Bids for 'legendary coin rarity' the 1854-O Double Eagle reach $360,000

A stand-out gold coin in an amazing collection of rare gold coins is making waves in Boston

Bowers and Merena's August 2010 Boston Rarities Sale is set to enter its live auction on August 7. By then it will have achieved some extremely impressive bids on its key lots.

We've already mentioned the 1794 Flowing Hair Silver Dollar which still leads the auction, and the finest known 1901-S Half Dollar. But there is a key coin right in between the two in terms of age which cannot be overlooked.

The 1854-O Double Eagle trails only the 1856-O to rank second in rarity among the 13 New Orleans Mint issues of this denomination, and is a legend amongst the Type I series.

1854-O gold Double Eagle coin

Only 3,250 pieces were ever minted, and these suffered a terrible loss rate by circulation. Those which survive are typically in compromised condition, but not this. Only a few wispy hairlines are apparent and it is one of the key gold lots in a sale which boasts an exceptional array of stunning rare gold coins.

Bowers and Merena are taking online bids ahead of the floor session, and the current bid for the 1854 is $360,000. Collectors and investors who want to go higher than that will have to offer an extra $10,000 just to have their bid acknowledged.

Watch this space for more news on this extraordinary auction.

• Learn how you can get pleasure and profit from rare coin investments
• Click here for all the latest Coins and Banknotes news

Join our readers in 186 countries around the world - sign up for your free weekly Collectibles Newsletter today

Recent and related articles...

·  Heritage's Florida coin auction nets an incredible $7.4m in sales | 17 July 2010

The rare 1867 5C Rays PR65 Cameo starred alongside President Teddy Roosevelt's $20 coin

·  How to... Begin coin collecting, and spot valuable coins | 14 July 2010

In this video an expert guides you through the first steps to collecting and investing in rare coins

·  Stunning Double Eagle coin from the 'Ship of Gold' sells for $10,800 | 13 July 2010

Carried on a ship whose sinking contributed the US's Panic of 1857, this rarity sold in Florida

·  Roosevelt's coin inspired by ancient Greece sells for $143,750 | 10 July 2010

'While we hesitate to call any coin perfect, this is as close to perfection as we can remember...'

·  'Even if it takes all day and night to produce one coin...' | 4 July 2010

A spectacular example of Teddy Roosevelt's favoured high-relief 1907 $20 gold coin is for sale

www.paulfrasercollectibles.com

Images: Bowers and Merena