S.S. Central America redux
earlycoins
Posts: 282 ✭✭✭
I've never owned gold recovered from any of the discoveries of the past few decades, and was wondering what the take is regarding how value may be affected by the next group of coins, when they come to market.
I'm not aware of them being marketed as yet, but inventories have been available.
I'd love to own a pretty 57-S or similar piece, but am concerned about stability of value.
Any thoughts?
1
Comments
There is a risk of increased populations with many coins where many were minted. This can come from new shipwreck discoveries, hoard and rolls submitted for grading or even gradeflation.
For shipwrecks, I'd consider how many more are out there waiting to be discovered.
I agree with @Zoins Look at the 1903-O Morgan dollar. It was rare in uncirculated and was considered a key to the series. Then a bunch were found in the US vaults in the 60's and they were sold during the GSA sale. Now you can get a 63 for about $400 bucks. I think it's value fell something like 90% essentially overnight. You never know what hoards are out there. It's just a risk. The chances of it happening aren't that high, but it can happen. Best thing to do? Don't think about it. lol
You can worry yourself silly on what might happen in life. Shipwreck coins are plain sexy and have a identifiable story . When I started my gold type set I wanted it to be special. The first coin I targeted and subsequently bought was from the SS Central America. I LOVE IT........mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Magnificent coin.
Just did a quick count, and it seems around 275 20s, in addition to many smaller gold coins, inclusive of quite a few $3 pieces, which I don't recall seeing first time around.
Might it be possible, that values have already taken the new pieces into account?
Beautiful coin!
I agree with @Justacommeman Shipwreck coins are in a league of their own. They are history within history, apart from and intertwined by tragedy and mystique. I personally dont own any, but I would not worry about more S.S. Central America coins "flooding" the market.
I believe they will be easily absorbed by collectors and non-collectors alike.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Shipwreck coins are surely interesting. However, their premium depends on individuals interested in such history. Buy it if you like it.... Which, really applies to most coins - and other collectibles. If you are depending on your coins as investments, then I would recommend coins with greater rarity and appeal to top tier collectors. Cheers, RickO
+1
Sexy? Really now, not quite that and actually as much as I like coins have never brought myself to use that term.
How about the Commodores: "36-24-36, what a winning hand"! Now that's sexy.
Well, just Love coins, period.
There is a strong demand for high grade SS Central America $20 gold pieces among type collectors because they are the main source for high grade examples. The coins that stayed on land and didn't go down with the ship are almost all in circulated condition.
As to the price, the question is how will the new supply affect it? One thing for certain that the new recovered coins have to measure up to the old ones. "Sea water Uncs." with dulled surfaces are not going to kill the market for high grade pieces.
One other area of concern. Some of the SS Central America coins that were conserved turned bad (got ugly copper stains) after a few years. The nice ones are a safe buy now because the years have proven that they are okay. As for the news ones, I take a wait and see attitude.
BTW way, nice coin and book, Justacommen! The one I have is in an NGC with no book. Most of the pieces that now on the market have long been separated from their book.
Looks ridiculously undergraded
George found this for me
@billjones
Thank you
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I took another look at the inventories, and found the following:
$20
Over 1,000 57-S
about 220 56-S
about 75 55-S
$2 1/2 about 20 56-S and 57-S
$10
A mix of 53-57-s, total only about a dozen
$5 - all low pops, which could more than double.
about a dozen 55-S
over 20 57-S
about 25 56-S
The $3 seemed interesting, as the current pops are so low, and presumably these will disappear into collections quickly.
4 57-S
22 56-S
3 55-S
As well as a myriad of branch mint coins in all amounts, and many private mints and assay pieces.
I can't see how this wouldn't change the lay of the land, especially for low pop examples.
EC
A gold sticker would complete the look!
Lance.