U.S. Mint’s first-ever coin sells for record $10 million at auction
History was made at a recent auction in New York when a 1794 silver dollar, which is widely believed to have been the first coin ever produced by the U.S. mint, sold for more than $10 million – the highest price ever paid for a numismatic coin.
According to Reuters, the Flowing Hair Silver Dollar not only beat the last record for the most valuable coin from the U.S. mint, it more than doubled it, selling for a total of $10,016,875, compared to the $4.1 million record set in 1999.
Coin Week reports that the event was one of the most anticipated auctions in the history of numismatics, and stated that the $10-million coin is regarded as the finest Gem Specimen coin known to exist. New Jersey-based Legend Numismatics bought the coin to add to its collection, helping the total amount raised at the auction jump to $17.2 million.
“Legend Numismatics is proud to be the purchaser of the first silver dollar struck for the fledgling United States of America well over two centuries ago,” the rare coin firm said in a statement. “We felt in our heart that this would be the very first coin to exceed the $10,000,000 barrier in auction and were in fact prepared to bid much higher in order to acquire this unique piece of history.”
The firm added that it has no plans to put the coin up for sale anytime in the foreseeable future, and expects it to be the “hallmark” possession of the firm. In time, though, the company hopes it will become the focal point of a private owner’s collection.
The auction took place at Stack’s Bowers Galleries, where chairman emeritus David Bowers said the coin has several aspects that make it highly unique. The coin came from the Cardinal Collection, which was put together by Martin Logies and was typically referred to as the “Old Masters” of coins, all of which were minted during the dawn of America.
“We would like to thank the consignor, Martin Logies, for his tireless efforts in documenting the characteristics of this coin and every other 1794 dollar that was struck after it,” Legend added in its statement.
At the auction, a certified 1792 silver half disme, which was graded MS-68, was also sold with a price tag of $1.15 million, as well as a 1793 Chain AMERICA large cent graded MS-56 BN, which sold for just under $1 million.
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