Did the Raging Kitty or his ilk buy the 1787 Brasher doubloon recently?
Longacre
Posts: 16,717 ✭✭✭
I was reading one of the latest issue of Coin World, and I was quite surprised by the following text in the article: "...Greg Rohan placed the winning bid from a telephone bidder, saying after the sale that the winning bidder had never bought rare coins before purchasing all of the Brasher coins offered...for $11,940,000."
I found this to be very interesting. Some questions:
- Who spends nearly $12M on coins over the phone?
- Is it a bit unusual for someone to buy every single Brasher coin being offered?
- If the winning bidder really never bought rare coins before, what does that say about the state of the hobby?
- Given that this is a new collector, should we be worried that outsiders are starting to infiltrate the hobby, or various monied interests who have no true interest in the rare coin market and its workings?
- If this was some sort of fund buying the coins, how can we ever compete against such largess and its effect on prices?
- Or does it really not matter that coins in this rarified air are being scooped up by unknowns, perhaps the Raging Kitty or his kind?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
1
Comments
Who is the "Raging Kitty" that you referenced?
Worry is the interest you pay on a debt you may not owe.
He's the Gamestop short squeeze guy that lives in his parent's basement.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
I have not read the article, nor did I know of this, but...
Didn't the famous 1933 Double Eagle sell in a similar way, to an anonymous bidder who was not a collector?
Should we form a SPAC with the intent on buying trophy coins and leaving only dreck for the unwashed masses?
A year or so into the pandemic, there are a lot of people that are bored and have a lot of money and are driving up the price of everything.
"There are no called strikes in coin collecting."--
Henry David ThoreauRYKA lot of major bidders do it over the phone or have an agent.
we'd be the operations looking for the spac.
if only there were things in numismatics to short squeeze
Agree. Also, with the Covid-19 pandemic raging, wealthy collectors who tend to be older and more susceptible are hesitant to travel by plane to buy a coin that can be bought over the phone.
Worry is the interest you pay on a debt you may not owe.
perhaps we should advertise rarities via infomercials
Pshaw; any numismatic high roller who's anybody owns a Gulfstream!
LOL. You have a pretty high standard to actually be a high roller. Gulfstream means $100 million net worth.
It was actually a riff on @Longacre 's preferred mode of transport, but I rather doubt someone buying $12M in gold coins isn't worth $100M, in any case.
YMMV.
This is amazing! It's great to have new collectors in the hobby. I hope he becomes public at some point.
There's so much in Bitcoin and stock profits now that I'm not surprised at all that someone new could show up with that budget. I just wish it was me!
I also wonder if he cancelled a mega-yacht due to Covid
I think its cool
If people have the money, they are entitled to spend it any way they want to spend it. What difference does it make if they are 'outsiders' or anything else? Coins go to private (even undisclosed) collections all the time... Coins move around, money moves around... Cheers, RickO
If a multi-billionaire is doing the buying the amount is pocket change.
His name is Keith Gill (aka Roaring Kitty) and I haven’t seen any indication he lives with his parents. Anyway, I think it’s awesome to have new blood in the market and I certainly hope whomever acquired these trophies appreciates them!
I kind of like Raging Kitty.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Worry is the interest you pay on a debt you may not owe.
I still say that that "anonymous bidder" for the 1933 $20 was the U.S. government. After all, they got the coin and half the money back.
Is this Raging Kitty?
that would be a brilliant solution to their problem.
LOL...OL
POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
Love for Music / Collector of Dreck
your new alt
Raging Kitty is currently being sued for securities fraud, so you might want to stay away from it.
perhaps some good stories can be written to sell chop marked trade dollars
Life is good when the markets are up.
You mean this guy.
https://www.google.com/amp/s/gizmodo.com/youtube-reddit-user-roaring-kitty-gets-sued-for-securi-1846292759/amp
I give away money. I collect money.
I don’t love money . I do love the Lord God.
As I predicted on the other thread for this. Most of those idiots were along for the ride. But a couple "professionals" started it and it reeks to me of a classic pump and dump.
If nothing else, Raging Kitty is going to lose his license.