Howdy, Stranger!
It looks like you're new here. If you want to get involved, click one of these buttons!
Quick Links
What’s your reaction to rising numismatic prices ?
I believe this is a topic not addressed in hobby media before, and that’s my specialty - addressing
new topics for consideration.
As an oldtimer collecting for 2/3rds of a century, I’m taken aback & concerned about the seemingly nonsensical prices we are seeing at auction. I’m certain most oldtime collectors feel the same. We simply cannot comprehend, indeed almost revile , such ever- increasing prices, particularly for the ultra hi-grade
66-69 grades and even more so for post WWII modern coinage ( of which rolls & even bags exist ) and the omni -present Morgan silver dollars.
Yet for those of us who have formed significant collections over the decades, we anticipate such high prices when we consign to auction. So our concern about price levels are mixed.
On the other hand, those collectors in, say, their 50s or lower with presumably decades of collecting in their future, I’d imagine these rapidly increasing prices are an encouragement to continue collecting - if only
for “ investment”. They ignore happily that price levels, as they ever increase, continue to eliminate a significant segment of active collectors who simply cannot afford these price levels, thereby pricing them out of the hobby.
I long for the 1960-70s when prices were affordable and if you missed out on an, say, Uncirculated gem 1796 dime this year, you’d be able to buy one next year for perhaps 10% more. I well remember in 1960 when Milton Holmes ( Stacks) incredibly gem prooflike 1796 quarter sold for $3,000. That was almost double the going rate for choice Uncirculated 1796 quarters. Now, that coin is over $1M? Silly says I.
new topics for consideration.
As an oldtimer collecting for 2/3rds of a century, I’m taken aback & concerned about the seemingly nonsensical prices we are seeing at auction. I’m certain most oldtime collectors feel the same. We simply cannot comprehend, indeed almost revile , such ever- increasing prices, particularly for the ultra hi-grade
66-69 grades and even more so for post WWII modern coinage ( of which rolls & even bags exist ) and the omni -present Morgan silver dollars.
Yet for those of us who have formed significant collections over the decades, we anticipate such high prices when we consign to auction. So our concern about price levels are mixed.
On the other hand, those collectors in, say, their 50s or lower with presumably decades of collecting in their future, I’d imagine these rapidly increasing prices are an encouragement to continue collecting - if only
for “ investment”. They ignore happily that price levels, as they ever increase, continue to eliminate a significant segment of active collectors who simply cannot afford these price levels, thereby pricing them out of the hobby.
I long for the 1960-70s when prices were affordable and if you missed out on an, say, Uncirculated gem 1796 dime this year, you’d be able to buy one next year for perhaps 10% more. I well remember in 1960 when Milton Holmes ( Stacks) incredibly gem prooflike 1796 quarter sold for $3,000. That was almost double the going rate for choice Uncirculated 1796 quarters. Now, that coin is over $1M? Silly says I.
Comments
Of course, all I can do is guess. I think that generally, the rarer, more desirable coins which aren’t readily available, will be more likely to maintain much of their gains. At the same time, I wouldn’t be surprised if more common, generic coins give back a good sized portion of their increased values. But even if I’m right, I have no idea how long it will take for any such changes to occur.
Prices on assets tend to be "sticky". They rise fast, decline slower. I expect that to hold true with coins. I am moving as much inventory as I can before the fed raises interest rates. I expect that will put a bit of a crimp on the rapid growth we've seen lately.
I wish I knew why gold dollars have suddenly become so hot. It’s been very difficult to add new pieces lately at the price level I play in. But to my earlier point, I’m not reaching for stuff just to acquire. I’ll wait and see if there is an adjustment. If no adjustment then I’ll enjoy other things while I wait.
Yet again, I agree with what Mark Feld said.
Do I think prices will stay at the much higher levels? Old saying "what goes up, must come down"!
Actually, The Greater Fool Theory applies to this market.
I don’t believe coins are a do or die thing to spend big money on if it makes me uneasy. From a business point of view knowing what I can sell something for, avoiding paying too much for it, and sticking to a financially sound investment budget key to success. Past history illustrates coin market can rise and crash. Compared to equity market numismatics have really high conversion cost both ways.
So if can’t buy it right, pass. Already have enough of it. My focus on retail sales where in the green. At my table at show my best offer 10 pct behind bid. I don’t care who they are, what they think / some know it all BS, or what paid for it.
Agree. Just sold some of my lower grade raw Morgans with price rise and replacing with better coins that I had in slabs for years - see below. Never been afraid to break out of slab. Slabs are great for selling but would rather have in album to enjoy. Someone once told me as long as the coin is not over-graded or has issues, not to be afraid of cracking out, esp if I felt it was solid for grade.
Wish I had the nerve to do that. I know I would regret cracking out what is IN slabs already.
Just KNOW it.
This 1857O 50c PCGS au58+ sold at Stacks on March 9 for …. $4200..
Here’s the lot description:
1857-O Liberty Seated Half Dollar. WB-6. Rarity-3. Misplaced Date. AU-58+ (PCGS). CAC.
An exceptional example of this eagerly sought New Orleans half dollar with richly original surfaces drenched in steel and pewter-gray patina. Sharply struck and near-fully lustrous, this premium quality coin is just a whisper away from Mint State. The lowest mintage (818,000 pieces) issue among late date New Orleans Mint Liberty Seated half dollars, the 1857-O is scarce to rare in all grades AU-50 and finer.
Provenance: From the Abigail Collection, Part II.
Here’s the coin:
I’m wondering if there is something unique about this coin that supports this auction price.
I have read a lot about high prices for gold, but we are seeing a similar phenomenon for a segment of the market that has been dormant for many years.
If the purchaser or other bidders on this coin can reveal the rationale for putting so much cash into this coin at this time, it would educate the rest of us.