The Official U.S. Coin Hoard Thread

Discussion in 'US Coins Forum' started by GoldFinger1969, Jan 19, 2021.

  1. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Plenty of threads on ancient/foreign hoards, wanted to create one for U.S. coins. For domestic or imported hoards. :D

    I saw this quote from a dealer a few years ago and wanted to know if those of you who are dealers or close to dealers believe it is still true:

    "...But I think there are still very large quantities of these coins that have not been sent in to PCGS and NGC. I know for a fact that there are at least six or seven American firms who import large amounts of United States gold coins from European and other overseas sources every month. While supplies from Europe ebb and flow, the quantities coming over every year are still immense; in the tens of thousands at the very least."

    I never heard of any firms who are (were?) ACTIVELY importing remaining gold coins from Europe/overseas a few years ago. I know there was lots of coins to be brought over in the 1950's and 1960's but figured we got all the low-hanging fruit by 1990 or so.

    Tens of thousands every year is pretty substantial IF it is still happening. Even if mostly generic commons and spread over multiple years.
     
    Last edited: Jan 19, 2021
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  3. Matthew Kruse

    Matthew Kruse Young Numismatist

    I think the first part of what he said is 100% true. When I am asked to appraise coin collections, sometimes people have very valuable collections of ungraded coins in uncirculated condition. $20 gold pieces, some CC Morgan dollars, desirable high grade coins that have been out of circulation for decades... Most of these are from collectors who have died and their kids inherit the collection with no idea of what its worth. I always tell people to buy a 2020 US coins blue book before they start to sell.

    I am sure that coin shops get people bringing in collections like that daily, whether they give them a fair price or not. What is even more crazy are those giant coin collections that are so big, dealers need to travel to someone's house to buy them.
     
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  4. GoldFinger1969

    GoldFinger1969 Well-Known Member

    So these sets (often with ungraded coins) you come into....they're mostly via an estate or the kids who inherit from someone who was active decades ago and has died, right ?

    There can't be that many coin collections worth tens of millions of dollars, can there ? Millions maybe. For 8 or 9-figure collections, they must rarely get sold based on the mortality tables or someone deciding to liquidate their entire collection or most of it.
     
  5. Matthew Kruse

    Matthew Kruse Young Numismatist

    Yeah, most of the collections I come across are just a lot of constitutional silver. For example, a grandpa who would just take silver out of circulation when he came across it. Then their kid inherits it and they would rather have cash than a bunch of old coins.
    I don't think there are that many collections like this but I am sure there are some collections the size of an entire room, some collections even the size of a house. I've never seen one but I know they exist. It would be amazing to look through a collection like that lol.
     
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  6. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I didn't become the type of collector I am based on house size, but I do live in a condo and I have alot less room to display and store than my friends with houses.

    Some of my friends who collect have small bedrooms that have been converted into their dens or studies which also house their coin collection and multiple display cases and curios.
     
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  7. Treashunt

    Treashunt The Other Frank

    How about asking who here has any form of hoard?
     
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  8. GoldFinger1969

    GoldFinger1969 Well-Known Member

    You mean coins from a hoard that was put on the label ?
     
  9. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Here's my problem with hoards that get the recognition:
    • They're oversold, as in a family's recent find of family-owned coins really doesn't have a sexy story. The New York Bank hoard -- it was found once the owner died and the estate needed to be settled -- is one such oversold hoard IMO: https://www.ebay.com/sch/i.html?_fr...0.l1313&_nkw=new+york+bank+hoard&_sacat=11116
    • They're misnamed, like the Wells Fargo Saints. Those coins are a legit hoard but they should NOT (IMO) have had the name of the bank that they were placed in AFTER being found. We should have been told the ORIGINAL SOURCE of the coins (I believe Gillio is keeping that secret). Heck, if he had stored the coins after they were found at Yankee Stadium they'd be the Yankee Stadium Hoard -- even though they weren't found there. :D
    • They're pricey, like the Redfield Hoard. At least that hoard isn't misnamed and isn't a fake hoard masquerading as one.
    So many of the original, REAL hoards of the 1950's, 1960's, and 1970's just got dumped into our market without anybody caring about the coins' origins. There may be a book or two on them that I saw in footnotes, I'll have to check.
     
  10. Mountain Man

    Mountain Man Well-Known Member

    I believe @Fred Weinberg used to travel overseas for a large firm to buy coins from banks and others, to be brought back to the US, so maybe he can shed some light on this.
     
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  11. GoldFinger1969

    GoldFinger1969 Well-Known Member

  12. Treashunt

    Treashunt The Other Frank

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  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Does anybody know anything about a Hoax Hoard that involved 1,000 Saint-Gaudens coins allegedly found in the U.K. ?

    It was attributed to Walter Breen and I think I first came across it on the Heritage site but I can't recall. I've been catching up on coin reading the last few weeks and I can't remember where I read it.

    Anybody heard about the Hoard Hoax or lived through it, please post. I think it was in the 1980's or 1990's but don't quote me. :D
     
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