Hansen Collection Value

TheCuyunaCollection

A recent thread I was viewing on $20 gold coin sets got me looking at the Hansen Collection more closely. It blew my mind how many top pop coins in an already very expensive market they had.

I know Currin has been chronicling the accumulation of the Hansen Collection but are there any estimates as to the value ($$$) of the existing collection? Is it very likely the most valuable coin collection ever created?

winesteven

Whether you like him or not (I believe he’s very positive for our hobby), in my opinion, not only is this clearly the most expensive U.S. coin collection ever put together, but is also clearly the best quality broad U.S. collection by far ever put together!

Yes, he has the money. But others with that same kind of money (or more), have chosen to not invest those dollars in our wonderful hobby.

We gawk and cheer collections by Simpson, Pogue, Bass, Tyrant, etc. I also gawk and cheer Hansen.

Steve

yosclimber

@TheCuyunaCollection said:
... are there any estimates as to the value ($$$) of the existing collection? ...

In the NNP interview, he said when it is sold, he hopes the foundation will be able to get an annual yield of $20 - 25 m to spend.
https://nnp.wustl.edu/library/book/614154
So if the foundation's investments have a return of 5%, that suggests a sale amount of $400 - 500 m.

pcgscacgold

Hanson is putting together what will be one of, if not the best collection ever. He is an asset to the coin hobby.

Manifest_Destiny

ricko

An incredible assemblage of valuable coins. I am glad at least one of our billionaires has an interest in coins. Cheers, RickO

lermish

The only thing maybe putting a slightly lower cap on the value is that if/when sales start happening, there will be one less ultra-wealthy bidder to drive prices.

NeophyteNumismatist

I think Hansen is great for the hobby. He is building a great collection, and has big goals. I do NOT like the deal with DLRC and Hansen to have his name on countless slabs... some of which I am sure the man has never laid eyes on. That marketing gimmick is NOT something I enjoy.

That said, Hanson provides more exposure and value to the hobby than he detracts.

Note: I have no idea the value of his overall collection (which is to say his REAL collection, not slabs that say "Hansen" on them).

DCW

Totally agree with @NeophyteNumismatist about all the coins baring his provenance. I dont understand that. Jeff Shevlin does the same thing, and it equally irks me. I understand collections change, people add and subtract from their holdings while improving upon pieces.
But in my opinion, it dilutes from the body of work. I dont want Hanson's "placeholders," much in the same way that I do not want Eliasberg's pocket change he used to buy his newspapers. When the collection is completed or he stops buying, THAT is when the name can go on the label as coming from his esteemed collection.

TheCuyunaCollection

So far we have estimates of:

$1 million dollars! 😂
$400-$500 million

Any other ballpark guesses? I seem to remember the Pogue collection being valued around $200 million and I’d wager that Hansen’s current collection is many multiples of that.

By the way, I think he is great for the hobby. I really enjoy looking at the sets he has created, especially when they are the same ones I am trying to complete (even if at much lower grades).

Coinosaurus

Obviously in the hundreds of millions. Wouldn't be surprised if it reaches $1b by the time he finishes. Perhaps the more interesting question is: what is the optimal way to sell such a collection?

cameonut2011

@Manifest_Destiny said:

He spent that on two Uber common date Mercury Dimes in MS68 FB.

The number is definitely a nine figure number.

1northcoin

@Coinosaurus said:
Obviously in the hundreds of millions. Wouldn't be surprised if it reaches $1b by the time he finishes. Perhaps the more interesting question is: what is the optimal way to sell such a collection?

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

Manifest_Destiny

@cameonut2011 said:

@Manifest_Destiny said:

He spent that on two Uber common date Mercury Dimes in MS68 FB.

The number is definitely a nine figure number.

cameonut2011

It sounds like a project for
@Currin

Coinosaurus

@1northcoin said:

@Coinosaurus said:
Obviously in the hundreds of millions. Wouldn't be surprised if it reaches $1b by the time he finishes. Perhaps the more interesting question is: what is the optimal way to sell such a collection?

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

The Smithsonian has some spectacular items on exhibit. Evertyhing else can be seen by apponitment, and they have a good chunk of their US collection imaged on the web. To have the entire collection on permanent exhibit would be insanely costly.

davewesen

I have no idea current value of his collection, but I luckily got one of his cast-offs in my price range.

alaura22

If someone hits powerball this week the cash out value is around $305 Million, I don't think that's quite enough for his set
Dream on

ndeagles

@davewesen said:
I have no idea current value of his collection, but I luckily got one of his cast-offs in my price range.

Hey me too!

ndeagles

mattniss

This thread reminded me of this CW interview with Mr. Hansen: https://coinweek.com/eclipsing-eliasberg-d-l-hansens-numismatic-moonshot-for-the-greatest-collection-of-all-time/

Currin

Let’s first address Neo’s point on REAL Collection which is a very good point. There is no definition of DLH REAL Collection, but Hansen and JB have referenced his Core Collection on several occasions. In a statement that is several years old, they placed the collection at 12,000 certified PCGS coins. With a “modest” increase over the past 3-4 years, I would safely place the collection at 15,000. I think I am solid with that estimate but It would certainly be nice to get an update from the Hansen Team. I must say that this year, the additions have drastically fallen off. I have not seen coins added from US Coins, Rare Coins Wholesalers, and just a couple from David Lawrence. Is this a blip, I am not sure.

The one billion dollars guess is hard for me to wrap my head around. That number is 1 and nine zeros, right? One Billion Dollars would place the average value per coin at $66,000. No way. Its going to require a lot more coins to even think about the Billion mark. Also, the 15,000 number has modern coins even 2021, 2022, and 2023 updates in mint state and proof. So, what is a good number?

Currently from my research, and you can fact check me in my writing the past several years. I think the average price per coin is $20,000 to $25,000. Again, I think this to be a solid estimate. So, here is is….

The Hansen Comprehensive Collection should be somewhere between $300 Million and $375 Million. If a Billion Dollars is the goal (I don’t think so!), then he's about a third of the way there. Below is a chart that I think represents the D.L. Hansen Collection. It is organized in a fashion that no two sets can contain the same coin. This chart alone contains almost 13,000 different PCGS coins.

Note: This Chart with 284 sets was last updated in the fall of 2022.

JBatDavidLawrence

@NeophyteNumismatist said:
I think Hansen is great for the hobby. He is building a great collection, and has big goals. I do NOT like the deal with DLRC and Hansen to have his name on countless slabs... some of which I am sure the man has never laid eyes on. That marketing gimmick is NOT something I enjoy.

That said, Hanson provides more exposure and value to the hobby than he detracts.

Note: I have no idea the value of his overall collection (which is to say his REAL collection, not slabs that say "Hansen" on them).

Mr. Neophyte, I can appreciate your comment here and wanted to actually share a little insight here.
Forgive me for the bullet points, but it was easier to answer this way.

1. All of his coins actually don't have the Hansen label. I know that seems odd, but the majority of the modern issues (and most of the cheaper coins) aren't worth reholdering, so he decided not to do that...and I agreed with that method.

2. I can tell you that he has laid eyes on every single one of these coins. Now, he may have only bought some of the cheaper modern coins and saw them on ebay or whatever, but this isn't a collector who just buys coins and throws them in the back of the safe. He studies the coins and their photos and often reviews his sets on his iPad when he isn't with his collection. I know many collectors who don't look at their coins after opening them from their boxes...but one of the biggest learning curves for me when we started working together was his desire to even chase the cheaper coins in the highest grade possible. So, not only did I have to learn about ALL of the newer modern issues, I had to figure out the best way to organize them. Not the most glamorous part of working with such a collection, but this obsession is the difference between something "good" and something "great" as I've learned.

JBatDavidLawrence

@1northcoin said:

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

I think that there's a lot of value in sharing a collection with the public, whether it is through displays, a loan to a museum, or something like that. However, I agree that donating to a museum for a tax write-off is not only bad for the hobby, but can be sad for the collection.

Kliao

The Hansen collection really is impressive. Set to be the among the greatest ever assembled. Like others have said, it is probably worth into the 9 figures.

1northcoin

@1northcoin said:

@Coinosaurus said:
Obviously in the hundreds of millions. Wouldn't be surprised if it reaches $1b by the time he finishes. Perhaps the more interesting question is: what is the optimal way to sell such a collection?

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

@Coinosaurus said:

@1northcoin said:

@Coinosaurus said:
Obviously in the hundreds of millions. Wouldn't be surprised if it reaches $1b by the time he finishes. Perhaps the more interesting question is: what is the optimal way to sell such a collection?

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

The Smithsonian has some spectacular items on exhibit. Evertyhing else can be seen by apponitment, and they have a good chunk of their US collection imaged on the web. To have the entire collection on permanent exhibit would be insanely costly.

Thanks for the added commentary. Thanks for letting us know that selected coins held by the Smithsonian can be accessed through special arrangement but that really does not benefit the average museum goer like most of us who get to see only a tiny fraction of the museum's holdings on a limited time visit. Many more coins were once on public display in the past. While the less is more approach has its positives it would really be nice if a complete collection of all U.S. Coins such as that held by Hanson could be in one place for all to enjoy.

1northcoin

Anyone know the status of the ANA collection and to what extent it has remained intact and available for public viewing presently?

Manifest_Destiny

@JBatDavidLawrence said:

1. All of his coins actually don't have the Hansen label. I know that seems odd, but the majority of the modern issues (and most of the cheaper coins) aren't worth reholdering, so he decided not to do that...and I agreed with that method.

I really think he should reholder even the cheap coins. Someday it will be meaningful to have the provenance for collectors of what will then be older coins. He's got half a billion in the collection, a few extra thousand to have consistency doesn't seem like a big deal to me But then again, maybe that's why I'm not wealthy.

WAYNEAS

@Manifest_Destiny said:

Per coin. lol

Wayne

TheCuyunaCollection

@Currin said:
Let’s first address Neo’s point on REAL Collection which is a very good point. There is no definition of DLH REAL Collection, but Hansen and JB have referenced his Core Collection on several occasions. In a statement that is several years old, they placed the collection at 12,000 certified PCGS coins. With a “modest” increase over the past 3-4 years, I would safely place the collection at 15,000. I think I am solid with that estimate but It would certainly be nice to get an update from the Hansen Team. I must say that this year, the additions have drastically fallen off. I have not seen coins added from US Coins, Rare Coins Wholesalers, and just a couple from David Lawrence. Is this a blip, I am not sure.

The one billion dollars guess is hard for me to wrap my head around. That number is 1 and nine zeros, right? One Billion Dollars would place the average value per coin at $66,000. No way. Its going to require a lot more coins to even think about the Billion mark. Also, the 15,000 number has modern coins even 2021, 2022, and 2023 updates in mint state and proof. So, what is a good number?

Currently from my research, and you can fact check me in my writing the past several years. I think the average price per coin is $20,000 to $25,000. Again, I think this to be a solid estimate. So, here is is….

The Hansen Comprehensive Collection should be somewhere between $300 Million and $375 Million. If a Billion Dollars is the goal (I don’t think so!), then he's about a third of the way there. Below is a chart that I think represents the D.L. Hansen Collection. It is organized in a fashion that no two sets can contain the same coin. This chart alone contains almost 13,000 different PCGS coins.

Note: This Chart with 284 sets was last updated in the fall of 2022.

Thanks Currin! Super informative estimate of $300-$375 million.

NeophyteNumismatist

Sorry to needle, but @JBatDavidLawrence... are you denying that there is a marketing deal between Hansen and DLRC?

jmlanzaf

@NeophyteNumismatist said:
Sorry to needle, but @JBatDavidLawrence... are you denying that there is a marketing deal between Hansen and DLRC?

He didn't say that. What he said was that your (baseless) accusation that the coins marketed had never been seen by Mr. Hansen was incorrect.

NeophyteNumismatist

I stand corrected. Thank you.

Zoins

@davewesen said:
I have no idea current value of his collection, but I luckily got one of his cast-offs in my price range.

@ndeagles said:
Hey me too!

Congrats on the coins. There seems to be a collector following for these.

I don't mind the pedigree on the non-core coins. All the ones I've seen look pretty good to me, and I'm a pedigree guy so I like the information for tracing purposes.

Coinosaurus

it would really be nice if a complete collection of all U.S. Coins such as that held by Hanson could be in one place for all to enjoy.

From a museum perspective, there may be better ways to allocate funding. Do you want to put all your money into staffing and security at a physical location, or do you want to allocate some of your budget toward ancient and world coinage, curatorial research services, website development, public programming, etc.

Putting out an entire set of US coinage is a wonderful thing, but it's all a question of priority and allocating the minimal funding that you do get.

Project Numismatics

I was very pleased to acquire an AU Hansen Barber dime with great eye appeal a couple years ago. In my opinion his collection will likely be recognized as the greatest of all time and I wanted a very tiny piece of that provenance. For whatever it’s worth, the dime was sub-$500 and CAC approved with great eye appeal.

I appreciate what he is doing for the hobby. The more high profile collectors, the better. A healthy coin market depends on demand for high-end coins. Collectors at this level keep dealers and auction houses in business and those same dealers and auction houses serve all collectors including those of us who play in the shallow end of the pool.

bidask

@JBatDavidLawrence said:

@1northcoin said:

Remember the days when collections would be donated to a museum or other public institution for their own intrinsic value to be shared by all rather than sold off to fund a foundation? It hasn't exactly helped that one such institution, The Smithsonian, hides in a basement the majority of its received coins.

I think that there's a lot of value in sharing a collection with the public, whether it is through displays, a loan to a museum, or something like that. However, I agree that donating to a museum for a tax write-off is not only bad for the hobby, but can be sad for the collection.

Whether sold to fund a foundation or
donated to a museum or other public institution the coins will remain ….

To sell a collection to fund a foundation is not a bad idea at all .

The foundation can take those proceeds and bless others with it as they see fit !

JBatDavidLawrence

@NeophyteNumismatist said:
Sorry to needle, but @JBatDavidLawrence... are you denying that there is a marketing deal between Hansen and DLRC?

Marketing deal? No.
Does Mr. Hansen consign coins with DLRC? Yes.
Do we assist him with the organization and development of the collection? Yes.

We've been very public with this information so I feel comfortable sharing it. Mr. Hansen is a partner with me in DLRC. Our agreement is that I'll help him with his collection and he'll help us in the matter of growing and running a business. So it makes sense for him to consign his duplicates with us as it gives him a chance to reduce the number of extra coins that he has upgraded. He's a wonderful partner and an even better friend.

Coinscratch

Finally a collector who doesn't piss and moan about modern coins
I sometimes wonder if modern day collectors who don't like modern coins would have felt the same way had they been alive at the turn of the century. Still pissing and moaning about modern coins from the late 1800s.

johnny010

Any idea why some of the Hansen coins show on PCGS with pedigree and others do not? Seems if you have your name on the label the pedigree would automatically be updated with your name.

Zoins

@johnny010 said:
Any idea why some of the Hansen coins show on PCGS with pedigree and others do not? Seems if you have your name on the label the pedigree would automatically be updated with your name.

Not sure, but I've seen this with many other labels as well. For example, David Bowers has a special insert for his PCGS-slabbed reference collection, but none of those show any indication of David Bowers on cert verification, though it would be nice to.