A rare Dutch coin from 1891 with a portrait of the young queen Wilhelmina has fetched an unprecedented €1 million at auction.

The 25 cent silver coin, or kwartje, which weighs just 3.5 grammes, is one of only two ever minted. The other quarter is in the collection of the Dutch National Bank.

“This is the holy grail for collectors,” Jacco Schepers, director of Heritage Auctions Europe which organised the auction told RTL Nieuws.

The sale smashed the last coin price record held by a double gold ducat from 1867 which went for €200,000.

“If a collector wants his Wilhelmina series to be complete this is the coin he needs. But the trouble is, there’s only one on the market,” Schepers said. The coin changed hands only four times in 133 years. The last time it came up for auction was in 2001 when it fetched 81,000 guilders or about €37,000.

Former owners include American collector Virgil Brand and rare coin and stamp collector Philip Ferrari de Renotière. It is not known who owns the coin now.

“It could be another 50 years before it happens again, if ever,” Schepers said.

It took just two minutes of spirited bidding for the starting price of €300,000 to reach €850,000 which, including the auction costs, brought the sale to a total of €1,045.502.

“In all the over 100 auctions I have presided over I have never been so nervous. My hands were clammy,” Schepers said.