In today’s world, there are certain goods that are sold for so much more than their apparent worth and utility is. Stamps, baseball cards, coins and other “collectibles” fall into this category of items whose value is determined not by their use, but by their uniqueness, historical relevance and appearance.

So let’s talk coins. There have been a number of high profile coin sales throughout the world, but which coin fetched the highest price?

Its roots lay in pre-revolution America. Contrary to logical thinking, it’s a fairly new coin relative to some other currencies that are thousands of years old. Yet its uniqueness makes it stick out when compared to what the Ancient World had to offer in terms of coinage.

This particular coin was struck in 1794 after the establishment of the American mint. Political wrangling between Congress and individual states prevented the minting of this coin for a number of years. The battle was fought between centralizers who wished to establish a national American mint and issue federal coinage, and individual states that wished to devolve that ability down to the state level. A number of developments, such as the widespread usage of the Spanish “Dollar” in commerce, and the lack of material (silver) for large scale minting also helped delay the development of this coin.

Even when the necessary materials were sourced, there were disagreements over the exact content of the coins, their design and their value. It took 3 years after the establishment of the National Mint for the first coins of this type to be struck. The main cause, as mentioned above, was the lack of agreement over the composition of the coin and how this would affect it during distribution. For example, the silver content of the coin had to be picked properly, or else the new coin would darken during distribution and usage due to wear and tear.

The first dollar of this kind was struck on October 15th, 1794. What sets this certain type of coin apart is that it forms a small portion of the first two coinage runs ever done in the USA. During this run, there were a maximum of 250,000 coins of this type created, and only a small number survive to this day.

So what was this coin and how much did it sell for?

The most expensive coin in the world is the American Flowing Hair Dollar, and a mint condition version of this coin was sold for 7.85 Million Dollars in May 2010.