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1794 dollar sells for record $7.85M
Previous record was $7.5 million for a gold piece from 1933
Advertisement | ad info
AP This 1794-dated U.S. silver dollar is believed to be among the first silver dollars struck by the United States Mint.
updated 5/20/2010 8:34:29 PM ET
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 Sunnyvale for $7.85 million.
The previous record price paid for a coin was $7.59 million for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association.
The U.S. 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.
Story continues below More below
Sponsored links
Advertisement | ad info
Advertisement | ad info
"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.
The silliest splurges of all time
Numismatic experts say it was among the first U.S. 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 Irvine-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.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Discuss: 1794 dollar sells for record $7.85M
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Previous record was $7.5 million for a gold piece from 1933
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1794 dollar sells for record $7.85M
Previous record was $7.5 million for a gold piece from 1933
Advertisement | ad info
AP This 1794-dated U.S. silver dollar is believed to be among the first silver dollars struck by the United States Mint.
updated 5/20/2010 8:34:29 PM ET
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 Sunnyvale for $7.85 million.
The previous record price paid for a coin was $7.59 million for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association.
The U.S. 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.
Story continues below More below
Sponsored links
Advertisement | ad info
Advertisement | ad info
"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.
The silliest splurges of all time
Numismatic experts say it was among the first U.S. 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 Irvine-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.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Discuss: 1794 dollar sells for record $7.85M
3 total comments
Previous record was $7.5 million for a gold piece from 1933
Story continues below More below
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- Too good to be true: Staying ahead of the scams
- The seven deadly sins of interviewing
- 50-50 bet economy could ‘double dip’
- Buy a car? Or a condo in Miami?
- Economic downturn defying solutions
- Bartiromo: Recovery has hit troubling point
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How to steer clear of recession scams -
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-
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- Sandra Bullock: Son is my ‘crown prince’
- Oval Office gets a whole new look
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Brazilian teen girl towers at 6’ 9”
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Advertisement | ad info
1794 dollar sells for record $7.85M
Previous record was $7.5 million for a gold piece from 1933
Advertisement | ad info
AP This 1794-dated U.S. silver dollar is believed to be among the first silver dollars struck by the United States Mint.
updated 5/20/2010 8:34:29 PM ET
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 Sunnyvale for $7.85 million.
The previous record price paid for a coin was $7.59 million for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association.
The U.S. 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.
Story continues below More below
Sponsored links
Advertisement | ad info
Advertisement | ad info
"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.
The silliest splurges of all time
Numismatic experts say it was among the first U.S. 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 Irvine-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.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Discuss: 1794 dollar sells for record $7.85M
3 total comments
Previous record was $7.5 million for a gold piece from 1933
Story continues below More below
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Advertisement | ad info
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- Money 911: What you should do with your ‘old’ IRA If you've recently left a job or been laid off, you may be wondering if it makes sense to convert your old 401(k) into a Roth IRA.
- Too good to be true: Staying ahead of the scams
- The seven deadly sins of interviewing
- 50-50 bet economy could ‘double dip’
- Buy a car? Or a condo in Miami?
- Economic downturn defying solutions
- Bartiromo: Recovery has hit troubling point
- Video
-
Video
How to steer clear of recession scams -
Video
Student spills secrets on paying for college -
Video
50-50 bet economy could ‘double dip’ -
Video
These affordable homes could be yours
-
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- Matt Lauer,
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-
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- Sandra Bullock: Son is my ‘crown prince’
- Oval Office gets a whole new look
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Brazilian teen girl towers at 6’ 9”
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Advertisement | ad info
1794 dollar sells for record $7.85M
Previous record was $7.5 million for a gold piece from 1933
Advertisement | ad info
AP This 1794-dated U.S. silver dollar is believed to be among the first silver dollars struck by the United States Mint.
updated 5/20/2010 8:34:29 PM ET
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 Sunnyvale for $7.85 million.
The previous record price paid for a coin was $7.59 million for a U.S.-minted 1933 $20 gold piece, according to the American Numismatic Association.
The U.S. 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.
Story continues below More below
Sponsored links
Advertisement | ad info
Advertisement | ad info
"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.
The silliest splurges of all time
Numismatic experts say it was among the first U.S. 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 Irvine-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.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Discuss: 1794 dollar sells for record $7.85M
3 total comments
Previous record was $7.5 million for a gold piece from 1933
Story continues below More below
Sponsored links
Advertisement | ad info
Advertisement | ad info
View all 3 comments
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Most active discussions
- votes comments
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- Money 911: What you should do with your ‘old’ IRA If you've recently left a job or been laid off, you may be wondering if it makes sense to convert your old 401(k) into a Roth IRA.
- Too good to be true: Staying ahead of the scams
- The seven deadly sins of interviewing
- 50-50 bet economy could ‘double dip’
- Buy a car? Or a condo in Miami?
- Economic downturn defying solutions
- Bartiromo: Recovery has hit troubling point
- Video
-
Video
How to steer clear of recession scams -
Video
Student spills secrets on paying for college -
Video
50-50 bet economy could ‘double dip’ -
Video
These affordable homes could be yours
-
- More TODAY with
- TODAY Anchors
- Ann Curry,
- Matt Lauer,
- Meredith Vieira,
- Al Roker
Advertisement | ad info
- msnbc.com sites & shows:
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- Nightly News
- Meet the Press
- Dateline
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