Hedge Fund Buys Rare Gold Coin

Dec 16 2011 | 4:04am ET

A hedge fund has acquired one of the rarest coins in the world for more than $7 million.The unidentified Wall Street firm bought the 1787 Brasher gold doubloon last month for $7.4 million through a New Orleans-based intermediary, the seller, Steven Contursi, said. Contursi’s Rare Coin Wholesalers bought the coin six years ago for less than $3 million.

The Brasher doubloon is considered the first American-made gold coin denominated in dollars. It was minted by goldsmith Ephraim Brasher, who lived in New York, next door to future president George Washington.

Brasher continued to make the doubloons, but later minting included his initials.

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