Rare 1794 Silver Dollar Sells for $7.85 Million
Sale Sets New World Record Coin Price
IRVINE, Calif. – (June 7, 2010) – Arguably the first silver dollar struck by the United States Mint, the Neil/Carter/Contursi specimen 1794 Flowing Hair silver dollar sold for $7.85 million in a private transaction brokered by Spectrum Group International. The sale marks a new world record price.
The silver dollar, graded PCGS Specimen-66, was sold by Steven L. Contursi, President of Rare Coin Wholesalers to Cardinal Collection Education Foundation (CCEF), a nonprofit organization focusing on the study and publication of early American coinage. The private sale was brokered by Greg Roberts, President and Chief Executive Officer of Spectrum Group International.
“Spectrum Group is honored to be involved in this historic transaction that culminated in the transfer of this piece of American art into deserving hands,” said Roberts. “The silver dollar is a national treasure which marks a significant time in our country’s history.”
The silver dollar, first struck in 1794, was intended to replace the Spanish, English, Dutch and French coins that dominated local commerce. A total of 1,758 silver dollars were recorded struck on a hand-turn screw press at the Mint in Philadelphia on Oct. 15. This was the only day of production for dollar coins that year. Martin Logies, author of the book The Flowing Hair Silver Dollars of 1794 and director and curator of CCEF, estimates there are only 140 surviving examples of the 1794 silver dollar.
The 1984 Stack’s auction lot description of the collection that held the Neil/Carter/Contursi specimen stated that it was conceivable that the coin was the first silver dollar ever struck. Other numismatic researchers, including John Dannreuther, one of the founders of Professional Coin Grading Service (PCGS), and Logies have stated similar beliefs.
“The condition of the coin is pristine. It was never in a bag or keg of coins, indicating that it was caught after minting and has had special care since its striking,” said Dannreuther. “Its lifetime owners – or should I say, caretakers – have absolutely known it was a special coin.”
The coin’s pedigree name, Neil/Carter/Contursi specimen, is derived from the names of its previous owners. Will W. Neil owned the coin in a collection that sold in 1946 to Fort Worth newspaper publisher and philanthropist Amon Carter Sr. Contursi acquired the coin in 2003 from the Knoxville Collection described as the best type set of U.S. silver coins at the time.
“Steve Contursi has been a proud custodian of the coin since 2003. We are glad that he has now made the decision to pass this valuable piece on to CCEF, a teaching organization, where it can be shared with an even wider audience,” said Roberts. “This transaction exemplifies the long term relationships the Spectrum Group of companies tries to build. The 1794 silver dollar is a rarity that will continue to be a marquee attraction for collectors around the world.”
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Since purchasing the record-setting 1794 silver dollar, CCEF has decided to auction its other 1794 silver dollar, graded MS-64 by NGC, through a Spectrum Group company. The coin is expected to realize in excess of $1 million when it is presented in Bowers and Merena’s auction to be held Aug. 7 in Boston.
About Spectrum Group International, Inc.
Spectrum Group, named to the Fortune 500 list in 2010, is a consolidated global collectibles network. The Company is a leading auctioneer of coins, stamps, rare and fine vintage wine, and arms, armor and militaria, targeting both collectors and dealers. Spectrum is also a merchant/dealer of certain collectibles and trader of precious metals. The Company’s collectibles offerings span the modest to ultra high-end price spectrum. Spectrum conducts its operations in two business segments: collectibles and trading.
Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine. Spectrum Group also owns Greg Martin Auctions, which conducts auction sales of antique arms, armor and militaria.
The trading activities of Spectrum Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace. A-Mark’s subsidiary Collateral Finance Corporation, which is the Official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products.
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