Adams-Carter coin goes for $2.3 million
Besides laundry and parking meters, there doesn't seem to be a lot of
need for coins these days. Of course, it's hard to make that claim when holding
a silver dollar worth $2.3 million.
The 1804 Adams-Carter silver dollar, one of only 15 of its type known to
exist, was sold at auction Thursday night for $2.3 million - including the
buyer's premium - to coin dealer John Albanese of
"It was basically a half-million down from last year because of the
recession," he said. "It was a good opportunity. These don't come
around all the time."
The auction was held as part of the Central States Numismatic Society's 70th annual convention at the
The Adams-Carter dollar was being sold by a private East Coast
collector. He had just bought another and thought having two was kind of
absurd, said Gregory Rohan, president of Heritage
Auction Galleries.
Coin Values magazine lists the Adams-Carter as the world's seventh-most
valuable coin. The silver dollars were never circulated and weren't actually
struck in 1804 - the date refers to the year after the U.S. Mint stopped making
that particular coin.
Coinfacts.com says eight of the 1804 coins were ordered struck by the
U.S. Department of State in 1834 to be given to foreign heads of state,
including the King of Siam and the Sultan of Muscat. One specimen was made in
1857. The other six, including the Adams-Carter dollar, were made sometime
after that.
The Adams-Carter is the best 1804 coin outside one held by the
Smithsonian Institution, Rohan said. Many people stopped by the convention just
to see it. "It's an iconic piece of American history that's never been in
Heritage, which ran the auction, is one of the largest rare coin dealers
in the world. The winning bid topped the $2 million that was expected, Rohan
said.
Albanese said he was very pleased with the coin and, even though it was nighttime, he already had two or
three calls from potential buyers. Still, it was way too late for him to think
about selling it, he said.
“I’ll deal with that in the morning,” Albanese said at about midnight.
The silver dollar is not the most expensive coin he’s ever had. Albanese
sold a 1913 nickel for over $4 million a few years ago. However, this is the
most famous coin he’s ever had in his possession, he said.
Coin collecting may seem absurd to some, but there's a financial
security behind it, he said. "Coins have held their value better than the
stock market or the real estate market in the last six months," he said.
"A lot of people said their spouses gave them a hard time for spending so
much on their coins, and now they thank their lucky stars they did."
It's not all about money, though: Coin collecting is as much, if not
more, about the aesthetics.
"If you're a coin collector, you are a student of history, arts,
science," said Dave Heinrich, president of the Cincinnati Numismatic
Association, who helped bring the convention to the city. "Whatever
interest you have, you can find it in the hobby."
The convention also had displays about money and a booth by the Bureau of Engraving and Printing, which
had a printing press from the 1860s and lessons from Chris Madden, who designed
the back of the new $10 bill. The event attracted people from throughout the
country.
Robert Hamgyas, 30, came from
Source: news.cincinnati.com