The World’s First Coin Auction?

A number of years ago, I came across into a tiny booklet in a bookstore. Opening the cover, I discovered it was a coin auction catalog... from 1786! I don't know how long coin auctions have been taking place, but this surely is among the first auctions dedicated only to coins.

The auction was the property of the late Sir Charles Frederick, Knight of the Bath, and was sold by Mr. Gerard at his House in Litchfield Street, St. Anne's Soho. It consisted of Greek, Roman, Saxon, English, Anglo-Gallic and other coins and medals. While it was a four-day sale, held from May 17-20, it consisted only of 365 lots, sold at a pace of roughly 90 per day.

As one would expect, the sale was made up almost totally of ancient and British coins. The only mention of North American coinage was a Baltimore Shilling and a solitary lot of copper coinage from the "Colonies."

Of some interest were the "Conditions of Sale" at the front of the catalog. They seemed rather simple, and "to-the-point" in contrast to the microprint covering numerous pages in today's catalogs.

They read:

I. The highest bidder to be the buyer; and, if any dispute shall arise between any two or more bidders, the lot so disputed to be put up again.

II. No person to advance less than sixpence; above one pound, one shilling; above five pounds, two shillings and sixpence; and so in proportion. [This was equivalent to roughly a 5% increment]

III. The purchasers are to give in their names and places of abode, if required, and to pay down five shillings in the pound in part of the purchase-money; in default of which, the lot or lots so purchased to be immediately put up again and re-sold.

IV. The lots to be fetched away, with all faults, at the buyer's expence, within one day after the sale.

Lastly. Upon failure of complying with the above conditions, the money, so deposited in part of payment, shall be forfeited; the lots, uncleared within the time aforesaid, shall be re-sold by public or private sale; and the deficiency, (if any) together with the charges attending such re-sale, shall be made good by the defaulters at this sale.

Interestingly, the catalog has the prices realized, along with the buyer of the lot, written next to the descriptions. Very few lots brought over £20, which at $5 per pound, was roughly $100 at the time. A gold "Chaise" of Edward, the Black Prince, described as extremely rare, brought £21. A Guiennois of Edward III fetched £22, a rare half angel of Mary brought £21 and a double sovereign of Edward VI with the dragon's head mintmark drew a winning bid of £20.

The entire four day sale brought £975, or roughly $5,000. Adjusting for inflation is difficult over this period of time, but we might estimate the present "value" of the sale to be in the neighborhood of $650,000.