My observation from the Long Beach token and medal sale which begs for your comment.

keets · September 18, 2008 11:00PM

I didn't follow the auction under a microscope to know the results in fine detail, I can only comment on Lots which interested me for a number of reasons, mainly So-Called Dollars. However, I do notice some patterns developing which have been slowly shaping up over the past few years. In short, these interesting medals seem to be following in the same footsteps as their better known and more actively collected cousins, United States regular coin issues. What I've seen can be briefly summed up in a few short sentences, in no particular order of importance:

1. Medals in circulated grades below AU tend to go begging. They will sell, but usually at low levels despite having small numbers in all grades.
2. Medals which have been graded(primarily by NGC) generally sell for higher prices than the same type of raw medals of similar quality, further proof that a "slab" is a value enhancer.
3. Even common items in high grade can command high prices.
4. Collectors seem willing to pay hefty premiums for attractively toned medals when they are offered.
5. The combination of a rare medal, attractively toned in a Gem grade TPG holder can be a good/bad thing------good for the seller and getting very bad for the buyer!!!

Al H.

Longacre · September 18, 2008 11:15PM

Interesting analysis. It seems that medals are going main stream. They used to be the last bastion of civility in numismatics, but it looks like the masses have caught on and the prices are now being run up.

rgCoinGuy · September 18, 2008 11:17PM

Very interesting, compared to coins, what percentage of medals and tokens do you think are slabbed? My question being asked in the direction of, is there still a chance for someone to learn what they are doing and buy raw, with the intention of having them slabbed?

I know in ancients most of these are sold raw with just some slabbed, and I wasn't aware medals and tokens were being slabbed on any big scale, but I don't follow them as of now.

keets · September 19, 2008 12:25AM

Longacre, any research of the most noteworthy collections should show that the wisest collectors have always sought medals and other exonumia. even unherlded collectors such as myself have had an interest, it just hasn't been known to the extent of the larger, more valuable collections. to that end, the use of the term "mainstream" is really a misnomer since they have always been collected eagerly by all members of the hobby, the recent forays of Heritage(and others to a much lesser degree) simply bringing them into the limelight. i know that many see what's happening as an anomoly, that these auctions are only drawing the curious who are dabblers dipping into the well to buy items that strike them as pretty, but i can assure you with some certainty that most collectors aren't buying in a willy-nilly fashion.

--------------------------------------------------------------------------------------

Rob, i think a very, very small percentage of medals are slabbed.

as a general rule i believe only the choicest pieces get submitted and that group is limitted by the size that can be encapsulated and the competant companies which offer the service. for myself, there simply isn't a better alternative than an NGC holder to protect a medal long-term and the cost is certainly competitive when compared to a custom holder. the two factors which generally cause me to seek a custom holder are diameter and relief of a medal, limits that NGC has thus far chosen not to address.
is there still a chance for someone to learn what they are doing and buy raw, with the intention of having them slabbed?
very much so. the problem with SC$'s is that the number of raw medals overall is low and getting lower, with the best examples having already found their way into holders or being held raw by collectors.

Bear · September 19, 2008 12:43AM

Keets your analysis is right on target.

I collect SCDs as I would collect coins.

My criteria is as follows:

1. Nice artistic Design

2. Relative scarcity

3. Buy the highest graded
or one step below

4. Partial to silver, as well as PL
specimens.

As for HK numbered medals. I try to collect those
with a rarity of 4 or higher. Very rarely will I buy one
below a MS-64.

So far, toning has not been a priority as much as
origonal surfaces.

I am collecting 4 areas of the Medals.
HK numbers SCDs
Non HK SCDs
So Called Half Dollars
Gold Slug medals

While prices have been trending up, many collectors do
not seem to have a handle on prices for grade rarities as
well as PL specimens. Many collectors are over paying for
common varieties and under bidding for the more rare specimens.
Pricing guides are most inadequate for SCDs. All one can do is follow
the auctions and make up your own guides.

The mantra is still, Quality...Quality....Quality.

Those coming to the lunch meeting today, will get a chance to see examples
of quality and design excellence in SCD, as well as the slugs.

keets · September 19, 2008 1:55AM

Bear, that's a well targeted comment. something often overlooked with medals is the fact that as with coins, some sort of goal, theme or other direction for the collection(hey, a nice accidental rhyme!!) will always serve the collector well, hence my willy-nilly comment in the OP. the best collections always have that expedient ingredient.

RYK · September 19, 2008 2:00AM

<< <i>Interesting analysis. It seems that medals are going main stream. They used to be the last bastion of civility in numismatics, but it looks like the masses have caught on and the prices are now being run up.

>>

Yes, the hoi polloi appear to be all over them.

I am focusing on medals of the French-Indian and Revolutionary War eras, when they are aesthetically appealing and of historic significance.

BECOKA · September 19, 2008 5:38AM

It seems to me as nice attractive U.S. coins become scarce or too expensive, many collectors are turning to alternative collecting and migrating to the next best thing if not better by buying nice attractive Medals and Tokens.

USAROK · September 19, 2008 8:09AM

<< <i>Very interesting, compared to coins, what percentage of medals and tokens do you think are slabbed? My question being asked in the direction of, is there still a chance for someone to learn what they are doing and buy raw, with the intention of having them slabbed? >>

There are still great raw finds out there. Last weekend I went to a small show and found this HK-719 as well as a nice HK-718 for $6.00 each! I didn't even haggle. I've been looking for an HK-719 for several years and had never seen one at auction or a show until I found this example. In fact the only one I had ever seen before is the only one slabbbed by NGC (MS65) which resides in a friend's collection.

tmot99 · September 19, 2008 12:01PM

I was amazed at some of the prices. I am even more amazed at the reserves on many of of the medals, primarily on the Columbian Expo pieces that were not met. Someone either wanted to advertise their collection or was only willing to sell if they could find some sucker. With that said, I was seeing common pieces that regularly sell in the $100-$200 range selling for $800-$900. Why? I don't know. Then there were highly sought after pieces sell for next to nothing. In general, I see SCDs going up and up in price.

Your observations are right on target, though there were many circulated tokens lots on Wednesday that went for way more than I would have ever expected. They were raw common pieces that went for 2-3X what I would normally pay for them. Sales like this certainly make me think of selling off.

Just a year ago at the same sale, SCDs were a bargin. It was at that sale were I sold off most of my non-Columbian Expo SCDs and was burned. A number of reasons account for that, but given what was seen this week, I probably could have doubled my money in one year had I sold them off this year.

Hotfootspin · September 20, 2008 8:19AM

<< <i>Interesting analysis. It seems that medals are going main stream. >>

<< <i>Yes, the hoi polloi appear to be all over them. >>

This seemed to be the consensus among the dealers that I talked to.

But apparently while the prices of the nicest pieces rose significantly, the
lesser pieces became bargains.

Thanks,
Mark
(Not a collector of medals, but I do own one - Mathieson Alkali Works Eagle/Thistle)

My observation from the Long Beach token and medal sale which begs for your comment.

Comments

Leave a Comment