1787 Brasher Doubloon, first U.S. gold coin, could fetch $15 million

By Josh Friedman, Bloomberg

Among the globe’s most desired coins is pertaining to the marketplace.

The Brasher Doubloon, the initial gold coin struck in the U.S., is being provided privately at a $15 million asking rate, according to numismatic advisor Jeff Sherid. His company, Los Angeles-based PCAG Inc., is marketing the coin in behalf of a collection agency he would only recognize as a previous Wall Road exec.

The doubloon is dated 1787 — — 11 years after the Statement of Self-reliance was authorized, the exact same year the Constitution was composed as well as five years prior to the government mint opened in Philly. Metalsmith Ephraim Brasher, George Washington’s next-door neighbor on New York’s Cherry Street, independently minted a small batch of the coins and punched this one-of-a-kind version with his hallmark “EB” on the eagle’s bust. The soon-to-be head of state virtually absolutely handled it, according to longtime numismatist John Albanese, founder of Qualified Acceptance Corp., a coin-grade verification service.

“If you chat to coin nerds and also old-time experts, I’m presuming they ‘d all say the Brasher Doubloon is the best coin ever before as a result of the background,” Albanese claimed.

Uncertainty bordering the coin’s initial function adds to its mystique. Chroniclers believe it may have been planned for blood circulation, though some suppose it can have been a prototype or souvenir. 7 examples survive yet the others, including one in the Smithsonian, are stamped on the eagle’s wing rather than between.

The coin also has a location in popular culture. Private investigator Philip Marlowe pursued it in Raymond Chandler’s 1942 novel “The High Window” as well as a succeeding motion picture version.

Handle the $4 billion U.S. rare-coin market are frequently done independently with prices maintained mum. The public auction record for a single coin was embeded in 2013, when a 1794 Flowing Hair silver buck sold for $10 million.

The Brasher Doubloon will possibly become the initial $100 million coin at some point, Albanese anticipates. Initially worth regarding $15, it went on to cost $625,000 in 1981, $2.99 million in 2005 as well as $7.4 million in 2011. The present owner paid a concealed amount in a 2015 private transaction.

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