Heritage US Coins Signature Auction tonight: 1864-S Liberty Half Eagle PCGS/CAC AU58 sold for $192k

Goldbully

Mintage: 3,888

20-30 known

Beautiful coin as per the images.

You certainly won't see this coin pop up at many auctions.

Sold for $264k April 2022 through Stacks Bowers Auctions.

Wonder what caused the huge price drop of $72k?

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Heritage Tonight

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Stacks Bowers April 2022

rays

The absence of one bidder (typically the consignor).

Relaxn

Exuberance of Fairmont... I am tracking a few other coins that took haircuts and I am hoping at least 2 that take haircuts tomorrow.

The exuberance of new material to the market brought strong bidding to Stacks... Now that more and more Fairmont coins are hitting the market with an unknown to come... The exuberance is dying down.

Lets hope I can get 30% haircut tomorrow...

291fifth

Thin markets are dangerous markets.

Clackamas1

The 27-D St just went for $3.2 plus the juice

Pnies20

That Kellogg and Humbert ingot was SWEET

CaptainBlunt

I always thought the 1864-$5 and $10 were both very rare coins
All of the $5 coins were received by the Paying Clerk from the SFBM Coiner on July 11

The Paying Clerk wrote 3,880 Half Eagles
However the dollar amount was listed as being $19,440
The equivalent of a mintage of 3,888

The entire mintage of 2,500 1864-S Eagles were delivered on July 1st
Wonder if their value is holding up

Clackamas1

@Pnies20 said:
That Kellogg and Humbert ingot was SWEET

It went for less than melt.

GoldFinger1969

@Goldbully said:
Sold for $264k April 2022 through Stacks Bowers Auctions. Wonder what caused the huge price drop of $72k?

April 2022 near the peak of the bubble for trophy assets including many coins. This coin was discussed by Doug Winter in his blog/articles.

skier07

Both of these Fairmont coins sold for ~$40k two years ago.

GoldFinger1969

@Relaxn said:
Exuberance of Fairmont... I am tracking a few other coins that took haircuts and I am hoping at least 2 that take >haircuts tomorrow. The exuberance of new material to the market brought strong bidding to Stacks... Now that >more and more Fairmont coins are hitting the market with an unknown to come... The exuberance is dying down.

For liquid coin years/mints, the market can aborb new supply without crushing the market (i.e., 20 new coins in a market of 300). But if you have Top Pop-types or single-digits, then 1 or 2 new ones -- plus the FEAR of more -- can cause a drop in price.

This is what some here have posted and also many Fairmont examples cited by Doug Winters. The market has to be wide and liquid and not thin and narrow. I suspect this coin is closer to the latter.

skier07

@GoldFinger1969 said:

@Relaxn said:
Exuberance of Fairmont... I am tracking a few other coins that took haircuts and I am hoping at least 2 that take >haircuts tomorrow. The exuberance of new material to the market brought strong bidding to Stacks... Now that >more and more Fairmont coins are hitting the market with an unknown to come... The exuberance is dying down.

For liquid coin years/mints, the market can aborb new supply without crushing the market (i.e., 20 new coins in a market of 300). But if you have Top Pop-types or single-digits, then 1 or 2 new ones -- plus the FEAR of more -- can cause a drop in price.

This is what some here have posted and also many Fairmont examples cited by Doug Winters. The market has to be wide and liquid and not thin and narrow. I suspect this coin is closer to the latter.

+1

Pnies20

@Clackamas1 said:

@Pnies20 said:
That Kellogg and Humbert ingot was SWEET

It went for less than melt.

I was laying in bed watching on my phone I didn’t even think to try and calculate it.

P0CKETCHANGE

I posted this in the other Fairmont thread, but since it was in response to this same coin:

Rare gold isn’t my specialty, but I imagine the market is pretty thin for that ‘64-s. Thin markets are volatile.

Assuming the players are the same, with the top bidder from the prior auction out, the under bidder is only competing with the second under bidder, who may have been willing to go much less far.

Also, the coin is no longer “fresh”, that’s important re: bidding psychology. And this second auction is against the backdrop of a continued flood of Fairmont coins, which introduces some risk another ‘64-s washes ashore.

Market context is different too. Short-term rates were still near zero in 4/22, and the 10y was 250bp lower. At 4.5%-5% interest on cash today, that’s a $10k/yr holding/opportunity cost for a $200k coin.

I expect that rewashed coins in thin markets that hammered only a few years ago will generally continue to fare worse.

coinkat

The real issue is how often does this coin which exhibits such originality offered for sale?

Could easily be among the finest known and a bargain at that price.

earlyAurum

I think that @POCKETCHANGE said it best.

I also agree with @coinkat that this might have been a bargain. Coins usually need to be held long term to profit.

Boosibri

@coinkat said:
The real issue is how often does this coin which exhibits such originality offered for sale?

Could easily be among the finest known and a bargain at that price.

Second finest. The Norweb piece in 65 is a wonder coin

CaptHenway

I remember back when I worked at Harlan J. Berk's decades ago Bob Greenstein had a customer who was assembling a set of No Motto S-Mint gold $5's and $10's. This would have been perfect for it!