The spike's installation marked the completion of the Alaska Railroad in 1923. It's spent most of the time since then in the hands of private owners

The golden spike that was used to complete the Alaska Railroad in 1923 will for the first time be on permanent display in Alaska after entities combined to win an action for the 14-karat gold spike Friday.

Two Alaska institutions are making a bid to bring home a golden spike that was driven into the ground more than a century ago to mark the completion of the Alaska Railroad

A variety of private donors supplied money for the purchase, the museum and city of Nenana said in their statement.

The total cost of purchasing the 14-karat gold railroad spike at auction, to reclaim a piece of Alaska Railroad history, was $201,600.

President Warren Harding hammered a golden spike into train tracks in central Alaska. It was the ceremonial final piece of the Alaska Railroad, which connected inner Alaska to the coastal city of Seward,

The Anchorage Museum, along with the City of Nenana, bought a special railroad spike at a Christie’s auction for $200,000. The spike is made of 14-karat gold and is rich with history.