Historic Gold Coin Sets New European Record at $3.49 Million

A rare gold coin minted for Spain's King Philip III in 1609 has become Europe's most valuable coin, selling for 2,817,500 Swiss francs in Switzerland. Made in Segovia from gold of the New World, it epitomizes regal wealth. The 339-gram piece surpasses the previous coin record of 1.95 million Swiss francs.

A historic gold coin minted for King Philip III of Spain in 1609 has shattered records, becoming the most valuable coin in Europe. Sold at a Swiss auction for 2,817,500 Swiss francs ($3.49 million), the coin surpassed its initial listing of 2 million Swiss francs.

Crafted in Segovia from gold retrieved during the era of exploration in the Americas, the Centen or 100 escudos piece symbolized regal affluence and majesty, according to Alain Baron of the Geneva-based Numismatica Genevensis SA auction house.

Rediscovered in the 1950s in the United States, it changed hands several times among collectors. Eager buyers from the U.S., Europe, and the Middle East vied for this trophy asset, which outperformed the previous record-holder, a Ferdinand III piece sold for 1.95 million Swiss francs.

(With inputs from agencies.)