Compo for inflated coin valuation
A legal battle over a coin - a rare 1813 Holey Dollar - has led a judge to award damages of nearly $400,000 to the man who bought it with the promise of a massive rise in value.
Businessman David Burton bought the coin from Robert and Barbara Jackman, and their business The Rare Coin Company, in 2011 for just over $370,000 with the promise its value would rise nearly 20 per cent.
According to court documents, Mr and Mrs Jackman agreed to sell the coin or buy it back at the higher price two years on.
But after the sale never happened, Mr Burton sued and won - and has now been awarded more than $390,000 in damages.
Acting Supreme Court Master Michael Gething agreed that the Jackmans had estimated the coin's value after two years to be likely to reach $510,226.
The coin is now valued at $128,127.50, leaving Mr Burton $390,401.50 out of pocket.
That is the amount of damages payable, the court determined.
The Jackmans had disputed the latest valuation of the coin, but failed to provide one of their own.
"Mr Jackman has not placed before the court anything resembling a credible body of substantial evidence to the effect that the coin is undervalued," Master Gething said.
The damages award is against the Jackmans personally - after their company was placed into administration in July last year owing $11 million.
The 1813 Holey Dollar and its partner, the 1813 Colonial Dump, were the first coins struck in Australia.
