1866-s No Motto Seated Halves - hoard broken up?

rhedden

The 1866-s No Motto Liberty Seated half dollar is a scarcer date that was allegedly the target of one or more hoarders who were trying to corner the market. It seems that one of the hoards may have been dispersed. These are readily available all of a sudden, and in fact, there are 12 of them just on eBay right now! This date is not even slightly difficult to find at the present time in grades up to VF30, but it is expensive. Compare the asking price of a typical VG10 coin ($600 to $1000) to the price of an 1866-S With Motto (probably $50-75 in the same grade). The With Motto variety is significantly tougher to locate right now. I have to wonder if the hoarder(s) made any money.

P.S., I will never buy this date until the prices drop to where they belong. Sadly, that may never happen, because so many people are buried in them.

Manorcourtman

I have not heard of a hoard but this date is and has been overpriced for years in circulated grades imho. It is rare in Mint state but not that tough to find in lower to mid-grade examples. Maybe Roadrunner can chime in on this date.

tjkillian

Very interesting... Some of them are actually selling on eBay. I need that date, but they do seem quite expensive, but readily available in lower grades.

rhedden

A 2006 quote from a well known Seated dealer ("bustseated") on the LSCC forum website:

I have long suspected that the listed mintage for the 66-S no motto could be in error. They seem more available in ag-vf than the mintage would suggest. A few years ago someone began hoarding them and they have become scarcer and more expensive.

Edited to add: I've been waiting for a flood of hoard coins to appear ever since.

seanq

Did one sell recently in a public auction (eBay or maybe Heritage) for a particularly outlandish price? Sometimes a big auction price realized will draw other examples out to market.


Sean Reynolds

rhedden

Nah, these are just overpriced and always available in lower grades. The low listed mintage causes sellers to perpetuate the myth that they are rare. In reality, they are just a slightly better date in this series in grades less than XF.

seateddime

bustseated really knows his coins.

One of the best.

Coinosaurus

<< <i>bustseated really knows his coins.

One of the best. >>



Yup. If he said there was a hoarder, you can be sure there was a hoarder.