Silver Dollar Sells For $10 Million, Sets Record

A rare silver dollar sold for $10 million at auction on Thursday. The coin, minted in 1794, is believed to be the first such coin ever struck by the US Mint.

The coin, called the Flowing Hair Silver Dollar, more than doubled the previous auction record for a coin, which was set in 1999 at $4.1 million.

The Chicago Tribune reports that the silver dollar was purchased by Legend Numismatics, a rare-coin firm based in New Jersey. The coin was also the highlight of the evening sale in New York. The entire sale brought in $17.2 million.

Legend Numismatics stated of their coin purchase:

“We felt in our heart that this would be the very first coin to exceed the $10 million barrier in auction and were in fact prepared to bid much higher in order to acquire this unique piece of history.”

The pristine silver dollar will likely stay with the company, which has no plans to sell it anytime in the near future. MSNBC notes that Stack’s auctioned the coin off and the audience was on the edge of its seat as bidders competed to own the coin.

Stack’s president Christ Napolitano stated, “To be a part of this historical occasion is nothing short of amazing.” There are 135 known 1794 silver dollars in the world. Experts believe that the one which sold for $10 million is likely the first one to be minted.

They have studied the coins and came to the conclusion because it is the only one to show no die imperfections. It was also likely never placed in circulation, because it shows virtually no wear at all. It first showed up in records in 1890 when it was owned by a Colonel Green.

Would you consider spending $10 million on a silver dollar, even if it was the first one ever minted in 1794?