A family discovered that the rare gold coins they had kept for more than 100 years were not worth $50,000 as they thought, but a staggering $2 million.
The 19th-century collection, assembled by historic coin collector Henry Chapman in 1899, was removed from a Philadelphia bank vault earlier this year, where it had been safely stored for decades.
51 Liberty Head and Indian Head gold dollar coins were minted between 1849 and 1889, as well as eight American commemorative gold dollars made in the early 20th century.
The Philadelphia-area family that owned the set, now considered “The Henry Chapman Collection of $1 Gold,” thought it was worth $50,000 before appraising it.
Luis Martínez, founder and president of Matador Rare Coins, told CoinWorld that he was working with the owners, who were “astonished” when they discovered the true value of the collection: $2 million.
Pictured: One of the Indian Head coins from the $2 million collection.
‘When I shared the results with the owners, they were amazed and full of disbelief. A collection that would have sold for around $50,000 could now fetch more than seven figures at auction!’ Martinez said.
The coins were graded and certified by Professional Coin Grading Service after Martinez inspected them. The qualification results, he said, exceeded his expectations and reached “the best known level.”
In the photo: Luis Martínez, founder and president of Matador Rare Coins
‘When I received the coins, I carefully reviewed each example. Housed in the original envelopes from Henry Chapman’s Philadelphia store, several of the coins had lush visual appeal,” he said. ‘I was truly amazed as I went through each coin one by one. I knew then that this collection could truly be a treasure. national”.
The Professional Coin Grading Service agreed with Martínez’s assessment.
‘This historic collection not only boasts magnificent rarities and qualities, but also comes from the cabinets of renowned collector Henry Chapman. Preserving the coins and their history is an honor,” said PCGS President Stephanie Sabin.
Martínez explained that the United States began manufacturing $1 gold pieces in 1849, just a year after the California gold rush sent speculators heading west to strike it rich.
“Slightly smaller than a modern American dime, gold dollars were minted over the years in three different designs,” he said.
Pictured: An archival image of a Liberty Head gold dollar. These were minted between 1849 and 1856.
Pictured: Stock image of an Indian princess gold dollar with a big head. These were minted between 1856 and 1889.
The first type, Liberty Head (also known as the Coronet design), was manufactured between 1849 and 1856.
The Small Indian Head, also known as the Indian Princess, was made between 1854 and 1856, and the Large Indian Princess Head was minted between 1856 and 1889.
Some of the notable commemorative coins in the collection included the McKinley version of the 1903 Louisiana Purchase Exposition gold dollar and the Lewis and Clark Exposition gold dollar.
John Albanese, founder of Certified Acceptance Corp., who also examined the coins, said the collection gave him hope.
“I’ve been on the numismatic block several times since the 1970s and thought we’d probably seen everything there is to see in large collections,” Albanese said. ‘I almost fell off my chair when these coins arrived. It’s good to know that excellent coins still exist. It gives us hope.”