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’85 Trade $1 sells for $3.3 mil

Trade1885a.jpg Trade1885b.jpgThe 1885 Trade dollar once owned by famed collector Louis E. Eliasberg Sr. changed hands for $3.3 million in a private sale Jan. 11.

Graded Proof-66 by Numis-matic Guaran-ty Corp., the piece was purchased by an anonymous collector. Seller was John Albanese of Far Hills, N.J.

Heritage Galleries and Auctioneers of Dallas, Texas, arranged the transaction.
?This is the most valuable rare coin we?ve ever sold, and we sold six coins for over $1 million each in 2005,? said Greg Rohan, president of Heritage. ?The rare coin market is incredibly active.?

About the buyer, Rohan said, ?The anonymous buyer is a financial services executive and sophisticated art collector who is putting together one of the finest coin collections in the country.?

 For more than 50 years, the piece was part of the Eliasberg collection, and later, his estate.

?His 1885 Trade dollar was sold for $907,500 in a 1997 auction,? said Rohan. ?It subsequently changed hands in 1999 for $1.5 million, and now has been purchased for $3.3 million.?

Trade dollars, produced from 1873 to 1885, were not intended to circulate in the United States. Instead, they were sent overseas to use in international commerce.

According to Rohan, this piece, one of the five proof Trade dollars that constitute the final year of production, is the finest known example.
Four others are known to exist and they reside in private collections. 

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