an Ancient almost breaks the $2 million dollar mark

Doogy

Amazing!


"All the coins evaluated by NGC in the record-setting auction received the pedigree GENEVENSIS V. The clear standout lot was a brass Sestertius of the Roman emperor Hadrian (AD 117-138) bearing a portrait engraved by the celebrated 'Alphaeus Master.' The coin is graded NGC ChAU. Strike: 5. Surface: 5. Fine Style. It had not traded publicly since the landmark 1990 Sotheby’s sale of the Hunt Collection where it fetched $214,500 – at the time an astonishing price for a coin of this type. However, it pales in comparison to the robust 2.3 million Swiss Francs ($1.9 million) it traded for in Geneva on Wednesday. This is the highest price ever paid for an ancient coin in public auction."

oh, and it also appears that the auction eclipsed 'Millennia' in final realized sales.

click here for the whole story
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lordmarcovan

Well, now that is one helluva gorgeous sestertius, but I have to say I'm surprised, for several reasons.

One, it's not a coin from scarce or short-reigned emperor- I mean, c'mon... Hadrian, not Saturninus or Herennius Obscurus or some two-day wonder!

Two, it's bronze and not a gold aureus or a huge silver or gold medallic strike. Of course the sestertius is usually one of the most sought-after denominations, but ...

Three, it's a Pax reverse, and not a spectacular architectural motif or harbor scene or rare political propaganda issue, right?

Four, it's not even Mint State, though close.

Two million bucks, or near it?

Wow.

Mind you, though I love coins, I have yet to see the coin that would be worth over a million to me, even assuming I ever had a million to spend. Think of all that you could do with a million or two, besides just owning some small piece of metal.

All that being said, it IS a truly spectacular coin.

CertifiedGoldCoins

All it takes is two frenzied bidders for one of them to pay far too much for a coin. HERE is a (10-inch) reproduction, that I'd have been content with.

Similar copies of classic ancients, by the same person, can be found HERE. Make a nice paperweight, if nothing else.

coinpictures

Yeah, but it's in an NGC holder, which obviously means it's crap.






Me Doug

crito

Looks fake to me.

Aethelred

There is no doubt it is an amazing coin, but is that really the very best Roman coin out there?

crito

Very unoriginal appearance. Needs some verdigis to look authentic.

Doogy

<< <i>Yeah, but it's in an NGC holder, which obviously means it's crap.






Me Doug


>>




oh yeah!? well, all of your pictures are out of focus! so there!

Doogy

by the way, interestingly enough, that particular auction actually broke the Millennia Collection world record! I certainly didn't think that would happen so soon!

crito

It need to have the appearance of a coin its age... like a lump of black coal I guess.

CertifiedGoldCoins

<< <i>but it's in an NGC holder, which obviously means it's crap. >>

Collectors of ancient coins (myself included) hate the very idea of putting any ancient coin in any slab. They cannot be appreciated that way, and those needing the comfort provided by a grade should stick to US coins. Ancient coins need no numerical grade, especially one based on a system invented in the 19th Century for Large Cents.

Doogy

<< <i>

<< <i>but it's in an NGC holder, which obviously means it's crap. >>

Collectors of ancient coins (myself included) hate the very idea of putting any ancient coin in any slab. They cannot be appreciated that way, and those needing the comfort provided by a grade should stick to US coins. Ancient coins need no numerical grade, especially one based on a system invented in the 19th Century for Large Cents. >>




At least they eliminated the minutae of the Sheldon Scale numbering system

"NGC Ancients evaluates the appearance and condition of ancient coins using an innovative grading system, noting their wear and providing separate assessments of the Three S’s of Ancient Coin Grading: Strike, Surface and Style. Additionally, a star may be awarded should the coin possess other attributes of exceptional merit."

example: NGC ChAU Strike: 5. Surface: 5. Fine Style

I think that once you have coins of this realm trading at or over 7-figures (as seen in this sale and Millennia), grading is a natural progression to make them more "liquid" like any other coins.

CertifiedGoldCoins

I'll give you my opinion, short version: slabbing ancient coins sucks. When I was in the business, ICG was busy doing that, and no one wanted to buy them. Grades were laughable, and attribution often incorrect. Once you've seen a Roman coin with the wrong Emperor listed on the label, you'll know what I mean.

ASUtodd

Interesting coin. I have learned through the years that a coin is worth what someone is willing to pay for it, not what a price guide or dealer tells you it is worth. The guides and dealers give you an idea of the worth but only a true purchase of the item reveals it's worth. If these parties thought that they needed this coin and liked it then I'm glad they got it, would I have paid that much???No...mainly because my house isn't even worth that much!! To each his own.
Todd

Doogy

<< <i>I'll give you my opinion, short version: slabbing ancient coins sucks. When I was in the business, ICG was busy doing that, and no one wanted to buy them. Grades were laughable, and attribution often incorrect. Once you've seen a Roman coin with the wrong Emperor listed on the label, you'll know what I mean. >>




The same arguments were made by the stalwart "raw" coin folks 20 years ago when PCGS and NGC started, and they continue today. What this will do to the market is the same thing it did for the US and world coin market; give collectors and dealers the "warm fuzzy" that their slabbed coin is not only authentic, but guaranteed to be so.

How 'bout buying an expensive ancient, only to be told it is counterfeit? Having it slabbed and guaranteed at least means that you'll recover the loss at fair market value as what happens now.

CertifiedGoldCoins

<< <i>The same arguments were made by the stalwart "raw" coin folks 20 years ago when PCGS and NGC started, and they continue today. What this will do to the market is the same thing it did for the US and world coin market; give collectors and dealers the "warm fuzzy" that their slabbed coin is not only authentic, but guaranteed to be so.
How 'bout buying an expensive ancient, only to be told it is counterfeit? Having it slabbed and guaranteed at least means that you'll recover the loss at fair market value as what happens now. >>

The best guarantee of authenticity is the one a knowledgeable collector gives himself, by knowing what he is doing. Second best is by buying only from a well-established dealer with an impeccable reputation. Third best is relying on the label of a holder produced by a company whose expertise lies elsewhere.

As for what this will do to the "market," slabbed coins attract ignoramuses with more money than brains, who drive prices up based on insignificant increments of grade, and the coin mentioned in the OP is a perfect example of that.

ASUtodd

With the flood of fake slabs...I won't buy one off Ebay anymore unless it's someone from the forums here or from my local dealer.