Rare Newfoundland Coin gets top dollar

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Rare Newfoundland Coin gets top dollar

Post by Silverman » Tue May 26, 2020 2:06 pm

Hey all I found this post interesting..
I would love to see some of your Newfoundland or early Canada Coins

"Unique Newfoundland coin sells for almost $103,000"

It’s rare. In fact, it’s the only one in the world.

In 1865, when the now Atlantic province of Newfoundland was still a British colony, a test design was struck for a new $2 gold coin.

The coin is what is known as a pattern specimen- not intended for circulation but merely as a sample for officials to decide on the design. This rare specimen was struck at the Royal Mint in London, England with extra pressure to ensure fine detail.

Rod O’Driscoll is owner of East Coast Coins in St.John’s Newfoundland. He says Newfoundland coins are valuable because collectors can get a complete set as there were only 145 minted. He also says the gold coin just sold, is already back on the market. © CBC
As that particular design was not chosen, the sample coin remained the only one made. Coin specialist, Fred Bowman, listed it in 1969 as one of “Canada’s” ten rarest coins, although it should be noted, Newfoundland did not become a part of Canada until 1949.

It has had an interesting history and travel experience.. From its initial striking, in 1910 the coin turns up (depending on sources), either at the British Museum, or in a Spinks coin catalogue. Then it found its way into the King Farouk impressive coin collection in Egypt. In 1954 it was purchased from the deposed King’s collection at an auction in Cairo for just over $300 for the Norweb collection.

Decades later a portion of the Norweb collection was auctioned off in November 1996 with the rare coin now fetching over US$39,000.

This month it was one of several Newfoundland coins at auction, selling for US$102,812.50. Also sold was a 20-cent bronze coin from 1865, that went for nearly US$24,000, and another 1865 coin, a 5-cent piece, sold for US$12,000

Newfoundland coins are very popular for coin collectors around the world, says Rod O’Driscoll owner of East Coast Coins. He says that’s because they comprise a complete set. The colony began minting its own coins in 1865 and continued until 1947, two years before Confederation. The limited stretch of time means there are only 145 different Newfoundland coins, and collectors love completing sets, said O’Driscoll.

He says that with this sale, the pattern specimen $2 coin, is now the most expensive Newfoundland coin ever sold.

He also has Newfoundland bank notes that he bought for $3,000 in 1991, and that now can fetch in the range of $20,000 at auction.

Rod O’Driscoll says the person who just bought the coin has already begun offering it for sale.

https://www.rcinet.ca/en/2014/04/15/uni ... st-103000/
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