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<p>[QUOTE=&quot;beef1020, post: 2446594, member: 24544&quot;]I left out quoting the rest of your post, but I agree with it in general.&nbsp; It furthers the point, if we don&#039;t know the supply and we don&#039;t know the demand, what is the point of trying to create a ratio of those two concepts.&nbsp; We could guess at them, but then our ratio has a ton of error in it, why would a function that badly estimates the relationship between supply and demand be better than the price discovery the market provides based on the actual supply and demand?</p><p><br /></p><p>To your question, for a lot of early copper there is a fairly large amount of research into both survival estimates, mintage numbers, and census/conditional census.&nbsp; the survival estimates are generally based on hoard finds.&nbsp; It&#039;s not perfect, but it&#039;s a reasonable guess.&nbsp; In addition, for each of the 1000+ variets of large cents there is a fairly accurate conditional census of the best coins.&nbsp; It&#039;s not the truth in the sense that there are coins out in the wild that are not included in the census, but the census certainly contains all coins known to quite a large collector base, which in reality represents the actual supply of coins at any given time point.&nbsp; I.e. the fact that 2 coins of a variety exist in some old time collection that hasn&#039;t seen the light of day in 50 years is not significant to the price I would pay for that variety today because those 2 coins do not actually become part of the supply until they enter the market.[/QUOTE]</p><p><br /></p>

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