Brasher Doubloon sells for $7.4 Million Dollars!!!

STONE · December 11, 2011 10:48PM

WOW! But this coin was somewhat expected to have this value - agree/disagree?

Brashed Doubloon = $7.4M

NEW ORLEANS (AP) — An exceedingly rare 1787 gold Brasher doubloon has been sold for $7.4 million, one of the highest prices ever paid for a gold coin.

Blanchard and Co., the New Orleans-based coin and precious metals company that brokered the deal, said the doubloon was purchased by a Wall Street investment firm. Identities of the buyer and seller were not disclosed.

Minted by Ephraim Brasher, a goldsmith and neighbor of George Washington, the coin contains 26.66 grams of gold — slightly less than an ounce. Worth about $15 when it was minted, the gold value today would be more than $1,500.

The Brasher doubloon is considered the first American-made gold coin denominated in dollars; the U.S. Mint in Philadelphia didn't begin striking coins until the 1790s.

crypto79 · December 11, 2011 10:52PM

wonder if it is the same group buying up all of the 70-s and what not. I think if there are multiple of groups competing for these type of coins would explain the mega booming going on now with the top end stuff.

CoinRaritiesOnline · December 11, 2011 11:04PM

Wow -- a record by a long shot for a colonial coin!

STONE · December 11, 2011 11:11PM

<< Wow -- a record by a long shot for a colonial coin! >>

Ah, good call on it being a Colonial...maybe I should start pressing EB's into some gold coins

kranky · December 11, 2011 11:11PM

Wow, that seems like a lot for that piece. It sold for $3 million just 6 years ago. This piece gets hyped as the "unique" one with the EB hallmark on the eagle's breast, but I never understood how a counterstamp placement could qualify something as "unique". I bet the other Brasher Doubloon owners are happy to hear this!

That price puts it on a par with the 1933 Saint.

CoinRaritiesOnline · December 11, 2011 11:53PM

I wonder why they didn't bump up the price just a bit more to make it, "the most expensive coin ever sold". The publicity for the new owners might have been worth it.

GMan · December 12, 2011 12:00AM

At least it's got the green bean. I would have been hesitant to bid otherwise.

STONE · December 12, 2011 12:02AM

<< At least it's got the green bean. I would have been hesitant to bid otherwise. >>

lol, now they just need to get it into a secure plus holder

ricko · December 12, 2011 12:03AM

Amazing...just short of the record....that is a lot of money to sink into one small coin.... Someone expects to make money on it...Cheers, RickO

rays · December 12, 2011 12:07AM

<< Identities of the buyer and seller were not disclosed. >>

While I have no reason to doubt this press release, it is nevertheless unverifiable.

IrishMikey · December 12, 2011 12:36AM

<< 

<< Identities of the buyer and seller were not disclosed. >>

While I have no reason to doubt this press release, it is nevertheless unverifiable. >>

Agree -- while I do not doubt that the coin did change hands, the total sale amount
may not be accurate. Many years ago a rare coin sold for what was "moon money" at
the time. It was later disclosed that "other numismatic items" were included in the sale.

Of course, if that were the case, why not list the price at 8 million and set a new record?
So perhaps it is totally on the up and up.

Lakesammman · December 12, 2011 12:43AM

Wonder if one partner wanted to sell and the other couldn't afford to buy them out??

NewParadigm · December 12, 2011 1:07AM

Too back they didnt buy it on ebay. They could have earned ebay bucks :-)

WillieBoyd2 · December 12, 2011 1:41AM

A film was made about the coin in 1947, called "The Brasher Doubloon".

It was based on a crime novel "The High Window" by Raymond Chandler.

The book noted that one sold in 1942 for $10,000, and at that time
no one knew how many were in existence.

comma · December 12, 2011 2:00AM

Never knew this coin existed...awesome!

291fifth · December 12, 2011 2:18AM

Why am I not excited?

LanceNewmanOCC · December 12, 2011 2:21AM

.
with a lot of the records of coin prices being broken recently a piece like this was primed to come along

especially since a 1933 was unable to be auctioned off

the center EB does add a lot of value if you read up on the diff between wing EB and shield/breast

i personally do not think any coin i've seen to date merits multiples of millions but i do see why someone would pay that for a piece like this
.
i'd love to see what the johnson&johnson family has for a numismatic collection

or the owner of the rangers that owns that complete off-metal lincoln type set laura helped complete, hooah
.

Gemineye · December 12, 2011 2:26AM

<< Why am I not excited? >>

Cause you ain't got one like that...!!!......Still that's a lot of bucks...$$$$

Tiny · December 12, 2011 3:36AM

Well I guess since Occupy Wall Street is over they can spend some money
and nobody will saying anything about it. Hey all you theives on The Street
did you use any Bail Out Money?

Wonder if M F Global's 1.2 Billion that's missing paid for it.

WTCG · December 12, 2011 5:02AM

<< Why am I not excited? >>

Considering your forum history we've established not even a bathtub of Prozac and a crate of blow could get you excited.

chipper10 · December 12, 2011 5:19AM

The Brasher Doubloon is one of the most significant coins every struck in this country. There is no reason to be surprised about it being one of the most desirable coins on the planet. If I remember correctly one was snatched from the melting pot a few years back that had been sold as scrap! It is certainly way up on my dream wish list. It occupies a spot above a 1913 nickel for sure. It is right up there near the 1804 Dollar and 1933 Saint in my book. Even in worse condition than this example it is much more desirable than many top notch coins including the very best Pan Pac's, Gobrechts or any Morgan you can dream up.

EagleEye · December 12, 2011 5:25AM

This was. I believe, Steve Contoursi's coin. I took this picture at the Sacramento ANA show. Steve walked by just as I took this picture. I said "Nice coin!". He said "Thanks".

johnny9434 · December 12, 2011 5:46AM

<< 

<< Why am I not excited? >>

Considering your forum history we've established not even a bathtub of Prozac and a crate of blow could get you excited. >>

lmao omg

Coinosaurus · December 12, 2011 5:47AM

Anyone figured out the provenance on this yet?

CoinRaritiesOnline · December 12, 2011 5:48AM

<< 

<< Why am I not excited? >>

Considering your forum history we've established not even a bathtub of Prozac and a crate of blow could get you excited. >>

I nominate this for POTD!

kranky · December 12, 2011 6:04AM

I just want to know if it's true that MrEureka once taped this coin to his leg.

19Lyds · December 12, 2011 6:10AM

<< the doubloon was purchased by a Wall Street investment firm. .................. >>

Is Wall Street now going to honk up the Rare Coin Business by over speculation?

DIMEMAN · December 12, 2011 6:18AM

Don't get me wrong. I would take the money for this coin and the 1933 $20 and the 1804 dollar, but couldn't care less about them as far as coins I would want and keep.

denga · December 12, 2011 6:36AM

According to the link provided by the OP we find the following:

The Brasher doubloon is considered the first American-made gold coin denominated
in dollars; the U.S. Mint in Philadelphia didn't begin striking coins until the 1790s.

According to a statement in the New York Daily Gazette in November 1789 the Spanish
doubloon was worth $14.67 in Federal currency in the marketplace.

Can anyone explain to me why the Brasher doubloon is therefore considered to be the “first
American-made gold coin denominated in dollars” ?

EagleEye · December 12, 2011 6:51AM

Obviously, because it says so on the holder!

fastfreddie · December 12, 2011 7:28AM

LOL...I thought the CAC sticker was funny. Like there's a bunch of ugly ones out there and this helps identify it as premium for the grade. Anyone have a PO1 they want to give up for melt +5%? Does anyone know the mintage?

19Lyds · December 12, 2011 7:34AM

<< According to the link provided by the OP we find the following:

The Brasher doubloon is considered the first American-made gold coin denominated
in dollars; the U.S. Mint in Philadelphia didn't begin striking coins until the 1790s.

According to a statement in the New York Daily Gazette in November 1789 the Spanish
doubloon was worth $14.67 in Federal currency in the marketplace.

Can anyone explain to me why the Brasher doubloon is therefore considered to be the “first
American-made gold coin denominated in dollars” ? >>

Was the Spanish Doubloon minted in this country? I think "American-Made" is the operative phrase.

TheBigB · December 12, 2011 7:41AM

Why didn't it qualify for FirstStrike, how many could they have made?

Lakesammman · December 12, 2011 8:12AM

Why didn't it qualify for FirstStrike, how many could they have made?

Simple - it wasn't submitted w/in 30 days.

Lakesammman · December 12, 2011 8:12AM

Does anyone know the mintage?

Isn't the EB on breast unique??

WinLoseWin · December 12, 2011 8:42AM

<< Anyone figured out the provenance on this yet? >>

That coin must get better with age. It auctioned in the Garrett 1981 sale as a raw Very Fine at $625,000.

Then it sold at the Heritage January 2005 FUN Auction as NGC XF-45 for $2,990,000.

Here is the direct link to Heritage with all kinds of info:

http://coins.ha.com/c/item.zx?saleNo=360&lotNo=30017

morgansforever · December 12, 2011 8:58AM

Coin more that doubled in price in 6 years, wonder if the same will happen 6 years from now?
Never realized it had a $15 dollar face value. Anyone know how many were struck? How they were struck?
Brasher was buddies with Washington, curious if he received one?

Coinsponge · December 12, 2011 9:06AM

Arrr, Jim Hawkins. That's a mighty fine doubloon.

Nic · December 12, 2011 9:18AM

<< 

<< 

<< Why am I not excited? >>

Considering your forum history we've established not even a bathtub of Prozac and a crate of blow could get you excited. >>

I nominate this for POTD! >>

POTY!

K

jessewvu · December 12, 2011 9:26AM

Did Longacre write that up? "An exceedingly rare 1787..."

MrEureka · December 12, 2011 10:23AM

Kranky - Yes, true story. And at the time, it wasn't even a 7 figure coin.

fc · December 12, 2011 11:11AM

<< 

<< 

<< Why am I not excited? >>

Considering your forum history we've established not even a bathtub of Prozac and a crate of blow could get you excited. >>

I nominate this for POTD! >>

Nah. The post was made by WTCG who always seems to enjoy messing with 291fifth like clock work. Quite petty really.

kranky · December 12, 2011 11:15AM

<< Kranky - Yes, true story. And at the time, it wasn't even a 7 figure coin. >>

Well, that's a pretty weird story. I was going to ask where the 7 figure coins get taped, but that would probably be a security breach.

kiyote · December 12, 2011 4:10PM

In the 80s my neighbor found a copy of one while metal detecting... gold, but fake, from what I remember. I was like 10 at the time but even back then I knew what a Brasher doubloon was.

joebb21 · December 13, 2011 2:58AM

According to Coinweek CAC was the owner of the coin...

saintguru · December 13, 2011 3:22AM

CAC wasn't the owner. Let's say CA was the "enabler". This was one of the two Brashers that Contorsi bought from The Gold Rush sale at FUN '05.

It's in solid hands but I sure wonder if this will ever be worth more than the price paid?

chipper10 · December 13, 2011 5:32AM

<< CAC wasn't the owner. Let's say CA was the "enabler". This was one of the two Brashers that Contorsi bought from The Gold Rush sale at FUN '05.

It's in solid hands but I sure wonder if this will ever be worth more than the price paid? >>

I'm pretty sure that same thing has be wondered about every time a coin has changed hands for eye popping money for the last 150 years and we all know what the turn out has been.

saintguru · December 13, 2011 5:47AM

Yes....I just have my doubts when a coin like this sells for so much in an iffy global environment.

Plus...what if the Langboards all of a sudden find ten more in old Izzy's safe deposit box?

STONE · December 13, 2011 6:01AM

<< Yes....I just have my doubts when a coin like this sells for so much in an iffy global environment.

Plus...what if the Langboards all of a sudden find ten more in old Izzy's safe deposit box? >>

You mean the Feds didn't already check

I also wonder why this group chose this coin. Obviously it's a neat piece with a lot of history, but
there are some more notable pieces (and I'm NOT talking about the 1913 V-Nickel, 1804 Dollars, etc).

Big people with BIG money! The markets will rebound and this coin will retain its value over a modest
period of time (just my opinion). If there's demand for it, then it will hold its value. OR, they may try
to unload it and only get half the value...

saintguru · December 14, 2011 1:17AM

That's pretty much how I see it, Stone.

I think the stuff that really holds it's value andkeeps going up would be 18th C. high grade MS coins or pre-1834 MS gold for the mega-buck buyer.

CalGold · December 14, 2011 3:08AM

<< I also wonder why this group chose this coin. Obviously it's a neat piece with a lot of history, but
there are some more notable pieces >>

<< I think the stuff that really holds it's value and keeps going up would be 18th C. high grade MS coins or pre-1834 MS gold for the mega-buck buyer >>

More notable coins? Really? I can't think of a single one.

You're thinking like set collectors, not like investors or trophy hunters. The reality is you left milllions in profit on the table when you didn't buy it for $3 million a few years back.

The Brasher is the stuff dreams are made of. Its fame and romance. Not just some top pop that some coin guru will call the nicest one he’s ever seen while another old timer will insist that he once saw an even nicer one back in 1974 or ‘75 at the Central States show or was it the ANA…. Buy a MS 65 1795 $10 and what have you got? A coin for a connoisseur that has a mark or two less or is otherwise a bit nicer than a lower grade example,. Even if it is a lot nicer than the typical example, the fact that there are typical examples means that if one knocks off a few points for handling and wear, almost “anyone” can buy one.

A short while back the featured video on the PCGS home page was an interview with Don Kagin. When the subject of investing came up his take on it was that the coins that will always be strong investments are the great and famous ones like the Brasher doubloon.
Think of it this way. Is the Mona Lisa the best painting in the world? To say yes would be silly. Frankly, it’s a boring portrait and may not even be the best work of Da Vinci. But it has incomparable fame going for it. So it draws crowds to the Louvre who jostle for position to get a better look, while a wonderful Van Eyck stands lonely around the corner, missed by most visitors.

CG

Brasher Doubloon sells for $7.4 Million Dollars!!!

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