According to Jim Cooper's book Early United States Golf Clubs by A.G. Spalding & Bros..., page 75, the "Spalding Special" as found on this beautiful gunmetal putter indicates that it was sold between 1894-1896.  With great respect to Cooper, the auctioneer believes this putter dates to 1897-1900.  Even so, Cooper's book shows only one Spalding putter that he identifies as made before this one.

The club was produced with two different lies—one flat and the other upright. This one is the upright version. The 32 1/2" shaft is original, and still bears the "Spalding Special" stamp as well. The club still has its original sheepskin grip, and the head remains in outstanding condition.   Another great early American, Spalding golf club.