Crypto group wanted copy of Constitution, but winning $43M bid wasn’t theirs

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LONDON — A crowd-funded bid by cryptocurrency enthusiasts to buy a rare copy of the US Constitution fell short on Thursday after the document was sold at auction to another buyer for $43.2 million.

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The identity of the winning bidder was not immediately clear, nor was it clear why the cryptocurrency group, known as “ConstitutionDAO”, was bidding at that price, as their crowdfunding page had earned over $47 million.

“Community: We did not win the bid,” ConstitutionDAO said on Twitter, promising refunds minus transaction fees to its 17,437 contributors.

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The extremely rare official first-edition printed copy of the US Constitution, adopted by America’s Founding Fathers in Philadelphia in 1787, was estimated by auctioneer Sotheby’s for an estimated $15 million to $20 million.

It was last sold for $165,000 in 1988, when it was purchased by the late S.J., a New York real estate developer and collector of American autographs, documents and manuscripts. Howard Goldman was acquired.

The winning bid was $41 million and the final price of $43.2 million includes overheads and other costs, Sotheby’s said.

According to Sotheby’s, proceeds from the sale will benefit a charitable foundation named after his wife, Dorothy Tapper Goldman, to advance the public’s understanding of democracy.

Constitution Website said that the contributors would become members of the Decentralized Autonomous Organization, or DAO, but would not have a stake in the document.

A DAO is a type of online community that uses blockchain technology to allow members to make suggestions and make decisions about how to run it.

According to crowdfunding website Juicebox, $47 million, or more than 11,600 of the cryptocurrency ether, was paid into the project.

The document they missed is one of 11 known extant copies—only one still in private hands—from the official first printing of the final text of the Constitution, as adopted in Philadelphia and sent to the Continental Congress for review. was submitted, Sotheby’s said.



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