Some interesting statistics from the recent Naftzger sale of early copper…
Longacre
Posts: 16,717 ✭✭✭
I was reading the latest issue of the Region 8 Newsletter of the EAC. A member wrote the following, which I found to be very interesting, related to the recent sale of the Naftzger sale by the Goldbergs:
“…I thought folks might also be interested in some statistics of the sale, so here goes. There were 476 lots, with low estimates totaling almost $1.4 million. That's an average of $2909 per lot. The prices realized, including buyer's premium, totaled almost $3.73 million, averaging $7832 per lot. The median price was $2875, so the average was skewed by the most expensive lots. 58 lots sold for less than $1000, and another 196 lots were less than $3000. Nine lots sold for more than $50,000. The top lot was #140, the 1823 N-2 in a PCGS MS66BN holder, selling for $299,000. It was followed closely by #437, an 1839 N-1 9/6 overdate in a PCGS MS65BN slab for $264,500. Thirteen lots sold under $500, the cheapest going for $173.”
Although approximately $3,000 is a decent chunk of money, I never realized that over half of the coins sold for this price. I don’t think this collection was impacted by the Numismatic Recession that we find ourselves in, so it is nice to see that quality coins can still be had for a reasonable price. We frequently hear of the sales prices of the trophy coins and the six figure coins that RYK collects
, for instance. However, it is nice to see that when you analyze a sale, there are coins that the Numismatic Commoners can afford, even though they don’t grab the headlines.
Did anyone else find this interesting?
“…I thought folks might also be interested in some statistics of the sale, so here goes. There were 476 lots, with low estimates totaling almost $1.4 million. That's an average of $2909 per lot. The prices realized, including buyer's premium, totaled almost $3.73 million, averaging $7832 per lot. The median price was $2875, so the average was skewed by the most expensive lots. 58 lots sold for less than $1000, and another 196 lots were less than $3000. Nine lots sold for more than $50,000. The top lot was #140, the 1823 N-2 in a PCGS MS66BN holder, selling for $299,000. It was followed closely by #437, an 1839 N-1 9/6 overdate in a PCGS MS65BN slab for $264,500. Thirteen lots sold under $500, the cheapest going for $173.”
Although approximately $3,000 is a decent chunk of money, I never realized that over half of the coins sold for this price. I don’t think this collection was impacted by the Numismatic Recession that we find ourselves in, so it is nice to see that quality coins can still be had for a reasonable price. We frequently hear of the sales prices of the trophy coins and the six figure coins that RYK collects
, for instance. However, it is nice to see that when you analyze a sale, there are coins that the Numismatic Commoners can afford, even though they don’t grab the headlines.Did anyone else find this interesting?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
In the Ford sales, I tracked all the lots by winning bidder #, then sorted it to see how much each bidder spent, and how many different people won a lot above various price points.
While it was not surprising to see that there were a limited number of people active above a certain level, the actual results were even more extreme than I anticipated. In some cases, only 3 or 4 different people won any lot above $30,000, and in one of the Ford sales, 1 single individual bought more than 40% of the dollar value sold in the entire session.
Of the 254 lots that sold for less than $3K, I wonder how many were actually "bargains"...in other words, what was the quality of these coins? What made them special, other than the Naftzger pedigree?
<< <i>I have to wonder if a large percentage of EAC members/large cent collectors have nearly all of their "savings" tied up in Large cents and not in more traditional financial instruments. This might explain their apparent invulnerability to current economic conditions. >>
Wasn't the point of Longacre's post to show that while there some mega-priced coins in the sale, the average and median values of the Naftzger coins were actually (and perhaps surprisingly) 'relatively' affordable? As Longacre said, $3,000 is a lot of money, though a number of collectors who post here regularly show items in that range.
The "apparent invulnerability" you mention seems to be a comment that could more accurately be applied to the small number of wealthy people who battled it out for the 6-figure coins, who I think clearly have little in common with most folks (including the majority of EAC members).
<< <i>
<< <i>I have to wonder if a large percentage of EAC members/large cent collectors have nearly all of their "savings" tied up in Large cents and not in more traditional financial instruments. This might explain their apparent invulnerability to current economic conditions. >>
Wasn't the point of Longacre's post to show that while there some mega-priced coins in the sale, the average and median values of the Naftzger coins were actually (and perhaps surprisingly) 'relatively' affordable? As Longacre said, $3,000 is a lot of money, though a number of collectors who post here regularly show items in that range.
The "apparent invulnerability" you mention seems to be a comment that could more accurately be applied to the small number of wealthy people who battled it out for the 6-figure coins, who I think clearly have little in common with most folks (including the majority of EAC members). >>
You may well be right, but the few EAC members I know do seem to spend an inordinate amount on coins in relation to what I perceive is their income.
Naftzger had a fantastic collection, and among copper people his name is gold. If these coins had belonged to Joe Blow, the prices would have been a good deal lower. The market is hurting in a lot of sectors. It's just the high flying stuff and the great names that make it seem better than it is.
<< <i>Before everyone gets too excited, there is one word you need to keep in mind, and that word is Naftzger .
Naftzger had a fantastic collection, and among copper people his name is gold. If these coins had belonged to Joe Blow, the prices would have been a good deal lower. The market is hurting in a lot of sectors. It's just the high flying stuff and the great names that make it seem better than it is. >>
Hence my earlier post: Of the 254 lots that sold for less than $3K, I wonder how many were actually "bargains"...in other words, what was the quality of these coins? What made them special, other than the Naftzger pedigree?