I have wondered several times how dependent the market is on price guides. Are most notions of value “because the price guide says so”? What would happen if all price guides were removed, and all previous knowledge of values were forgotten? Assume that the internet, shows, etc. are otherwise unchanged. Would prices stabilize with demand at current values, or would a lot of prices fall dramatically as it is found that supply actually exceeds demand? Would baseline prices be set by dealers believing coins should be worth a certain amount and seeing if collectors would be willing to pay that amount? With ancient coins, there are no price guides, and collectors/dealers are generally the ones who set the price records which define the market. I’ve found it to be far more volatile as a result. So I believe that my second scenario would be the most likely. I’d be interested in hearing your thoughts.