For the first time, a coin has sold at auction for more than US$10 million (Dh36.7m).
The threshold was crossed on January 24 in bidding for a 1794 silver dollar that is quite possibly the first silver dollar ever minted in the United States.
The buyer, a New Jersey rare-coin dealership called Legend Numismatics, won the day with a bid of US$8.525m. When that is topped up with the 17.5 per cent buyer's premium (the auction house's take), the total price amounts to $10,016,875.
The bidding opened at $2.2m and ping-ponged up to $5.5m, at which point Legend scorched the field with a bid of $8.5m. After that it was down to Legend and one other bidder, who proved unwilling to cross the $10m threshold.
Laura Sperber, a partner in Legend, said the auction felt "long and slow. For me, it seemed to take forever".
The coin has mystique, she told a New Jersey newspaper, The Star-Ledger. "It's one of the rarest coins in existence. Who knows who could have held this coin? George Washington? Any of the founding fathers?" she wondered.
The seller, an educational foundation based in California, had paid US$7.85m for the coin in a private sale in May 2010. That means the foundation turned a modest profit of 8.5 per cent on last month's sale.
Martin Logies, who represented the California foundation, has said that the matchless dollar "blazes with a character all its own, showing off lovely light toning atop supremely deep, watery mirrored fields and frosted devices in black-and-white cameo contrast, not unlike late 19th-century proofs. It is certainly impressive and was clearly viewed as important on the day it was made, the hallmark of a first strike".
Only 1,759 of the 1794 silver dollars were struck. Perhaps 140 survive to this day. But only two are from the first handful off the die (the other is at the Smithsonian Institution).
Of the coin that set the record, Dennis Hengeveld of coinupdate.com wrote that "the strike is extremely strong, lacking the common weakness that is found on several areas of the design. Without a doubt the coin was produced with special care and also carefully treated after that, for it is in the finest state of preservation one could expect for a coin from the late 18th century."
The previous record for a coin at auction was the $7,590,020 that a 1933 Double Eagle fetched in 2002. It is a beautiful $20 coin, 90 per cent gold and 10 per cent copper, that was minted just in time for the US to quit using the gold standard of currency valuation. All but a few were melted down.
rmckenzie@thenational.ae
More from Rashmee Roshan Lall
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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