A very rare coin sold in New Orleans last week for $7.4 million. The coin is named the Brasher doubloon after Ephraim Brasher who minted it in 1787. The buyer and seller were not disclosed to the public other than the buyer is said to have been a “Wall Street investment firm,” according to a representative of the broker.
This gold coin was minted prior to 1795, which was the year the US officially started minting gold coins for circulation in Philadelphia. The Brasher doubloon is therefore considered America’s first gold coin denominated in dollars. The gold coin contains 26.66 grams of gold (31.1033 grams equals 1oz) and was worth about $15 when it was created. The gold content today would be worth $1,419.
How rare is this gold coin? It is the only one of its kind! It has a hallmark punch on the eagle’s breast; all other known examples of the Brasher doubloon have the punch on the eagle’s left wing.
What is amazing is that the last time this coin changed hands in 2004, it sold for $3 million. Therefore the current seller made a profit of somewhere near $4.4 million dollars in seven years! Because commissions and fees were not released it is unknown if the selling value breached the previous record of $7.59 million in 2002 for the 1933 $20 Saint Gaudens.
Six weeks before the coin was sold it was sent to John Albanese, a very well respected coin grader and numismatist, and the coin was graded and encapsulated. All gold coins are graded on a scale from 1 to 70, 70 being perfect condition. The 1787 Brasher doubloon was graded a 50, which is a great example of why rarity, not quality plays the biggest role in the value of a coin.
Because this gold coin was minted prior to official minting of coins it can be considered the “holy grail” of gold coins according to Albanese. It is one of the most sought after gold coins in the world and there are probably only a handful of collectors in the world who have the interest and ability to acquire such a coin.
This recent sale proves that while gold has been a hot topic over the past 11 years, rare gold coin buying is very strong and is producing record profits for many of its owners. To acquire rare gold coins of your own call us, as these types of coins are our specialty.