An 18th-century gold coin bearing the image of George Washington, the first US president, was sold for $ 1.7 million in an auction and the net proceeds will be earmarked for charitable purposes, a US auction house said.

The currency of 1792, with an eagle on one side and George Washington on the other, was never traded. It is believed to have been presented as a gift to Washington when it plans to create the first currency exchange house after the American Revolution.