1794 $1 SP66 sold to Great Collections for $12M
Boosibri
Posts: 12,247 ✭✭✭✭✭
Boosibri
Posts: 12,247 ✭✭✭✭✭
Boosibri
Posts: 12,247 ✭✭✭✭✭
Comments
Go! Go! Go!
That is a whale of a buy and sell.
Kudos again to Ian and GC!
Here’s more very interesting details from the official release:
World's Most Valuable Silver Coin and Second Highest Price Ever Paid for a Rare Coin
An exceedingly rare coin minted in 1794, widely believed to be the very first Silver Dollar struck by the United States, has sold for a world record $12 million to GreatCollections.
Only about 140 silver dollars exist today out of the original mintage of 1,758, and this is the only example designated Specimen by Professional Coin Grading Service (PCGS) who assigned a grade of SP-66. It is also approved by Certified Acceptance Corporation (CAC).
The famous coin was the first to break the $10 million mark, selling for $10,016,875 in a 2013 auction. Three years earlier, it had traded privately for $7.85 million. In both prior transactions, it set the record for the highest price paid for a coin, until the 1933 Saint-Gaudens Gold Double Eagle was auctioned last year for $18.9 million.
The seller of the 1794 Silver Dollar was well-known collector Bruce Morelan, who had previously sold a trio of rare coins for $13.35 million to GreatCollections in November last year that included the finest 1913 Liberty Head Nickel, one of only three in private hands.
Prior to Morelan, the coin was owned by numismatic legends including Virgil Brand, Col. E.H.R. Green, W.W. Neil and both Amon Carter, Senior and Junior.
Ian Russell, president of GreatCollections said, "Without question, this is America's most coveted Silver Dollar, and it gave me chills closing the transaction for this piece of history. This absolutely defines 'museum-quality' in fact, aside from the unique specimen-striking, it's substantially better than the examples in the Smithsonian and American Numismatic Association collections. The new owner is thrilled."
John Albanese, founder of Certified Acceptance Corporation (CAC), negotiated the transaction on behalf of Morelan last week.
Albanese said, "I'm very pleased to be involved in this deal, officially the highest price paid for any CAC-approved coin in a private transaction, and I know it's bittersweet for Bruce to pass the torch to the next owner."
The historic deal took just days to complete.
"I called Ian about the coin a week ago Sunday, and by Thursday, we were in agreement. Then it was just a matter of logistics to securely transport the rarity."
The coin market has gained new strength over the past few months, with a large number of new collectors entering the market from other collectibles and hobbies.
This was the second important 1794 Flowing Hair Silver Dollar purchased by GreatCollections in the past six months. At an ANA auction in August, GreatCollections paid $6.6 million for another example, ranking as the seventh highest price ever paid for a coin at auction.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Beautiful coin. Its a bit outside of my budget. LOL
Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM
Will Great Collections sell the coin or keep it for their holdings? That’s a lot of $$$$$$$ to tie up.
Great result! Congrats to @tradedollarnut and @ianrussell!
The following implies it's not owned by GC:
An amazing coin!
"When they can't find anything wrong with you, they create it!"
Nice
Congratulations to the new owner, but I am curious as to why the new owner did not bid on it when Bruce auctioned at Legend for a couple million less (with no takers).
Wow. That is quite a collection someone is putting together. I wonder what else is in it?
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Laura not being involve in transaction is more amazing than the price that it sold.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
How I wish I could afford such great coins. Wonderful example.
I think the market really changed in early 2021, when the UHR sold in January, then the Brasher, then the 1933 Saint-Gaudens and so forth. We know the last six months has probably seen the biggest increase in activity in coins, and the biggest increases in prices, even though we saw some series/coins increasing earlier than that.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
I hope the new owner is as generous as Bruce was in allowing the coin to be available for viewing by others.
If the new owner is the same person that now owns the 33 Saint, it would appear they may be.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I agree.
I'm still waiting to hear of the ultimate sale
If I heard the news in passing last night correctly, that coin is worth about 1/2 what it was the last time I saw it mentioned here.
The Legend Market Reports says the coin sold for $11,500,000. @ianrussell can you clear it up? Thanks
Beautiful and historical coin... still making history. Cheers, RickO
"The new owner is thrilled".
Disclaimer: that new owner isn't me. You're welcome for narrowing it down.
A truly awesome deal and coin!
10-4,
My Instagram picturesErik
My registry sets
Laura netted out Legend’s commission. So technically $11.75M net in my pocket when you figure I get half of it back in the end.
Unfortunately, that was wrong unless Laura is giving me a discount? :-) We didn't release the price we sold the coin at, although it was above $12m. The new owner is very happy with the coin, it's obviously the centerpiece of his collection - as it would be any collection.
And special thanks to Laura for her help in the transaction as well as I'm sure she was instrumental behind the scenes with Bruce and John in making it happen.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
@ianrussell , if you could share, is the buyer of TDN's coin the same as the other recent major rarities you've handled? If so, it'll end up being the collection with the highest average value per coin by a country mile.
They are definitely not to one buyer, but aside from that, we are keeping buyer information confidential, as we do in all of our transactions.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
If TDN’S coin sold for $12M with Legend, GC, and JA involved and it was then promptly resold that amounts to a lot of transaction fees. Makes me wonder why the new buyer didn’t directly contact Bruce himself or use a third party to minimize fees.
If TDN’S coin sold for $12M with Legend, GC, and JA involved and it was then promptly resold that amounts to a lot of transaction fees. Makes me wonder why the new buyer didn’t directly contact Bruce himself or use a third party to minimize fees.
Most likely his (or her) privacy matters more than the extra transaction fees.
Member ANA, SPMC, SCNA, FUN, CONECA
Another data point for your upward price escalation chart for the halo coin. Well done for going with your gut which has once again proven to be one of the better ones in the hobby
11.5$ Southern Dollars, The little “Big Easy” set
Privacy of course is very important for the buyer but three middle parties seems a bit extreme to me.
The fees in this was definitely kept to a minimum. And it really had the best outcome for all involved.
Yes, privacy and trust both essential in transactions of any size, but especially when 8-figures are involved.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
As someone who does not play in that league but loves the rare coin market, I appreciate the candor and transparency.
Obviously the players involved also love the market above and beyond just the dollars and cents. Very professional and paints a clear picture of integrity.
If the high end of the market is treated with this much respect then that bodes well for the future and the lower tiers moving forward.