A rare coin from the 17th century set a record by fetching $2.52 million at auction, eight years after being discovered in an old cabinet in Amsterdam.
The 1652 New England threepence, roughly the size of a modern nickel, was minted in Boston. It remained hidden for over three centuries before being uncovered in 2016 inside a cabinet in Amsterdam, as reported by Stack’s Bowers Galleries, which managed the auction.
The owner had no idea of its immense value until he took the time to research the small, weathered coin, which features three Roman numerals on one side and “NE” on the other.
This discovery not only highlights the value of historical artifacts but also emphasizes the significant impact that rarity and provenance can have on a coin’s price. For numismatists and collectors alike, this sale serves as a reminder of the hidden treasures that might be lying dormant in everyday items.
In this blog, we will explore the fascinating story behind this remarkable find and what made it so valuable.
Weighing only 1.1 grams, the coin’s silver value was a mere $1.03 based on Monday’s market prices. However, its rarity and historical significance propelled its value to a new record for any non-gold U.S. coin minted before the establishment of the U.S. Mint, according to the gallery. The previous record for such a coin was $646,250.
The threepence coin is believed to have originated from the influential Quincy family of Boston, which included Abigail Adams, the first lady of the United States and wife of President John Adams. Before becoming the second president, John Adams served as the first U.S. ambassador to The Netherlands.
New England threepence coins are incredibly scarce, with the only other known example having been held by the Massachusetts Historical Society for over 120 years.
“This is one of the most significant coins in American numismatics,” said Stephanie Sabin, President of the Professional Coin Grading Service, in an interview with Coin World. “Since before the Civil War, the 1652 New England threepence has been considered the rarest American colonial coin. For more than a century, it has been regarded as completely unobtainable by private collectors.”
The bidding frenzy for the coin, which ultimately sold for three times its anticipated value, was described as “an exhilarating ride” by auctioneer Ben Orooji. He referred to the 12-minute bidding battle as “a career highlight.”
Conclusion:
The sale of the 1652 New England threepence for $2.52 million is a striking example of how history and rarity can elevate the value of even the most modest-looking objects. It serves as a reminder of the potential for valuable discoveries in unlikely places. For collectors and history enthusiasts, this coin’s record-breaking auction is sure to leave a lasting impression on the world of numismatics.
FAQs:
What was the rare coin found in?
The rare coin was discovered inside an old piece of furniture in Amsterdam.
How much did the rare coin sell for at auction?
The rare 1652 New England threepence sold for a record-breaking $2.52 million.
Why was the coin so valuable?
The coin’s rarity, historical significance, and provenance contributed to its high value.
How rare are New England threepence coins?
New England threepence coins are extremely rare, with only two known examples in existence.