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The Gold and Silver Mine – The market value of coins.

February 19, 2013 in Coins, Collecting, Gold, Gold Coins, Numismatica, Numismatics, Precious Metals, Silver, Silver Coins, USA Coins

Monday, February 18, 2013 by Douglas Keefe (http://www.shorenewstoday.com)

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

A 1794 silver dollar just sold at auction for a record-breaking price of $10 million (including buyer’s premium). This is the most ever paid for a single coin and the first to reach eight figures. It will be interesting to see how long this record lasts.

The coin commanding such a high price was a 1794 Flowing Hair silver dollar, so called because the profile design of Lady Liberty shows her hair flowing behind her. The coin is the finest known specimen, being in virtually perfect condition and looking like the day it was minted more than 200 years ago.

The year 1794 was the first our young country struck a silver dollar for use in commerce. We had been relying on using coins from other countries, most notably the Mexican eight reales, which remained legal tender as one dollar until 1856.

Not that many years ago it was unheard of for a coin to sell for over $1 million, although that price point was routinely surpassed by other collectibles such as antiquities and paintings. Now it is not that unusual to see rare coins surpass that level. A recent example and previous record holder is the 1933 $20 gold piece that supposedly had its entire production melted as a result of President Roosevelt’s requirement that all gold coins be returned to the government and that gold ownership by U.S. citizens was illegal.

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