A rare Nineteenth Century silver dollar, previously owned by a legendary banker known as the “King of Coins,” was purchased for $3.3 million in a transaction announced on January 11.

“The coin is one of only five 1885-dated Trade Dollars made by the United States Mint. The anonymous buyer is a financial services executive and sophisticated art collector who is putting together one of the finest coin collections in the country,” explained Greg Rohan, president of Heritage Galleries & Auctioneers, the firm that handled the sale.

“For more than 50 years this coin was in the collection and later estate of colorful Baltimore, Md., banker Louis E. Eliasberg Sr [1896-1976], the only collector to ever assemble a complete collection of US coins. He was widely known as the ‘King of Coins.’ His 1885 Trade Dollar sold for $907,500 in a 1997 auction. It subsequently changed hands in 1999 for $1.5 million, and now has been purchased for $3.3 million,” said Rohan.

“This is the most valuable rare coin that we’ve ever sold, and we sold six coins for more than $1 million each in 2005. The rare coin market is incredibly active.”

The seller of the 1885 Trade Dollar was identified by Rohan as John Albanese of Far Hills, N.J.

Trade Dollars, depicting a symbolic Miss Liberty sitting down and holding an olive branch, were made only from 1873 to 1885 and never intended to circulate within the United States. They were shipped overseas to be used in international commerce.

Only five specially made proof Trade Dollars were struck in the final year of production, 1885, and this is the finest known example, according to Rohan. The other four examples also are in private collections.

The record prices for a rare coin is $7.59 million paid by an anonymous bidder in 2002 for a 1933 Double Eagle $20 denomination US gold coin.

For information, www.HeritageGalleries.com or 800-872-6467