Rare US coin to bring $4m at June 2 auction?
One of the rarest coins in US history is to auction on June 2, with an estimate of $2-$4m
Paul Fraser Collectibles, Thursday 17 May 2012
One of the rarest coins in the history of the United States will be auctioned on June 2, with an estimate of $2-4m.
The famous 1870-S $3 coin housed in the American Numismatic Association museum was believed to be the only one of its kind, until this example surfaced.
It was discovered in 1997 by a tourist in a San Francisco bookstore, where it had been mysteriously glued to a page relating to the San Fransisco Mint, where the coin was struck.
The lucky finder, knowing exactly what he had discovered, has waited until now to bring the coin to auction.
The 1870 coin was originally struck as a one-off piece, to be put into the cornerstone of an addition to the San Fransisco Mint building. Somehow, during production the coin suffered damage and the decision was made to produce a second, which is believed to be the example at auction.
The example in the Georgia auction shares the same tell-tale trait as its twin, an "S" character which was added by hand by engraver JB Harmstead. The "S", which indicates it was produced in San Fransisco, is different to all the others in that series.
The 1870 $3 was originally produced in conjunction with the US Postal Service, as its three cent stamps were often purchased in sheets of 100. The coin is incredibly rare, with only 535,000 produced in the entire series, the smallest of any US coinage.
Paul Fraser Collectibles has a brilliant range of rare coins in stock. This Italian renaissance example is one of just three available to collectors.
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Images: Four Seasons Auction Gallery