The New World's Most Expensive Coin

[physics-fan3.14]

By JOHN ROGERS, Associated Press Writer – Thu May 20, 8:04 pm ET

 

LOS ANGELES – What may be America's oldest silver dollar has become the world's most expensive coin, with its owner saying it changed hands in a private transaction between coin collectors for nearly $8 million.

 

Steven L. Contursi, who has owned the mint-condition 1794 Liberty dollar for the past seven years, confirmed Thursday that he sold it to the Cardinal Collection Educational Foundation of Sunnyvale for $7.85 million.

 

The previous record price paid for a coin was $7.59 million for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association.

 

The U.S. began producing silver dollars in 1794, and this particular one remains in near-perfect condition 216 years later.

 

That being the case, the price it fetched was not surprising, said professional coin grader David Hall.

 

"Even if it looks like it's been run over by a truck it would still be worth a hundred grand," he said.

 

Part of the so-called flowing-hair silver dollars, the coin has a portrait of Lady Liberty with long, straight hair on the front and a noticeably skinny American eagle on the back.

 

"That's the type of piece that is available maybe once in a lifetime," said Martin Logies, curator of the Cardinal Collection, a nonprofit dedicated to preserving rare coins and educating the public about them. He said the foundation plans to put the coin on display, just as Contursi did much of the time he owned it.

 

Numismatic experts say it was among the first U.S. silver dollars ever made.

 

"From the research I've done, it is unquestionably the earliest struck of all the pieces known to remain in existence," said Logies, author of "The Flowing Hair Silver Dollars of 1794."

 

Of the approximately 1,750 such dollars produced that year, only about 150 are known to exist.

 

The quality of the imprint on this one shows it was struck on a hand-cranked press from a special piece of polished, high-quality silver. That indicates it was intended for either a dignitary or the mint's own private collection, said Larry Shepherd, executive director of the American Numismatic Association.

 

It likely remained in the mint's collection until the 1800s, Shepherd said, when it was probably traded to a private collector, something he said the mint sometimes did in those days.

 

Contursi, who runs Irvine-based Rare Coin Wholesalers, acquired it for an undisclosed sum in 2003. He said he wasn't looking to sell it until Logies approached him.

 

The Cardinal Collection curator had been one of a handful of experts Contursi had allowed to examine the coin after he bought it. He joked that Logies had had his eye on it ever since.

 

"He just finally made me an offer I couldn't refuse," he laughed.

 

 

 

 

http://news.yahoo.com/s/ap/20100521/ap_on_fe_st/us_odd_pricey_dollar_2#

 

 

[James_OldeTowne]

Love the coin, hate the slab.

 

As in, naturally, one would expect a "specimen" (SP-66) to have been struck on a faulty planchet that required both adjustment marks, and a silver plug .

[123cents]

Not a bad price for a scuffed up coin.

[gmarguli]

As in, naturally, one would expect a "specimen" (SP-66) to have been struck on a faulty planchet that required both adjustment marks, and a silver plug .

 

When I saw the SP label and the coin I thought the exact same thing.

[MBA101]

Maybe this is an SP 66 relative to all the other scuffy plugged coins from 1794?

[michael]

love the coin hate the price

[erwindoc]

I dont understand the grade given the scuffs at the rim. Can someone explain it to me?

[MBA101]

The coin was struck AFTER the scuffs (adjustment marks) were put on the coin.

[erwindoc]

Thanks! I would rather have the money to put to other things rather than that coin. Collect what you like!

[BillJones]

I dont understand the grade given the scuffs at the rim. Can someone explain it to me?

 

It's called "Let's over grade the coin so that the owner will put it in a PCGS holder." It's not the first time and won't be the last time that has happened.

 

There is no way in hell that an early dollar with adjustment marks can be called a "specimen." The specimen grade for U.S. coins is for pieces that were made under the best conditions that the early mint could provide. Despite the fact that the hair detail on this coin is very impressive, the early mint didn’t have to use a planchet with adjustment marks for this “special” coin.

 

In a way a 1794 dollar (although perhaps not THIS 1794 dollar) deserves to be the most expense U.S. coin. It was the first U.S. dollar, and it is very scrace with perhaps 125 known in total. Unlike the 1933 double eagle this coin has no scandals attached to it.

[RockMyAmadeus]

I find it fascinating that some of the most famous dollars in US history occured in a "4" year...

 

1794, 1804 (made in 1834), 1884 Trade, 1894P, 1904 (last classic Morgan) 1934S, 1964D....

 

Interesting....

[JJSingleton]

I dont understand the grade given the scuffs at the rim. Can someone explain it to me?

 

It's called "Let's over grade the coin so that the owner will put it in a PCGS holder." It's not the first time and won't be the last time that has happened.

 

There is no way in hell that an early dollar with adjustment marks can be called a "specimen." The specimen grade for U.S. coins is for pieces that were made under the best conditions that the early mint could provide. Despite the fact that the hair detail on this coin is very impressive, the early mint didn’t have to use a planchet with adjustment marks for this “special” coin.

 

In a way a 1794 dollar (although perhaps not THIS 1794 dollar) deserves to be the most expense U.S. coin. It was the first U.S. dollar, and it is very scrace with perhaps 125 known in total. Unlike the 1933 double eagle this coin has no scandals attached to it.

BillJones said it all much better than I could. Excellent post on the topic.

[World Colonial]

The 1794 dollar is a coin I like a lot, but I do not think it should be the most valuable one. I'm not sure what grades the Smithsonian speciems are, but I consider the 1822 Capped Head half eagle to be the most desirable US regular issue.

[Schatzy]

The only thing I like about the holder is the serial number!!

[$ilverHawk]

Interesting posts. Despite all the critiques the fact is someone thought this coin was worth 7.85 Million Dollars. That's quite a statement.

 

A very beautiful coin. I'm amazed at the hair detail that was generated from early press equipment.

 

I am in no way an expert on this coin and would defer to much more knowledgable collectors. But I have to believe that the buyer knew what they were doing. Is this the top SP 1794 Dollar in existence? The price paid would say yes. Opinions are not reality. Money on the line is.

 

Agree or not this is now the highest price paid for any coin. Great to see the rare coin market is alive and well.

 

$ilverHawk

[prudden]

This would BB at NGC. Just kidding.But I'm curious about a couple things.The "adjustment" marks are there because?And it has a plug of silver.Okay,I was half kidding about the BB.Any other coin I've seen with a plug was in a details slab.I can see it between the wing and under the beak.Were these things a weight adjustment? And yes,the hair and eye details are incredible.

[Bugmann1974]

Any other coin I've seen with a plug was in a details slab.I can see it between the wing and under the beak.Were these things a weight adjustment? And yes,the hair and eye details are incredible.

 

Plugged coins that BB do so because they were holed after leaving the mint and that hole was filled.

 

This is a different kind of plugged coin. The planchet probably started out underweight and this plug of silver was added to bring the weight up. It probably then made it too heavy then the planchet was filed down to bring it back down to the correct weight. All before striking the coin.

 

So yes this was a weight adjustment procedure.

[MJ]

The hair detail is JUST INCREDIBLE..............MJ

[No+4Me]

I'm glad the intent is to display it. Amazing detail in the hair (individual fibers!) and the eagle.

[Old Pueblo]

The really amazing thing is the coin will probably continue to appreciate in "huh" value.

 

Cool coin. Some folks have tons of cash to toss around!

 

OP

[BKW]

The only thing I like about the holder is the serial number!!

 

Yes, that's great.

[jom]

Unlike the 1933 double eagle this coin has no scandals attached to it.

 

..or the 1913 V nickel. Aren't a few of those been graded "SP" as well? I guess even phony manufactured coins get that designation. Come to think of it.....

 

Maybe I should get myself a coin press, spew out a few coins and in a 100 years PCGS will call them specimens.

 

Still..the dollar is pretty cool...nice strike!

 

jom

[johnny9434]

nice coin. i dont know if id hand over that kind of cash for it thou. jmo

[RWB]

Lots of speculation in the description...seems a bit over priced?

[Walkerfan]

This was a very interesting article that I enjoyed reading. Thx.

 

I agree that the plug should not have been mentioned on the slab, as it was a common practice and part of the minting process. It implies that the coin was damaged in some way and I don't consider that to be true. The 3 name pedigree is WAY over the top, too.

 

Hair is amazing AND so are the feathers on eagles breast! Those feathers are NEVER fully struck.

 

I think that it deserves the price tag (for the select few that could actually afford it).

 

And yes, I like the fact that it is a legal coin that has no unscrupulous attachment or stigma.

[PerryHall]

Not sure how true it is but I once read that a coin doctor first discovered these silver plugs. He was using a small torch to AT a early silver dollar when the plug fell out. Apparently heating the coin caused it to expand which allowed the plug to loosen. Anyone else hear this story?

[e1cnr]

nice coin

 

 

where is the plug and why?

 

I understand the silver plug in copper kinda - but not in silver

[PerryHall]

where is the plug and why?

 

I understand the silver plug in copper kinda - but not in silver

 

The silver plug is near the center of the coin. On underweight planchets, a hole was punched into the planchet and a heavier silver plug was inserted to bring the planchet up to its specified legal weight. The intent was that striking the planchet would flatten and bond the plug to the rest of the coin.

[Buffalo Head]

where is the plug and why?

 

I understand the silver plug in copper kinda - but not in silver

 

The silver plug is near the center of the coin. On underweight planchets, a hole was punched into the planchet and a heavier silver plug was inserted to bring the planchet up to its specified legal weight. The intent was that striking the planchet would flatten and bond the plug to the rest of the coin.

 

First off I must say the detail in the hair must be from an early die state. The silver plug and the adjustment marks seem strange to me. So they filed the coin to adjust it to the proper weight and then added a silver plug to bring the weight up? Hmmm.....I love this coin and if I had that kind of money I would also want to own this beautiful, gorgeous piece of early American.....Joe

[Conder101]

It is from the earliest die state known, and it is the only piece known from that die state. And more likely it was the other way round, they plugged it to bring the weight up and then filed it to bring it back down. It is much easier to make fine adjustments down than up. Still NOT the kind of planchet you would use to make a presentation piece as the first one struck. More likely one of the first few AFTER the prestigious first strike. The dies would still have been in their early state and still show the polishing that was done to them.