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All Posts Tagged With: "Spectrum"

The World’s Most Valuable Coin: Cardinal Foundation buys First 1794 Silver Dollar for $7.85 Million

The Neil/Carter/Contursi specimen 1794 Flowing Hair silver dollar has been sold for $7,850,000, setting a new record as the world’s most valuable rare coin. Graded PCGS Specimen-66, it is the finest known 1794 dollar and believed by several prominent experts to be the first silver dollar ever struck by the United States Mint.

It was sold by Steven L. Contursi, President of Rare Coin Wholesalers of Irvine, California, to the nonprofit Cardinal Collection Educational Foundation (CCEF) in Sunnyvale, California. Collector and numismatic researcher Martin Logies represented the foundation of which he is a director and its numismatic curator. The private sale was brokered by Greg Roberts, President and Chief Executive Officer of Spectrum Group International of Irvine, California.

“This is a national treasure, and I’ve proudly been its custodian since 2003,” said Contursi. “I never wanted to simply hide it in a vault because this coin is to our economy and international trade what the Declaration of Independence was to our country’s freedom: a significant piece of history and a national treasure.”

Contursi used his investment to publicly display the coin in a dozen cities around the country and at the American Numismatic Association’s headquarters museum. He had a custom-made, four foot tall wooden exhibit case constructed so it could easily be viewed, and he estimates that tens of thousands of people saw the coin in person the past six years.

“CCEF will seek to be a worthy successor custodian for such an important U.S. historical treasure,” said Logies. “I think it only fitting that the new world’s record coin price be accorded to the world’s finest 1794 dollar.”

Of all the rarities I have seen or heard of, there is no doubt in my mind that this is the single most important of all, the very first silver dollar.

Roberts, who brokered the sale, stated: “The Spectrum Group of companies were honored to be involved in the historic transaction that culminated in the transfer of this piece of American art into deserving hands.”

Previous owners included Col. E.H.R. Green, W.W. Neil and Amon Carter Senior and Junior. The 1984 Stack’s auction lot description in the Carter Collection sale stated, “It is perfectly conceivable that this coin was the very first 1794 Silver Dollar struck!” (more…)