Bust dollars - How high have they risen in price since 2000?
TahoeDale
Posts: 1,785 ✭✭✭
I collected early dollars from 1995 thru 2001, then sold most of them at the Atlanta ANA. Mostly private sales.
Today, many of these coins are substantially higher. I'm going to list several, with prices realized in 2001. I am curious if the dollar experts can give a current market price on any of the coins. Go ahead, I can take it.
1795 FH PCGS 58 $17,000
1795 DB PCGS 58 $23,000 (note- the finest 58 I had ever seen)
1796 Lg date,sm ltrs PCGS 62 finest known $52,500
1797 9X7, large ltrs AU 55, raw $11,500 ( now slabbed by PCGS as a 62)
1798 sm eagle, 15 stars PCGS 53 $25,000
1799/8 15 stars, PCGS 55 $7500
1800 PCGS 50 $5000
1801 PCGS 55 $8000
1802/1 PCGS 55 $9500
1802 PCGS MS 61 $16000
1803, lg 3 PCGS 58 $11000
And do you have an opinion that prices have peaked?
Today, many of these coins are substantially higher. I'm going to list several, with prices realized in 2001. I am curious if the dollar experts can give a current market price on any of the coins. Go ahead, I can take it.
1795 FH PCGS 58 $17,000
1795 DB PCGS 58 $23,000 (note- the finest 58 I had ever seen)
1796 Lg date,sm ltrs PCGS 62 finest known $52,500
1797 9X7, large ltrs AU 55, raw $11,500 ( now slabbed by PCGS as a 62)
1798 sm eagle, 15 stars PCGS 53 $25,000
1799/8 15 stars, PCGS 55 $7500
1800 PCGS 50 $5000
1801 PCGS 55 $8000
1802/1 PCGS 55 $9500
1802 PCGS MS 61 $16000
1803, lg 3 PCGS 58 $11000
And do you have an opinion that prices have peaked?
TahoeDale
0
Comments
Great coins!
Great topic! You clearly put together an excellent collection during that time.
I've been collecting Bust Dollars for quite a while, and I do have a few observations on where prices are now. (Please forgive the length -- this really is the series that has captured my attention)
1795 FH PCGS 58 $17,000
Depending on the variety, these are now priced at $30K to $40K.
1795 DB PCGS 58 $23,000 (note- the finest 58 I had ever seen)
These are now going in the range of $25K to $30K, but back in 2001, I would say a typical "58" was only a $10K to $12K coin. So, your particular coin might be worth even more than $30K now.
1796 Lg date,sm ltrs PCGS 62 finest known $52,500
Hmmmmm...At the Atlanta ANA I purchased a 1796 Large Date/Small Letters PCGS 62 finest known specimen. The dealer I made the purchase from (and quoting what the Whitney coins had just brought at auction) priced the coin THEN at $100K. There are no recent transactions of mint state 1796's to compare to (1796's are super, super-tough in mint state), so it's hard to say what the current value would be. Based on what comparable quality 1797's have been offered for, I would figure around $200K.
1797 9X7, large ltrs AU 55, raw $11,500 (now slabbed by PCGS as a 62)
I think your coin must have been a 10x6 stars variety, as I know of a specimen that had been graded as AU55 that is now in a PCGS-MS62 holder. That exact coin sold at the ANR auction July, 2003 for $74,750.
1798 sm eagle, 15 stars PCGS 53 $25,000
1798 Small Eagle/15 Stars specimens are VERY tough in AU, likely worth $50K to $55K today. Premium Numismatics has listed an NGC-AU55 specimen (likely very comparable to your coin) for $55K right now.
1799/8 15 stars, PCGS 55 $7500
The 1799/8 15 stars variety is fairly common in AU, even choice AU. Depending on the eye appeal, they go for $8K to $10K today, although yours must have been particularly choice to bring $7,500 back in 2001.
1800 PCGS 50 $5000
For a common variety with typical eye appeal, these are running $5,000 to $7,000 these days.
1801 PCGS 55 $8000
The market has really recognized the rarity of 1801 dollars in choice AU. Attractive AU55's now trade around $20K, with nice AU58's running between $25K and $30K.
1802/1 PCGS 55 $9500
1802/1 dollars are very tough in choice AU. The market is now rewarding that rarity somewhat, but not as much as 1801's. The last choice AU's I've seen have been priced around $15K. (If the coin is really choice and attractive, I think they are a comparative bargain at that price, since they really are a good bit rarer in high grade than 1801's.)
1802 PCGS MS 61 $16000
1802's are really rather common in high grade, even mint state. For example, the PCGS Pop Report shows 4 graded MS65, and I know that all 4 ARE different specimens! Most PCGS61's of that era are now in NGC62 holders, trading around $25K to $30K.
1803, lg 3 PCGS 58 $11000
Your particular 1803 Large 3 is now in a PCGS-MS61 holder. That exact coin sold at the ANR auction August, 2004 for $32,775.
Even though prices have gone up quite a bit in recent years, my opinion is that the prices haven't peaked yet. Prices for bust dollars still remain lower than other more popular series, even though they are actually rarer. For example, the single most common bust dollar variety -- the typical 1799 -- has a PCGS population (all grades) of 1,865, whereas the more celebrated and more expensive "super rare" 1893-S Morgan has a PCGS population of 2,355 currently.
What I'm seeing in the market place is that a lot of "net" graded bust dollars have been coming onto the market and bringing strong prices, but the current prices have not yet brought many truly choice pieces back into the market yet. I know from my research, there are quite a few great bust dollars hidden out there that I would love to add to my set, but they are tucked away and unavailable at the current prices. (And that's even with multiple dealers knowing my interest and my willness to pay to improve my collection.) My view is that the owners of the truly choice pieces realize just how super tough they are, and are either keeping them long-term or waiting for much higher prices before letting go. I've seen this "stair-step" price behavior in early dollars run several steps over the past ten years, and, (in my opinion) I think we're poised near the edge of one step just in front of the riser to the next step above.
One more thing -- The recent rise in bust dollar prices has all occured AFTER the Bowers' silver dollar encyclopedia went out of print, making much of the important information unavailable to collectors. (On EBay, copies of Volume I with the early dollar section now bring over $300 themselves.) I'm in discussions right now with a few different publishers to bring out a totally updated book on early dollars based on my research. That would put the necessary information in the hands of a much wider audience, and might create even more upward pressure on prices.
You are truly amazing with the information you have at your fingertips. I may now list the rest of the dollars sold back in 2001, and get your thoughts on present day pricing.
I didn't want to list them all, as I thought it would be too much to either read or digest. But you seem to thrive on the challenge to understand and iterate the history and pricing of this great series.
I did not sell them all at Atlanta. I still have the Eliasberg 1802/1 PCGS 58. And a couple of common 58's, that appear to have risen nicely in the last 4 years. And the 1799 8X5 stars in AU 55 was just sold, as was the 1797 sm ltrs. So a little money was realized over the very hasty decision I made in 2001.
But the market for early dollars was taking off, and it looked like a good time to cash in some profits. I just wish I had been a little more patient, as I do love and appreciate the series.
The 1794 dollar publication is excellant, and please do contribute to any new ones on all the dollars. That is overdue.
Dale...awesome(starter, if you're cardinal
Cardinal, saw your "new" 1794 Dollar AU58 a the ANA...tell us about it.
Seth
The late John J. Haugh, dealer from the PacNW and ED specialist, had a vast hoard of modest-quality material.
EVP
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
Cheers
Greg