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Thursday, 17 October 2013

The World's Most Valuable Currency That Explains Its Value

A few weeks ago, it was record that the lasubasta value of a coin struck by a silver dollar ‘flowing-hair’ 1794 by $10 million. A few days ago there was an excellent article published by Donn Pearlman on Numimaster that reveals the history of this coin and all numismatic research and marketing that enabled its reach to that exceptional value. The view is especially interesting that Pearlman having it played a central role as expert advisor to the various owners of the coin. The lessons of the case also apply to the ancient coins and so here are some details of the case and some general reflections.

From Record To Record

This issue of silver dollar is considered for many decades one of the best in existence and have a spectacular notable pedigree owners and auctions. In the first decades of the twentieth century, it was part of the legendary Edward numismatic collection of Colonel Green. In 1947, it was auctioned as part of the collection of Will W. Neil, when it reached $1250. In 1984, it was again auctioned for $264,000. By 1986, its value had dropped to 209,000. In 2002, Steven J. Contursi of Rare Coin Wholesalers purchased $2.5 million in a private transaction. Contursi sold in May 2010 for a record 7,850,000. In January surpassed its brand to reach just over 10 million.

Research & Marketing

Already in the description of the item for auction stated that 1984 was a twin copper dollar (which is now in the collection of the Smithsonian Museum) coined as a test before starting production of the first US dollars. Steven Contursi's role was central, for under his initiative, undertook a series of investigations that reinforced the idea that this coin could be the very first dollar minted in the United States.

In 2003 and 2004 the coin was removed from its plastic capsule to be examined by a dozen experts who confirmed the status as the best-preserved specimen in existence and, most likely, an early test minting. In 2003, the currency was taken to the Smithsonian to be compared with the copper test failed to detect any difference in the state. Not content with this, Contursi recruited some of the most famous American numismatic experts to study the piece and certify that it was the earliest state of the stamp witnessed.

Of course, it is impossible to prove scientifically that this coin was actually the first one out of the press. The certainty only goes up to say that at the time of its production, it did not seem to have suffered any wear-and-tear. The rest is just a clever marketing strategy that presents the results of investigations of how you can attract more attention from the media and the public. Contursi made this an exceptional work by organizing exhibitions of the piece in various numismatic conventions, press conferences with major media and everywhere highlighting the character of historic treasured piece.

The success of this strategy is in sight and clearly proves a point that the enormous added value generated numismatic and historical research in one piece in order to attract the collators to buy coin sets see complete rang by click-able link

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