Family said they hid gold coins worth $50,000 in vault for 100 years. Then, an expert revealed its real value

A previously unreported coin collection estimated to be worth over $2 million was revealed by New York City-based Matador Rare Coins. The near complete date set of 19th-century United States $1-denomination gold coins was assembled by legendary Philadelphia coin auctioneer Henry Chapman. The collection remained hidden for decades in the vault of a Philadelphia bank, unknown to collectors.

The family that owned the collection initially expected $50,000 when they approached Matador Rare Coins, CoinWorld reported. However, they were pleasantly surprised to learn the true value as each coin was reviewed and professionally graded.

The significance of the set

The collection was labeled as 'The Henry Chapman Collection of $1 Gold' by Matador and it consists of 51 gold dollars from 1849 through 1889. The collection contained both the rare Liberty Head and Indian Princess types and eight classic U.S. commemorative gold dollars. The family is believed to have worked with Chapman to assemble the near-perfect set.

Henry Chapman was a towering figure in the history of numismatics and coin collecting. He along with his brother Samuel Chapman sold many of the early American rarities for 20th-century collectors and beyond. Thus, the collection of coins, many of which were still in the original envelopes from Chapman's store, is ever so special.

The founder and president of Matador Rare Coins, Luiz Martinez explained to CoinWorld that the family thought their ancestors’ coins might be worth about $50,000, but they are now insured for $2 million. He added that Chapman is believed to have personally assembled the collection for a banking family.

"A number of the coins carried exuberant eye appeal. I was truly in awe as I reviewed each coin one at a time. I knew then that this collection could truly be a national treasure,” he said. Now, all of the coins in the collection have been certified by the Professional Grading Service with many rated over 68 and up to 70.  Martinez expressed that the grading results were beyond his expectations as a number of coins reached the finest known tier.

An extraordinary collection

Among the highlights of the collection is an 1863 gold dollar graded PCGS MS-68 CAC,  tied for the finest of its kind to exist. Other coins that were also graded to be the finest known included an 1881 graded PCGS PR-66 Deep Cameo (only 87 such coins were struck), an 1884 graded PCGS PR-67+ Cameo CAC, and an 1887 gold dollar graded PCGS MS-67+ CAC.

Martinez explained that the US began making $1 gold pieces in 1849, following the California Gold Rush. The commemorative coins in the collection included a 1903 Louisiana Purchase McKinley graded PCGS MS-68, also tied for the finest known.

The founder of CAC Grading, John Albanese, told the magazine that he was surprised to learn about the long-concealed gold dollars. “I almost fell off the chair when these coins came in. It’s nice to know there are still great coins out there. It gives us hope," he said.