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Once Upon a Dime: Rare Coin From 1894 Sells For Over Rs 9 Crore

The dime was once owned by the late former Los Angeles Lakers owner and avid coin collector Jerry Buss.

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Updated:August 24, 2019, 4:38 PM IST
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Once Upon a Dime: Rare Coin From 1894 Sells For Over Rs 9 Crore
Image Credits: CNN.
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An extremely rare silver dime has fetched $1.32 million ( over Rs 9 crore) at an auction in the United States last week.

Dell Loy Hansen, a businessman and collector from Salt Lake City, purchased the 125-year-old 1894-S Barber Dime at the American Numismatic Association World’s Fair of Money in Chicago through buyer John Brush.

“This was one of the most exciting acquisitions we have made in the pursuit of Mr. Hansen’s collection,” Bush said in a statement.

Only nine of the 24 1894-S dimes struck at the San Francisco Mint are known to exist, according to auction house Stack’s Bowers Galleries.

The auction house said “fortunate is the numismatist — professional or private collector — who has the opportunity to even gaze upon one of these coins in real life or to hold it in their hands even for a minute or two.”

The dime was once owned by the late former Los Angeles Lakers owner and avid coin collector Jerry Buss.

The coin was ranked No. 6 in the popular reference 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth.

According to several theories, the coins were struck to compensate a small discrepancy in the San Francisco Mint’s annual audit, produced for assay purposes, to close out a gold bullion account, or as special gifts for a group of bankers.

But, according to Stacks Bowers Galleries, the 1894-S Barber dimes were an “inadvertent creation.”

On April 7, 1894, the sub-treasury in San Francisco delivered to the Mint nearly $1 million in old and/or damaged coins to be melted and struck into new coins.

However, there was still a small portion of silver bullion left, just enough to make the 24 1894-S dimes

A rare 1876 20-cent piece, described by the Stack’s Bowers Galleries as “a one-year wonder,” was also auctioned at the event for $456,000.

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