A Japanese old gold coin, which is dated 1880, having a diameter of 16,97 mm and a weight of 3.33 grams, is believed to strike a record high price of 20 million Yen or about $186,000. On February 24, 2008, the coin will be put at the auction block by the Finance Ministry.
"The coin is quite rare. Only 87 of them were produced in that year and probably less than 10 of them still exist," outlined Toshio Takeuchi, the chairman of Ginza Coins Co., a company considered to be a noted dealer with its headquarters in Ginza, a district based in Tokyo.
It is worth mentioning that the Finance Ministry of Japan began putting at auction its old coins in 2005. Such actions represent a part of the ministry's efforts meant to reduce the increasing debt of the government.
So far 12 actions took place, with 24,500 old Japanese coins sold, accounting a total of 4 billion Yen or about $37,232,500.
This particular 1880 gold coin represents a part of the last auction held by the ministry. According to the ministry official responsible for the auction, the gold coin is expected to fetch a record high price.
"Even the Finance Ministry owns only one. We asked a national association of coin dealers to estimate the value in advance, and it said the price could be around ¥20 million," the mentioned the official.
Unlit now, the highest price was offered for a Japanese 1877 gold coin. The coin was purchased for 17 million Yen or about $158,400.
The face value of the 1880 gold coin is 2 yen. It was one of the rare coins from the collection of coins held by the Finance Ministry since the period of the Second World War. Once, this collection was confiscated by the Occupation authorities, led by the United States after the war. In 1952 the collection returned to Japan.
The 1880 Japanese gold coin is very popular among coin enthusiasts. In November of 2007 the Ginza Coins Co. auctioned one of the same gold coins. At that time the coin was purchased for 27 million Yen or about $251,100.
