One of the rarest and most valuable South African coins just sold for over R40 million

The “Single 9” 1898 Pond coin, considered the most valuable South African coin, recently sold at auction for a record-breaking $2.16 million (R40.10 million) on Monday (13 January) 2025.

According to Heritage Auctions, the coin is a “piece of numismatic history” and is often referred to as the “unicorn coin” of South African coinage—renowned for its rarity and the fascinating historical context surrounding its creation.

The coin’s story dates back to 1898 when South Africa was on the brink of the Anglo-Boer War. At precisely 10h30 on 2 November 1898, the “Single 9” Pond was struck at the Pretoria Mint.

A peculiar predicament necessitated its creation: the reverse dies for the forthcoming year, 1899, had been seized by British forces in Delagoa (now Maputo) Bay.

Faced with this challenge, the Mint Master of Pretoria devised a solution, manually overstamping the year “9” onto an 1898 Pond coin using a single date punch.

However, the lone “9” proved too large and awkwardly intersected with President Paul Kruger’s effigy.

This issue led to a change in approach, with subsequent coins receiving the smaller “Double 99” stamp, leaving the “Single 9” as a singular rarity.

The coin was then presented to the United States Consul General in Pretoria, C.E. Macrum, as a symbol of the South African Republic’s independence.

Macrum marked the coin with a small “M”, and after his tenure ended, the coin disappeared from public view for decades.

In 1954, the “Single 9” resurfaced at the auction of King Farouk of Egypt’s collection.

Known for his extravagant lifestyle, Farouk’s vast array of collectables included an impressive coin collection. The auction, held at the Koubbeh Palace, was notable for its disorganised cataloguing and unconventional format.

Despite these limitations, the “Single 9” Pond was acquired by Baldwin’s of London for Dr Froelich of Port Elizabeth, South Africa, as part of a lot that included 18 other South African coins.

The coin’s South African roots were firmly reestablished when it returned to the country.

It reappeared in 1969 at a Days Postal Auction, selling for R2,530, and again in 1983 at a Phoenix Postal Auction, fetching R132,000.

Its value steadily climbed, reaching R4.65 million in 1999 during a private sale and R9.8 million in 2001.

Over the years, its ownership has been shrouded in speculation, but its status as the pinnacle of South African numismatics remains undisputed.

Its recent sale marks another chapter in its storied legacy, as it continues to captivate collectors and historians alike.

Accompanied by extensive documentation, including correspondence from the era and its auction history, the coin remains a treasured artefact of national and numismatic significance.

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