A 1795 silver dollar is expected to set an all-time high for the category when it goes on sale Tuesday with an estimated value of $1.25 million.
The rare coin will be offered at a live auction at the Whitman Coin and Collectibles Expo in Baltimore, marking its first appearance on the market since 1996, according to Stack’s Bowers Galleries, which is managing the sale.
The Draped Bust silver dollar, depicting a bust of Liberty, was minted from 1795 to 1803 and has been reproduced, dated 1804 well into the 1850s. The design succeeded the Flowing Hair dollar, the first silver dollar minted by the United States Mint.
The silver dollar offered for sale is one of only three specimens with a centered bust, according to Stack’s Bowers Galleries, a leading numismatic auction house.
“It’s one of the most spectacular survivors of this show and it was potentially one of the very first pieces to hit the dies,” said Brian Kendrella, President and CEO of Stack’s Bowers Galleries. “It’s a historical relic from America’s formative years and is probably unique,” possibly produced for display purposes.
The current record price for a 1795 Draped Bust dollar is US$1.06 million, set at a Stack’s Bowers Galleries auction in May 2016.
This example was part of the collection of the late Paul Zito, a New York physician who died in 2005, and his wife, Rosalie. More than 92 pieces from their collection, assembled over eight years from 1995 to 2003, will be sold at Stack’s Bowers Galleries, with a total estimate of US$3 million.
The collection has been safely kept by the family since 2005, the auction house said.
The entire Zito collection is also available for viewing and auction on the company’s website, with live auctions taking place Tuesday nights at the Baltimore Convention Center.