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Forbes: "Most Valuable U.S. Coins" Article and Pics inside
Goldbully
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Collecting
Most Valuable U.S. Coins
Zack O'Malley Greenburg, 04.23.09, 06:00 AM EDT
Who says American currency is worthless? These pieces are worth millions.
As the federal government prints billions of dollars to prop up a sagging economy, some worry that a dollar just isn't worth anything these days. They've probably never seen an 1804 Silver Dollar.
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country.
"The major collectors who don't have one just sort of put their heads down," says John Albanese, president and founder of Certified Acceptance Corp., under whose auspices he has bought and sold more than 20 seven-figure coins.
In Depth: Most Valuable U.S. Coins
The 1804 Silver Dollar is one of four coins worth more than $5 million in good condition. The star-crossed 1933 Double Eagle is second on the list at $8.5 million, followed by the 1913 Liberty Nickel at $5.9 million--bizarrely, one of the only legal coins ever produced without the knowledge of the U.S. Mint. Rounding out the top five is the $4.4 million 1861 Double Eagle, of which only two examples are known to exist.
Behind the Numbers
Our values of these rare coins are courtesy of Nostomania.com, a collectibles evaluator run by software developers and engineers that generates pricing data by processing actual-sales figures through a set of proprietary algorithms. These are theoretical values--they assume that each coin has a grade of MS-63 (on a 1-70 scale), numismatic lingo for very good condition. Some of these coins are not known to exist in this precise condition, but this is the only way to make an apples-to-apples comparison.
With the stock market tanking, many high-net-worth investors have started paying attention to rare coins because they have some degree of inherent value. David Albanese, president of coin dealer Albanese Rare Coins (no relation to John Albanese) estimates that rare coin values are up by almost 25% over the past year.
"If you buy $1 million worth of stocks, it could go down to $20,000," he says. "That just doesn't happen with coins. They really are artifacts, and there are a finite number of the rare ones left."
No. 10: 1885 "Trade" Silver Dollar ($2.6 million)
Designed by William Barber, there are just five known proofs of this coin. John Albanese believes it is worth $3.5 million in superb condition.
No. 8: 1870S Three Dollar Gold Piece ($2.7 million, tie)
The only known example of this coin was last sold for $687,500, back in 1982. Time and rarity have driven up its value. Historians believe another example may have been buried in the cornerstone of a San Francisco building ages ago.
No. 8: 1873CC Dime, Liberty Seated ($2.7 million, tie)
One of the great Wild West artifacts. This coin is said to be the only unique issue from the Carson City Mint, which filled its coins with gold plucked from nearby mines.
No. 7: 1797 Half-Cent, Liberty Cap ($3 million)
At the end of 1795, President George Washington decided to make a dent in the country's copper shortage by reducing the weight of certain coins. This resulted in the production of a few rarities, like the 1797 Half-Cent, a numismatist's dream.
No. 6: 1794 Silver Dollar, Flowing Hair ($3.2 million)
If you think there isn't much to say about coins, think again. This rare chunk of metal is the subject of an entire book, The Flowing Hair Silver Dollars of 1794 - An Historical and Population Census Study by Martin A. Logies, which documents the appearances of over 125 different examples of the coin over the years.
No. 5: 1861 Double Eagle, Coronet Paquet reverse ($4.4 million)
Production of this coin was stopped by the U.S. Mint due to late-breaking design revisions, but authorities did not receive word until after a few of the coins had already been produced. Just two examples of this coin are known to exist, though more may have been minted.
No. 4: 1804 Eagle Gold, Capped Bust ($5.1 million)
Less than 10 were produced, and only four of them are currently known to exist. Adding to the novelty, the coins were minted in 1834--three decades after the date on the coin--to be used in diplomatic presentations.
No. 3: 1913 Liberty Nickel ($5.9 million)
Though it seems only a fool would pay millions for a five-cent coin, this particular piece of metal is highly unusual because it was somehow produced without the knowledge of its maker--the U.S. Mint. Theories abound, and only five examples of this coin are known to exist.
No. 2: 1933 Double Eagle ($8.5 million)
Though it's not the most valuable coin, the 1933 Double Eagle is perhaps the rarest and most famous. As a result of a bizarre series of events that started unfolding nearly a century ago, there is only one in existence that's legal to own.
No. 1: 1804 Silver Dollar, Draped Bust ($10.1 million)
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country thanks to its rarity, design and beauty.
Forbes Article Link
Most Valuable U.S. Coins
Zack O'Malley Greenburg, 04.23.09, 06:00 AM EDT
Who says American currency is worthless? These pieces are worth millions.
As the federal government prints billions of dollars to prop up a sagging economy, some worry that a dollar just isn't worth anything these days. They've probably never seen an 1804 Silver Dollar.
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country.
"The major collectors who don't have one just sort of put their heads down," says John Albanese, president and founder of Certified Acceptance Corp., under whose auspices he has bought and sold more than 20 seven-figure coins.
In Depth: Most Valuable U.S. Coins
The 1804 Silver Dollar is one of four coins worth more than $5 million in good condition. The star-crossed 1933 Double Eagle is second on the list at $8.5 million, followed by the 1913 Liberty Nickel at $5.9 million--bizarrely, one of the only legal coins ever produced without the knowledge of the U.S. Mint. Rounding out the top five is the $4.4 million 1861 Double Eagle, of which only two examples are known to exist.
Behind the Numbers
Our values of these rare coins are courtesy of Nostomania.com, a collectibles evaluator run by software developers and engineers that generates pricing data by processing actual-sales figures through a set of proprietary algorithms. These are theoretical values--they assume that each coin has a grade of MS-63 (on a 1-70 scale), numismatic lingo for very good condition. Some of these coins are not known to exist in this precise condition, but this is the only way to make an apples-to-apples comparison.
With the stock market tanking, many high-net-worth investors have started paying attention to rare coins because they have some degree of inherent value. David Albanese, president of coin dealer Albanese Rare Coins (no relation to John Albanese) estimates that rare coin values are up by almost 25% over the past year.
"If you buy $1 million worth of stocks, it could go down to $20,000," he says. "That just doesn't happen with coins. They really are artifacts, and there are a finite number of the rare ones left."
No. 10: 1885 "Trade" Silver Dollar ($2.6 million)
Designed by William Barber, there are just five known proofs of this coin. John Albanese believes it is worth $3.5 million in superb condition.
No. 8: 1870S Three Dollar Gold Piece ($2.7 million, tie)
The only known example of this coin was last sold for $687,500, back in 1982. Time and rarity have driven up its value. Historians believe another example may have been buried in the cornerstone of a San Francisco building ages ago.
No. 8: 1873CC Dime, Liberty Seated ($2.7 million, tie)
One of the great Wild West artifacts. This coin is said to be the only unique issue from the Carson City Mint, which filled its coins with gold plucked from nearby mines.
No. 7: 1797 Half-Cent, Liberty Cap ($3 million)
At the end of 1795, President George Washington decided to make a dent in the country's copper shortage by reducing the weight of certain coins. This resulted in the production of a few rarities, like the 1797 Half-Cent, a numismatist's dream.
No. 6: 1794 Silver Dollar, Flowing Hair ($3.2 million)
If you think there isn't much to say about coins, think again. This rare chunk of metal is the subject of an entire book, The Flowing Hair Silver Dollars of 1794 - An Historical and Population Census Study by Martin A. Logies, which documents the appearances of over 125 different examples of the coin over the years.
No. 5: 1861 Double Eagle, Coronet Paquet reverse ($4.4 million)
Production of this coin was stopped by the U.S. Mint due to late-breaking design revisions, but authorities did not receive word until after a few of the coins had already been produced. Just two examples of this coin are known to exist, though more may have been minted.
No. 4: 1804 Eagle Gold, Capped Bust ($5.1 million)
Less than 10 were produced, and only four of them are currently known to exist. Adding to the novelty, the coins were minted in 1834--three decades after the date on the coin--to be used in diplomatic presentations.
No. 3: 1913 Liberty Nickel ($5.9 million)
Though it seems only a fool would pay millions for a five-cent coin, this particular piece of metal is highly unusual because it was somehow produced without the knowledge of its maker--the U.S. Mint. Theories abound, and only five examples of this coin are known to exist.
No. 2: 1933 Double Eagle ($8.5 million)
Though it's not the most valuable coin, the 1933 Double Eagle is perhaps the rarest and most famous. As a result of a bizarre series of events that started unfolding nearly a century ago, there is only one in existence that's legal to own.
No. 1: 1804 Silver Dollar, Draped Bust ($10.1 million)
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country thanks to its rarity, design and beauty.
Forbes Article Link
0
Comments
<< <i>
No. 1: 1804 Silver Dollar, Draped Bust ($10.1 million)
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country thanks to its rarity, design and beauty. >>
Huh?
<< <i>No. 1: 1804 Silver Dollar, Draped Bust ($10.1 million)
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country thanks to its rarity, design and beauty. >>
I thought there were only 15 known. Also, I would think the 1933 Saint would be worth more since there is only a single specimen in private hands.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>What is nostomania.com, and why are David & Dean Albanese writing 99% of the articles on coins (in the coin news archives)? >>
i am not sure but their comic section and the 100 most expensive
comics is pixie dust and fantasy land.
i have no idea where they are getting prices for NM comics when many
of them do not even exist in that grade. 10s of thousands of dollars
off the actual value. Bigtime wrong for most.
take "silver streak comics #1" in 97th place.
a VF+ 8.5 copy is for sale on heritage rigth now for 1700 bucks.
they claim a NM 9.4 copy is worth approx 50,000. Down 28% over
the last 3 years.
ok then!
<< <i>
<< <i>What is nostomania.com, and why are David & Dean Albanese writing 99% of the articles on coins (in the coin news archives)? >>
i am not sure but their comic section and the 100 most expensive
comics is pixie dust and fantasy land.
i have no idea where they are getting prices for NM comics when many
of them do not even exist in that grade. 10s of thousands of dollars
off the actual value. Bigtime wrong for most.
take "silver streak comics #1" in 97th place.
a VF+ 8.5 copy is for sale on heritage rigth now for 1700 bucks.
they claim a NM 9.4 copy is worth approx 50,000. Down 28% over
the last 3 years.
ok then! >>
Again with the comic books.
<< <i>
<< <i>
<< <i>What is nostomania.com, and why are David & Dean Albanese writing 99% of the articles on coins (in the coin news archives)? >>
i am not sure but their comic section and the 100 most expensive
comics is pixie dust and fantasy land.
i have no idea where they are getting prices for NM comics when many
of them do not even exist in that grade. 10s of thousands of dollars
off the actual value. Bigtime wrong for most.
take "silver streak comics #1" in 97th place.
a VF+ 8.5 copy is for sale on heritage rigth now for 1700 bucks.
they claim a NM 9.4 copy is worth approx 50,000. Down 28% over
the last 3 years.
ok then! >>
Again with the comic books. >>
it is one area where i can glance at a list of 100 issues and know that
the prices are way off and based on pure fantasy for the most part.
would you like to comment on the top 100 coins and their prices please?
I cannot glance at the list and be sure without a lot more research.
i was discussing a website that a member brought up that talks
about collectibles. it is relevent to the conversation about the website.
but please feel free to post something that is obvious to anyone
who read my words. you are sharp as a tack.
<< <i>would you like to comment on the top 100 coins and their prices please? I cannot glance at the list and be sure without a lot more research. >>
I'd never heard of this site before and just checked it out.
They do have this disclaimer at the top:
With each pricing update we compute and show here the 100 most valuable coins. We chose MS-63 (or PF-63, if the item is a Proof), as a "baseline" grade for comparison. Clearly, some of these items may not, and probably do not exist in that grade.
So I guess this data is based on extrapolating price records for lower grades, or just flat out winging it.
Just scanning the list quickly they don't seem too crazy (except maybe the gripped edge 1797 Half Cent at $3 mil).
<< <i>you are sharp as a tack. >>
Please, you're embarrassing me.
<< <i>"You're" >>
Got it.
<< <i>"You're" >>
lol
and thanks for taking a look at the list. i wish i had your knowledge
to just glance at a list of 100 most expensive coins and know if it
was semi accurate or not.
i just commented on what i know.
An 1804 original in PR63 is NOT a $10M+ coin - more like $5M; as far as a restrike goes, more like $3M
These are orders of magnitude errors that call into question any of their other prices.
Is it my imagination, or is this a shot of a Gallery Mint copy?
<< <i>
Is it my imagination, or is this a shot of a Gallery Mint copy? >>
You should know, if it's not a Gallery Mint copy you probably owned it
Was there text?
My heart skipped a beat at that Gold Eagle. Just WOW (When I see something like that I think "Franklin Mint"
I remember as a kid laying in bed reading my 1960 Coin Guide and being amazed at that 1885 Trade Dollar with the mintage of FIVE!
You know what they priced it at then? ........ $4000!!
I wish I could go back in time then, tell my dad to sell that stupid boat he had and buy an 1885 Trade Dollar (and then will it to me)
I also love the assertion that "If you buy $1 million worth of stocks, it could go down to $20,000," he says. "That just doesn't happen with coins. They really are artifacts, and there are a finite number of the rare ones left." Most stocks have not declined by 98%. As far as coins, the streets are littered with people who got fleeced on coins. And don't forget, the 1989 highs in the coin market crashed and didn't recover for 15 years.
Now, beyond all of the above criticism, I of course found this thread and the article quite interesting.
Sunnywood
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>
<< <i>No. 1: 1804 Silver Dollar, Draped Bust ($10.1 million)
A specimen in good condition is worth $10 million, making it America's most valuable coin. With only 19 copies known to exist, it's also the envy of numismatists across the country thanks to its rarity, design and beauty. >>
I thought there were only 15 known. Also, I would think the 1933 Saint would be worth more since there is only a single specimen in private hands. >>
I think it would be worth less since so many more have come to light, even if they're not legal to own right now.
<< <i>When an 1861 Paquet $20 was auctioned in the Dallas Bank Collection Sale (Stack's/Sotheby's, collection of H. Jeff Browning), it brought $345,000. One can only suspect that a current owner had a hand in valuing the coin at $4.4 million and putting it in the top 5. Probably, the truth is somewhere in between ... I also love the assertion that "If you buy $1 million worth of stocks, it could go down to $20,000," he says. "That just doesn't happen with coins. They really are artifacts, and there are a finite number of the rare ones left." Most stocks have not declined by 98%. As far as coins, the streets are littered with people who got fleeced on coins. And don't forget, the 1989 highs in the coin market crashed and didn't recover for 15 years. Now, beyond all of the above criticism, I of course found this thread and the article quite interesting. Sunnywood >>
I purchased the Paquet for the bidder in the Browning sale. He subsequently sold the coin for $1.6M. It is the second best coin. The best coin is spectacular and probably is worth what was quoted!!
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>
<< <i>"You're" >>
lol
and thanks for taking a look at the list. i wish i had your knowledge
to just glance at a list of 100 most expensive coins and know if it
was semi accurate or not.
i just commented on what i know. >>
Obviously I am not the 'go-to-guy' for pricing on MS63 1794 and 1804 Dollars . . .