It seems that when ever there is a bump in the coin market, coins that sold in the past, and sometimes not long ago, suddenly reappear for sale again . There is only one explanation for this, collectors looking for a profit . Collectors aren't the only ones doing this, dealers & auction houses are doing the same thing . The world-wide Covid 19 pandemic has obviously created more interest in the ancient coin market & many of us are chagrined at the rising prices . One coin that caught my attention recently is pictured below. Antioch-Syria, Caracalla as Augustus, AD 198-217 (struck AD 204). Reverse: Eagle with talons gripping a thigh bone of a sacrificed animal. AR Tetradrachm: 12.59 gm, 28 mm, 11 h. Prieur 190 (this coin), McAlee 664. Ex Michel Prieur Collection, purchased from Baldwin's in 1991. This coins recently sold at CNG Coin Shop for $2,250.00. Prior to that it was auctioned by Fritz Rudolf Kunker GmbH & Co. KG, Auction 333, lot 1114, March 16, 2020, for 1,100 Euros. Prior to that it was auctioned at CNG 111, Lot 534, for $1,150.00 on May 29, 2019. I wouldn't be surprised to see this coin reappear in a NGC slab at another auction house in the near future....
Whenever I see a coin like that sell multiple times over the course of a year or two, I usually assume one of two things: someone's trying to flip it for a profit, as you mention. Or, there are some problems with the coin that aren't being shown in the pictures. If I buy a coin at auction and it's disappointing in hand, then I'd probably try to sell it again somewhat soon. Eventually, it will settle out at a reasonable price (someone may or may not lose money playing this game!) and it will go into a collection.
I have noticed this tendency towards flipping coins in the recent past. Probably will continue until the ancient coin market cools off, which might be in the post-Covid future. I know that auctioneers like CNG and Leu have been taking in record profits so they can hire additional numismatists on staff.
It's been my observation in the past that CNG has a very good eye for coins that are undervalued at auction, which they purchase for their retail inventory and resell at (what I consider) a reasonable profit. I've even bought one of them myself in 2009 for my 12 Caesars collection: While I agree that recently there has been a lot more flipping of coins within a short period after purchase (cf. the August Heritage auction where many of the coins were purchased/won at auction earlier in the year), CNG seems to me to be looking for bargains that they can add to their retail offerings.
There is a coin, a RR denarius, in modest condition, that keeps appearing in the last months in the list of an auction house. Last time I saw it, I think, was 2 months ago. Until then I saw it 3 or 4 times - sold - appearing again - sold. The coin was accurately described as tooled and repaired (it had a hole sometime in the past) so not sure, perhaps the buyers changed their mind after seeing it in hand, who knows. I also remember a nice Julia Titi denarius appearing twice in a period of 5-6 months - second price being almost double. I think that was a case of flipping for profit. I bought this coin because the reverse is quite unusual and overall I am happy with it, especially since the price was below what I wanted to pay. When searching for details after winning it, I found it also listed a few months before by the same house. As a coincidence, the hammer price was exactly the same. So probably the buyer refused to pay his order. Overall I think there are 3 possibilities - buyers who cancel the order (but this is hard to believe if you see a coin 4-5 times) - the coin is simply uglier in hand, a defect is more visible or something similar - collectors or auction houses who hunt coins in auctions just for profit.
I like this coin. But I don't think I've seen any coins of Vespasian with the legend written counter clockwise like that. How typical is that? Just curious. I'm looking at Vespasian coins myself.
It's not uncommon. My first Vespasian denarius also has the legend written counter clockwise. I have a Titus as Caesar denarius, too, the same. I found this very interesting.
My coin is RIC 115, which RIC lists as C2 -- very common. So I would guess that the counterclockwise legend isn't particularly rare.
I bought a cast Æ from Olbia at the last TNA in June. CNG sold the coin in 2005 & 2008. I think another company sold it again recently. I paid about the 2005 price and about half the 2008 price. Sales prices depend on the asking price (the dealer did not budge much at the TNA show) or what the two highest bidders will pay at auction.
I bid on one coin three times in the last twelve months and still haven't bought it. Maybe the fourth time's the charm?
I've seen innumerable owls being resold after only a year or even less since the previous sale. This is a reflection, as Al noted, of a red hot coin market across all types and periods. I wonder, however, when factoring in seller's fees and currency conversions, where applicable, how much net gain is achieved. I guess this gain might be significant for super rarities or highly promoted, slabbed coins, but I think that there must be saturation point somewhere that would reduce demand and, hence, prices for many of these coins. I think, based on current indications in the auction and retail coin markets, that point might be a long ways off, barring some unforeseen event or chain of events.
Even before the pandemic coin market, I noticed that nice quality coins would come up for sale multiple times. I got this one in an ebay group lot in 2018 While doing research, I found that it had been previously been sold by CNG in both 2014 and 2013 https://www.cngcoins.com/Coin.aspx?CoinID=265347 It now lives with @jamesicus
physics., You make some good points I never considered . I've never returned or sold a coin I won at auction because it varied so much from the photo or description, but I'm sure others have. Another point I overlooked was upgrading . On a number of occasions I've sold coins that were upgraded not long after I bought the first one .
Good observation and worthy of a thread.. I’ve noticed this quite a lot over the years I more or less agree with this assessment.. auction houses/dealers/flippers scooping up deals for resale, the coin being underwhelming in hand, or perhaps the buyer feeling uneasy about the authenticity and returning the coin. @Al Kowsky Upgrading is absolutely another valid reason Over the last 24 months I’ve purchased 3 of the following type - only to part with 2 of them since The one I kept: MACEDON UNDER ROMAN PROTECTORATE. Ae (Circa 142-141 BC or 167-165 BC). Thessalonika. Obv: Facing head of Silenos, wearing ivy wreath. Rev: MAKE / ΔONΩN. Legend in two lines; D above; all within ivy wreath. SNG Copenhagen 1324-6; BMC 55; HGC 3.1, 1117. Weight: 11.25 g. Diameter: 24 mm.
Dude, I have no idea what that coin is - but I love it. Is it supposed to look like a grumpy old man? Or is it a god of some sort? Looks like it has beautiful color, despite a little bit of pitting. Very nice!
Thanks @physics-fan3.14! I’m pretty sure I reacted similarly when I first saw one of these This is our man (/goat/donkey/satyr) Silenos aka Silenus The pitting is actually barely noticeable in hand and to me it’s an absolute non issue - while you’ll be able to find at least one specimen for sale somewhere in the world at most times, these tend to be overstruck and it is a chore to secure one with a clear and complete portrait.
For Titus's major silver issue of 80 AD that is the normal arrangement. Glad to hear you're looking into Flavian coins!
Of the entire history of Rome the Flavians most appealed to me. I have about 4 Vespasian denarii I’m looking at, trying to pick the best one. Trying not to get one so worn that Vespasian looks like a skeleton.
I keep buying the type too but I'm not upgrading exactly... just hogging . I have four now. Excellent obverse on the one you kept!
