Sale of Rare Coin Brings Record $7.85 Million
June 14, 2010 - A Laguna Beach, California, rare coin collector recently made a record $7.85 million from the sale of a 1794 U.S. silver dollar, according to a May 21, 2010, newspaper report. The sale is said to be the most money ever paid for any single rare coin.
“I consider this an emotional loss, but a financial gain,” said 57-year-old Steven Contursi in an interview with the Orange County Register. Contursi began his coin collection as a small boy, and recognized the coin as a rare find when he purchased it, along with other rare coins, in 2003. The coin is among a small group of early silver dollars dubbed the “flowing hair” variety, from the long flowing hair that adorns Lady Liberty on the face of the coin. The pristine appearance of the hair and the sharpness of other details set this coin apart and lead Martin Logies, director of the foundation that purchased the coin, to believe that this was probably one of the master coins held by the director of the U.S. mint at the time.
In the early 1790s, the United States had no coinage of its own, and this is believed to be one of the very first silver dollars minted in the country. Rare Coins Hold Value Against Inflation
As prices for precious metals rise and worldwide economies suffer instability, rare coins and other tangible assets increase in value. In unstable times, investors tend to flee from traditional investments such as stocks, bonds, and mutual finds and seek shelter in tangible assets. An investment in rare coins is doubly beneficial: not only for the intrinsic value of the gold or silver, but also for their value as rare antiques, a wise choice when the price of gold fluctuates as it has in the past few days. Prospective purchasers can include museums and collectors as well as traditional investors.
Conditions today are favorable for buying coins, and rare coins are a good investment against inflation and economic uncertainty.
Shawn Penny
Senior Staff Writer - Rare-Coin.org
