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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...