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1794 Bust half market ?
shorecoll
Posts: 5,447 ✭✭✭✭✭
Did someone recently dump a hoard on the market? I've seen 20-30 available over the last few months, and I don't think I have ever seen that many available at once. True, the internet makes finding them easier, but I was wondering if one of the key hoarders cashed in.
ANA-LM, NBS, EAC
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It was rumored almost 10 years ago that a hoard of ( 400 or 800!) 1794 coins were sold. I mentioned this to a dealer at a Long Beach show who told me he was the buyer.
In the last ten years I've been watching many of the sales (always seemed to have one coin per auction) and it seems that prices were holding their own but haven't looked at the last Heritage sale.
I too was surprised at the number that were offered and between market and too many at one time that sale may have hurt prices.
That was one big serving to eat. But I'm always surprised how the market can absorb large hoards.
Off to see the results of last week's sale
I would have loved to have seen that hoard.
BHNC #203
Yes- A hoard ive heard of as much as 250 coins. prices will be crashing more.
26 of them in this past week's Heritage auction.
Wow Heritage has sold 26 of them on September 7. 16 on August 4. 8 on August 2. 2 on July 7. 8 on July 6. 3 on June 8. 4 on April 27. 3 on April 26. 3 on April 4. 1 on March 26. 3 on Feb 16. 4 on January 5. 1 on January 4.
Heritage has sold 82 1794 Half Dollars this year so far. This doesn't include any sales from any other auction house. PCGS has a census population of 500 and NGC is at 342. One can assume there are many crossovers and regrades being counted double which would mean that over 10% of the graded population has been sold this year by Heritage.
To the experts and people that know more than me. Is this normal?
Successful transactions with: wondercoin, Tetromibi, PerryHall, PlatinumDuck, JohnMaben/Pegasus Coin & Jewelry, CoinFlip, coinlieutenant, bigjpst, and joebb21.
Hoarding of better date us coins has been going on for at least the last 40 years, probably much longer. Eventually these hoards find their way to market. Very, very few US coins are actually rare. Hoarding has, however, changed the perception of the market for many date/mm issues.
Time to buy one if you're in the market, that's for sure!
I wonder what the seller was thinking when he sold 26 in one auction last week...must need $$$ or something.
He died. Heritage is selling the estate
From the Denver ANA:
https://forums.collectors.com/discussion/984567/lots-of-1794-half-dollars-at-the-denver-ana
@shorecoll asked, "Did someone recently dump a hoard on the market? I've seen 20-30 available over the last few months, and I don't think I have ever seen that many available at once. True, the internet makes finding them easier, but I was wondering if one of the key hoarders cashed in."
Yes, there appears to be a hoard of 1794 FH Half Dollars in the process being dispersed. I would guess that the selling of coins from this hoard started in 2016. The number of 1794 Half Dollars sold at auction increased somewhat significantly in both 2016 and 2017.
It has been stated these are from a person named Terry Brand. See the link in @ArizonaRareCoins post above (that showed up while I was typing this!).
W. David Perkins Numismatics - http://www.davidperkinsrarecoins.com/ - 25+ Years ANA, ANS, NLG, NBS, LM JRCS, LSCC, EAC, TAMS, LM CWTS, CSNS, FUN