Currency is a term used to describe the economic system used in a region, particularly the rate and method of exchange for goods and services. Currency often refers to an economy's coinage or paper money, such as the American cent, and is distributed by the presiding government.
The modern conception of currency dates back at least 3,000 years. For specific periods, global trade was powered almost entirely by exchanging coins. Today, collectors, historians, and other professionals study and collect many older forms of currency from different countries worldwide. The Flowing Hair silver dollar is one of the rarest coins ever minted. One surviving unit was sold by Stack's Bowers Galleries in 2013 for $8.5 million, the most ever paid at auction for a single coin. The coin is primarily valued for its relationship with United States currency. The Bank of the United States was first formed in 1791, and three years later, began issuing the Flowing Hair coin, America's first dollar ever produced. Other Flowing Hair silver dollars have sold for huge sums, but the 2013 sale featured a coin that had never entered circulation, leaving it in excellent condition. The coin consists of 89.2 percent silver and 10.8 percent copper. It depicts a bust of liberty on one side and an eagle on the other. American entrepreneurs experimented with their currencies before issuing the Flowing Hair dollar. Ephraim Brasher designed his gold Brash doubloon in 1787 when Spain's Lima doubloons held New York markets. Seven Brasher doubloons exist in the world, but only one carries the initials of the silversmith who struck the coins. A private collector acquired this coin for $5.68 million. A coin with Brasher's initially sold for $5.5 million in 2019. A gold Umayyad dinar, one of the highest single-coin sales ever, sold for $6 million in 2011. The coin was minted in Damascus more than 1,000 years before America's first silver dollar. The coin sold by Blanchard and Company contained gold from a mine owned by the Caliph of Damascus. America experimented with a gold $20 coin between 1849 and 1933, the Great Depression becoming the major factor for its cancelation. Still, more than half a million coins were produced in 1933 alone. Despite the large number of $20 coins initially minted, the coin remains rare and highly valued among collectors. One sold at a 2002 Sotheby's auction for $7.5 million, however some common years can be picked up for around $3,000.00. Collectors interested in American dollar coins likely have their eyes peeled for rare silver dollars, sometimes called the "king of American dollars." In 1804, a line of silver dollars was commissioned as a diplomatic gift for leaders worldwide, such as the King of Siam and the Emperor of Japan. Experts believe 15 of these coins exist today, each with a value of just under $4 million. Not all rare coins are hundreds of years old. In 2007, Canada minted the world's first-ever million-dollar coin. It was developed to promote a new line of Royal Canadian Gold Maple Leaf coins. The coin is 99.999 percent pure Troy gold. It sold at public auction three years after being minted for over $4 million.
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