LOS ANGELES (Reuters) – A one in every of a sort 18th century gold coin bearing the likeness of the first U.S. President, George Washington, is predicted to fetch greater than $1 million when it goes up for auction in August, auctioneers mentioned on Wednesday.
The 1792 Washington President gold eagle coin was by no means circulated as cash, however is as an alternative thought to have been offered to Washington when submit Revolutionary War plans have been being drawn up for the first U.S. Mint.
Washington refused to have himself depicted on cash, contemplating the notion “monarchical.”
Currency researchers consider that the Washington President coin, which has his head on the entrance and an eagle on the again, was given to him as a part of a gross sales promotion in a bid to acquire a contract to strike U.S coinage, and that Washington carried it as a private memento.
The U.S. Mint was licensed in 1792 and the first cash for public use have been issued a yr later in copper and silver, with photographs of girl Liberty on the entrance and a bald eagle on the again.
The Aug. 16 auction through the World’s Fair of Money conference in Philadelphia marks the first time the Washington President coin has come to public sale in 128 years, Heritage Auctions mentioned in an announcement.
Jim Halperin, co-founder of Heritage Auctions, mentioned the coin was “unique and monumentally important, being the earliest gold pattern submitted for consideration as a United States coin.”
“Numismatic researchers widely agree that it is almost certainly George Washington’s own pocket piece,” Halperin mentioned.
Heritage Auctions mentioned the $1 million is a beginning estimate as a result of the coin is a one in every of a sort piece.
Prices for Colonial period cash, which set the usual for the trendy American banking system, have soared in latest years due to their shortage and the will to personal a bit of historical past.
The Washington President coin comes from the gathering of the late Eric. P. Newman, who acquired it privately in 1942.
Newman died in 2017 having amassed one of the vital coin collections in the United States. Thousands of tons have been offered in latest years with internet proceeds benefiting Newman’s museum operation, numismatic analysis and different charities supported by him.
The Washington President coin might be publicly unveiled at the Coin and Collectibles Expo in Long Beach, California on Thursday, and might be displayed in New York and Chicago earlier than the Philadelphia auction. All the proceeds will go to Newman’s non-profit causes.
Reporting by Jill Serjeant; modifying by Diane Craft