CONTURSI SELLS THE 1794 $1 FOR ALMOST $8 MILLION!
coincollector2007
Posts: 109
1794 silver dollar sells for record $7.85 mn
21 May 2010, 0613 hrs IST,AGENCIES
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 California for $7.85 million.
The previous record price paid for a coin was $7.59 million for a US-minted 1933 $20 gold piece, according to the American Numismatic Association.
The US 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 US 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 California-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.
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Comments
<< <i>What is the grade of this coin? >>
PCGS SP-66
At least the coin will remain in the public's eye, given the intent of the new owner. IMHO the sale price was structured specifically to elevate it above the sale price of the Fenton 1933 Double Eagle, for obvious reasons.
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Good for Logies. He is a world class collector and nice guy. More power to him since he has the bucks.
According to the press release, it has not yet happened.
So we still have a shot at it.........
<< <i>According to the press release, it has not yet happened.
So we still have a shot at it.........
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Anyone know anything about the Cardinal Collection Educational Foundation of California? Any chance they have their collection on display for an average joe off the street???
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<< <i>I saw this one on display at the L.A. ANA show last year and it was pretty special.
Anyone know anything about the Cardinal Collection Educational Foundation of California? Any chance they have their collection on display for an average joe off the street???
Cardinal is a member here (by that name). I'd love to hear him chime in. This site was made by Cardinal and is EXTREMELY usefull as an attribution guide for bust dollars. Also, the guy owns a mediocre half disme (
<< <i>According to the press release, it has not yet happened.
So we still have a shot at it.........
WE already have it...since we count Cardinal among our members. Congrats Cardinal. --Jerry
To me, what doesn't make sense is, if this coin wasn't meant for circulation (an implied result of both the preservation of this coin and Shephards theory) and meant for The Mint Cabinet or a Dignitary, why would it have adjustment marks, and so many?
Wouldn't you want to present a coin without negative eye-appeal (a coin without adjustment marks; essentially perfect)? (Remember, it was not meant for circulation if Shephards theory holds up!)
I'm just trying to settle any unsubstanciated theories.
Nice coin by the way
<< <i>
<< <i>According to the press release, it has not yet happened.
So we still have a shot at it.........
WE already have it...since we count Cardinal among our members. Congrats Cardinal. --Jerry >>
This is a nice way to look at things, since we all show our coins and share our knowledge around here
Who is John Galt?
Text of illustrated news release at CoinLink
Mumu brought up an excellent point: why adjustment marks on what is supposed to be a specially made coin? Perhaps we're putting 21st century mindset into 18th century circumstances. I had several conversations back in early 2004 with Ken Bressett, John Dannreuther and others who examined the coin and believe it was either the first silver dollar struck or certainly among the very first because of the die state. If I recall correctly, one or more them said it appears that the Mint wanted the coin to be absolutely perfect in weight (as well as strike), so it probably was first plugged to bring up the planchet's weight, then filed to remove excess. It's obvious this coin was carefully struck. It was a huge achievement and international political statement in 1794 for the young United States to produce a crown-sized silver coin.
Perhaps I'm dead wrong about the above. I'd love to hear from others much more knowledgable about those early days at the Mint in Philadelphia.
-donn-
The strike on the hair is incredible
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<< <i>Help me out - adjustment marks are made before the strike. Right? >>
Yes.
I dunno if I would spend my money (and that much of it) on it though...
Perhaps if it was a 64 Peace Dollar...
I had to pack it to send it away too :-(
- Robin
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Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>I saw this one on display at the L.A. ANA show last year and it was pretty special.
Anyone know anything about the Cardinal Collection Educational Foundation of California? Any chance they have their collection on display for an average joe off the street???
Cardinal is a member here (by that name). I'd love to hear him chime in. This site was made by Cardinal and is EXTREMELY usefull as an attribution guide for bust dollars. Also, the guy owns a mediocre half disme (
Thanks, I was wondering if it was the same as Cardinal on the forum here... CONGRATS!!!!!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Why bother? It may come back AU-58 on the wrong day!
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Congrats to Steve, too - that's quite the price realized.
<< <i>"Do you think the new owner will send it to PCGS and try for a 66+?"
Why bother? It may come back AU-58 on the wrong day! >>
I'd send it back in and have the Contursi portion of the pedigree removed and replaced with Cardinal.
Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum
<< <i>
<< <i>"Do you think the new owner will send it to PCGS and try for a 66+?"
Why bother? It may come back AU-58 on the wrong day! >>
I'd send it back in and have the Contursi portion of the pedigree removed and replaced with Cardinal. >>
-Paul
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>
<< <i>"Do you think the new owner will send it to PCGS and try for a 66+?"
Why bother? It may come back AU-58 on the wrong day! >>
I'd send it back in and have the Contursi portion of the pedigree removed and replaced with Cardinal. >>
-Paul >>
Let me rephrase that... I'd walk it through, as I'm sure an $8M coin ain't being sent
Lance.
Thought you were done with dollars -- guess not.
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