A large gold coin minted in 1609 for King Philip III of Spain is expected to break all records and become the most valuable coin in Europe at an upcoming auction in Switzerland.

This unique item, weighing 339 grams, has a starting price of 2 million Swiss francs (approximately 2.48 million US dollars), announced the Geneva-based auction house Numismatica Genevensis SA.

“It will definitely break the record for the most expensive European coin ever,”

“The coin will certainly shatter the record for the most expensive European coin of all time,” Frank Baldacci, director of the auction house, told Reuters.

The Centen, or 100 escudos, was an old Spanish coin minted in the city of Segovia, in central Spain, made from gold transported by conquerors who traveled to America, or the “New World.”

It was created as a display of royal wealth and power, its value equivalent to several years’ wages, and is the largest coin in modern European history, noted auction house founder Alain Baron.

Lost for many centuries, it resurfaced in the United States around 1950, where a New York collector purchased it before selling it to a Spanish buyer ten years later. It was later acquired at auction by another collector whose identity remains unknown.

“It was truly a royal gift”

“It was truly a royal gift, a present for other kings or queens,” said Baron. “The next owner will, in a way, have the status of a king, as it was a king who offered it to another king.”

“There is interest from buyers in the US, Europe, and the Middle East who are looking for a ‘trophy asset,’ as well as from institutions,” the auction house emphasized.

Current record

The current record price for a European coin is held by a 100 ducat coin that once belonged to Ferdinand III, which sold for 1.95 million Swiss francs (2.42 million US dollars).