Does anyone still keep on buying following fair/ draped bust coins?

[toyonakataro]

The price has risen up in the past few years, you know.

I almost gave up buying them because I can't afford them at current price level.

Do you think they will continue to go up in price?

[BillJones]

I'm a bit confused ...

 

I have collected Draped Bust Coins for over 30 years. At one time I collected the half cents by die variety, but I gave up on that when I could not expand the collection any further. I still collect the early half dimes by Red Book variety although I have not purchased a new one in a while. The rest I collect by type, and I have them all except for the 1796-7 half dollar, which is beyond my price range.

 

As for collecting them in Fair condition, my answer is no. That's just too low of a grade for me. I would sooner do without the coin that own one in that condition. That's why I don't have a 1796-7 half dollar. I just don't want one that is that poor. Normally the lowest grade that I will consider is an attractive piece in Fine. My favored grade is AU, and most of my coins are in that grade or close to it.

 

As for prices, I think that they will continue to rise. These coins are classics that many collectors would like to own. The supply is fairly limited so there is always some demand pressure on them. Major dealers have seldom promoted them because the limited supply has made the mass marketing of these coins impossible.

 

Historically they have been coins that have had steady price increases, but very few spikes. The recent rapid market prices increases are unusual.

[RGT]

It's amaizing how your brain can correct the mistakes that your fingers make. I read "following fair" as "flowing hair" in the title and had to go back to figure out why you were replying about these coins in fair condition. I can't be sure but I suspect that's what he meant.

 

Other than that comment I can't speak on this subject because I'm too poor to own any of these in a grade I would want (better than fair).

[TomB]

I like these coins and believe that attractive, problem-free original pieces make a sound buy for a collection. The grades that I like for them are F12-VF30 as you can get a piece with lots of meat left on it while not always paying top dollar. Since the prices have gone up so much, I think it just reinforces the idea of buying original coins.

[toyonakataro]

Scince I started collecting US coins, I've always thought these classic coins are cool and hoped to assemble them by type. But if the price will keep on going up, I have to give up my dream. I know market is hot, but I can't understand what kind of factor has affected the dramatic price increasement of flowing hair and draped bust coinage in the recent few years while capped bust/seated coinage hasn't seen such dramatic change in price. I had been collecting seated half dimes for a recent few years and I was planning to buy flowing hair /draped bust coins after I finish my seated half dime set, but I should have bought those classic coins first and then started collecting half dimes because price for seated half dimes basically hasn't changed at all!

[toyonakataro]

Sorry for the confusion

[stman]

Hi toyonakataro! To answer your question yes I've bought a few coins from the Flowing Hair silver series in the last year or so. I don't like the idea prices keep going up but what's a collector to do? I do believe the scarcity of nice problem free pieces with original surfaces will continue the upward climb. My most recent acquisition was the 1795 Flowing Hair half-dime in PCGS VG20. Not too many of these come along with unmolested surfaces. When it was offered to me (and the dealer gave me first shot) I just bit the bullet and had him send it to me.

 

I believe as collectors through time, we become fascinated with these old classics. There aren't a whole lot to go around... hence, the price keeps going up. Now, if the coins have been messed with, or damaged post mint, then I can't see paying strong for these whatsoever. Just be careful on what and how you buy these.

 

I guess I've come to the conclusion that we're not going to live forever. So if I see something I want and can make it happen in some way.... I'm going for it.

[TomB]

In my opinion, part of the reason that there has been such a dramatic price increase in Flowing Hair material relative to some Seated material is that there are many fewer dates to choose from within the Flowing Hair series hence there is momre pressure on any particular date, there are fewer original, problem-free coins and Flowing Hair coinage had been vastly underpriced relative to the rest of the market.

[toyonakataro]

I agree that they are very attractive especially in original condition, but I really regret I didn't buy as many as I could before the jump in price....but then, I'm the one who thought TomB paid too much for his super original 1795 bust doller when he bought it a few years ago ...I think I have no talent for collecting coins.

[BillJones]

I might add that no only have the prices been going up, but the grading standards have been getting more lax as well. Therefore you are now paying more dollars for less coin.

 

Back in the late 1980s when I bought my 1795 flowing hair dollar, the dealer from whom I bought it and I agreed that it was a nice VF coin. I graded it obverse / reverse VF-20 / 30.

 

When I had NGC it slab last year, it came back EF-40. I've looked at other EF graded Flowing Hair dollars, the grading is consistent with the standards that were applied to my coin. So I don't think that I really go a "gift."

 

I've noticed this on some other early coins as well.

 

As for the prices in general, I think many collectors might say that the increases were long overdue. Many much more common coins have been increasing in price ahead of the early material for years. Now at long last these classic early coins are having their turn.