Since when are common date Mexican Republic 8Rs in MS64 over $1000!

pruebas

I must have been living under a rock....

And MS63 Maximilian Pesos are $2-3000 now?

bronzemat

Yeah, it's pretty crazy but not surprising.

coinkat

I suppose I have been asleep at the wheel too. I thought the real nice attractively toned 64s that had the look could fetch a 1000... but it had to be top notch. As for the Max pesos... rarely do I even see one that I like so a mid range 63 would not likely resonate with me. 2-3K seems too rich

TheGoonies1985

Some new people just paying to much.

coinkat

I do think there is some interest in the 1921 2 Pesos coin in gem... iconic design and in GEM...what is not to like. I can see these getting to 2-3K if they are not already there

bidask

I’m quite happy 😀

bidask

The last two 8r MS 65 cap and rays sold in the last Stacks Hong Kong Auction close to $2000 each for some perspective .

pruebas

@KingOfMorganDollar said:
Some new people just paying to much.

I disagree. I think these are coming into their own now given their relative rarity (compared to Morgan Dollars, for example).

And the new collectors are not prejudiced by "historical prices". So no, they haven't necessarily overpaid.

Just surprising to an old-timer like me....

Edited to add: And compared with graded bullion, these win by a mile.

Abuelo

Clearly, if anyone is into Numismatics for profit, this is the time to liquidate. Otherwise, the overheating of the market really makes me nervous

TheGoonies1985

I don't think this will last only takes a few new collectors to create this bubble then once they own the coins there better be others in line to buy back at those prices. Sure rare coins could be an exception commons not so much. I know I am new paid more than most have and sold some and when selling I never have to worry about people bidding near or more than what I paid it simply does not happen.

TheGoonies1985

MS-64 is a high grade at 1000$ seems right/cheap.

bidask

@Abuelo said:
Clearly, if anyone is into Numismatics for profit, this is the time to liquidate. Otherwise, the overheating of the market really makes me nervous

As for this series I am not nervous rather I have been patient and will continue to be .

gscoins

From what I have observed, MS Cap and Rays 8 reales have definitely shot up in price recently (today's StacksBowers auction demonstrated that). The fear is of course that it will end up as a bubble and a lot of the newer buyers will get burned. But the fact remains that PCGS has graded less than 1100 of these coins in the 64 to 66+ range. That's an extremely small supply compared to, say, Morgan dollars in those same grades. I would guess that a relatively small increase in interest in these coins (understandable from my perspective as they can be gorgeous) has led to these significant price increases. I am not interested in selling mine just now, but I must say these levels are certainly tempting!

pruebas

The other thing I am noticing is that there is now significant interest in the home country (i.e. Mexico), which always is promising in any field of collecting. Witness China over the last 20 years.

Personally, I don't think it's a bubble. Maybe a LITTLE overheated (or possibly irrational, as was China in the beginning of the boom), but today's buyers will not allow prices to crash significantly. Don't get me wrong, I am not predicting anywhere near the growth that China has experienced. But the current euphoria isn't anywhere near that yet.

I think the current market growth is healthy, both for sellers and buyers. More interest makes a better market.

MasonG

@gscoins said:
But the fact remains that PCGS has graded less than 1100 of these coins in the 64 to 66+ range. That's an extremely small supply compared to, say, Morgan dollars in those same grades.

FWIW, there are also about 2500 in those grades in NGC holders. A couple of things to consider when comparing the numbers graded... PCGS has been grading Morgans longer than Cap & Ray 8 reales and those two coins were made under much different conditions. The earliest 8 reales were minted more than 50 years before the first Morgan came off the presses and the last ones were minted only 20 years after, they were made at 13 different mints, each with their own production challenges and unlike Morgans, hundreds of bags of brand new 8 reales didn't exist into the second half of the 20th century.

Abuelo

I hope you are correct @pruebas

bidask

Currently, I cannot find any nice cap & rays 8 reales anywhere except a lone MS 66 common date on ebay !

ELuis

^I have seen one, and since I do not know much about 8R no idea, this one is at the low price of $3.4k in MS66 btw.