Treasure Hunters Report on the Contursi Dollar

Treasure Hunters
Tuesday March 16, 2004

DENVER -- Coin collecting experts say they have identified a 210-year-old silver dollar that is likely the first one coined by the United States Mint. 

The American Numismatic Association, a currency organization based in Colorado Springs, told The Associated Press on Sunday that it planned to put the coin on display in mid-April. 

Experts said it's impossible to say for certain that the coin was the very first U.S. silver dollar struck, but its details are so crisp that it certainly was among the first. 

"Until someone walks up to me with a coin in an earlier state that looks better, I'd consider it the first," said John Dannreuther, co-founder of Professional Coin Grading Service. 

Unlike the other roughly 130 surviving U.S. dollars minted in 1794, the silver dollar is in mint condition, according to evaluations performed by Professional Coin Grading Service and Numismatic Guaranty Corp. 

The coin, which has only a few scratches, features images of Lady Liberty ringed with stars on the front and an eagle on the back. 

Steven Contursi, the owner of Rare Coin Wholesalers, bought the coin last year from an unidentified owner and said he spent "multimillions."  It is insured for $10 million.

The dealer who sold Contursi the dollar -- not realizing it could be the first of its kind -- has since offered him a $2 million profit on it. 

But it's not for sale, Contursi said: "I think it's a national treasure," he said. 

The Mint struck 1,758 silver dollars on Oct. 15, 1794, at a time when foreign currencies circulated freely in the United States and the country wanted its own for world trade. 

Courtesy of the Associated Press