1856-O double eagle coin brings $345,000, after 100 years hidden in Ohio



2015-06-26 12:04:23

1856-O double eagle coin brings $345,000, after 100 years hidden in Ohio

Graded "extremely fine", this newly-surfaced specimen starred in Heritage's Long Beach sale

A recently-discovered specimen of the 1856-O double eagle - graded XF45+*, NGC - was the big star of Heritage's September US Coin Auction in Long Beach, California.

The 1856-O soared to $345,000 amidst spirited bidding according to the auction house. Overall, Heritage's sale realised an impressive $13.4 million sales total.

Heritage reports that almost 5,000 bidders were in attendance, vying for the 7,385 lots and contributing to a successful 96% sell-through rate.

"Overall the auction affirmed the continued strength of gold in an up-and-down global market with spot gold prices reaching $1,300 and [comprising] seven of the top 10 lots," said a statement from the auction house.

"We were all quite impressed overall with how these coins performed. Collectors continue to respond enthusiastically to the best and rarest examples, as evidenced by the heated competition for the Bullock 1856-O double eagle.

The Bullock 1856-O double eagle, held in an Ohio collection for nearly 100 years

"We don't expect to see a drop-off in gold demand as the year comes to a close and we hold our last few auctions of 2010."

The Bullock 1856-O double eagle is understood to be one of perhaps 20 or fewer commercially available examples.

What's more, this particular 1856-O gold double eagle is no stranger to celebrity after making the news in July, 2010,afterit surfaced in Ohio.

Remarkably, the coin was part of a small accumulation of gold coins held by a family in Ohio for nearly a century.

Now the 1856-O can boast significant value to match its impressive provenance. Its $345,000 final price placed it at the top of the roster in Heritage's Long Beach Auction.

*XF grade coins (or "extremely fine", EF) have a very light wear on only the highest points.

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