Top 5 World Rare Penny

Do you know, a rare penny or one cent coin can make you million? Almost anywhere in this world, penny or one cent coin has been stop production because it has no more value. It make them rare and a must have for collector around the world. In the past few days, many readers are looking for information about the most valuable penny coins in the world. Some of the coins are specimen coin and they're also wrong metal cent. I had been sharing story about them before in my blog but have not make a list of valuable penny before. Here are "World rare penny list" and their value price. I arrange it according to their highest value.

1. 1943 Lincoln Copper Aloy cent

The world's most expensive penny, a Lincoln cent struck in the wrong metal at the Denver Mint in 1943, has been sold for a world's record price of $1,700,000 by Legend Numismatics of Lincroft, New Jersey. The buyer is a Southwestern business executive, who wants to remain anonymous. The historic World War II era coin's former owner arranged for the entire proceeds of the sale to be given to a charitable organization. This one of a kind Lincoln cent, mistakenly struck in 1943 at the Denver Mint in bronze rather than the zinc-coated steel used that year to conserve copper for World War II. Most 1943 pennies are steel-gray in color and not worth much more than face value. Read More: World's most expensive penny -Lincoln cent.

2. 1793 chain cent

A 1793 penny known as a "1793 chain cent" sold for a record $1,380,000 by Heritage Auction on 4 January 2012.  The chain cent get its name from the interlocking chain with 15 links on its reverse. It were struck during late February and early March 1793 with only approximately 36,103 pieces minted. The coin was made at the Mint in Philadelphia in 1793, the first year that the U.S. made its own coins. Heritage officials said in a news release that the name of the buyer was not revealed but that he was "a major collector." One of the coin's earliest owners was a well-known Baltimore banker, Louis E. Eliasberg, Sr. Read More: 1793 chain cent sold 1.3M.

3. 1792 Silver center Penny

A rare 1792 Silver Center Penny sold for $1,150,000 by Heritage Auction on 19 April 2012. The auction won by Kevin Lipton of Beverly Hills, California, who bought the penny on behalf of a group of unnamed investors for $1 million and must also pay the auction house's 15 percent commission. Only 14 of copper and silver 1792 experimental penny exist and this is the third best example (Morris Specimen) of the coin. One of the coin sold at auction in 1974 and reached a price of $105,000. The Silver Center cent was the first coin produced within the physical Philadelphia Mint building shortly after its completion near the end of 1792. The coin was auctioned off at the Renaissance Schaumburg Convention Center in Chicago. Read More; Rare 1792 Silver Penny sell for $1.15 million.

4. Canada 1936 one cent

A coin in Canada also known as "King of Pennies" was auctioned by Heritage Auction Galleries in New York on 3 January and 4 January 2010. The coin is extremely rare because only three pieces of the coin is available around this world and all of them is owned by numismatist John Jay Pittman until his death in 1996. Canada King of Pennies or a 1936 dot cent coin, was most likely never released into circulation. The King of Canadian coins was purchased for USD$402,500. Read More: Rare Canada Penny sold.

5. 1933 penny King George V

The Royal Mint had no plans to make any pennies in 1933 because there were already plenty around. However, a small number were produced following requests for a commemorative coin. Experts have always worked on the basis there were seven. Of these, three were placed by the King under the foundation stones of buildings, two were presented to the British Museum and two found their way to private collectors. In September 1970, during building work, one of the coins was stolen from the cornerstone of the Church of St Cross in Middleton, Leeds. Rather than risk a further theft, the Bishop of Ripon ordered that another coin buried at St Mary's Church in Hawksworth should be unearthed and sold. Today the Mint Museum, British Museum and the University of London each hold one of the coins, with three in private collections. Expert believe a genuine coin would fetch more than £80,000, while some versions would be more than £100,000. Read More: 1933 penny King George V.

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Rare 1792 penny sold for $1.15 million

A rare 1792 Silver Center Penny sold for $1,150,000 by Heritage Auction on 19 April 2012. The auction won by Kevin Lipton of Beverly Hills, California, who bought the penny on behalf of a group of unnamed investors for $1 million and must also pay the auction house's 15 percent commission. Only 14 of copper and silver 1792 experimental penny exist and this is the third best example (Morris Specimen) of the coin. One of the coin sold at auction in 1974  and reached a price of $105,000. The Silver Center cent was the first coin produced within the physical Philadelphia Mint building shortly after its completion near the end of 1792. The coin was auctioned off at the Renaissance Schaumburg Convention Center in Chicago.

On the obverse show Liberty faces right with hair flowing behind. The obverse periphery reads LIBERTY PARENT OF SCIENCE & INDUSTRY, with 1792 just below the bust. The reverse has a wreath tied with a ribbon at the bottom; ONE CENT is within. Around the rim is UNITED STATES OF AMERICA with the fraction 1/100 below. Struck in copper with a silver plug in the center.

The coin is made from copper and incases a small plug of silver. The silver was added to make the penny heavier. For a comparison, Canada King of Pennies or a 1936 dot cent coin sold in an auction for USD$402,500 at a New York auction in January 2010.


Source: Heritage Auction.

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Asia Most Expensive Banknote

I think everyone already knew Asia Most Expensive Banknote is a complete 6 pieces with same serial number A/1 000001, Malaysia 1st series banknotes. The banknote sold for £115,100 four time the original estimate (£20,000-£30,000) in Auction by Spink on 8 October 2007. The item won by CIMB Bank of Malaysia and were given as a gift to Bank Negara Malaysia. On my visit to Sasana Kijang Bank Negara, I don't see this banknote on display at the museum. This banknote should be an attraction to visitors to the new museum. After over 5 years, these banknote still hold the title as The Most Expensive Banknote ever sold via auction in this world. The price is much more lower then The World Most Expensive Banknote at  USD$2,255,000 for US Grand Watermelon Banknote.

Here a little bit information about the notes by SPINK:

"The banknotes were a gift presented by Ismail Mohd Ali, on behalf of the Board of Governors of Bank Negara Malaysia, to the (fourth) King of Malaysia, Tuanku Ismail Nasiruddin Shah. They are preserved in a blue leather presentation album with the title Bank Negara Malaysia and arms in gold on the front cover. The folder contains the following: 1 ringgit, blue and multicoloured, 5 ringgit, green and multicoloured, 10 ringgit, blue and multicoloured, 50 ringgit, blue and multicoloured and 100 ringgit, purple and multicoloured, all ND (1967), serial number A/1 000001, all with portrait of Yang Di- Pertuan Agong, TuAnku Abdul Rahman, first King of Malaysia, at right, all are signed by Ismail Mohd Ali, value at centre and at each corner, all notes are mounted in card with gold border (Tan M 27, 28, 29, 30, 31). There is also a second presentation album containing 1000 ringgit, ND (1968), serial number A/1 000001, purple and multicoloured, portrait of Yang Di- Pertuan Agong, TuAnku Abdul Rahman, first king of Malaysia at right, signed by Ismail Mohd- Ali, value at centre and each corner, mounted in card with gold trim (Tan M 32)".
Source: SPINK.

I also heard rumours that this banknote set is a collection of Steven Tan but rumours are just rumour. We can hear any rumours but please don't believe until they're evidence come with it. Malaysia New Premier set for the Malaysia 4th series banknote also came with a same serial numbers in one pack. The price of the notes are not going up now but I believe one day its one of the collection that worth to keep. This post is exactly a repost of my old blog post, just to motivate all Malaysia New Premier set collectors out there who are not happy with the market price of the set. Just keep it, take a very good care of it and consider it as an investment. Looking at the most expensive Asian banknote sold in auction, the notes actually from 1967 and the auction in 2007, it need at least 50 years before you can really see the return of your investment. Be patient and try to collect other items to keep you from selling your investment.

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India most expensive coin

Last month, an anonymous numismatist from Uttar Pradesh, make a record for India most expensive coin ever sold in an auction. His East India Company 1835 King William IV two mohurs gold coin sold for 11.5 lakh (13 laks after tax) in an auction by by Marudhar Arts, an Archaeological Survey of India-licensed auction house. 13 lakh in Indian Rupees is 1300000 Rupees ( around $USD14,340.08). The coin purchased by Bangalore-based businessman Arvind Kumar. The coin purchase involve a total expenditure of Rs. 13 lakh, as his new possession will also attract service tax, sales tax and value added tax, besides the auction house's commission.

Picture by the Hindu: Arvind Kumar and his son.

Classified as “extremely rare” in numismatic circles, the King William IV Two Mohurs 1835 weighs 23.32 gm or two tolas of gold. The minting of double mohurs at Calcutta Mint began before the end of 1835 and the British government put these into circulation on January 1, 1836. The coin is 32 mm in size and has William IV to the right in obverse and R.S., the initials of Robert Saunders, the Mint Master of Calcutta Mint from 1826 to 1836. The exact number of double mohurs minted in 1835 is not known. Those auctioned these days, including the one auctioned on Saturday, were from about 1,300 coins re-struck at Calcutta Mint in 1948.

According to auctioneer Rajendra Maru, the bid amount for the double mohur was the highest ever for any coin in India. He said that the previous highest sale on an Indian coin was at Rs. 8 lakh for a gold coin of Chhatrpathi Shivaji's era.

 East India Company 1835 King William IV two mohurs gold coin

On the obverse, bare head bust of William IIII to right, English legends WILLIAM IIII KING. Large dot appears after the date 1835, incuse R.S. on the truncation. R.S. is the initials of Robert Saunders, the Mint Master of the Calcutta Mint from January 1826 to January 1836.

On the reverse show lion facing to the left in front of palm tree with English legends EAST INDIA COMPANY.The value in English and Persian Legends (Do Ashrafi or which means Two Mohurs).

Source: The Hindu. Marudhar Arts.

When will we can see a Malaysia coin fetch million ringgit in auction? The best price (not the most expensive) so far is the 1 sen 1976 sold for RM3600. Its a one cent coin and sold for over three thousands ringgit, isn't that exciting? When the coin price still cheap, I advice you to buy any rare Malaysia coins that you can. Who know, one day you can become a millionaire. 

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1933 Double Eagle not the most expensive coin

Reading news related to coins just now and its a little bit funny when all the major news website quote the 1933 Double Eagle as the World Most Expensive coin. You can read it in BBC, Daily Mail, Huffington Post and other major news site. Its a wrong information because since a new most expensive coin take over its position in 2010; 1794 silver dollar coin, 1933 double eagle is not the most expensive coin anymore. To anyone who still don't aware, 1933 double eagle will be on exhibition in UK this weekend at at Goldsmiths' Hall in Foster Lane. The 1933 double eagle UK Exhibition is a part of a European tour arranged by the Samlerhuset Group, parent company of the London Mint Office, with the Smithsonian's National Museum of American History, based in Washington DC.

On 30 July 2002, 20 Dollars 1933 Double Eagle Gold Coin were auctioned of for $6.6 million, plus a buyer’s fee of 15% for a total price of $7,590,020 at Sotheby's, New York, USA. The coin became the world most expensive coin ever auctioned before a New World Most Expensive coin, 1794 Liberty Dollar beat the record in 2010. The Neil/Carter/Contrusi 1794 flowing hair dollar, sold in a private sale for $7.85 million to the Cardinal Collection Educational Foundation of Sunnyvale by Steven L. Contursi. The Name "Neil/Carter/Contrusi 1794 flowing hair dollar" came from the previous owner of the coin. The price became so high since many numismatist believe the coin is the first 1794 Silver Dollar.

You can read some of the news here:
CBBC Newsround, BBC news channel: The world's most expensive coin is on display in London.
Huffington Post: Rare Double Eagle, Most Expensive Gold Coin Ever Made, To Go On Show.
Daily Mail UK: Rare 'Double Eagle' 1933 coin worth $7.6 MILLION goes on show in UK for first time.

All of this maybe because Guinness World Record still put the Double Eagle 1933 as the most expensive coin in their website; Most Expensive coin sold at auction. But if you talk about the World Most Expensive Coin, it is the 1794 flowing hair dollar.

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World Largest Current Circulation coin

Do you know which coin is the world largest current circulation coin? A friend told me that Malaysia 50 sen is the largest circulation coin but I know they're many coins larger then our Malaysia coin. Before we start discussing, let me explain what is The "World Largest Current Circulation coin". Largest mean the largest measurement in diameter. Current circulation mean coins that are still being used in everyday transaction(officially use by any countries not by group of people). For this post, I am using pictures from worldcoingallery.com because they provide free actual size coin pictures complete with ruler at the bottom of each coins. Since no one has really give any decision about this matter before, I will make this as a discussion, will edit this post later when we get the best coin to fit this record.

Malaysia 50 sen

Face Value: 50 sen.
Diameter:: 27.76 mm.
Weight: 9.33 gm.
Composition: Cu:75, Ni:25.
Edge: Incused lettered.

Australia 50 cents

Value: 0.50 AUD
Weight:  15.55 g
Diameter:  31.65 mm
Thickness 2.00 mm
Edge: plain
Composition: 75% Copper, 25% Nickel

French Polynesia 50 Francs

Value: 50 Francs
Metal: Nickel
Weight: 15 g
Diameter: 33 mm
Shape: Round

500 Colones Costa Risca

Value: 500 Colones
Metal: Aluminium-bronze
Weight: 11 g
Diameter: 33 mm
Shape: Round

If you're saying Malaysia 50 sen is the largest coin in the world, I totally don't agree. Malaysia 50 sen only have a smaller diameter (27.76mm) compare to Australia 50 cents (31.65mm). I knew they're 34mm circulation coins out there but I forget from what country and if the coins still exist in circulation (I cannot check them right now). Some people were saying that Australia 50 cents is the largest coins but 500 Colones Costa Risca and French Polynesia 50 Francs a bit larger with 33mm measurement. 

What do you think? I know for sure, Malaysia 50 sen is not the largest coins out there but I am not sure what is the current largest coins. I am outstation right now and I cannot check my world book catalog. If any of you think they're coins in circulation larger then the coins in this post, please share. But please don't spam the comment form with your blog link.

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1787 gold coin sold $7.4M

A rare 1787 gold coin sold $7.4M in an auction, highest prices ever paid for a gold coin. For a record, World's most expensive coin: 1794 silver dollar sold for  $7.85 million. The rare 1787 gold Brasher doubloon purchased by a Wall Street investment firm. A New Orleans-based coin and precious metals company, Blanchard and Co., brokered the deal but identities of the buyer and seller were not disclosed.  Minted by Ephraim Brasher, a goldsmith and neighbor of George Washington, the coin contains 26.66 grams of gold, slightly less than an ounce. The Brasher doubloon is considered the first American-made gold coin denominated in dollars; the U.S. Mint in Philadelphia didn't begin striking coins until the 1790s.

AP Photo/Chris Baudot, Blanchard and Company, Inc.

The 1787 Brasher Doubloon is an impressive example of early American design. The debate continues as to which side of the coin is the obverse, but most numismatists now agree that the landscape side of the coin is the obverse. The coin features the radiant sun just behind the peak of a mountain with the sea in front. Brasher’s name is boldly engraved below the sea. The landscape is framed by a circle of beads. Along the periphery of the coin, separated by rosettes, are the legends “NOVA EBORAC,” which is the Latin name for New York, “COLUMBIA” and the state motto “EXCELSIOR.” Translated literally, the legend means New York, America, Ever Upward. “Excelsior” remains the New York State motto to this day.

picture by: emediawire.com

The reverse depicts a proud, heraldic eagle with its wings displayed. The eagle is facing right and its head is surrounded by thirteen five-pointed stars, symbolizing the thirteen original states. Across the eagle’s breast is a shield. In the right talon, representing peace, are olive branches, and in the left talon are the arrows of war.  The entire eagle is encircled by a wreath. At the bottom edge of the coin is the date with rosettes placed on either side. At the top edge is the inscription “UNUM E PLURIBUS” (One From Many) which is separated by two six-pointed stars.

The coin is called a Doubloon because it is approximately equal in weight to the Spanish Doubloon which circulated actively in colonial America. A value of $16 was initially attributed to the coin, but later research shows that this value was erroneously placed and the “Doubloon” was actually worth $15 at the time of issue. This value was first suggested in a comprehensive article about Brasher Doubloons written by numismatist William Swoger and published in the June 1, 1992 issue of Coin World magazine. Additional information about weights and measures of the era was published in the 1993 book, "Money of the American Colonies and Confederation," by Phil Mossman.

Source: Associated Press.

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Longest coin line

Yesterday, I read a news by Philstar.com about an attempt by Philippine civic groups and charities to break Guinness World Record Longest coin line. The event was called, “Barya ng mga Bayani [Coins of Heroes]: The Power of Small Change.” Today, they reportedly have break the record with  73.02 kilometers of 25-centavo coins, breaking the Guinness World Record on the longest line of coins. Thousands of students and members of civic groups converged yesterday at the Quirino Grandstand at Rizal Park in Manila to join the event.

Photo by Philstar.com: 25-centavo denomination

The old record hold by 64.88 kilometres of pennies set in Fort Scott, Kansas in 2008. The Americans used 3 million pennies or 1 pennies for that record. Its a new record for the longest line of single-denomination coins. The previous world record of 55.63 kilometers was set in Malaysia in 1995.

The Kabayanihan Foundation, Bangko Sentral ng Pilipinas, and the City of Manila organized the daylong activity that started at about 9 a.m. at the park’s parade grounds that could accommodate a 100-kilometer line of coins. Kabayanihan spokesman Gerry Gomez said the target is to complete a coin line ranging from 75 to 100 kilometers in the early evening and representatives of Guinness World Records would document the event. Businesses, universities and private groups all contributed nearly 3.6 million 25-centavo denomination coins, amounting to about 912,000 pesos.

Photo by AFP: Filipinos line up the coins

The organizer said the event had three objectives, the first of which was to promote awareness among Filipinos of the importance of coins. The second objective of the event was to start raising funds to help build classrooms for public elementary schools. All the coins gathered from the event served as donations for classroom building. The third objective was to unify Filipinos. Organizers said working to break a world record was a good means to promote cooperation and unity among Filipinos.

Source: Philstar, AFP, Inquirer.net

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World's biggest gold coin

Many of you already knew which coin hold the records for World's biggest gold coin or the world largest gold coin, Perth Mint 1 tonne Gold Kangaroo coin. When I check Guinness World record website today, look like the record for the world largest gold coin had not yet changed. Royal Canadian Mint (RCM) 1 million gold coin is still in their record as the largest gold coin. RCM gold coin is still the purest gold coin with 99.999 pure gold. If RCM 1 million gold coin weighing at 100 Kilogram need 3 mens to lift the coins, how many mens are needed to lift the new largest gold coin?

Perth Mint 1 tonne gold coin, 1 tonne Gold Kangaroo coin, measures nearly 80cms wide and more than 12cms deep, weighing a massive 1000 kilograms of 99.99% pure gold. The first 1 tonne gold coin by Perth Mint is certainly the most valuable gold bullion coin in the world with a market price of gold right now, it has a USD$55 million price tag on it. The coin is legal tender in Australia. The coin reverse shows a bounding red kangaroo surrounded by stylized rays of sunlight and bordered by the inscription AUSTRALIAN KANGAROO 1 TONNE 9999 GOLD and the year-date 2012. Read More.

Photo by Reuters: It need 3 men's to lift up the coin.

On May 3, 2007, the Royal Canadian Mint (RCM) unveiled a 1million Gold Maple Leaf coin by artist Stanley Witten, with a face value of $1 million Canadian dollar. The weight of the coin is 100 kilograms, and measures 50 cm in diameter by 3 cm thick. The coin is mainly a promotional product to give the RCM a higher international profile. The 100-kilogram coin was conceived as a showpiece to promote the RCM's new line of 99.999 percent pure, one-ounce gold maple leaf bullion coins. The coin is made only to order and so far five have been produced. It is not 'struck' like a conventional coin, but is instead cast then machined to the right size and shape. Read More.

The 31 kg (68 pound) "Big Phil", which was made to honour the Vienna Philharmonic Orchestra, a €100,000 gold coin, worth about C$153,000. The Austrian coin is 37 centimetres across and weighs 31 kilograms. It is minted by the 800-year-old Austrian Mint, each with a face value of 100,000 euros and bearing a replica of the Vienna Philharmonic Orchestra's famed hall on one side and orchestral instruments on the other. (Hence the nickname Big Phil). With only 15 of the coin minted so far. The Big Phil were introduced in 5 October 2004.

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World 1st 1 tonne gold coin

Yesterday, Perth Mint announce World 1st, 1 tonne gold coin, 1 tonne Gold Kangaroo coin. The coin measures nearly 80cms wide and more than 12cms deep, weighing a massive 1000 kilograms of 99.99% pure gold, make it the new largest gold coin in the world. Previous holder of the largest gold coin released by Royal Canadian Mint in May 2007, 1 million dollar gold maple leaf coin, only weight at 100 kilos and measures 50 cm in diameter by 3 cm thick. The first 1 tonne gold coin by Perth Mint is certainly the  most valuable gold bullion coin in the world with a market price of gold right now, it has a USD$55 million price tag on it.

The coin reverse shows a bounding red kangaroo surrounded by stylised rays of sunlight and bordered by the inscription AUSTRALIAN KANGAROO 1 TONNE 9999 GOLD and the year-date 2012.

The coin obverse of the coin features the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II, accompanied by the inscriptions ELIZABETH II, AUSTRALIA and the monetary denomination of 1 MILLION DOLLARS.

Here are behind the scene video's for the Australian Kangaroo One Tonne Coin:

Perth Mint also share a new websites to promote their new 1 tonne coin, visit 1tonnegoldcoin.com or youtube.com/user/perthmintbullion for exclusive behind-the-scenes footage. You can also view the Australian Kangaroo One Tonne Coin at Burswood Entertainment Complex until Sunday 30 October 2011. The coin also has Australian legal tender status. You can contact Perth Mint Bullion for this item sale, read my post; Perth Mint Bullion.

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Extremely rare £1million note on auction

Extremely rare £1million note on auction by British private collector and is expected to sell for only £50,000 ($80,000). Its sound like an easy way to make it to the millionaire club but the banknote is no longer legal tender. The banknote issued by British Treasury on 30 August 1948 for economic reconstruction but cancelled on 6 October 1948. This Treasury note entitles the Bank of England to payment of one million pounds on demand out of the consolidated fund of the United Kingdom. The notes were only in use for six weeks and were never meant for public circulation. They were only intended for internal use between financial institutions to track money, reported the Daily Telegraph.

'How it found its way from the bank in the first place is anybody's guess,’ auctioneer Chris Webb told the Daily Mirror.

The notes was one of only nine given to the UK by the U.S. in President Harry Truman's Marshall Aid plan after World War Two. Only two of them have survived (numbers 000007 and 000008). The latter went for £78,300 ($125,000) at auction three years ago. Number 000007 was sold in a private sale for £8,000 ($13,000) in 1977 and listed by the Guinness Book of Records as the highest denomination privately owned at the time. The U.S. loaned the money at the time because it thought a strong Western Europe would help be a buffer to contain the rise of Russian communism.

Source: Daily Mail

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Video: Making Largest Gold Coin

How do Royal Canadian Mint make the largest gold coins? I think everyone of you knew about the World's largest gold coin; Million-dollar coin by now. Royal Canadian Mint has released a video: Making largest gold coin. In this video, they show how the biggest world coin in the world works process done by their stuff. Its not easy to make a big coin like that and from the video, look like almost all the job are done by hands. For a 100 kilos of gold and a pure 99.999/1000 gold, a careful inspection is a must. 

On May 3, 2007, the Royal Canadian Mint (RCM) unveiled a Gold Maple Leaf coin by artist Stanley Witten, with a face value of $1 million Canadian dollar. The weight of the coin is 100 kilograms, and measures 50 cm in diameter by 3 cm thick. The coin is mainly a promotional product to give the RCM a higher international profile. The 100-kilogram coin was conceived as a showpiece to promote the RCM's new line of 99.999 percent pure, one-ounce gold maple leaf bullion coins.

In June 2010, a piece of this largest gold coin auctioned by Dorotheum auction house for 3.27 million euros ($4.02 million). The auction was ordered by the administrator of Austrian investment group AvW Invest, which filed for insolvency in May after its owner and chief executive was arrested on suspicion of fraud, breach of trust and other charges. the auctioned won by ORO direct, a Spanish precious metals trading company. So far, only 5 of this coins exist; including Queen Elizabeth, who is also displayed on one side of the coin, two unidentified investors in Dubai and one who is so reclusive even his or her residence is unknown.

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World’s first paper money

A reader asked me via Facebook, what is World’s first paper money? Nowadays, almost all banknote collectors knew that it is the Jiaozhi banknote and I had share about it before in my 2008 post; World's First banknote. The banknote is from China Song Dynasty (960 - 1279 AD). The notes are widely used in Chengdu and were stamped with manifold Banknote seals in order to combat counterfeits. The first Bank saving management in the world also started in Chengdu which were called Jiaozhiwu (Office of Jiaozhi).

It all started when people used paper money as a circulating medium after a shortages of metal for coins. In ancient China coins were circular with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money he had with that person. If he showed the paper to that person he could regain his money. Eventually from this paper money jiaozi originated.

Jiaozi, also named jiaochao, appeared in China in 1154 during the reign of the Jin regime (1115-1234). It was believed in the past that Jin regime hired coining workers of Song (960-1279), Jin's preceding dynasty, to make the paper notes. Made of coarse jute paper, jiaozi was too hard to be preserved and not a piece of such paper has been discovered so far. The copper printing plate used during the Zhenyou period (1213- 1217) of the Jin dynasty is kept in the Museum of the Chinese History now, has become the only proof to tell the identity of jiaozi.

Source: Wikipedia

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First gold coin minted in USA

What is the first gold coin minted in USA? The answer will be $5 Half Eagle also reffered to as the Capped Bust to Right Small Eagle. The Half Eagle is a United States coin that was produced for circulation from 1795 to 1929 and in commemorative and bullion coins since the 1980s. Composed almost entirely of gold, it has a face value of five dollars. Its production was authorized by The Act of April 2, 1792, and it was the first gold coin minted by the United States. Many of the gold coins had been melted for their gold content. Its a very rare coins and very expensive.

Picture by Heritage Auction

The design and composition of the half eagle changed many times over the years, but it was originally designed by Robert Scot. At this time the coin contained .9167 gold and .0833 copper and silver. It had a diameter of approximately 25 mm, a weight of 8.75 grams, and a reeded edge. The obverse design, or "Turban Head", depicted a capped portrait of Liberty facing to the right. The reverse depicted a small eagle. This type was produced from 1795 to 1798. Simultaneously, another type was minted that depicted a larger heraldic eagle on the reverse with the inscription "E PLURIBUS UNUM". This type was produced through 1807.

Technical Specification:

Content: .9167 gold and .0833 copper and silver

Denomination: $5

Diameter: 25 mm

Weight: 8.75grams

Edge: Reeded

Year: 1795

Mintage: 8,707

Designer: Robert Scot

Source: Wikipedia, Heritage Auction.

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The Most Famous Ancient Coin

The Most Famous Ancient Coin in History, The "Ides of March", Silver Denarius minted by Julius Caesar assassin Marcus Brutus will be auctioned by Heritage auction on 9 September 2011. The coin pre-auction estimate is $500,000+ and if it reach that, it will establish a record price for a Roman silver coin. The coin has been in collection of many famous people including Hollywood producer Sy Weintraub and the actor Peter Weller. It was also in the world-famous Nelson Bunker Hunt Collection. Since the early part of the 2000s, the coin has been part of a private Arizona holding.

The dime-sized silver coin depicts the head of Marcus Junius Brutus, one of the ringleaders of the assassination plot, on its obverse. The reverse depicts a dome-shaped liberty cap (traditionally given to freed slaves), flanked by two drawn daggers and the Latin inscription EID MAR “Ides of March”. The dome-shaped liberty cap and two drawn daggers indicates Brutus' intention of freeing Rome from Caesar's imperial ambitions and the murder weapons employed to do so. The coin celebrated an assassination of Julius Caesar on the 15 March 44 BC.

Marcus Junius Brutus were born about 85 BC. Brutus was from a long line of Romans famous for resisting tyranny and defending Republican liberty. He was a close friend and protégé of Julius Caesar, but when Caesar seized power as Dictator in 49 BC, Brutus joined the Republican forces opposed to him. After the defeat of the Republicans the following year, Caesar pardoned Brutus and gave him every preferment. As Caesar became more megalomaniacal, however, Brutus joined the conspiracy against him and is said to have delivered the fatal dagger thrust, prompting Caesar’s final words (spoken in Greek), “You too, my child?”

Brutus had carried out the attack with some fellow Roman Senators in 44 BC when Caesar had come unarmed to address the Senate on 15 March. This day was known to the Romans as the ides, or the middle day of the month and was recognised on a new calendar system that Caesar himself had established just two years before.

After the murder, the conspirators or “freedom party” fled Rome to Macedonia to raise an army. Brutus assembled a pro-Republican power base in Macedonia (Greece) where he could wage war against Caesar’s successors, Mark Antony and Octavian. Looting gold and silver from the local population, he began to strike coins to pay his growing army. Amongst the coins the conspirators briefly struck to this end was this, the 'Ides of March' denarius.

In a final twist of fate, Brutus used the same dagger he had plunged into Caesar to take his own life following his final defeat at the second battle of Philippi on 23 October 42 BC. The Eid Mar denarii became rare because the type was deliberately recalled and melted down by the victors, Mark Antony and Octavian.

Source: Heritage Auction, British Museum.

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The most perfect counterfeit banknote

A rare set of fake banknotes by Hitler will be auctioned by Mullock's auctioneers at Ludlow Racecourse, Shropshire on August 18. The fake pound notes printed in "Operation Bernhard" intend to ruin British economy during world war 2. A set of four bank notes (£5, £10, £20 and £50 notes) recovered from Lake Toplitz in Austria will be auctioned next month and are expected to fetch £2,000 at the auction. The forgery by Hitler is the most perfect counterfeit banknote in history.

In 1942, Hitler produced £134million of counterfeit notes in "Operation Bernhard". Nazi spies had been ordered to smuggle the cash into Britain and flood the economy with the fake money. But Hitler's plan was foiled when British spies got wind of the idea and intercepted the shipment of the notes. The Bank of England first learned of a plot from a spy as early as 1939. It first came across the actual notes in 1943, and declared them "the most dangerous ever seen."

The initial plan was to destabilize the British economy by dropping the notes from aircraft, but Hermann Goering's Luftwaffe declared it did not have enough planes to deliver the forgeries, and the assets were put in the hands of SS foreign intelligence. Many were transferred from SS headquarters to a former hotel near Meran in South Tyrol, Northern Italy, from where they were laundered and used to pay for strategic imports and German secret agents operating in the Allied countries.

The Nazis forced Jewish prisoners, experts in engraving and printing, held at the Sachsenhausen Concentration Camp to produce the notes. By the time Sachsenhausen was evacuated in April 1945 the printing press had produced 8,965,080 banknotes with a total value of £134,610,810. At the war's end the mint notes still in Germany were dumped in Lake Toplitz together with the printing plates made to produce them after 'Operation Bernhard' was abandoned with just a handful of notes having made it into British circulation. The notes are considered among the most perfect counterfeits ever produced, being almost impossible to distinguish from the real currency.

In 1959, German magazine, Stern, finance a diving team to retrieved the forged sterling currency Operation Bernhard hidden in boxes, and a printing press. They were taken out of the lake by divers but have amazingly stayed in great condition.

Source: Daily Mail UK

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China dragon coin auction record

A gold China dragon coin auction record for £46,000 in a recent Spink auction. The China Kuping Tael, depicts a symbolic Chinese dragon surrounded by clouds on its face, with the value, date and inscription 'Ta Ching Gold Coin' on its reverse. Many people target the coin price can go as far as £97,000 but its only come a little bit over its lower estimate. The gold pattern K’uping Tael coin broke Spink previous record for dragon coin at £36,800.

Detail of the coin from Spink:

China, Empire, Kuang-hsu (1875-1908), gold pattern K’uping Tael, 1906, Tientsin mint, plain edge, dragon surrounded by large clouds within plain circle, no inscription, rev. four characters, ‘Ta Ching Gold Coin’ within beaded circle, date over, value below (F.1; Kann 1540; L&M.1023), in NGC holder graded MS62, extremely rare.

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World most expensive banknote

I have write a post about World most expensive banknote in my post the best paper money blog before but a reader still asked me about it. "You have a list of worlds most valuable and expensive coins in your blog but you never post what is the world's most expensive note yet". A highest price for a banknote that ever paid in auction is a US Grand Watermelon note. According to a press statement by Heritage Auction Gallery dated 16 December 2006, a buyer paid a world's record price of $2,255,000 for the United States bank note, more than double the previous record.

"The only other known red seal Grand Watermelon is in the museum at the Federal Reserve Bank of San Francisco," said Greg Rohan, President of Heritage.

"This note is graded PMG VF-35. It is pedigreed to the famous Albert A. Grinnell collection and was sold at auction by Barney Bluestone for $1,230 in November 1944."

The anonymous seller of the record-breaking bill is described as "a private collector who owned the note for a number of years," and the anonymous buyer was described by Rohan as "a very advanced and sophisticated East Coast collector of art and rare currency."

The $2,255,000 price is more than double the previous record for a Grand Watermelon note, paid in a March 2005 auction for a brown seal, graded PCGS Currency-50. The previous world's record for any bank note was $2,100,000, set this past March each for a Series 1863 $100 denomination Gold Certificate (Fr. 1166c) and a unique Series 1891 $1,000 Treasury Note (Fr. 379c), both privately sold by Heritage.

The portrait on Grand Watermelon notes is Civil War-era General George Gordon Meade who commanded Union Army troops at the Battle of Gettysburg. The banknote get the name Grand Watermelon because of the large numeral fills and the zero on the reverse look like a big watermelon.

Source: Heritage Auction

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Worlds most expensive gold dinar

A specialist auctioneers, Morton & Eden in London, make it in a record book for Worlds most expensive gold dinar and Dirham. The Umayyad dinar, one of the rarest and most highly-prized of all Islamic gold coins, struck possibly to coincide with an occasion when the Caliph himself led the Hajj pilgrimage to Mecca, sold for a record £3,720,000 in a sale at specialist auctioneers Morton & Eden in London. First Islamic coins struck in the Sultanate of Oman, an extremely rare Umayyad silver dirham, one of only a handful known today dating from the Hijri year 90 (709 AD) sold for £1,080,000.

The Umayyad dinar, dated 105h (723AD) was struck from gold mined at a location owned by the Caliph himself; known on the coins as the “Mine of the Commander of the Faithful”. An additional legend which reads: “bi’l-Hijaz” (“in the Hejaz”), makes it the earliest Islamic coin to mention a location in the Kingdom of Saudi Arabia. It had been expected to realise £300,000-400,000, but four bidders in the saleroom sent the price spiraling ever higher. It was purchased by the British trade on behalf of a European private collector.

A second, slightly earlier dinar (92h - 711AD) struck from gold from the same mines sold for £648,000. It had been estimated at £250,000-300,000.

Morton & Eden Islamic coins specialist Stephen Lloyd said: “We are absolutely thrilled and delighted with the results from this sale. We had worked very hard to promote these particular coins internationally, but the prices they have achieved have surpassed all expectations. Their success also demonstrates that sales by public auction are the only way to achieve the very highest prices for the very finest pieces.

“The excellent results for the two gold dinars early on in the sale, which was dedicated to important coins of the Islamic world, set the stage for the remainder and extremely strong prices were paid throughout.”

Scholars have identified the site of the mine itself as Ma`din Bani Sulaim, located north-west of the Holy City of Mecca. Gold has been mined there for thousands of years, and the site is still worked today. Remarkably, mediaeval Arab writers record that the Caliph bought a piece of land in this area, containing at least one gold mine, almost exactly when these coins were made. But while there is general agreement on the source of the gold, the question of exactly where these coins were struck is harder to answer.

“The capital, Damascus, is a strong possibility, but mint workers and their tools could easily have travelled with the Caliph and struck coins wherever he stayed,” Stephen Lloyd said. “Scholars have noted that the dates of these very rare dinars seem to coincide with the occasions when the Caliph himself led the Hajj pilgrimage to Mecca, while an old inscription also shows that a road built specially for the pilgrimage went right past this mine. So one plausible theory argues that the Caliph visited his gold mines while en route for Mecca, and it is possible these coins might have been struck while he was travelling.”

“This coin reflects the importance of Oman and the Gulf region as a key commercial centre, then as now,” said Stephen Lloyd.

The sale raised a total of £6,673,560, against estimates of £886,000-£1.16 million.

Source: Morton & Eden Ltd.

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Most valuable British coin: Double Leopard

What is the most valuable British coin today? England’s first large gold coin, the Edward III 1344 Double Leopard. The coin sold on 26 June 2006 for a staggering £460,000 (US$841,800) by Spink in London. This is a small amount compare to world's most expensive coin: 1794 Silver Dollar. This coin was discovered and dug up by a metal detectorist in the south of England. Only 3 known specimen for this coin. The two other examples, found in the bed of the river Tyne in 1857, are now both in the British Museum. This is therefore the only example in private hands. It is a slightly different variety to either of those in the British Museum.

The Gold Double Florin, authorised on 14 December 1343, was to circulate at a value of six-shillings. The Double Leopard was an attempt by English king Edward III to produce a gold coinage suitable for use in Europe as well as in England. The florin, based on a French coin and ultimately on coins issued in Florence, Italy, in 1252, was a standard coin widely used internationally, with a value of six shillings. Unfortunately the gold used to strike the coins was overvalued, resulting in the coins being unacceptable to merchants, and the coins were withdrawn after only a few months in circulation, in August 1344, to be melted down to produce the more popular gold Noble.

Edward III (1327-77) gold "Double Florin", also known as Double Leopard, struck in 1344. It had a face value of 6 shillings, and is 35 mm diameter. It was first authorised on 14 December 1343, but was replaced by a new coinage of Nobles on 9th July 1344. It was therefore only issued for seven months.

The obverse of the coin shows the King enthroned beneath a canopy, with two leopards' heads at the sides (the leopard being the heraldic "lion" on the English coat of arms); the legend is EDWR D GRA REX ANGL Z FRANC DNS HIB (Edward by the Grace of God King of England and France Lord of Ireland). The reverse of the coin shows the Royal cross within a quatrefoil, a leopard in each spandrel; the legend is IHC TRANSIENS PER MEDIUM ILLORUM IBAT (But Jesus passing through their midst went his way).

Source: Spink, Wikipedia.

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