A Segovi cent from 1609, which was already the most expensive coin in Spanish numismatics when it was auctioned in 2009 for 800,000 euros, had tripled that price when it was sold again at auction on Monday for a final price of 2.4 million euros, making it one of the most expensive coins in Western Europe.
The cent, a huge gold coin of one hundred escudos from the reign of King Philip III (1578-1621), had an initial price of 2 million francs (2.1 million euros) and there were three bids for it, which ultimately led to a price of 2.3 million francs (2.4 million euros).
The coin was the star of the auction day organized by Numismatica Genevensis at the Mandarin Oriental Hotel in Geneva, and the record setting was met with applause from buyers and fans who attended the auction.
According to the company that put this and other coins up for auction in Geneva, the most expensive coin in Western Europe so far was a 100 ducat coin dating back to 1629, minted in the Holy Roman Empire during the reign of Emperor Ferdinand III and sold this year for 1.95 million francs (2.11 million euros).
In the rest of Europe, there are several rare Russian coins that have exceeded those prices, and globally, the record is held by a $20 piece minted in the United States in 1933, which is worth more than $18 million (15.4 million euros) in 2021.
The Sigovian cent, of which only the auctioned specimen is known, weighs 339.35 grams, making it the largest gold coin of the 17th century.
The coin belongs to the Caballero de Yndias collection, one of the most famous coins in the world of Hispanic coins, compiled by a collector of Basque origin living in Cuba and which was auctioned in 2009 in Barcelona by the house Áureo & Calico.
It was then acquired by a Swiss buyer, later passed to another owner, and on Monday it returned to auction along with four other notable coins minted at the Segovia Mint, one of the most important royal mints of the 17th century.
The Segovian Mint was established by Philip II, who, through the intercession of his cousin, Archduke Ferdinand II, was able to bring engineers to the Castilian city of what had until then been considered the best mint in Europe, in the Austrian Tyrol.
The cent, the pinnacle of coinage technology achieved in Segovia, was never intended to be used as regular currency, but rather was used by the Austrians as a diplomatic gift to show their prestige.
Its value of one hundred escudos was equivalent to a laborer’s salary for several years, and in theory it was possible to buy two or three mules, a highly valuable animal at that time.