Dime Sells for $1.6 Million After Fierce Bidding war
A rare collectable dime that was more than 100 years old recently sold at auction for over $1 million.
The highly sought after coin was auctioned at the American Numismatic Association Convention, according to Chris Napolitano, president of Stack's Bowers Galleries, whose gallery conducted the auction. The highest bid also came along with a 15 percent buyer's fee.
The rare coin was minted in Carson City, Nevada in 1873 during what is called a one-day run where only one type of coin is made for that specific day.
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The 1873 dime known also as the "No Arrows" Liberty Seated dime was the most sought after coin contained within the Battle Barn Collection, which included over 100 coins minted in Nevada before 1893, according to AP.
Chris Napolitano explained that the price of the coin was driven to $1.6 million because of four buyers, who were locked in a fierce bidding war for the rare dime.
"Generally speaking, in the coin auction business, you might get a couple of people fighting each other… On this one, we had four or five buyers over a million dollars. We had a fair amount of buyers pursuing it," Napolitano told AP.
The price was also driven up in part because the coin is so rare. The 1873-CC "No Arrows" Liberty Seated dime is the only one of its kind, according to Liberty Seated Dime.
The Carson City Mint produced 12,400 dimes with no arrows in 1873, but after a weight standard change the mint was forced to destroy the coins by melting them down to produce a new heavier dime.
The newly minted dimes had arrows on either side of the coin, however, one coin without the arrows was kept so that it could be used as reference for the new dimes.
Stack's Bowers Galleries revealed that the 111 coins that were up for auction all sold, bringing in almost $10 million.
