An 1898 South African coin that is probably the most desirabvle in the country’s history has sold for over $2 million in the United States.
The Republic gold “9” Pond 1898 MS63 Prooflike NGC from the Pretoria mint is unique.
It’s also represents an important moment in South African history and its history is well documented.
It’s best known to collectors as the “Single 9 Overstamp”.
That overstamp tells the story of the coin’s birth, at precisely 10:30am, on November 2, 1898.
As the mint at Pretoria prepared new issue gold ponds they were missing the dies for the reverse of the coin. They had been seized by British troops, who were about to open hostilities in the Empire’s second war against the Boer Republic of South Africa.
They improvised. Stamping the date – 1899 for the following year – onto each coin with a hand punch.
The coin first sold was the first to be struck. But, immediately it became obvious that the 9 digit was too big. It was replaced after just one coin had been struck with the oversized number.
The 9 is plainly too big, pushing up into the Paul Kruger portrait, and so a new numeral stamp was found. Image courtesy of Heritage Auctions.
This first coin was then given to the US Consul General, C E Macrum.
Macrum was thought to be sympathetic to the Boers.
Macrum certainly treasured the coin, and had it inscribed with an “M”.
It was next found in one of the most famous coin collections of all time, that of King Farouk of Egypt’s. The Single 9 was bought – at a knock-down price the result of confused cataloging of Farouk’s enormous collection – by Dr Froelich, a South African collector.
It was subsequently sold in 1969 (for around $3,550), in 1983 ($123,000) and by private sales in 1999 ($790,000) and 2001 (around $1.3 million).
The last sale was for a reported $2,700,000 in 2010.
Heritage Auctions auctioned it for $2,160,000 (with buyer’s premium) on Monday, January 13.
Heritage said: “The 1898 Kruger Pond, distinguished by its unique “9” overstamp, is considered a singular treasure within the realm of ZAR coins and is widely regarded as the most prestigious piece in South African numismatics.“
They add: “The coin’s value extends beyond mere rarity and historical importance in ZAR coinage; it also possesses a profound connection to South Africa’s national history, ties to U.S. historical events, and a vibrant story surrounding its ownership and journey. The time has come to turn a new leaf in its history, finding the next keeper of this treasured legend of numismatic history.”
The Single 9 is by some distance the most valuable South African coin.
Double 9 ponds from the same war-struck issue are also valuable, with a value of up to 4 million rands, about £175,000.
The 19th century history of European colonies in South Africa is inextricably linked to gold. It’s appropriate that one of its most valuable tangible artefacts is made of the stuff.
