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Jan. 25, 2013 /PRNewswire/ -- Leading rare coin auctioneer Stack's Bowers Galleries conducted one of the most highly-anticipated events in numismatic history on
January 24, 2013, with the sale of the record-setting Cardinal Collection. The highlight of the evening was the
$10,016,875 sale of the coveted 1794 Flowing Hair silver dollar, a superb Gem Specimen example, the finest known to exist. This set a new world-record price for
any coin. Attended by hundreds of enthusiasts, collectors, investors and dealers, and resulting in nearly
$27 million in rare coins crossing the block, the auction of The Cardinal Collection and other important consignments took place as part of the Stack's Bowers Galleries New York Americana Sale.
"To be a part of this historical occasion is nothing short of amazing!" said
Chris Napolitano, president of Stack's Bowers Galleries. "Collectors competed with great fervor and energy, resulting in outstanding overall prices realized. The price of the gem
1794 dollar went up and up into the millions, with everyone in the audience on the edge of their seats until at last there was just one bidder remaining. At
$10,016,875, a world-record price for any coin had been set! The previous record was
$7,590,020 for a 1933 Double Eagle, set in 2002 by our firm in partnership with Sotheby's. While it is well known that the value of the American dollar has depreciated over the years, here is a dollar that has increased in value beyond the wildest of anyone's dreams."
One of the greatest American numismatic landmarks, the 1794 Flowing Hair silver dollar is the finest known example of its kind, graded Specimen-66 by the Professional Coin Grading Service (PCGS) and the Certified Acceptance Corporation (CAC), leading certifiers of a coin's condition. A close study of its characteristics suggests that it may well be the first specimen struck of the first year of the silver dollar, and was carefully preserved for posterity.