Are 1792 Patterns Fairly Valued?

Analyst

While I researching my series on million dollar coins and patterns, I found it curious that so many 1792 patterns are million dollar items. When I was a kid, my friends and I did not think of 1792 patterns as among the most desirable and valuable of all American numismatic items. We knew of Brasher Doubloons and, to an extent, understood their value. For the most part, we thought of 1913 Liberty Nickels, 1894-S dimes and 1804 dollars as the most valuable and famous coins. Gold patterns struck in gold were vaguely known to us and we understood their coolness. The 1838-O half dollar and the 1927-D Saint were then very famous, too.

Should patterns be in the same category of value as Great Rarities? There are interesting arguments for and against. Could a numismatist fairly argue that 1792 patterns are undervalued?

The Garrett Silver Center Copper Cent pattern sold privately for $5m in 2012. When the Garrett-Partrick Birch Cent brought more than $2.5 million in Jan. 2015, I noted that the Garrett 1804 silver dollar had realized $1.88 million a few months earlier. Do the members of this forum think that the market values for 1792 patterns are in proper proportion to the current market values of coins that are Great Rarities?

Million Dollar Coins, Part 1: 1792 Patterns

Million Dollar Coins in ANA Auctions, Part 1

planonit

I think so. I think you can argue that many, many other Pattern/Trials are way undervalued but as a big collector of such I might be biased.

It is just hard for me to see a R7 Overton go for 20k+ but see the 1855 F.E go for $700 bucks.

2ltdjorn

I can speculate, however I realize these are beyond my financial comprehension... so what't the point?

Nysoto

As historical value, with the Coinage Act of 1792, the $1M+ patterns are definitely justified. They are all rare, with lots of intrigue surrounding them - who was that little-known copperplate engraver Bob Birch? I expect the upcoming 1792 book will answer some, but not all, questions, and add to their value.

MrEureka

As our collective knowledge has grown and as the market has matured and become more sophisticated, values have shifted on many things. Overhyped coins have been exposed and have underperformed. (Think 1909-S VDB Cents in anything short of amazing grades.) Obscure rarities have become more widely recognized and have appreciated accordingly. Formerly obscure condition rarities, even more so. (Think 1926-S Cent in full red gem unc.) And the market has come to favor "real coins" and disfavor "fictional coins" made just for collectors. (Think Bust Half Dollars vs. Classic Commems.)

In that context, it makes perfect sense that 1792 Patterns have outperformed in the past decades.