Stack’s Bowers Galleries Sets World Record with Sale of 1794 Silver Dollar for $10,016,875
January 25 2013 - 3:49PM
Business Wire
Leading rare coin auctioneer Stack’s Bowers Galleries, a
subsidiary of Spectrum Group International, Inc. (SPGZ), conducted
one of the most highly-anticipated events in numismatic history on
January 24, 2013, with the sale of the record-setting Cardinal
Collection. The highlight of the evening was the $10,016,875 sale
of the coveted 1794 Flowing Hair silver dollar, a superb Gem
Specimen example, the finest known to exist. This set a new
world-record price for any coin. Attended by hundreds of
enthusiasts, collectors, investors and dealers, and resulting in
nearly $27 million in rare coins crossing the block, the auction of
The Cardinal Collection and other important consignments took place
as part of the Stack’s Bowers Galleries New York Americana
Sale.
Stack's Bowers Galleries conducted one of
the most highly-anticipated events in numismatic history on January
24, 2013, with the sale of the record-setting Cardinal Collection.
The highlight of the evening was the $10,016,875 sale of the
coveted 1794 Flowing Hair silver dollar, a superb Gem Specimen
example, the finest known to exist. This set a new world-record
price for any coin. (Photo: Business Wire)
“To be a part of this historical occasion is nothing short of
amazing!” said Chris Napolitano, president of Stack’s Bowers
Galleries. “Collectors competed with great fervor and energy,
resulting in outstanding overall prices realized. The price of the
gem 1794 dollar went up and up into the millions, with everyone in
the audience on the edge of their seats until at last there was
just one bidder remaining. At $10,016,875, a world-record price for
any coin had been set! The previous record was $7,590,020 for a
1933 Double Eagle, set in 2002 by our firm in partnership with
Sotheby’s. While it is well known that the value of the American
dollar has depreciated over the years, here is a dollar that has
increased in value beyond the wildest of anyone’s dreams.”
One of the greatest American numismatic landmarks, the 1794
Flowing Hair silver dollar is the finest known example of its kind,
graded Specimen-66 by the Professional Coin Grading Service (PCGS)
and the Certified Acceptance Corporation (CAC), leading certifiers
of a coin’s condition. A close study of its characteristics
suggests that it may well be the first specimen struck of the first
year of the silver dollar, and was carefully preserved for
posterity.
A certified 1792 silver half disme graded MS-68 by the
Numismatic Guaranty Corporation (NGC) sold for $1,145,625, a 1793
Chain AMERICA large cent graded MS-65 BN (PCGS) (CAC) fetched a
strong $998,750, and a 1794 Liberty Cap Cent with the Head of 1793
graded MS-64 BN (PCGS) (CAC) soared to $881,250 among many other
notable and record prices.
“Thanks to Martin Logies, chief architect of The Cardinal
Collection, we were able to bring one of the most significant
collections in all of numismatics to auction,” Napolitano
continued. “The event helped set a new standard of excellence in
numismatics, and pays homage to the history, legacy and lore of
American coin collecting.”
In addition to The Cardinal Collection, the New York Americana
Sale featured other United States coins of all denominations,
including many rarities and finest known examples. For a complete
list of items sold and prices realized from the Stack’s Bowers
Galleries New York Americana Sale, please visit
stacksbowers.com.
To consign U.S. coins and paper money to the March 2013 Whitman
Coin and Collectibles Baltimore Expo, the Official Auction of the
May 2013 ANA New Orleans National Money Show or the Official
Auction of the August 2013 ANA Chicago World’s Fair of Money,
please call 800.458.4646 (West Coast) or 800.566.2580 (East Coast).
To consign world coins and currency to our August 2013 Hong Kong
Auction or the Official Auction of the August 2013 ANA Chicago
World’s Fair of Money, please call 800.458.4646 (West Coast) or
800.566.2580 (East Coast).
About Stack’s Bowers
Galleries
Stack’s Bowers Galleries, a division of Fortune 500 Company
Spectrum Group International Inc., combines the extraordinary
histories of Stack’s, the oldest rare coin auction and retail
company in America, with Bowers and Merena Auctions, one of the
world’s preeminent auctioneers of rare coins and paper money. The
two companies unite to share a combined legacy that spans more than
100 years, and includes the cataloging and sale of many of the most
valuable collections to ever cross an auction block — the John J.
Ford, Jr. and Louis E. Eliasberg, Sr. collections, The Harry W.
Bass, Jr. Collection, and The Norweb Collection — to name just a
few. Topping off this amazing numismatic history is the inclusion
of the world record for the highest price ever realized at auction
for a rare coin: the 1794 Flowing Hair Silver Dollar graded
Specimen-66 (PCGS) that realized over $10 million dollars. The
company is headquartered in Irvine, California, with offices in New
York, New Hampshire and Hong Kong. Stack’s Bowers Galleries is the
Official Auctioneer for several important numismatic conventions,
including the 2013 ANA World’s Fair of Money and the ANA/PNG
Pre-Show, the 2013 ANA National Money Show, and the Whitman Coin
and Collectibles Baltimore Expo, three times yearly.
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