Came across This and was surprised that a coin with this type of providencial premium would not even have a enlarged photo to look at. Here is a link to more shipwreck coins. Some of these are being sold at a $5000 premium!
I don't have much interest in them therefore not worth a premium. I would think that collectors with an interest in maritime history may have a keen interest, therefore they may pay a premium. I would think that is a pretty thin market.
NO - I certainly wouldn't pay a premium. I would expect a discount. I do not want to pay $$$$$ for a coin plus a bunch of boxes, DVD's, and other historical media.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
I would not pay a premium for a shipwreck coin. I would like to have one of the SS Central America Doulble Eagles. They are starting to be reasonably priced.
If I unserstand the numbers correctly, This piece is going for nearly $34,000. So I would assume that others have gone for $28k or $29k by your statements. That's less then a 20% markup, in those regards I do not feel it's that bad. As a collector, I'm in it for the history, and this piece is a wonderfull example of that. In perspective how many times have we seen pieces go for a 100%, 200% or more of a markup just because it has some nice toning.
If I had the money to spend $28k on a coin, I could afford the extra 5k and would gladly pay for it.
I don't think shipwreck coins should be worth more. Not even if they were on the Titanic. I would never pay a premium over the prevailing rate for a similar coin that hadn't been shipwrecked. It's just the treasure hunters trying to squeeze a lot more money out of their recovery by attempting to add notoriety to the coins. Some rich person with more money than brains will undoubtedly pay it, though.
I am not sure that I would consider that coin as selling for a premium. Trends is $35,000, and Blanchard, a retail outfit, is selling it for $33,500. What I would expect is for Trends (and the price of such a coin) to come down in price over time as the number of these coins is revealed, and they come to market. The sellers, I suspect, are savvy enough to try to flood the market with these coins in an an attempt to keep the prices as high as possible.
That's something else that nobody mentioned. What if the discovery of these coins floods the market with some formerly rare pieces? With more pieces available the bottom will fall out of the prices. Therefore, whenever a shipwreck is looted or a previously unknown hoard comes to market, people should pay LESS not more for these coins, since the populations just went up. I remember reading a while back about a Russian bank hoard of old US currency and coins, a lot of them gold, that came on the market suddenly during a time when the Russian economy was going belly up and everyone was quaking in their boots worrying about what might be stashed away in that hoard for fear that the value of the coins and notes that they had was going to drop drastically.
i would pay a premium for certain shipwreck coins, but your not paying a premium due to the shipwreck for this coin, the premium is for the excessinve, loud-mouth HYPE
NEVER pay a premium for hype, i don't care WHAT it is!!!
Am I the ONLY person here who appreciates the history these coins represent? To the extent that I would pay a premium for the provenance? (Note what I said earlier though about it being a small to moderate premium based on the NET grade. For instance the Mint State sharpness pieces with the corrosion traces and the Harsh cleaning would probably Net grade as VF. I'd be willing to pay XF money for them for their history, toss in another $40 for the nice box. So you are still talking under $200, not the one to two thousand they're asking.)
i agree. but the way these coins work, it's a 10% premium for the shipwreck, another 10% for the privilege of getting it stuck in a piece of plastic, then a 980% premium for the hype.
Here's another link to S.S. Republic shipwreck coins. These are so obviously "conserved" that NGC grades them "shipwreck effect". I like Seated Halves, but won't be buying these, which also come in a fancy box Even if I had an interest in shipwrecks, I would gravitate toward the S.S. Republic gold in the original poster's link above.
"Never attribute to malice what can be adequately explained by stupidity" - Hanlon's Razor
Now I am curious....There was a thread here a while back with some very strong opinions as to the sale of WTC Recovery coins. People were vehemently against these coins selling as they capitalized on a tragedy. Are not shipwreck coins the same? Yet I have seen none of the outrage over selling coins from a shipwreck where many sailors died, only that they are too high priced. Yet they have provenance, they are of historical value, they tell a story. Why the double standard?
I'm not against the selling of the coins in the WTC vaults. I am against people jacking up the price of low to mid value coins just because they happened to be there. What I want to know is this, did they just take those coins out of the vaults tag them as WTC recoveries, and sell them? If they were in the vaults, then someone had to put them there, therefore someone owns them. If no attempt was made to determine who deposited them there, then they are stolen goods as far as I'm concerned.
<< <i>i agree. but the way these coins work, it's a 10% premium for the shipwreck, another 10% for the privilege of getting it stuck in a piece of plastic, then a 980% premium for the hype. >>
Eventually when the origianl batch of suckers er investors take their lumps, that 980% premium will disappear and I will manage to get one at the 10 - 20% premium.
On the WTC pieces, the vaults were not under the towers but in another building in the complex. The coins were recovered for there proper owner. They are not stolen property.
<< <i>Now I am curious....There was a thread here a while back with some very strong opinions as to the sale of WTC Recovery coins. People were vehemently against these coins selling as they capitalized on a tragedy. Are not shipwreck coins the same? >>
not the same. the republic shipwreck coins are using HYPE to rip people off. the death coins used HUMAN TRAGEDY to rip people off.
Conder, his question is if the coins are worth that much of a premium, my answer is still no. But, I would love to own one of these coins, especially a gold one, I'm just not willing to pay that much!!
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“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
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In perspective how many times have we seen pieces go for a 100%, 200% or more of a markup just because it has some nice toning.
If I had the money to spend $28k on a coin, I could afford the extra 5k and would gladly pay for it.
Captain
That's something else that nobody mentioned. What if the discovery of these coins floods the market with some formerly rare pieces? With more pieces available the bottom will fall out of the prices. Therefore, whenever a shipwreck is looted or a previously unknown hoard comes to market, people should pay LESS not more for these coins, since the populations just went up. I remember reading a while back about a Russian bank hoard of old US currency and coins, a lot of them gold, that came on the market suddenly during a time when the Russian economy was going belly up and everyone was quaking in their boots worrying about what might be stashed away in that hoard for fear that the value of the coins and notes that they had was going to drop drastically.
NEVER pay a premium for hype, i don't care WHAT it is!!!
K S
Funny! But not true. People really do pay premiums for shipwreck provenance. "Loud mouth hype" is only the REASON they do so.
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K S
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<< <i>i agree. but the way these coins work, it's a 10% premium for the shipwreck, another 10% for the privilege of getting it stuck in a piece of plastic, then a 980% premium for the hype. >>
Eventually when the origianl batch of suckers er investors take their lumps, that 980% premium will disappear and I will manage to get one at the 10 - 20% premium.
On the WTC pieces, the vaults were not under the towers but in another building in the complex. The coins were recovered for there proper owner. They are not stolen property.
<< <i>Now I am curious....There was a thread here a while back with some very strong opinions as to the sale of WTC Recovery coins. People were vehemently against these coins selling as they capitalized on a tragedy. Are not shipwreck coins the same? >>
not the same. the republic shipwreck coins are using HYPE to rip people off. the death coins used HUMAN TRAGEDY to rip people off.
K S