THIS rare coin fetches Rs 2.6 crore at online auction, here’s how

New Delhi: A rare one shilling silver coin, produced in 1652, was recently auctioned for Rs 2.6 crore on the internet (USD 350000). The coin was discovered in a candy container. This silver coin is notable for being one of the first to be produced in Colonial New England.

The initials NE for New England are etched on one side of the coin, while the Roman numeral XII is inscribed on the other.

The coin was sold for Rs 2.6 crore to an unidentified internet bidder from the United States, according to London-based Morton & Eden Ltd.

"I am not surprised by the high level of interest in this outstanding coin. In a statement, coin analyst James Morton said, "The sum paid, which was above estimation, underlines its tremendous historic significance and outstanding original condition of preservation."

Prior to 1652, coinage from the United Kingdom, the Netherlands, and the Spanish Empire were accepted as legal tender in New England.

According to legend, there was a coin scarcity, which is why the Massachusetts General Court selected John Hull as Boston mintmaster. Hull is supposed to have been in charge of overseeing the creation of the first silver coins in North America.

The mint that created the coin in 1652 was closed in 1682, according to the auctioneer.