US gold coin which was initially meant to be a $20 coin (Rs 1400) was sold for an astounding $18.9m (Rs 138 crore) in New York on Tuesday.
It has exceeded both its previous price of $7.6m set in 2002, and its pre-sale estimate of $10m to $15m. It also smashed the record for the most expensive coin in the world, set by a 1794 Flowing Hair silver dollar that sold for $10 million in 2013.
Why the coin is so unique? This is 1933 Double Eagle coin and was the last gold coin in America that was envisioned for country-wide circulation. However, the coin was never issued after Franklin D. Roosevelt removed America from the gold standard. All of the coins were ordered to be destroyed, apart from two which were given to the Smithsonian Institution.
The coin’s scarcity is furthered by the fact that it is the only example to have been “legally sanctioned” for private ownership by the US Government.
Auction house Sotheby’s described the 1933 Double Eagle, the last US gold coin made and intended for circulation, as “one of the most coveted coins in the world”.