2013 Silver Lealana 0.1 Bitcoin (BTC). No. 3605. Series 1. Unredeemed. Buyer Funded. Black Address. ¼ Troy Ounce .999 Silver. 25mm. MS-70 (ANACS). This physical Lealana Bitcoin represents a historic revolution in commerce, similar to the first gold coinage issued by King Croesus circa 500 BC and the first U.S. coins to be struck by steam press in 1836. It is the physical manifestation of an entirely digital concept, offering a fusion of numismatic utility and financial technology. While digital cryptocurrency is now ubiquitous and readily accessible by design, the physical cryptocurrency coins remain comparatively scarce and highly desirable. Famed Bitcoin entrepreneur Bobby Lee captures this desirability in noting that "physical bitcoins are a rarity, theyre sort of like Picasso and Van Gogh paintings were back in those days. Nobody realized how rare they were."<p>We are excited to present this physical Lealana Bitcoin to the passionate communities of cryptocurrency and numismatic enthusiasts. It is the very first such piece offered in a major live auction. It features an intrinsic face value, or "peel value," of 0.1 Bitcoin, equivalent to roughly USD$5,400 at the time of cataloging (October 2021). The value of this piece was buyer-funded and remains unredeemed, further increasing the desirability. <p>Issued on a 25mm planchet of ¼ ounce of .999 fine silver and minted by Northwest Territorial Mint, the obverse features a holographic sticker with the serial number at left and the public address visible through a rectangular window. The words "Buyer Funded" are also printed near the top. Beneath the holographic sticker is the private address that allows the owner to redeem the value of the bitcoin once the sticker is peeled away. On the reverse is the Bitcoin currency symbol at center surrounded by a legend listing the denomination, composition, and the Hawaiian phrase "IKAIKA I HELU NUI" that translates as "Strength in Numbers." This phrase is also featured on the Casascius coin series but is listed there in Latin as "Vires In Numeris." Also included with this physical Lealana Bitcoin is a Certificate of Authenticity (COA) and an encased Pretty Good Privacy (PGP) message.<p>Only 2,000 Lealana 0.1 Bitcoins were issued in silver, and this buyer-funded example with a black address is a great rarity, one of only 10 issued. It is considered part of the limited Series 1 Lealana coins, offered before the address color was changed to green in May 2014 to comply with regulations.<p>First introduced as Lealana Litecoin, the Lealana series was released to collectors and investors in June 2013 as a counterpart to the Casascius physical bitcoins introduced in 2011. It was invented and issued by Noah Luis of Honolulu, Hawaii, who is perhaps better recognized within the crypto community by his internet handle "smoothie." These physical Lealana Bitcoins were produced in both brass and silver compositions and issued in a range of denominations from 0.1 BTC to 1 BTC, corresponding to those of the Casascius series. <p>Over 57 iterations of physical cryptocurrency have been produced, though the Lealana Bitcoins remain among the most popular and desirable, alongside that of Casascius, Titan Bitcoin, Ravenbit Satoshi Coin, and others. While an estimated 28,000 physical coins and bars were issued in the Casascius series, just 14,000 of the Lealana series were issued across all denominations, making the present piece a significant rarity in this category. We expect considerable excitement and fierce bidding among both collectors and investors when this piece crosses the auction block in our November sale.
