A 18th-century gold coin which is believed to have once been a cherished memento of U.S. President George Washington. It is expected to fetch in excess of US$1m in the coming August auction in Philadelphia.

Researchers believe that the coin was given to him as a customary specimen of a proposed coinage. That’s why Washington would have been given the gold one rather than one of a less important metal.

First coins with images of goddess Liberty and a bald eagle

The Washington President $10 gold eagle was never circulated as money. The President refused to have himself appear on U.S. issued coinage or currency during his lifetime as he considered the idea monarchical. The U.S. Mint was created in Philadelphia in 1792 and the first coins for public use were issued a year later with images of goddess Liberty and a bald eagle on the back.

American numismatist Eric P. Newman purchased the coin in 1942. It is his favourite coin in the collection

The gold coin has been in the private collection of American numismatist Eric P. Newman, who purchased the coin in July 1942 and lovingly preserved it for over 75 years. Besides Washington and Newman, only six other people have owned the coin in it's over 200-year history.

The 1792 gold coin will be sold on 16 August without reserve during the World’s Fair of Money convention in Philadelphia, marking the first time the Washington President coin has come to public sale in 128 years.

Auction details
Auction house: Heritage Auctions
Sale: 20 ANA WFOM US Coins Signature Auction 
Date: 2018/08/16