As CoinLink reported on September 19th, NGC had Certified a Unique Russian 1755 Pattern 20 Rouble. That same coin is going to be sold in London Next month. Below is an article written in the Wealth Bulletin previewing that sale.

“The coin world’s answer to Damien Hirst’s art sale at Sotheby’s is set to take place on November 6, when a rare 1755 Russian 20-rouble gold coin goes up for auction at London’s Cavendish Hotel.

The coin was once owned by Grand Duke Georgii Mikhailovich, a 19th century member of the Russian royal family. It is being sold by St James’s Auctions, in association with coin dealer AH Baldwin & Sons.

Baldwin managing director Ian Goldbart said he expects the item to beat the record price for a non-US coin, currently held by a Polish 100 ducat, which fetched $1.48m early this year.

Goldbart said that the soaring price of precious metals is a factor behind a surge in demand for gold coins this year, on the back of growing demand for bullion. The price of gold, currently $879 an ounce has soared following the collapse of investment bank Lehman.

Gold exchange-traded funds have enjoyed record demand, although discriminating wealthy investors, nervous of the covenant of banking custodians, are increasingly keen to put bullion in their own vaults.

But Goldbart said that the key factor behind demand for coins was their scarcity: “Coins of the quality of the Russian 20-rouble almost never become available,” he said. “The coin last changed hands in 1950.” He said rare coins have only recently started to rise in value, adding: “Unlike Hirst’s art, they aren’t increasing in number.”

No reserve price is being quoted for the 20-rouble coin, but Goldbart said it could fetch between $2m and $3m, due to the item’s rarity.”