Andrew Jackson Gift Coin Worth $5 Million
A coin that was minted and used as a gift from President Andrew Jackson on missions to Asia, sold for $5 million to a very gutsy collector back in November of 2007. The coin was actually a $10 eagle coin, and is dated from 1804. However, the coin was actually struck in Philadelphia in 1834, and is representative of three other coins that have survived until recent times.
The buyer and seller have remained anonymous, for a variety of reasons. However, the President of Albanese Rare Coins, David Albanese was the one who held the sale. He mentioned that both have collected coins since their childhood, and that they are both from the Northeastern United States.
The 1804-dated coin is the exact same one that was sold for $1 million in 2003 and again in 2005 for $2.47 million. Given the time frame, the recent economic downturn and the increasing price of gold, it’s safe to say that within two years, each buyer doubled his investment, and we’ll have to wait and see if the current owner is able to do the same.
Given the rising cost of gold as an investment, it’s likely that he will sell at some point, but no one can predict when. Like many prominent coin collectors, the current buyer actually might never sell the coin, leaving it to a family member or as part of his estate to be sold and the money to be given to various family or charities.
There are four of these Andrew Jackson coins that have survived the times, and all of them are owned by private collectors. However, one of the coins has been on loan to the Colorado museum. This coin is on a 25-year loan from the owner. The coin that was used as a gift from Jackson and sold for more than $5 million is in mint condition. It shows Miss Liberty on the front, wearing a turban and surrounded by the 13 stars representing the original states of the Union. On the reverse, the coin has an eagle with spread wings. The denomination is not printed on the coin, but it is known that this coin was used as a $10 coin in its day.
The $5 million coin is the most expensive coin of its kind ever bought or sold in the coin market. It scored a record as the second most valuable coin in the world, sharing that spot with a 1913 nickel that sold in the same year. The 1933 St. Gaudens gold double eagle is the most valuable coin in the world, which was actually acquired for $7.59 million.