Introduction:
The pursuit of collecting rare coins is an interesting combination of history, art and investment. There are a great number of masterpieces in this market and they often cost millions of dollars, which makes serious collectors and investors who aim to find such atypical properties.
With time, the coin market has turned from a simple shop into an intricate one where collections of coins are more than just history turned into cash. High-priced coins are not just disks of metal cut into certain shapes minted in certain eras.
These coins in themselves tell all and are also wonderful investments. Such precious items can be bought easily but the price for the rarest coins can reach billion dollars within years of purchase time.
Out of that handful of coins, one stands out as particularly unique and extraordinary: the “Saint Gaudens” Double Eagle of 1933. The legendary $20 gold coin set a new record price when it realized $18,872,250 at Sotheby’s in 2021-the most expensive coin ever sold at auction.
The exceptional status of being the sole legal privately owned example of its year of minting adds mystique to this coin, thus it truly is a crown jewel of the world of collecting.
The 1933 “Saint Gaudens” Double Eagle: A Record-Breaking Sale:
The 1933 Double Eagle, no doubts the bearer of the most exemplary representative of numismatic achievement in American art. On the obverse is Lady Liberty walking forward with a torch and olive branch in either hand and the majestic silhouette of an eagle in flight on the reverse.
This $20 gold piece was designed by the famous Augustus Saint-Gaudens and is arguably the most stunning gold coin in the history of the American mint.
This piece always makes surprises where surprisingly enough on the 8th day of June in the year 2021, it was auctioned at Sotheby’s auction house in New York Bay. The first bid was placed at $15 million within seconds average raised to $18,872,250 becoming the highest relevant price in the history of all numismatics coin sales. Stuart Weitzman the shoe designer and previous possessor bought it in 2002 for 7.59 million dollars.
Understanding the History of Rare Coins and What Affects Their Value:
The coinage system in the US goes back as early as 1792, when the first United States Mint was established. Therefore, for the purpose of the present discourse, such history can be accurately traced to the late seventeenth century.
In the infant stages of this process, there was a great deal of inconsistencies when it came to the American currency system such as lack of resources and uniformity as well as many others. The more evolved these historical figures became the easier it was to create different kinds of money thus giving rise to the existence of collectable coins which are expensive even in the current dispensation.
Remarkable Milestones in the Currencies History of the United States of America
The following are some of the most important events that have affected the coinage in the United States:
- 1792: In Philadelphia, the first U. S. mint began operations.
- 1838: The first steam-powered coin presses were imported.
- 1873: The Coinage Act was enacted to regulate the circulation of currency in the United States.
- 1933: The Gold Reserve Act made radical changes in the functioning of the monetary system.
Money has Its Own History: America
There are coins that were manufactured in America which have some significance in the American numismatic market. For instance, some changes in the political situation, some practical mistakes, and some trial pieces can also be the reasons for rare variations.
These factors as well as the quality of storage influence the positioning of the coin among the collectible U.S. coins available.
Rarity vs Value: A Guide For Collectors
It is not uncommon for experienced collectors to understand that the rarity of a coin does not always make it expensive as well. Many factors come into play when it comes to understanding why some coins can sell for monster amounts and this is history, grade and demand of that coin and of course the numismatics industry.
A Glimpse at Significant Coins Auctioned Prior to the Sale of a 1933 Double Eagle Depression Era Coin
Several phenomenal coins prior to the world record sale of the 1933 Double Eagle were also reported as the most expensive coin sold in auctions. Let us discuss these coins in detail.
1794 Flowing Hair Silver Dollar – $12 Million
This ultra-rare coin, assigned an SP-66 grade by PCGS, achieved this record back in January 2013. The coin in question is one of the earliest silver dollars in circulation in the United States portraying nearly perfect strike and surface condition. This eagle is noted for its flowing hair design which has a thick depiction of a lady liberty.
1787 Brasher Doubloon – $9.36 Million
The creation by Ephraim Brasher remains one of the earliest gold coins in America. The sale in January 2021, featured the EB punch mark on the wing variety which was particularly notable for its high grade. These Doubloons were also used as a working currency for trade in Old New York, and therefore such coins are very important in the narrative of American economic history.
1822 Half Eagle – $8.4 Million
The 2021 sale of this $5 gold coin held in the March auctions marked an unprecedented turn in the history of numismatics. Considering the fact that only three are known to exist (the other two residing permanently in the Smithsonian Institution), this private sale was the very last chance for coin collectors to acquire this much sought after rarity.
The physical attributes of the coin and its importance to history are what drove it to such a phenomenal price.