The World's Most Valuable Coin: 10 Million For 1794 Silver Dollar

Since the coin is the basic subject of the blog, we try to discuss about the coins from all over the world and today we are talking about the American coins. It is important to tell you that in the last January 24, 2012, Stack Bowers auctioned a silver dollar ‘flowing hair’ 1794 to the fortune of $ 10,016,875. It is the highest price ever achieved at auction for a coin. The previous record was the same house in conjunction with Sotheby's, to be sold in 2002 Double Eagle, 1933 for the impressive sum of $7,590,020.

This remarkable figure was apparently the result of a hard struggle between various stakeholders for the reason that this coin depicts allegedly the best known example of this coinage with excellent gradation which in the opinion of the quite a few experts suggests that this is the first piece produced in 1794, the year when silver dollars were issued for the first time. This money would then be the first dollar of history, a title account that explains of its value.

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The coin was acquired by the house numismatic Legend Numismatics, and the owners said that they were willing to pay much more to be done yet this piece, which they have no intention of selling it for a while. Certainly consider it an excellent investment and its value will raise considerably over the passing time.

I think this record is a clear indication of the general trend of global numismatic market which extends to the specific market of Greek and Roman coins. It seems that, for the moment, the value of the most coveted pieces is no roof and would not surprise me that this year we saw other auctions with spectacular values.

The Story of Binio (The Double Aureus) Of Galo Trebonianus – Component # 2

This post is in continuity with the last one.

David Sear considered likely that the Binio had been valued according to their weight (Roman Coins and their values, vol. III, p. 227) but if so, would have had no incentive to introduce this new currency. In my opinion, the purpose of the Roman state was that the coin would be accepted at face value, at least by those who receive the latter, which have been mostly soldiers and officials. It is difficult, however, that then circulated Binio its market value when the constant handling had already alerted golden economic actors about the need to determine the quality of each part used in a the transaction.

The production of nuismática the brief reign of Galo also distinguished by the originality of some of its reverse types which can only be interpreted as allusions to the complex situation of the empire in those years. The Binio is a clear example. Its back to the representation of Apollo "healer" should be interpreted, no doubt, as a request to God to release Rome from the suffering caused by the plague.

The End

Reassured temporarily Danube front, new problems erupted in the East. In 251, Shapur annexed Armenia, and soon after took Nisibis. In a brilliant lightning campaign the following year would capture Antioch. From 252 until well into the 253, the Persians terrorized the surrounding area, but the population of the region organized his own military resistance against the enemy, making Shapur saw eventually forced to retire. Since the summer of 253, the proclamation of Emilio Marco Emiliano-Galo's successor as governor of Moesia, by his troops. His subsequent march on Rome to face the Gothic king Galo Cniva encouraged to take advantage of the situation and renew hostilities. As had been few troops in the province could advance without much trouble to Macedonia. At the same time, Emiliano out winner of the civil war and was killed Galo.

The target may have been backed Emiliano the Danube to ensure that border before proceeding against Persia, however, faced a new rival for dominance of the imperial throne, Valeriano. The armies of the two met in September of 253, near Spoletium, where Emiliano, before the start of the fight, was killed by his own men who recognized as the emperor Valerian.

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The Story of Binio (The Double Aureus) Of Galo Trebonianus – Component # 1

In the first part of this post, I present a brief introduction to the reign of Treboniano Galo and monetary production. Today, this emperor is a little known but had to deal with one of the most critical periods in the history of Rome, marked by military disaster and a terrible epidemic.

A Reign Of Chaos

After the death of Decius, the overall situation seems to become of a chaotic empire accentuating the weakness of borders and the internal struggle for the power. Again, a new emperor had to be elected on the spot. The troops chose C. Vibius Trebonianus Gallus, governor of Moesia Senate. Galo quickly needed to make peace with the Goths both to stabilize a military situation could not be reversed easily, like to travel to Rome to secure his position on the throne. The Goths agreed to leave the imperial territory, but on condition of their captives and booty, and payment by the rule of an annual grant. After agreeing with the Goths, Galo returned to Italy, and his proclamation was formally confirmed by the Senate. A military crisis is compounded by the devastation caused by the plague, which seems to have reached its peak during the brief reign of Gallus.

The payment of subsidies to ensure peace with the Goths aggravated undoubtedly the already delicate financial situation of the empire forcing a further reduction in the silver content antoninianus to cover the rising costs. Galo Treboniano's reign marked and a new floor for the antoninianus that started minting coins with just a little more than 35% silver.

Double Golden, "Binio" By Galo Treboniano

Galo's reign also marked the golden deterioration. For the first time, during the reign of Gallus reduced the purity of gold used to cradle which fell from 99% to 97%. Furthermore, the file was used to introduce a "golden double" (traditionally called "Binio"), a gold coin valued heavier twin was noted in the conventional manner by the portrait of the emperor on the obverse striped crown. Although theoretically equivalent to two golden, the Binio had an average weight of only 5.8 grams, while the golden Galo reached the 3.65 grams. That is, their metal content was well below to the two golden face values.

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Monetary History Of Maximino Rome To Gordian III – The Last Part

This post is being written in the sequence as the third and the last part.

Maximin marched with an army to Italy with determination to crush the insurgents. At first glance, the makeshift army assembled by his opponents seemed to be no match for his experienced troops. However, instead of moving quickly toward the capital, Maximino was delayed at the site of the city of Aquileia. Although delay is, the old soldier still could have come out victorious, but their overemphasis on the effort and discipline generated only disaffection among his exhausted and demoralized troops. After four weeks, beginning June 238 - the army finally mutinied, killed Maximino and recognized Pupienus, Balbinus and Gordian III as the legitimate sovereigns.

The news of the death of Maximin was enthusiastically received in Ravenna and Rome. Balbinus and Pupienus was recognized throughout the empire, but his situation did not stop therefore being precarious. The differences between them are added to the problem of what role awarded to Gordian III. The main problem, however, was economic. To finance his campaign against Maximino and donations that any new Emperor should grant the troops, and Balbinus reintroduced Pupienus Antoninianus, currency invented by Caracalla about 25 years earlier, but now wedging millionaire quantities and with a silver content even lower. Its nominal value was two pence, but its silver content represented only 70% of the silver content of these two currencies. Thus, the Roman monetary system virtually be passed trustee as the metal backing the currency value would, from this point, merely symbolic.

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Balbinus Pupienus never won the confidence of the army and after just two months in office, in early August 238, were killed in Rome by the Praetorian Guard, who proclaimed the young Gordian III as Augustus. Over the coming years, the rule would be controlled by the directors of the young emperor who would encourage showing respect for the Senate and restore their ancient rights and privileges. The new government tried to avoid a reputation for rapacity which had proved so costly to Maximino, and efforts were made to reduce the tax burden. The solution was, again, the deterioration of the coins. The denarius minting stopped and antoninianus astronomical figures came in suffering the gradual deterioration of their quality throughout their reign.

Monetary history Of Maximino Rome To Gordian III – Part 2

This post is related with the last one and I am continuing it from the poit where I left it.

Maximino represented a new kind of emperor who did not seek to relate to the ruling elites of the empire in the traditional ways. His reign marked the beginning of a period of political instability repeatedly tend to aggravate economic and fiscal problems of the Roman state. In late March of 238 AD, a revolt broke out in Thysdrus (now El Djem), in the province of Africa Proconsular, which had its starting point in the resistance of the landlords against imperial collectors. The governor of the province, the old M. Antonio Roman Gordian Semproniano participated in the revolt and was hailed as emperor, taking his son and namesake as his colleague on the throne.

When the governor of Numidia and the army intervened to quell the revolt, the situation became hopeless for Gordian. About three weeks after its proclamation, were decisively defeated before the walls of Carthage. Gordian II died in the battle and his father hanged himself in the city. This seemed to have been the end of the incident; however, Gordian had charge of announcing the theft to the Roman Senate, who rushed to support them. Maximino and his son were sentenced as public enemies and its officials and supporters in the city wee also killed. The Senate support made the new emperors recognized in many other provinces.

 

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When news of the quick end of the Gordian reached Rome, it was too late to change course. The emperors were deified dead, and two new occupants of the throne chosen from leading senators, M. Maximo Pupienus Clodius and D. Calvin Celio Balbinus. On the day of their appointment (late April or early May 238) Balbinus Pupienus were forced by the populace of Rome to accept as his colleague with the rank of Caesar, the grandson of Gordian I, M. Antonio Gordian (Gordian III) who was only thirteen years old.

Monetary history Of Maximino Rome To Gordian III – Part 1

Continuing the series of posts about the monetary history of Rome goes on here with the first years of the period commonly known as the "crisis of the third century AD".

Alexander Severus and his influential mother, Julia Mamaea were killed in the winter quarters of his troops near Mainz, in the first months of the year 235 DC. Maximino proclaimed troops, a general of relatively humble origin who had risen from the ranks of the army by the new possibilities opened by promoting reforms of Septimius Severus. It was a real emperor-soldier, a symbol of power shifts taking place within the political structure of the empire. His reign of only three years would be fully occupied with military operations on the borders of the Rhine and the Danube and he never visited the city of Rome. Maximino lived frugally and did not advocate paying subsidies seeking peace to the enemies of Rome.

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 Although he was not stingy with the troops, there was no wastage on wages and donations. To finance military operations, the new emperor was strict in tax collection and payments were demanded extraordinarily by the rich and the poor alike. Despite all of these measures, the silver content of the silver coins minted in the name of Maximin had a new drop from the already poor level coined by Alexander Severus. It also reduced the weight and size of the various denominations of bronze.

Spectacular Unique Pieces In The Auction Of Gorny & Mosch

This year I have not devoted much attention to my posts to the auctions because I think there are already many sites that specialize in this area and do a good job about reviewing them. However I can not pass over in silence of the appearance of a couple of pieces of particular interest, both from the point of view and from the historical numismatic between auctions, 215 of the German Gorny & Mosch to be held on 14 October in Munich.

The auction includes, of course, many other important pieces, but I would like to highlight two particularly striking because they are of great quality pieces that are also unique and original.

The first one is a Herculius Maximian argenteus, coined in Serdica and only this single specimen is known, particularly notable for its portrait of Maximian in the front with a nose more prominent. The emperor appears to be dressed as a consul and carrying in his hand the "map" of one branch of the laurel. The estimated value of this coin is more or less five thousand euros.

The second is, without doubt, the star of the entire auction which is a multiple of 6 solid gold coin of Constantine minted in Nicomedia to celebrate 30 years on the throne; it is surely a unique one. The portrait is superb with all the classic features in Constantinian style and has placed the great emphasis on particularly detailed representation of the imperial diadem.

The estimated price is around one hindered and fifty thousand euros and this medallion makes a lot more value in the auction. The coin piece was acquired in the year 1972 and remained in the hands of a single collector for 40 years since then.

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