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Rare coins hold immense historical and financial value, providing a captivating window into the past while offering lucrative investment opportunities. These numismatic treasures, including the 1794 Flowing Hair Silver Dollar, 1787 Brasher Doubloon, and 1787 Fugio Cent, reveal the language, culture, and values of the people who minted and used them.
Also read: Where to Sale Rare Coins?
Many pre-1933 U.S. gold coins, such as eagles and double eagles, are highly collectible and rare, as the majority were melted down, making them valuable additions to a diverse portfolio of world coins and numismatic rarities. Investing in rare coins can potentially yield significant long-term gains, with prices of elite coin errors and valuable rare coins appreciating over 1,000% in some historical periods.
Rare Coins 1: The 1794 Flowing Hair Silver Dollar
The 1794 Flowing Hair Silver Dollar is considered one of the most famous and valuable American coins, with a PCGS grade of SP66 (Specimen 66). The coin has an auction record of $10,016,875, set in 2013, making it the first coin to sell for over $10 million at auction.
Design and Production
The coin was designed by Robert Scot, the Mint’s chief engraver at the time. Only 1,758 1794 silver dollars were officially delivered, out of perhaps around 2,000 struck. The 1794 silver dollars had several technical issues, including misaligned dies, adjustment marks, and the Mint’s lack of a large enough press to properly strike the large silver dollar planchets. Despite these issues, the 1794 silver dollar was well-received aesthetically, with a newspaper report describing it as having ‘a pleasing effect to a connoisseur’.
Specifications and Value
The 1794 Flowing Hair Silver Dollar has the catalog numbers BB-1, Bolender-1, or Haseltine-1. The total estimated population of 1794 Flowing Hair Silver Dollars is 135 to 150. The value of the 1794 Flowing Hair Silver Dollar varies greatly depending on condition, with the auction record of $10,016,875 set by Stack’s Bowers.
Historical Significance
The Flowing Hair silver dollar was the first dollar coin issued by the United States federal government, with its size and weight based on the popular Spanish dollar. The design for the Flowing Hair dollar was created by engraver Robert Scot. Approximately 203,033 Flowing Hair silver dollars were minted in total across 1794 and 1795.
Rare Coins 2: The 1787 Brasher Doubloon
Origins and Design
The Brasher Doubloon is a rare American gold coin that was privately minted in and after 1787 by Ephraim Brasher, a goldsmith and silversmith. The coin is a doubloon of eight escudos, worth sixteen Spanish dollars ($16). Brasher created the Doubloon as a private coin to help address the shortage of cash in the newly formed United States.
Rarity and Value
- Only 7 specimens of the Brasher Doubloon are known to exist today, with 2 in museums and 1 lost, making it an extremely rare coin.
- One of the surviving Brasher Doubloons, weighing 26.6 grams and composed of 0.917 (22-carat) gold, was sold at a public auction for $625,000 in March 1981.
- In January 2005, three varieties of Brasher Doubloons were sold at auction for the following prices:
- New York Style EB Punch on Wing NGC AU55: $2,415,000
- Unique New York Style EB Punch on Breast NGC XF45: $2,990,000
- Rare but less iconic Lima Style Doubloon: $690,000
Record-Breaking Auctions
| Year | Auction Price | Notes |
|---|---|---|
| 2011 | $7.4 million | The unique Brasher Doubloon, the first gold coin made for the United States, was sold for nearly $7.4 million, which was the most money ever paid for a coin minted in the United States at the time. |
| 2021 | $9.36 million | This record was broken in January 2021 when a Brasher Doubloon was sold at auction for $9.36 million, a world record for a gold coin sold in a public auction. |
Historical Significance
The 1787 Brasher Doubloon is the most expensive gold coin in the world, selling for $9.36 million at a Heritage Auction in January 2021. This surpasses the previous record holder, a 1933 Double Eagle that sold for $7.59 million in 2002. The Brasher Doubloon is of high numismatic importance, as it was created by Ephraim Brasher, a New York silversmith who lived next door to George Washington. The Brasher Doubloon is considered the ‘Holy Grail’ of coins and one of the most important pieces in American numismatic history, as it represents the beginnings of the U.S. monetary system.
Composition and Design
The coin weighs 26.6 grams and is composed of 89% gold, 6% silver, 3% copper, and 2% other elements. Only 7 Brasher Doubloons were produced, and this particular example is the only one with Brasher’s hallmark initials ‘EB’ punched on the eagle’s breast (the others have ‘EB’ stamped on the eagle’s wing).
Cultural Impact
The Brasher Doubloon has been featured in several works of fiction, including Raymond Chandler’s Philip Marlowe novel ‘The High Window’ and its film adaptations. The Brasher Doubloon’s fame was boosted by its appearance in the Raymond Chandler novel ‘The High Window’ and the 1947 film adaptation ‘The Brasher Doubloon’. The coin is considered the ‘Mona Lisa’ of the coin collecting industry due to its rarity and historical significance.
Rare Coins 3: The 1787 Fugio Cent
Origins and Significance
The 1787 Fugio Cent was the first official coin issued by the United States, authorized by Congress on April 21, 1787. It held significant historical importance as the first coin of the new nation, with elements of its design later incorporated into subsequent U.S. coins.
Design and Mottos
The obverse of the Fugio Cent featured the sun, a sundial, and the legend “MIND YOUR BUSINESS,” while the reverse showcased a chain of 13 links with the motto “WE ARE ONE”. After the 1787 Constitution was ratified, the reverse motto was changed to “E PLURIBUS UNUM,” which became a standard on later U.S. gold and silver coinage.
Mintage and Rarity
- The exact mintage of the Fugio Cent is unknown, but estimates suggest around 400,000 were struck.
- Out of the limited number produced, PCGS has only graded 108 coins in About Uncirculated 55 condition, making it a tremendous Conditional Rarity.
- A hoard of Fugio Cents in mint state condition was discovered in 1926 and released to the market in 1948, increasing the availability of these coins.
Value and Availability
| Condition | Approximate Value |
|---|---|
| Low-grade | A few hundred dollars |
| Rare variants (Reverse Rays, American Congress) | Hundreds of thousands of dollars |
APMEX partners with PCGS, the premier grading authority, to provide up-to-date pricing information on collectible and rare coins like the Fugio Cent. For instance, a 1787 Fugio Cent in PCGS AU55 condition was recently placed with a satisfied client by Rare Collectibles TV’s Private Advisory Coin Team.
Rare Coins 4: The 723 Umayyad Gold Dinar
The 723 Umayyad Gold Dinar was a gold coin minted during the Umayyad Caliphate, one of the early Islamic empires that ruled from 661 to 750 CE. It was struck during the reign of Caliph Hisham ibn Abd al-Malik, who governed the Umayyad Caliphate from 723 to 743 CE.
Design and Inscriptions
- The obverse (front) of the coin features an Arabic inscription that reads “There is no god but Allah alone. He has no partner.” This declaration is a fundamental tenet of Islam.
- The reverse (back) of the coin displays an Arabic inscription with the name of Caliph Hisham ibn Abd al-Malik.
Artistic and Cultural Significance
The 723 Umayyad Gold Dinar is renowned for its exceptional craftsmanship and artistic beauty, demonstrating the Umayyad Empire’s appreciation for aesthetics and culture. It is considered a significant cultural artifact, providing insights into Islamic art and calligraphy of the time.
Historical Importance
The coin serves as a historical record, serving as evidence of the Umayyad Caliphate’s prosperity and administrative achievements. It is of particular historical importance as it is the earliest Islamic gold coin to name a specific location in the Kingdom of Saudi Arabia – the “Mine of the Commander of the Faithful in the Hijaz”. This inscription indicates the coin was made from gold taken directly from a mine owned by the Caliph, located northwest of Mecca. No other medieval Islamic gold coins are known to describe the origin of the gold itself. The gold mine in question had originally been bestowed upon a previous owner by the Prophet Muhammad, lending the coin even further historical significance.
Rarity and Value
The 723 Umayyad Gold Dinar is highly sought after by collectors and numismatists due to its historical and aesthetic appeal. Well-preserved specimens can command significant prices at auctions, with some versions selling for as much as 3.7 million pounds. The 723 AD Umayyad gold dinar is an incredibly rare Islamic coin, with only around a dozen known to exist. In fact, the coin sold at auction in London for a record price of 3.72 million ($4.78 million), equaling the previous record for an Islamic coin at auction.
Origins of Islamic Coinage
The gold dinar was an Islamic medieval gold coin first issued in 696-697 CE by Caliph Abd al-Malik ibn Marwan. The weight of the dinar was 1 mithqal (4.25 grams or 0.137 troy ounces). The first dated coins that can be assigned to the Muslims were copies of silver Dirhams of the Sassanian ruler Yazdegerd III, struck during the Caliphate of Uthman. These coins had Arabic inscriptions added. The first silver dirham was issued in 698 CE by Abd al-Malik, with a weight of 2.97 grams, though the actual average weight was around 2.71 grams. The first gold dinars were issued in 680 CE and had Arabic standing figures on the obverse and Arabic legends on the reverse. These were replaced in 683 CE by epigraphical designs similar to the silver dirhams, with a weight of 4.25 grams.
Conclusion
The allure of rare coins extends far beyond their monetary value, serving as tangible links to our collective history and cultural heritage. From the meticulously crafted designs to the significant events they commemorate, these numismatic treasures offer a captivating glimpse into the ideals and artistry of bygone eras. The rarity and historical significance of coins like the 1794 Flowing Hair Silver Dollar, 1787 Brasher Doubloon, and 1787 Fugio Cent have solidified their status as highly coveted collectibles, commanding record-breaking prices (https://coyyn.com/bitcoin-etf-in-financial-markets/) at auctions worldwide.
While the pursuit of rare coins may be driven by financial motivations, their true value lies in their ability to connect us with the past and preserve the stories of civilizations long gone. As we uncover and celebrate these remarkable artifacts, we not only honor the craftsmanship and ingenuity of their creators but also gain a deeper appreciation for the rich tapestry of human history woven into each exquisite piece.
