Rare Gold Rush-Era Coin Sells For $253,000

A rare Gold Rush-era coin that passed through generations of a California family sold for $253,000 at a Beverly Hills auction.

The coin, which sold on Sunday, has been confirmed by numismatists as one of only 12 "Quarter Eagles" known to still exist from the 246 that were made at the San Francisco Mint in 1854, according to Donn Pearlman, a member of the Professional Numismatists Guild, a nonprofit organization of the country's top coin experts.

The Quarter Eagle is about the size of a dime and was made from Gold Rush ore at the San Francisco Mint just months after it opened.

The anonymous seller is a descendant from Chinese immigrants who worked the California gold fields, a spokesman for the auctioner said. The seller's great-grandfather acquired it between 1856 and 1858.

"They took exceptional care of this important piece of American history for nearly 150 years," said John Pack of American Numismatic Rarities of Wolfeboro, New Hampshire, which auctioned the coin. "In fact, it is the second finest known surviving example."

The coin, which was expected to go for at least $150,000, opened at $140,000 and quickly jumped in $5,000 and $10,000 increments before going to an anonymous collector for the final price.

The sale price includes the auctioneer's 15 percent commission.