Rare Dime Sells For Nearly $2 Million (Photo)

One of the rarest coins in the world has sold for nearly $2 million and some of the same coins are still in circulation.

According to CNN Money, the 1894-S Barber dime is one of the rarest American coins in the world. At a recent auction in Tampa, Florida, one was sold for $1,997,500. 

“The 1894-S Barber time is a classic rarity in American coinage, often grouped with the 1804 dollar and the 1913 Liberty nickel as The Big Three of United States numismatic rarities,” Heritage Auctions said in a press release regarding the sale of the dime.

While it is highly unlikely that you will ever stumble on one of these rare coins, there are still a handful in circulation.

CNN Money reports that the San Francisco Mint manufactured about 2.5 million of the times, but fewer than 10 of them are still in existence. This is because an 1893 financial crisis stopped the demand for new coins, so almost all dimes being made were melted down. Only 19 of the 1894-S Barber dimes ended up in circulation.

According to Stack’s Bowers, the world record for the most expensive coin ever sold was set in 2013, when a 1794 Flowing Hair silver dollar sold for just over 10 million dollars.

Chris Napolitano, president of Stack’s Bowers Galleries, praised the moment:

To be a part of this historical occasion is nothing short of amazing! Collectors competed with great fervor and energy, resulting in outstanding overall prices realized. The price of the gem 1794 dollar went up and up into the millions, with everyone in the audience on the edge of their seats until at last there was just one bidder remaining. At $10,016,875, a world-record price for any coin had been set! The previous record was $7,590,020 for a 1933 Double Eagle, set in 2002 by our firm in partnership with Sotheby’s. While it is well known that the value of the American dollar has depreciated over the years, here is a dollar that has increased in value beyond the wildest of anyone’s dreams.

Thanks to Martin Logies, chief architect of The Cardinal Collection, we were able to bring one of the most significant collections in all of numismatics to auction. The event helped set a new standard of excellence in numismatics, and pays homage to the history, legacy and lore of American coin collecting.

Sources: CNN Money, Stack’s Bowers / Photo credit: MoneyBlogNewz/Flickr