2016-06-15 Wed

On 25th May, Stack’s Bowers Galleries' auctioned a unique Colonial America 1728 $16 "double joe" that was counterstamped by two private New York goldsmiths, Ephraim Brasher and John Burger around 1784. The coin was sold for an impressive $105,750.

In 1795, foreign gold coins were used for high-value transactions as the U.S Mint had not yet started producing gold coins. This coin belonged to the Brazilian state of Minas Gerais and was called a “double joe” since a 6,400-real coin was called a “joe.” The coins were used frequently before it was counterstamped, due to which its weight had to be increased to meet the standards that was set around that time. After the weight was increased, they were circulated as a $16 coin. Graded Very Fine Details, Repaired, the coin has a matte finish and light yellow gold colour.”

AS per officials, another such 12,800-real 1730-M coin regulated by Joseph Richardson the Elder was sold for $138,000 in 2010.