The King of Siam Proof Set
The fabled King of Siam proof set, originally given as a diplomatic gift on behalf of
U.S. President Andrew Jackson to the King of Siam (now Thailand) in 1836, was purchased
for a record price of $8.5 million by Steven L. Contursi, President of Rare Coin
Wholesalers of Irvine, California on November 1, 2005.
The set was sold by Goldberg Coins & Collectibles of Beverly Hills, California on behalf
of an anonymous owner described as "a West Coast business executive" who purchased it
for over $4 million four years ago.
"I watched this extraordinary set sell at two auctions over the years, and I always
wanted to own it because it's a national treasure.
It is history, adventure and artistic beauty," said Contursi.
Ira Goldberg and his cousin, Larry Goldberg, issued a joint statement about their role
as brokers on behalf of their unidentified client: "It has been our dream to handle the
sale of the King of Siam proof set ever since its existence was first made known to the
numismatic world in 1962.
We are proud that we've sold it three different times over the past 15 years, twice
at public auctions and now by private treaty.
This was the most exciting sale because it shattered the previous record.
It's the number one numismatic treasure."
The set includes the original, custom-made yellow leather and blue velvet case that
housed the coins when U.S. State Department envoy, Edmund Roberts, presented it during
an overseas trade mission on behalf of President Jackson to King Ph'ra Nang Klao
(Rama III) of Siam in April 1836.
The King's son, Rama IV, was the subject of the book, "Anna and the King of Siam," and
the famous Broadway musical, "The King and I."
The King of Siam set was minted sometime in late 1834.
Roberts took it with him on a voyage aboard the USS Peacock in 1835 and arrived in Siam
in the spring of 1836.
Included in the sale to Contursi was the ship's original log from the voyage of the
Peacock in 1835.
"In the annals of American numismatics, nothing can compare with the legendary presentation
set of United States coins that was given to the King of Siam," said Kenneth E. Bressett,
a former President of the American Numismatic Association and co-author of a reference
book about the set, "The Fantastic 1804 Dollar."
He served as a consultant to Contursi in this transaction.
"No other group of coins can boast of a more absolute pedigree, or such an illustrious
past.
Measured in terms of collector appeal, rarity, romance and value, this set is
unparalleled and will forever hold its place as one of the most desirable numismatic
items in the world.
New price records have been broken with each sale of comparable individual items that
are included in this set, and it is likely that all records may be shattered with the
sale of this monumental set," said Bressett.
It is believed the King of Siam's son, Rama IV, later gave the coin set to his
British governess, Anna Leonowens, who died in 1915.
More than 120 years after their presentation to the King, two descendants of Leonownes
sold the coins to a London, England dealer in the late 1950s.
The existence of the King of Siam set was announced to the astounded numismatic world
in 1962, according to Bressett.
The set contains one of the eight original "Class 1" 1804 silver dollars along with
other numismatic treasures struck in 1834.
It is believed that four sets were originally assembled as gifts to world dignitaries,
but only two were ever delivered before emissary Roberts died.
The other sets were returned to the United States Mint and eventually broken up.
The set also contains an 1833 gold medal depicting President Jackson.
Although believed to be part of the set when delivered to the King of Siam in 1836, the
half dime and Jackson medal were not included when the set turned up in London a half
century ago.
The two present replacements were included by subsequent owners more than a decade ago to
fashion the set as it probably looked when presented to the King.
The individual items in the set were authenticated, graded and certified by Professional
Coin Grading Service (PCGS) in June 2004:- 1804 $10 Plain 4, PCGS PR 64 Cameo
- 1834 $5 Classic Head, PCGS PR 65 Cameo
- 1834 $2.50 Classic Head, PCGS PR 64 Cameo
- 1804 $1 Class 1, PCGS PR 67
- 1834 Half Dollar, PCGS PR 65
- 1834 Quarter Dollar, PCGS PR 65
- 1834 Dime, PCGS PR 67
- 1834 Half Dime, PCGS PR 66
- 1834 Large Cent, PCGS PR 66 Red/Brown
- 1834 Half Cent, PCGS PR 66 Red/Brown
- 1833 Andrew Jackson gold medal, PCGS PR 63 Cameo
The King of Siam coin set was exhibited at the Smithsonian Institution in 1983 and for
a year at Mandalay Bay Resort in Las Vegas when it opened in 1999.Contursi plans to
publicly exhibit the King of Siam set at the Long Beach, California Coin, Stamp &
Collectibles Expo in February. Earlier this year, Contursi paid $3 million to buy
the first gold coin made in the United States, a unique 1787-dated "Brasher Doubloon,"
and he also owns what is believed by many experts to be the first silver dollar struck
by the United States Mint in 1794.
The previous record for the world's most valuable single coin or set was $7.6 million
for a 1933 U.S. $20 denomination gold piece purchased in 2002.
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