Competition in the auction markets has always set a high price for antiques. In a recent auction in Dallas a very rare coin was sold for about half a million dollars

A rare gold coin which was donated to a northwestern Indiana church has been sold for a staggering price of $517,000 at an auction.

Valparaiso’s, GracePoint Church member donated the coin to help finance a new church building for the congregation, which has held services in an elementary school since its founding in 2009.

According to Dallas-based Heritage Auctions the $20 gold piece is one of the rarest of its kind. It is one of the only 10 know surviving 1866 Liberty Head double eagles stamped with “In God we trust.” The auctions officials said that it sold on Thursday during an auction that took place in the Chicago suburb of Schaumburg, Illinois and online.

The name of the winning bidder has not been disclosed.

Pastor Ben Lamb said that the Heritage Auctions earlier wired the church $150,000 for advance payment and that allowed construction to begin on the new building.

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