Two legendary U.S. coins, one of them more than 200 years old, are expected to bring a total as high as $27 million (USD) when they hit the auction block on Tuesday (May 24) in New York City, according to Sotheby’s.
An 1804 Draped Bust Silver Dollar is estimated to sell for $10 million to $15 million and an 1822 Capped Head Left Half Eagle is estimated to sell for $8 million to $12 million.
“We’re looking at the 1804 silver dollar, which is one of America’s most storied rarities. It’s been considered the ‘king of American coins’ since the 19th century, since the 1840s in fact. And the 1804 silver dollar was created by the United States government, oddly enough, in 1834 to use as diplomatic presentation to foreign dignitaries and this particular example was given in 1835 to the Sultan of Muscat,” said David Tripp, Sotheby’s worldwide senior numismatic consultant.
“It remained in one man’s collection until 1999 when it was sold at auction and Mr. Pogue purchased it for over $4 million, which was then the world record for any coin ever sold at auction, so we are hoping and expecting it to bring somewhere between $10 million and $15 million, so it will be by far the most valuable coin ever sold,” he continued.
A 1794 Flowing Hair Silver Dollar, which many experts believe was the first such coin struck by the U.S. Mint, sold for a record $10 million at auction by Stack’s Bowers Galleries in 2013. That more than doubled the previous $4.1 million record for a coin set in 1999.
One of the five most valuable coins in the world, the 1804 silver dollar features blue and gold tones and a portrait of America’s Lady Liberty staring skyward, with stars bordering the coin’s edges. It is in such good condition that it has been given a Proof-68 grade by the Professional Coin Grading Service. That is one of the highest standards on the PCGS grading scale.
The 1804 silver dollar and 1822 Half Eagle are highlights of the fourth coin auction series of the D. Brent Pogue Collection, which is working in collaboration with the auction house and Stack’s Bowers Galleries. The Pogue Collection acquired the 1822 Half Eagle coin in 1982 from the Eliasberg Collection. Before that, the coin was unobtainable for decades. Tuesday’s auction marks the second time in over a century that collectors have a chance to compete for the rare 1822 amber-colored coin, which also features Lady Liberty, this time donning a cape with “LIBERTY” printed on its side.
“The 1822, that’s actually an interesting coin because it’s the only example. I mean it’s effectively unique, there are three examples known to exist, and the other two are in the Smithsonian Institution, so highly unlikely to be sold in the near future and that we’re expecting between $8 million and $12 million. That was last sold when the Pogues’ bought it in 1982 for just shy of $700,000, so good return on your money,” said Tripp.
The Pogue Collection, which in recent years has become the most valuable auction series in history, earning nearly $70 million in sales, was displayed ahead of the 7 p.m. ET auction at Sotheby’s headquarters in New York.
The collection focuses on non-machine manufactured currency made from 1793 to the 1830s.
“All the coins in the Pogue collection were struck and produced in these early years when things were really handmade and so there are all sorts of peculiarities,” said Tripp.
The Pogue series at auction includes a total of 63 rare coins, including notable Reeded Edge half dollars and Gobrecht silver dollars.
(c) Copyright Thomson Reuters 2016
