Do you own coins which were rare when you bought them, but no longer due to NEW HOARDS ?

Discussion in 'US Coins Forum' started by Eduard, Oct 11, 2019.

  1. Eduard

    Eduard Supporter**

    The somewhat long title says it all: do you own any coins rare or scarce when you bought them (and for which you paid-up accordingly), but have since become much less rare due to new hoards being dispersed ?

    My best example of this is the 1794 half Dollar (posted here: https://www.cointalk.com/threads/1794-half-dollar.327022/.
    It was a very scarce coin when I bought my example 'way back', but just a few years ago 2017-2018 large, previously un-seen collector hoards hit the market.

    How about you?
     
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  3. NSP

    NSP Well-Known Member

    Fortunately this hasn’t happened to me (yet), though I would assume it would be very frustrating for this to happen. If I recall correctly, a similar situation happened with 1844 dimes. Someone was hoarding every 1844 dime he could get his hands on and eventually amassed several hundred coins.

    I don’t own an 1824 quarter, and I wouldn’t be shocked if there was a sizable hoard of these (I don’t have any inside information, but it seems like the type of coin that would be hoarded). If that’s the case, I hope any potential hoard is dispersed before I try to buy one!
     
    Gilbert likes this.
  4. Eduard

    Eduard Supporter**

    You are quite right about the 1844 "Lil' Orphan Annie Dime", @NSP. A hoard of 612 examples hit the market in or around 2003 and dispersed by HA.
    I am glad I was not caught holding one.

    More recently, a hoard of some size of 1804 Draped Bust Quarters, another 'Key', scarce date was dispersed around 2009 (and another small hoard about 10 years before that, from what I have read). I've got one, but luckily avoided taking a bath on it due to my purchase price.

    I just hope that no sizable hoards of 1809, 1811, or worse yet, 1822 dimes suddenly appear out of nowhere. They are the centerpieces of my collection of CBD's.

    As you mention, the 1824 quarter is just the type of coin which would tend to attract the attention of people seeking key dates. Before they know it, they are hoarding them. I've got and 1824 quarter in my collection, so I just hope...
     
    Last edited: Oct 11, 2019
  5. Treashunt

    Treashunt The Other Frank

    I do have an 1844, but in AG, and I haven't been hurt by it.
     
  6. Mainebill

    Mainebill Wild Bill

    I’ve bought some post hoard. Especially the 44 dime. I did have a au 55 57s $20 in an old green holder which I paid a premium for and got one too as it had beautiful non saltwater surfaces
     
  7. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Did the prices for your coins COLLAPSE like the historic plunge in the 1904-O in the 1960's ? Or did they just take a hit or stop going up ?

    Hey, even the 1933 Double Eagle purchased for $7.7 MM got 10 siblings with the Langbord Saints. So you never know.....

    It's one of the risks in our business, more so for when you pay alot of $$$ for a particularly rare coin. I presume anybody buying a 1927-D Saint for 7-figures can afford the hit if God Forbid a single bag of 1,000 coins (let alone multiple bags) turns up in some obscure Eastern European bank from the remnants of the Austro-Hungarian Empire or something like that. :D

     
  8. GDJMSP

    GDJMSP Numismatist Moderator

    It's a recurring theme, just not one that happens all that often, but often enough to matter, particularly to those who own the scarcities. I once bought a coin, (not a US coin) with only 2 known examples, with the possibility of a 3rd one being out there, but unproven. This was the case for well over 100 years. Well I found what I thought the was the 3rd one, misatttributed by a major auction house - and I bought it. But since I was the only one to correctly identify and attribute the coin, I got it for a song given its rarity.

    But over the next 3 or 4 years, between a friend of mine and I, we discovered 4 more of these coins, thus more than tripling the number of known examples to 7 known. This was quite a few years ago and since then I've never run across another, but then I don't dig and look like I used to either. So who knows, perhaps more have been found.

    Did I lose money on this coins as result ? No, but like I said I got it for a song to begin with. But that's the same thing you're talking about Eduard, only on a smaller scale. And with a coin that is much less well known.
     
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  9. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I guess the likelihood of a HOARD coming out -- as opposed to 1 or 2 or 3 individual coins from various places -- is when you have most of an entire series missing, like the 1927-D Saints. Or the 1904-O Morgans.

    Because then you're talking about thousands or tens of thousands of coins hitting the market. No way to absorb that many.

    I actually think if the Langbord 10 DEs were to be released, plus a few others, it could lead to HIGHER prices for the 1933 Saint-Gaudens, since we only have 1 legitimate public sale for the record. There's enough super-wealthy people that I think a dozen or two dozen coins could be absorbed and then prices might rise over time.

    Right now, there's only 1 such coin privately owned (at least that we know of :D) and it's on display and the wealthy owner doesn't want to sell or need to sell.
     
  10. Conder101

    Conder101 Numismatist

    A bag of 1927 S double eagles would be 250 coins, but I get your point.

    I have one coin whose know population increase 100%, of course it was unique when I got it so I didn't really get hurt.
     
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  11. green18

    green18 Sweet on Commemorative Coins Supporter

    Anyone here buy an 1902-O silver dollar back before 1962? If you did, you got skunked.......
     
  12. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I think it was the 1904's and 1903's. Price for the 1904-O went from like $1,500 down to $20. :eek:
     
    green18 likes this.
  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    What was the price of the coin before the hoard hit and what was if after ?

    What happened to the population ? Does grade matter or is the coin so rare that any quality is coveted ?
     
  14. green18

    green18 Sweet on Commemorative Coins Supporter

    Memory fades over time.........
     
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  15. Conder101

    Conder101 Numismatist

    The BIG drop was on the 1903 O. I'm not sure when the 1903 O's hit the market but I think it was around Nov 1962. If someone has a 1962 Redbook they should able to get the Pre-release price for an Unc coin and it was somewhere between $1500 and $2000 I believe. (I'm sure someone here has a copy and can give us the pre hoard release price, might check the 1961 redbook as well.) The Coin Dealers Newsletter started in June of 1963 and in the August issue (the first to price dollars), the Unc 1903 O was priced at $19.00.
     
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  16. GoldFinger1969

    GoldFinger1969 Well-Known Member

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