Paulie’s Quick Ash Cigar Review: H. Upmann The Banker Ingot Arbitrage

Thanks a Bullion

When a musician creates a cigar, you should expect harmony and composition rather than noise. That's exactly what Rafael Nodal, the Cuban-born Vice President of Product Capability at Altadis USA, delivers with the H. Upmann The Banker Ingot Arbitrage. After an eight-year hiatus, the gold bar-themed Ingot series has returned with a Churchill-sized statement piece that deserves attention.

Limited to just 5,000 boxes, this isn't just another exercise in limited-edition marketing. The Ingot Arbitrage is a thoughtful composition that showcases Nodal's unique perspective as a blender who came to cigars from outside the traditional tobacco families. Born in Cuba and fleeing as a teenager during the Mariel boatlift, he initially pursued a career in music before circumstances led him to the cigar world. This background influences his blending style where he treats tobacco like musical notes, seeking harmony rather than dominance from each component—a philosophy clearly evident in this magnum sized opus.

H. Upmann The Banker Ingot Arbitrage Quick Ash Video Cigar Review

The Specs

Factory: Tabacalera de Garcia, Dominican Republic
Size: 7” x 56 Churchill
Strength: Medium
Wrapper: Ecuador Habano
Binder: Nicaragua
Filler: Nicaragua and Dominican Republic

Presentation: 12-count box

Behind the Blend

First making his name with Boutique Blends and the acclaimed Aging Room line, Nodal has brought his distinctive blending philosophy to heritage brands like H. Upmann, Romeo y Julieta, and Montecristo. After being named Vice President of Product Capability, Nodal's responsibilities expanded to cover product development across all of Altadis USA's premium cigar operations.

For the Ingot Arbitrage, Nodal focused on a blend that would develop gradually over its substantial smoking time. He paid particular attention to "extra fermented Ecuadorian Habano wrapper to ensure a richer and more complex smoke that pays dividends in flavor and consistency." This wrapper covers a Nicaraguan binder and a thoughtful combination of Dominican and Nicaraguan long-fillers that create a medium-bodied experience with surprising depth.

While maintaining respect for H. Upmann's history, Nodal has injected contemporary sensibilities into the blend. The result is a cigar that respects tradition without being confined by it—a hallmark of Nodal's approach.

The Cheat Sheet

And now I’ll break down H. Upmann The Banker Ingot Arbitrage by its key moments. In other words, here are my Highs, Lows, and Whoas:

• High: The complexity is what got me. There’s cream, toasted nuts, leather, coffee, and cedar. Some baking spices and pepper too. And with its larger ring gauge and overall length, there is plenty of room for the tobaccos to stretch their legs and develop. With time. And that leads to my next point.
• Low: The length and ring gauge mentioned above are a potential drawback. A cigar with these dimensions requires setting aside some serious time in order to get the most out of the experience. I’d plan for 90 minutes plus.
• Whoa: Ingot Arbitrage makes its mark through measured progression. More than that, though, the flavor isn’t front loaded only to peter out midway through the journey. It’s there throughout, and the patient smoker will be rewarded.

The Last Word

At around $10 per stick, with production limited to 5,000 boxes, the Ingot Arbitrage occupies an interesting position in today's premium market—special enough to merit attention without commanding the prohibitive prices of some limited editions.

Make no mistake, this substantial Churchill demands commitment. Expect at least 90 minutes of smoking time, making it less of an everyday choice and more of a deliberate option for when you have the leisure to appreciate its subtler nuances. Should you add the H. Upmann Ingot Arbitrage to your rotation? Well, for those who appreciate cigars that tell a complete story rather than a one note wonder, the answer is a resounding yes.

Pro Tip: A cigar this size benefits from periodic rotation during smoking. Every 15-20 minutes, give it a quarter turn in your fingers to ensure even combustion across its substantial ring gauge. This simple habit helps maintain an even burn line and prevents the tunneling that can plague larger cigars, especially during lazy smoking sessions.