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Rs 138 Crore for a Coin: How this Old Coin Makes Its Owner Millionaire  

Rs 138 Crore for a Coin: How this Old Coin Makes Its Owner Millionaire   

Shoe designer and collector Stuart Weitzman got it in 2002 after spending $7.6 million (over Rs 55 crore)

True to the famous line ‘Old is Gold’, people having a collection of old coins and notes become millionaires overnight by selling them online or during auctions. Recently, a 1933 Double Eagle gold coin was sold for a record-setting $18.9 million (Rs 138 crore) at an auction in New York.

The coin was having a face value of $20 (Rs 1,400) but it was sold by its owner after getting Rs 138 crore. The coin was seen encased during a media preview before the auction at Sotheby’s in New York City.

Shoe designer and collector Stuart Weitzman sold the coin. He acquired it in 2002 after spending $7.6 million (over Rs 55 crore). He had the rare and only 1933 Double Eagle coin ever allowed to be privately owned.

It was expected that the coin would be sold for between $10 million (Rs 73 crore) and $15 million (Rs 100 crore) during the auction, Reuters reported. However, the bidding price for the rare coin kept increasing and it was auctioned for Rs 138 crore.

The coin has a design of an American eagle in flight on one side and Liberty striding forward on the other. It was the last gold coin in circulation in the United States.

During the same auction on June 4, Weitzman also sold a British Guiana One-Cent Magenta stamp issued in 1856. It became the most valuable stamp in history after being auctioned for $8.3 million (Rs 60 crore).

The buyers purchased the two items on the condition of anonymity.

Weitzman has been collecting stamps and coins since his childhood. He said it is his passion. He said that he will use the collected money from the auction to fund his charitable ventures. His charitable venture includes medical research, a design school, and a Jewish museum in Madrid.

Earlier in 2019, an extremely rare silver dime was sold for $1.32 million (over Rs 9 crore) in the United States.

 

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first published:June 11, 2021, 13:34 IST