1857-S Double Eagle/ vastly overpriced....

I would have thought most St. Gaudens were melted down in 1934.....learned something new But still any coin with over 119K survivors/ most in MS/ prices are crazy high at present moment. Even that AV Basiliscus solidus (only 200 known all types) going for 2600 euros in MS is CHEAP in comparision.

 

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Wasn't the initial selling price of these around $5,000-6,000 when gold was $240/oz?

 

With inflation, that price would be in 2018 dollars (20-25K)

 

Imo prices won't move until the new coins hit the market and the owners of those coins can control the release as they see fit to keep demand steady until the coins are sold off. What I wonder about though is those with insider knowledge of the coins in the hoard and condition. Are they buying/selling using that knowledge to buy up or liquidate any coins they know the supply is going to change on and make a mint or avoid losses?

 

I think that the cat is out of the bag, everyone now knows that there were 119K 1857-S MS Double Eagles on board SSCA. Salvage operations are ongoing, eventually all coins will hit marketplace. Supply will flood demand....hence prices will drop. Look at recent history/ Seljuks of Rum AV Dinars were impossible/ then a small hoard of 500 coins were unearthed, prices for AV Dinars in MS-64 are now around a grand. With SSCA hoard we have 60 times as many coins of one date.
John

 

Prices coming down? Maybe ... but not right away .. Just received the pricing on a "new" batch of '57-S coins from the latest haul. New marketing company. The packaging is different that "normal" slab presentation. The coin comes with "a pinch of gold dust"....wowie? Prices are: MS62 $10,005.00 - MS64 $12,420.00 - MS65 18,630.00.....my guess is an average of 24.6% over-priced!...IMHO

 

Crazy. They can keep the dust.

 

Good luck to them, they will need it....recent Heritage/ Stack's auction prices are much lower, and have been falling since 2015....

 

Heritage sold a 1857-S MS-65 Jan. 2017 Fun Auction 10K

 

Prices are dropping as more & more of the 56-S's & 57-S's are hitting the market. Just this morning AU Capital Management placed 18 SSCA Gold Foil coins on the market......and this is just the beginning! CAC MS64 1857-S for $11k - 63-S for $8,250.

 

How about that/ Heritage auctions have ZERO 1857-S Double Eagles in Dallas Auction First time in years....

 

panzerman - What do you think that means? I have noticed via Collector's Corner that there are NUMEROUS '56-S's and 57-S's for sale.....all attempting to keep the prices high. What say you?

 

I’d love to have a shipwreck coin but simply don’t want the risk of taking a cold bath on it. 119,000 additional coins? No thanks.

 

WOW! We're in the same boat (pun intended!) I would love to put together a 5 coin shipwreck $20 AU-58 set representing each year of the Civil War. However, I'll have to wait until someone yells...."....Let the Dumping Begin".

 

So if I ask for $2000 for an MS-63 1881 S Morgan, it is not overpriced?

 

Because it's very unlikely that anyone would buy it at that price, it is overpriced.

Cal

 

As far as the ss Central America coins I would buy one. But not now. Once the market stabilizes and the majority are out there and they’re reselling at fair market value. Then I’ll buy. I underbid a 57-s a couple years ago. A au 55 cac old green label pcgs. I loved the color and surfaces and the fact it was NOT a shipwreck coin. Which to me. Though they’re pretty. They’re still cleaned

 

Same for the 1857-S Double Eagle! There are 200K of these around/ most are MS. Recently, they found a small hoard of mint state Seljuks of Rum AV Dinars in Turkey. These were extremely rare before, impossible to obtain. This hoard contained less then 500 examples/ however you can now buy a "Three Brothers" AV Dinar in MS-64 for $900-1200US.
There are more MS 1857-S $20 around then 1881-S Morgans in MS....

 

Maybe above MS-66, but there are far more MS 1881 S Morgans.

 

As long as they are honestly presented by the seller and there are willing buyers, they're not overpriced in terms of honesty and current market. If I were a seller, I would sell them for as much as I could.

Except for the highest grades, price will likely decrease. So, yeah, as an investment they are overpriced. However, many buyers may not care or never be aware that the price has gone down. They will consider the pleasure they get from ownership to be worth the original price. It's a trade-off of value of pleasure of ownership now versus amount they decrease in value in the near or intermediate future.

Cal