The 18-karat gold 1826 Erie Canal Completion so-called dollar medal presented to President John Quincy Adams by the Common Council of the City of New York sold at public auction Oct. 28 by Skinner Inc. for $156,000.

The 1826 so-called dollar medal celebrates the completion of the Erie Canal, which took more than eight years and $7 million to construct. The canal connects the Great Lakes to the Atlantic Ocean.

The price realized includes a 20 percent buyer's fee.

Massachusetts dealer Stuart Levine acquired the medal in the auction. He told Coin World Oct. 30 he was thrilled with being able to acquire President John Quincy Adams' presentation piece.

"It's one of only two examples in private hands," Levine said. "I knew I wanted to own it."

Offered by Skinner Inc., a Boston auctioneer, the Adams presentation piece carried an estimate of $30,000 to $50,000.

The Adams medal is housed in its original square red leather case with cream-colored satin and blue silk velvet lined interior.

The lot description did not include any grade referencing condition, other than to note six rim dents or dings.

Adams' medal was consigned to the Skinner auction by a direct descendant of the sixth president, according to firm officials. Skinner officials would not identify the descendant.

The medal, along with other personal items belonging to the president that were offered in the Skinner sale, apparently had been kept in a shoe box in the attic of the descendant's home, according to a Skinner spokesperson.

The Oct. 28 Skinner offering was only the second time since 1925 for one of the gold versions to be offered at public auction.

The most recent prior sale of one of the gold 1826 medals was Sept. 27, 2007, when Heritage Auctions sold a gold medal for $63,250, which included a 15 percent buyer's fee.

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