Cornering the Market

seemyauction · June 25, 2008 12:28PM

We all know the Hunt borthers did it with silver. But has there ever been an attempt to corner the market on a series of coins?

I'm giving everyone fair warning, if I ever become filthy rich..........

Bayard1908 · June 25, 2008 12:30PM

There have been some huge hoards accumulated of particular coins.

Placid · June 25, 2008 12:32PM

I am currently trying to corner the morgan vam market.

COINB0Y · June 25, 2008 12:33PM

A dealer who shall go un-named from NJ started to hoard all of the 20th Anniversary Silver Sets up untill July of 2007 when spotting came to light.

He then decided to get out and unloaded close to $3-4 Million dollars worth of those coins in 2 months on EBay and took the Reverse Proof down from about $600 to $210 .

adamlaneus · June 25, 2008 12:34PM

Based on what i've read, it didn't end too well for the Hunt brothers.

Sure you want to go that route?

CaptHenway · June 25, 2008 12:37PM

The Pittsburgh hoard of 1856 flying eagle cents comes to mind.

mrearlygold · June 25, 2008 12:43PM

<< <i>We all know the Hunt borthers did it with silver. But has there ever been an attempt to corner the market on a series of coins?

I'm giving everyone fair warning, if I ever become filthy rich..........lol >>

Heheh

COINB0Y · June 25, 2008 12:52PM

Per CaptHenway - During the early part of the present century a number of individuals accumulated large quantities of 1856 flying eagle cents. The most famous of these hoards was a spectacular group of 531 pieces assembled by John Beck, a Pittsburgh, Pennsylvania collector

How about a Series? The 2007 George Washington First Day Coin Cover comes to mind. Officially Certified by US Mint + for Stamp Kooks, all you ever wanted!

I still have about 700 of the 50,000 Produced, down from nearly 2,000 at one time or another. You would not believe the MInt Errors I am sitting on (of the ones I opened.)

Heck, Floridabill and a buddy had about 5,000 of them (10%).

I know someone who is sitting on about 7,000 Units.

7over8 · June 25, 2008 1:25PM

Coinboy

I wouldnt count on that dealer being "out" of the 20th Anniv Set market......

and the amount liquidated is very high.........there are still substantial holdings

COINB0Y · June 25, 2008 1:36PM

He still did what he did though, "the Big Dump" and that was a huge by any measure.

7over8 · June 25, 2008 1:52PM

there were quite a few people dumping at that time, everyone has thier reasons to dump or divest of some of thier position

i can say it had nothing to do with spotting, at least that is what i know,

pb2y · June 25, 2008 1:58PM

The Bank of New York is holding over 800 Fugio Cents in MS
left over from a keg of 15,000. Three were given to the ANA back
in 1948.
http://www.coins.nd.edu/ColCoin/ColCoinIntros/Fugio.intro.html

Shortgapbob · June 25, 2008 2:25PM

Part of the run up in the prices of 1938-D Walker Halves several years ago had to do with one dealer buying them up in very large quantities.

oreville · June 25, 2008 3:00PM

Someone rang the Bank of New York?

Here is one of the 1958 Bank of New York gifts to fellow banks. Pictures taken by John Agre or Dave Wnuck.

BECOKA · June 25, 2008 4:36PM

I would not call them dealers but yes brokers have done this.

For awhile brokers were buying every Indian Half Eagle they could find. Then the prices started to skyrocket and they recommended this series to their clients.

Prices are finally starting to settle down now but for how many there are the prices still seem a bit high.

Longacre · June 25, 2008 10:23PM

The infamous Well-Managed Promotions are done all the time. It's a badge of honor when a group of coin dealers get together to manipulate prices.

STONE · June 25, 2008 10:29PM

Several years ago I saw a dealer's case with 300-400 Twenty-Cent pieces. I'm pretty sure this constitutes as a hoard.
Also, if I'm not mistaken, he had just purchased the lot from the collector/hoarder and then was about to sell the entire lot to another collector!!!

That's the most 20c pieces I've heard about in one place.

dan383 · June 25, 2008 10:31PM

I know back in the sixties you couldn't find a 1950-d jeff.

They could be bought in shops for about $50 , alot of money back then ( you could buy morgans for face at banks)..........

The price fell when unc. rolls came to market................................

Dan

derryb · June 25, 2008 10:50PM

<< <i>Based on what i've read, it didn't end too well for the Hunt brothers.

Sure you want to go that route? >>

Hunt heirs recently sold Hunt Oil for $4.2 billion. Same news article speculated the heirs are buying up silver.

Cornering the Market

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