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<p>[QUOTE=&quot;IdesOfMarch01, post: 1734016, member: 39084&quot;]When I first started collecting ancient coins about five years ago, I noted that more than one source warned that rarity does not, in itself, determine prices. The usual economic forces of supply and demand largely determine prices.&nbsp; The obvious question is, &quot;What determines demand?&quot;</p><p><br /></p><p>Doug&#039;s observation about a coin&#039;s condition (e.g., EF rather than VF) being valued more highly than rarity (viz., unusual reverse types vs. common reverse types) seems fairly accurate, across all strata of pricing.&nbsp; Let&#039;s face it -- EF coins have more initial eye appeal than F or VF coins.&nbsp; If a collector has a choice between, say, a Caligula bronze with a common reverse in EF vs. a similar bronze in VF with a rarer reverse, that collector will almost always choose the former rather than the latter, unless there is a mitigating factor (such as needing to complete a set of reverses for a certain coin). It&#039;s completely understandable that obverse portraits in great condition will increase a coin&#039;s price, even if the reverse is fairly common.</p><p><br /></p><p>In addition, certain collectors will seek common coins (such as the Tiberius &quot;tribute penny&quot;, as discussed in another thread on this site) for reasons that are purely historical rather than condition- or rarity-based.&nbsp; The law of supply and demand explains the prices of these coins despite their ready availability.</p><p><br /></p><p>It seems to me that this is a reasonable explanation of why some rarer reverse types can seem undervalued to a knowledgeable collector, especially one whose collection has great breadth of types and styles.&nbsp; For smaller collections with less breadth, condition is likely to be more of a determining factor than rarity of a coin&#039;s reverse.[/QUOTE]</p><p><br /></p>

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