Insane coin prices today: HA and CNG

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I don't think this is correct. Every generation thinks the ones that come after them are lazy, weaker, etc. Interestingly, if you look at things like drinking, drug use, and teenage pregnancy, you'll see a peak in the early 1990s and then a massive downtrend that's continued through today. I'm a gen Xer, but my experience with the Millenials I know and work with is that they are more work oriented, focused, etc. than my generation or even my parents' generation (Boomers). They care way more about school, being responsible, etc. I tell my teenage sons to go outside and get in a fight, fall in love, just get in some trouble for God's sake! But they prefer to do their homework, learn a new skill on youtube, etc., or play board games with friends.

 

Give me a break!
It’s hard to save money when the cost of healthcare and housing has shot up since 2010 and wages have been essentially stagnant since the late 1970’s. Here is an anecdotal story.
I graduated from a public university with a degree in Medical Laboratory science. I quickly got a job and began working at a private hospital laboratory , my starting salary was $24 USD an hour. One of my coworkers was an MLT(2 year version of my profession) and was making $23 an hour. She had been working since 1981 where she initially made $7.50 an hour. Once we add in inflation, she has earned an additional $2.30 USD for nearly 30 years of experience.
If I didn’t go into the US Navy Medical Service Corps I would be living paycheck to paycheck, and I have a four year science degree and am not “glued to my phone or was spoiled rotten by my boomer parents”.

I also know electrical engineers in Austin who have 80k in student debt who live in a tiny apartment and can barely keep the lights on.

 

I was not planning of posting anything here, but I have to get something of my chest. The things said here are amazing, not per se in a positive way. I was under the impression that this is a coin board. But somehow the original question of this thread ended up in generalistic remarks that are not just inappropiate, but also misplaced, I believe. Every generation has its issues, yes, but just remember that the fact that you are able to post messages here, can collect coins, even have issues with high coin prices, etc., means that you belong to the small world population that does not have to survive on a day to day basis with merely enough money to even buy basic food. You are very privileged and be very happy, grateful, that you were not born in a slum in e.g. India.

 

@Limes
Unfortunately the US has places similar if not worse than the slums of India.
One project I did was helping a team of Epidemiologists to map Salmonella enterica outbreaks in LA county. Unsurprisingly the worst place was Skid Row, La.

 

LA has thousands of homeless and it's a terrible tragedy. Similar or even worse than slums in India?? Oh my, I’m sorry that's just not true and it grossly misrepresents the suffering in the slums of India. As awful as it is, nothing shown in that YouTube video even scratches the surface of what the Indian people are enduring. Google Dharavi, a slum of about a million people living in 2 square miles. You can't begin to comprehend the crowds, poverty and pollution.

The filth is contrasted against people who are hospitable, intelligent and kind. For what it’s worth, I just returned from several weeks in India and I hope to go back when this health crisis is over.

To keep it on the subject of coins, here is one that celebrates the conquest of India by Alexander the Great.

Seleukos I Nikator, 312-281 BC. Tetradrachm

The obverse portrait relates to Seleukos' eastern victory and ties his mythology to that of both Dionysos (the panther being the animal companion of the god Dionysos), the first conqueror of India, and Alexander, the second conqueror of India.

 

@Nemo
Yes, forgive me as I was exaggerating to an extent. Parts of India have horrendous living conditions, as well as parts of Bangladesh. Having been to Skid row and Lowndes county Alabama, a place where 40% of the population has hookworms, I do feel that while not on the same level as India they certainly are in the same stadium. Never in my life have I ever seen such rampant drug abuse, needles were a very common site on the streets which explains why a lot of people looked like zombies. Truly sad stuff.
Though let’s burry the hatchet with this lovely Tetradrachm of Antiochus III from Seleucia.



Antiochus III Megas Tetradrachm
17.2 grams.

 

Beautiful tetradrachm @Magnus Maximus!

 

I'm wondering if the online market is strong right now do to the fact that most, if not all, shows have been cancelled.

 

Yesterday, the US published retail sales figures for March. The numbers were what may be called catastrophic and by far the biggest drop was recorded for luxury goods. So demand for luxury goods is coming down and prices will follow.

An important price that is going up right now is that of gold (the ultimate inflation hedge), as investors fear that the massive increase in the supply of dollars announced by the Fed and the US government to fight the Corona crisis will eventually erode the dollar's purchasing power.

Ancient coins are a bit of both, luxury good and inflation hedge. Unfortunately, they are mostly the former and much less the latter. They make for poor inflation hedges as much of their market value depends on the level of wealth in the economy and the level of wealth is exactly what gets eroded in a crisis and by inflation.

 

I have often joked that everytime I bid or even take an interest in something in a Heritage Auction that the prices go crazy. I too thought that perhaps the bids would moderate some given the current crisis, the ups and downs of the stock market and the threat that the current Federal Government fiscal and monetary polcies have on the future of the economy.

It doesn't matter. The bids are still through the roof. Coins that I am watching are up to beyond my limits more than a week before the auction is to be held.

 

There are just a lot of people at home with little to do right now. Unfortunately, some are probably spending money they don’t have including some of those bidding on coins.

I pray we return to normalcy soon even if that’s a revised normalcy. It’s a time to really reflect and be thankful for what you have.

 

I've noticed that too. Like I mentioned before, I wonder if the lack of coin shows have pushed more people online to satisfy their thirst.

 

Thanks @Tejas, that view summarizes my guiding perspective regarding the economy since I finished prepping food, medicine, PPE, tools/equipment etc for my immediate and extended family 6 weeks ago. I'm relatively young and resilient but my instinct continues to scream 24/7 that the the end of the global financial and economic system is nigh and a new paradigm or era will emerge. Ancient coins do indeed have a foot in both realms but unless you've been hoarding cheap circulated ancient gold I fear that the market will tank once the more secure/resilient demographic base of collectors gets pinched. Lowly employees and wage earners got hit first but everyone else will get their turn soon enough. Inflationary pressures thanks to the Fed may drive prices up in the short term, but the chickens will come home to roost soon enough. Prepare my friends.

Also, while gold bullion makes sense I've been a silver PermaBull since I learned about the system as a child and backed up the truck when margin call selling tanked the spot price in March. Still buying bullion bars every day while my sales revenues can support it. There are less actual ounces of refined silver than ounces of gold in existence, and given the fundamentals plus the exigencies of global pandemic shutdown I expect silver to break the 1980 peak within 2 years, a spot price which would be equivalent to the buying power of 150 dollars in 2019.

Maybe I'm dead wrong but my instincts have always been golden and I'm not going to stop listening now because a few vociferous individuals can't comprehend, let alone cope with the inevitable.

 

Well if you think HA and CNG prices are crazy, just check out what people are paying for very poor quality coins....shocking. Now that gold prices are almost at an 8 year high, I've just been converting gold to better quality coins (again mainly gold). Here's something I bought recently:

Lesbos Mytilene





And one that I didn't even remember buying. Kingdom of Macedonia, Philip III Arrhidaios Tetradrachm

 

You guys keep posting those beautiful world coin and I may have to jump ship!

 

When we make plastic coins and plastic bullion coins, I am jumping ALL IN!

The market on HA and CNG will just go BANANAS!

It will be more dramatic than the opening posts of this thread!

 

Now you know you have a bad habit when you can't remember buying.

 

Did anyone follow (is following) the current ROMA auction? Crazy prices for some of the coins. Looks like UK collectors have suddenly come into a lot of money. They are paying around 20-30% more than comparable coins in the US.

I was looking at some coins but gave up in the end. Managed to get one rare coin though. Will post it later. One out of 5....that's a poor success rate!!!

 

I got completely blown out of the water on the three I was watching. Heritage not looking too good either!