Rare US silver dollar coin sold for $12 million by Las Vegas man
LA VEGAS – A Las Vegas man was awarded $12 million for a silver dollar that many rare coin experts say is the first silver dollar ever produced by the United States Mint.
GreatCollections Coin Auctions of Irvine, Calif., purchased the coin, according to a press release.
According to the company, the coin’s owner, Bruce Morelan, a 60-year-old Las Vegas business executive, paid more than $10 million for the rare coin in 2013. A previous owner was Amon G. Carter Sr. ., a former editor of the Fort Worth Star Telegram newspaper, the company said.
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“Due to the sharpness of detail, researchers believe this coin was specially minted, possibly as a presentation of the nation’s first one-dollar coin,” said GreatCollections President Ian Russell. “Because of its prominence, it was likely seen by President George Washington, Treasury Secretary Alexander Hamilton, and then-Secretary of State Thomas Jefferson who oversaw the fledgling United States Mint. Undoubtedly, it This is the most coveted silver dollar in the United States, a national numismatic treasure.It gave me chills to complete the transaction for this piece of history.
It is believed that a total of 1,758 silver dollars were minted in Philadelphia and delivered to government officials in 1794. The coins were to replace the Spanish, English, Dutch and French coins that were used in the United States during the post-colonial era.
“Only about 140 still survive, and this 1794 silver dollar is the only known specimen, far better than the examples in the National Numismatic Collection at the Smithsonian Institution and the American Numismatic Association museum,” Russell said.
The front of the dollars bears the date 1794 with an allegorical female representation of liberty as well as the word “LIBERTY”. The back of the coin is an eagle surrounded by a crown and the words “UNITED STATES OF AMERICA”.
GreatCollections said the coin was authenticated by experts from the Professional Coin Grading Service.
“Coins are in my blood, and the 1794 dollar was a lifelong dream,” Morelan said, revealing he had been a coin collector since he was 6 years old. “I’m really lucky to have owned it and I hope the new owner will have as much joy, pride and satisfaction as I do.”
This story was reported from Los Angeles.