One of the first US silver dollars ever minted has been sold by a Californian auction house for the record-breaking sum of USD$10mn.
The Orange County Register reports that the price paid for the silver dollar is believed to be the highest ever fetched at auction for an individual coin. The previous record holder was the last remaining 1933 Saint-Gaudens double eagle $20 gold coin, which sold for $7.6 million.
The silver dollar was auctioned in New York by Stack's Bower Galleries, a Irvine-based dealership specializing in coins and currency. The company employed a Brinks armored truck to transport the coin across the full breadth of the continental USA, setting out from its original location of Orange County.
Experts unanimously consider the "flowing hair" silver dollar to be one of the very first dollars ever issued by the newly independent United States, and most probably one of few "master coins" retained by the fledgling US Mint.
Several items of numismatic evidence point to this conclusion, including the coin's lack of die imperfections and circulation wear, as well as signs that it was polished prior to pressing and removed immediately after minting.
Historians also believe that George Washington, Alexander Hamilton and Thomas Jefferson may have all handled this coin due to the historical significance of its minting. All 1,758 of this first edition of silver dollars were pressed on the very same date – October 15, 1794.
The coin was purchased by New Jersey's Legend Numismatics, a rare-coin firm who were prepared to bid more than $10 million for the historic currency item, and who have no intention of re-selling the coin in future.