown sugar, tanned leather, and earthy black coffee. There was black pepper rated at 7 to 7 1/2. The lemon and brown sugar need to be more pronounced,.



At the first third (41 minutes) the notes were the same. And the lemon and brown sugar still need to increase. The tanned leather and earthy black coffee are the primary notes. The cigar is medium bodied. The finish is leather with good lingering black pepper. I rated the first third 91.




Moving through the second third (1 hour 16 minutes) the sweetness increased quite a bit. The lemon and brown sugar are much improved while the leather and black coffee pulled back a little. The cigar is medium bodied. The finish is leather and black coffee with very good lingering black pepper. I rated the second third 93.




The cigar lasted 1 hour 52 minutes. The black coffee increased a little but not to the point of the first third. There's more black coffee than leather at this point. The lemon and brown sugar are coming through nicely with the increased black coffee. The cigar is still medium bodied. The finish had light lemon and brown sugar notes with leather and very good lingering black pepper. The cigar fell between the first and second thirds so I rated the final third 92. These are available at smallbatchcigar.com in 4 packs for $60 and use code tinytim for 10% off.




Overall Score: 92

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