Unbelievable! Rare coin fetches Rs 50 lakh at auction, here's why

In a surprising development, a rare large gold coin from the reign of Charles I has been auctioned for GBP 44,000 (Around Rs 50 lakh). 

The Triple Unite coin was minted in 1643 in Oxford during the English Civil War. The original value of this rare coin was only 60 shillings, or GBP 3.

In the coin, the king is depicted holding a sword and an olive branch. The coin  sold earlier at auction house Dix Noonan Webb.

According to auctioneer Christopher Webb, the 26.57g Triple Unite was "far exceeding the size and value of any previous denomination struck in the British Isles".

He said the Triple Unite "was as much a propaganda piece for the king as it was a means of meeting the enormous expenditure of the war".

He added: "Despite his Catholic origins, the reverse proclaims his defence of the Protestant religion, English law and the liberty of Parliament. Furthermore, having been forced to leave the vast resources of London behind, it proved he still had the authority and financial wherewithal to produce a numismatic masterpiece, made by one of the country's finest engravers, at his new war headquarters in Oxford."

The Triple Unite sold as part of a collection which also has coins from the eras of Charles I and Oliver Cromwell. A Cromwell broad coin worth 0 shillings in 1656 was auctioned for GBP 24,000.