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GreekReporter.comGreek NewsRare Drachma Coin Sold for Record 162,000 Euros in Auction

Rare Drachma Coin Sold for Record 162,000 Euros in Auction

50-Drachma Coin
A range of Drachma coins issued by Greece. A 50-drachma coin minted in 1876 just sold for the record price of 162,000 euros at an auction in Switzerland. Credit: Peeperman/Fair use

A rare 50-drachma coin fetched a record price of 162,000 euros at an auction in Switzerland recently.

The coin was sold on November 17, at an auction which featured other historical coins.

Issued by the Greek government in 1876, only 182 such coins were minted at the Paris Mint. The nascent Greek state intended to promote the modernization of the country, showing that Greece would follow the European standard of minting large gold coins.

This coin was in the best condition of any seen on the market in recent years, having a certification of with MS65 + ; it was sold to a foreign buyer.


Other historic coins attract interest at Swiss auction

Another coin that was auctioned was the 5-drachma 1833 coin, which went for € 8500; this was the very first silver coin produced from the mint of Athens, in 1843, with the owl mark, previously these coins had been produced in the mints of Munich and Paris.

This particular coin was not in quite as good condition as the record-setting 50-drachma coin; however it has great collectible value due to its rarity. In general, all the coins minted during the reign of King Otto which are still in good condition have a high collector’s value — especially the made of bronze.

The 100-drachma coin of 1935, also up for auction, was sold for an incredible € 32,000.

That piece of currency was a commemorative coin issued to commemorate the Restoration of the Monarchy in 1935; with very few copies, it was produced by a private mint in London in 1940.

It is worth noting that the Greek state at the time, while ordering these specific drachma coins to be minted, did not have the money to pay for them, resulting in the issuing companies making them available to private collectors to cover their expenses.

Another notable coin that was auctioned at the same Swiss event was the five pound coin produced in 1893, also known as the “Victoria.” This is a specially-minted coin that was released worldwide at the time. This coin went for a cool € 29,000.

The Greek behind the record-breaking auction

This successful auction was curated by Nikos Mathioudakis and his company Attica Auctions in collaboration with one of the largest auction companies in Switzerland.

It is said of Matiodakis that whatever he holds in his hands becomes gold, since he knows the world markets for every collectible so well, from coins and banknotes to medals and even to comics.

His many years at the famous British auction house Sotheby’s, his involvement and ownership of a gallery at Mayfair, as well as his dealings in selective world markets make his auctions worthwhile for every collector.

Nikos Mathioudakis is now active in Greece, since he believes that it is the country with the greatest history and wealth of collectible coins, banknotes, stamps, medals and much more. His Attica Auctions, which are conducted with international standards in the industry, offers luxurious experiences to all attendees.

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