A 1929 Indian $5 gold coin soared above expectations and fetched $40,950 (inc. premium), racing past its high estimate of $25,000 at the Bonhams' Coins and Medals sale on June 1. The final year of issue in the Indian five dollar gold series, the 1929 ranks as the scarcest date with a population that's likely no greater than 600 pieces.
The winning bid was placed in the room after a prolonged bidding war. The West Coast auction in which it sold was a well-attended success, selling 94 percent of the 593 lot sale.
The coin is the final year of issue in the Indian $5 gold series. Due to the fact that these coins were struck just a few years before gold was demonetized in 1933, virtually no examples are known in grades lower than AU. In addition, the 1929 ranks as the scarcest date for the series, making this an exceptionally rare collector's item.
The 1929 is also notable as it is the only issue of the design type produced subsequent to 1916.
Additional high points of the auction include:
- A Russian gold medal dated 24 May 1719 depicting Peter I The Great, which realized $29,250. The highly detailed medal commemorates the capture of three Swedish warships during the Great Northern War between Russia and Sweden.
- A gorgeous and virtually untouched MCMVII high relief (1907) $20 that achieved $15,210. The coin was most likely struck at the express request of President Theodore Roosevelt during his redesign of the United States coinage.
- A rare and desirable George II of England Gold 5 Guineas dated 1738. This collectable sold for $11,700, well over its high estimate of $6,000.
- An especially well preserved 1927 $1 graded MS65 by PCGS that fetched $11,115, racing past its high estimate of $2,250. Prime examples are rarely seen of the 1927 Peace Dollar. The design elements on this silver coin are sharply impressed and the surfaces are free of detracting abrasions.
- A private collection of Washington Quarters from the 1930s through 1964 anchored much of the auction, and every single one of these 200 plus lots were sold amidst active bidding.
The Director of the Rare Coins and Banknotes Department at Bonhams, Paul Song commented, "Virtually all of the coins in this auction were from estates or small private collections. The freshness of the material to the marketplace was reflected in the overall sell through rate and the prices."
Bonhams next Coins and Medals sale will be held in Los Angeles in September.
For more information on this sale please visit www.bonhams.com/auctions/22460/.
