Someone paid a US level premium for a non-US coin.
The 1754 Peru 8R PCGS MS-64 sold for $15,600 which I think is also excessive, though not as much as Cap & Ray. It's a very nice coin but the date is one of the more common ones from this mint.
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
There is a premium and then there is $8400 for a common date 66. That is what 3-4x what a nice 66 used to sell for? I paid a premium for this coin at $1500 a few years back. Glad I did.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
There is a premium and then there is $8400 for a common date 66. That is what 3-4x what a nice 66 used to sell for? I paid a premium for this coin at $1500 a few years back. Glad I did.
To my eyes, in terms of eye appeal, there is NO comparison. None.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
There is a premium and then there is $8400 for a common date 66. That is what 3-4x what a nice 66 used to sell for? I paid a premium for this coin at $1500 a few years back. Glad I did.
To my eyes, in terms of eye appeal, there is NO comparison. None.
That said, I wouldn't buy either one.
Agree, I think they aren’t comparable and the glamour shot was worth several thousand.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
I cannot find any bargains anymore and don’t want to pay up like this one sold for in the OP.
I may be close to done with my registry given prices now .
Edit to add
Given this sale was a Heritage HKINf World and Ancient auction it’s likely this coin was bid up if not won by a Chinese collector (s)
I’m not going to arm wrestle with them!
I manage money. I earn money. I save money . I give away money. I collect money. I don’t love money . I do love the Lord God.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
I cannot find any bargains anymore and don’t want to pay up like this one sold for in the OP.
I may be close to done with my registry given prices now .
Edit to add
Given this sale was a Heritage HKINf World and Ancient auction it’s likely this coin was bid up if not won by a Chinese collector (s)
I’m not going to arm wrestle with them!
I'll bet you can still be very competitive on better dates. And FWIW, those don't seem all that expensive to me.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
I cannot find any bargains anymore and don’t want to pay up like this one sold for in the OP.
I may be close to done with my registry given prices now .
Edit to add
Given this sale was a Heritage HKINf World and Ancient auction it’s likely this coin was bid up if not won by a Chinese collector (s)
I’m not going to arm wrestle with them!
I'll bet you can still be very competitive on better dates. And FWIW, those don't seem all that expensive to me.
$8400 isn't really expensive for a common date Cap & Rays in 66?
@pruebas said:
Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
I cannot find any bargains anymore and don’t want to pay up like this one sold for in the OP.
I may be close to done with my registry given prices now .
Edit to add
Given this sale was a Heritage HKINf World and Ancient auction it’s likely this coin was bid up if not won by a Chinese collector (s)
I’m not going to arm wrestle with them!
I'll bet you can still be very competitive on better dates. And FWIW, those don't seem all that expensive to me.
$8400 isn't really expensive for a common date Cap & Rays in 66?
$8400 sounds like a ton for a gem common date. But I was suggesting that better dates still seem like good value. Not that I really know the series all that well, but it seems pretty obvious when you spend some time with the pop reports.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
It's only at the top, but the ENTIRE market for Cap & Ray 8R (and frankly, MOST of the market for early Latin American coinage in general, the discussion about Mexican minors aside) is quite simply insane right now.
Typical appearance for a reasonably common date/mint period (a hoard of these these semi-PL UNC ca.1858-61 Mo 8R surfaced a while back): https://www.ebay.com/itm/304044501643
It's only at the top, but the ENTIRE market for Cap & Ray 8R (and frankly, MOST of the market for early Latin American coinage in general, the discussion about Mexican minors aside) is quite simply insane right now.
Given how widely dispersed spanish empire coinage traded is it really that surprising ? I think not.
I manage money. I earn money. I save money . I give away money. I collect money. I don’t love money . I do love the Lord God.
It's only at the top, but the ENTIRE market for Cap & Ray 8R (and frankly, MOST of the market for early Latin American coinage in general, the discussion about Mexican minors aside) is quite simply insane right now.
Given how widely dispersed spanish empire coinage traded is it really that surprising ? I think not.
Basically colonial coins for half the world. The Latin Republics just have the best design motifs and lack the typical Royal portrait of some inbred Hapsburg, which adds to their appeal
I'm sure the PCGS MS66 1881-Mo MH 8R is a great coin, but for $8400, I'll stick with my MS64+ PL example (purchased as an NGC MS64 PL for $823 in March 2016) for that date/mint!!! Nice of PCGS to add the '+' on the crossover.
To date, PCGS has given the PL designation to only 16 coins total across the entire Mexico cap & rays 8 R series.
It's only at the top, but the ENTIRE market for Cap & Ray 8R (and frankly, MOST of the market for early Latin American coinage in general, the discussion about Mexican minors aside) is quite simply insane right now.
Given how widely dispersed spanish empire coinage traded is it really that surprising ? I think not.
I agree with you that there is Chinese buying of the 8R since it both circulated there and they show a preference for plastic. Otherwise, most of the buyers are likely US based.
Boosibri
Posts: 11,867 ✭✭✭✭✭
Comments
Someone paid a US level premium for a non-US coin.
The 1754 Peru 8R PCGS MS-64 sold for $15,600 which I think is also excessive, though not as much as Cap & Ray. It's a very nice coin but the date is one of the more common ones from this mint.
66, I'll bet that is sweet in hand!
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Toned common Cap & Rays have had stupid premiums for years. Many here have been happy to pay them. And for the most part have profited when they sold them. I have always thought it was because collectors wanted a pretty type coin.
Only now you are questioning it?
It's almost as if a lot of people are hedging against inflation...
8 Reales Madness Collection
There is a premium and then there is $8400 for a common date 66. That is what 3-4x what a nice 66 used to sell for? I paid a premium for this coin at $1500 a few years back. Glad I did.
Latin American Collection
To my eyes, in terms of eye appeal, there is NO comparison. None.
That said, I wouldn't buy either one.
Agree, I think they aren’t comparable and the glamour shot was worth several thousand.
Latin American Collection
I can’t even begin to tell you how many coins that I have followed which have sold for (what I believe to be at the time) crazy prices.
Some of them I was underbidder on. A few, I was the buyer! 🤪
I bought many too 😊
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I cannot find any bargains anymore and don’t want to pay up like this one sold for in the OP.
I may be close to done with my registry given prices now .
Edit to add
Given this sale was a Heritage HKINf World and Ancient auction it’s likely this coin was bid up if not won by a Chinese collector (s)
I’m not going to arm wrestle with them!
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I'll bet you can still be very competitive on better dates. And FWIW, those don't seem all that expensive to me.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
$8400 isn't really expensive for a common date Cap & Rays in 66?
Latin American Collection
$8400 sounds like a ton for a gem common date. But I was suggesting that better dates still seem like good value. Not that I really know the series all that well, but it seems pretty obvious when you spend some time with the pop reports.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I only have one, also a common date, only a 65, but seeing as I don't get to post it much I figure here's my chance
It's very pretty in hand
Charles III Album
Charles III Portrait Set
Charles IV Album
Charles IV Portrait Set
I think $8400 is an aggressive buy .
Maybe someone hoping for an upgrade ?
And your right Mr Eureka the bidding on scarce/ rare dates seems more opportunistic yet maybe there is a reason for that .
Maybe the Chinese collector only wants gem common dates as a type coin that circulated in their country.
Not so much rare dates.
Nonetheless here is very rare date I picked up this past winter .
I give away money. I collect money.
I don’t love money . I do love the Lord God.
And the price for the half real and 2 reales were also unreal. Someone was trying to build a top set.
The 1/2R and 4R were in my previous set. That 2R might have been as well as a 66+. Man I left a ton of money on the table there!
Latin American Collection
It's only at the top, but the ENTIRE market for Cap & Ray 8R (and frankly, MOST of the market for early Latin American coinage in general, the discussion about Mexican minors aside) is quite simply insane right now.
Somewhat better date/mint, kind of nice color... but certainly not UNC:
https://www.ebay.com/itm/174809446054
Typical appearance for a reasonably common date/mint period (a hoard of these these semi-PL UNC ca.1858-61 Mo 8R surfaced a while back):
https://www.ebay.com/itm/304044501643
Love an insane market> @realeswatcher said:
Given how widely dispersed spanish empire coinage traded is it really that surprising ? I think not.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Basically colonial coins for half the world. The Latin Republics just have the best design motifs and lack the typical Royal portrait of some inbred Hapsburg, which adds to their appeal
Latin American Collection
Mexico had a Hapbsburg with Maximilian, but his coinage is splendid too! (I know at that point, was not a republic... or was it?)
I'm sure the PCGS MS66 1881-Mo MH 8R is a great coin, but for $8400, I'll stick with my MS64+ PL example (purchased as an NGC MS64 PL for $823 in March 2016) for that date/mint!!! Nice of PCGS to add the '+' on the crossover.
To date, PCGS has given the PL designation to only 16 coins total across the entire Mexico cap & rays 8 R series.
Hope everyone has a great week!!!
Jeff
I agree with you that there is Chinese buying of the 8R since it both circulated there and they show a preference for plastic. Otherwise, most of the buyers are likely US based.