chinese coins at BM going crazy

laxmaster1

i havent the slightest idea about anything regarding chinese coins, but watching these coins going for huge multiples of their estimates is pretty cool...anybody else watching this???

farthing

The French Indo-China coins are insanely hot!

laxmaster1

If I knew who these fools are who are causing this "coinflation" i would smack the hell out of them....

jt88

<< <i>If I knew who these fools are who are causing this "coinflation" i would smack the hell out of them.... >>



I am one of those fools. I got two coins. I was winning 7 coins when the online bidding close but was out bid the rest by live bidding. Same with HA, I was winning with 7 coins when the online bidding close but lost them all on live bidding. Compare with US coins I don't think Chinese coins are over price. Maybe the price went too fast but it only tell that the price was way under value.

Every time when I win Chinese coins on auction I thought I paid too much but I alwasy can sell them in higher price very fast. I bet this time is no exception.

pruebas

jt88, if I may say so, most of the high bids when online bidding closes are outbid in the live auction. (Perhaps fewer in Heritage because their online platform is so good, but definitely in, for example, Ponterio.) If you really want to win nice coins, get someone at the venue looking at the coins and bidding live on the floor for you. You may think the commission is wasted money, but trust me, it can save you big time overall, both in buying the right coins and in bidding the right way.

Anyway, glad you secured some nice Chinese coins. Some of them are way cool.

laxmaster1

jt88, I only mean the rate of increase is crazy, not the actual price...if you buy a piece at too high a price but then can sell right away for a profit, it's fantastic for you but not good for the overall market imo...

1960NYGiants

I attended the NYINC yesterday. There were quite a few Chinese and Southeast Asia buyers. Activity was very heavy. They seemed to be buying just about everything especially 19th and early 20th century silver in all price and grade ranges.

jt88

<< <i>jt88, I only mean the rate of increase is crazy, not the actual price...if you buy a piece at too high a price but then can sell right away for a profit, it's fantastic for you but not good for the overall market imo... >>



I agree with you the rate of increase is crazy. It double in couple months but when you think of Chinese money also increased in value then it might not be that bad. I used to sell all my Chinese coins to buyers in US but now most of my buyers are from outside of US. i heard some of the floor Buyers for CNG or maybe HA are from China and Hongkong.

jt88

I found buying Chinese coins in auction is very difficult to put a right bid on them because the price went up so much and so fast. People pumpped up the price trying to get you to take the bait. This happened in CNG, HA and BM auctions. For example. This ungraded AU 1903 Y-73.1 went to over 12K and back down again when they saw no one take the bait. It settle for $8750 + BP. I bet some of the coins will be showed up on next auction.



link

coinkat

it is insane

sbeverly

I sold a Panda to a Chinese buyer at the FUN show Thursday. He paid over 21 times what I paid for it
two years ago.

The Chinese market is very hot. At least right now.

Bailathacl

SBeverly, was that a gold or silver Panda and what year, if you recall? (Just curious, as my son put together a full set of Silver 10Y Pandas)

sbeverly

It was a 1984 1Yuan Brass Panda.

pruebas

<< <i>It was a 1984 1Yuan Brass Panda. >>

Brass Panda? What's that all about? I thought Panda was the China Mint's "brand" for bullion coins.

jt88

I think your buyer might made a mistake. Here is one on sale on ebay. You coin is higher grade but I am not sure it will make it dobule in price.

Text

jt88

<< <i>

<< <i>It was a 1984 1Yuan Brass Panda. >>

Brass Panda? What's that all about? I thought Panda was the China Mint's "brand" for bullion coins. >>



I believe they minted only for two years, 1983 and 84 30K mintage for each year.

coinkat

I appreciate that China is hot but can this 1903 coin really be worth anyting close to that??

Hussulo

"For example. This ungraded AU 1903 Y-73.1 went to over 12K " thats a crazy price. It even has an edge knock at 1 o'clock.

sbeverly

I think your buyer might made a mistake. Here is one on sale on ebay. You coin is higher grade but I am not sure it will make it dobule in price.

That one is the 1983. The one I sold is the 1984 PFUC 69-the only one at that grade with none graded higher.

The 1983 has a pop of 15 in PFUC 69 and many more in lower grades.

sbeverly

I believe they minted only for two years, 1983 and 84 30K mintage for each year.

They were minted from 1983 to 1986 with the 1985 being the extremely hard to get one.

Lancastercoin

Those results are really something else. We'll see how many reappear, like Jack said. I had little interest in my PCGS AU58 1903 at the FUN show at a fraction of that price. On the floor at FUN there were very few dealers with older China material displayed for sale. As usual Majestic Rarities had their *wow* inventory of modern out, but other than that and my dinky inventory there wasn't much out for sale that didn't get snapped up the first day. Neither service would do walkthrough grading of common China dollars for me, but I guess I don't blame them too much if they're splitting their staff between the two shows.

folderholder

So how are Chinese coins doing? When I constructed this Panda Index I deliberately left out most of the high fliers. That was because either there weren't enough price records to construct a real history or there hadn't been a recent sale (in some cases within 2 years). Anyway, the magnitude of the rise vs, gold and silver caught me by surprise. I plan to update the Pricepedia 20 every month so we will see if the trend continues.

Best wishes,
Peter Anthony
Pandacollector.com