Saddle Ridge Hoard Hits the Market This Week

[19Lyds]

I would really like to snag one of these coins just because of their story.

After checking the prices being asked vs the PCGS Price Guide values,

 

 

I've decided that a $1500 premium just isn't worth the Saddle Ridge Label.

ANA Membership and Coin World Subscription or not.

[Nutmeg Coin]

I would really like to snag one of these coins just because of their story.

After checking the prices being asked vs the PCGS Price Guide values,

 

 

I've decided that a $1500 premium just isn't worth the Saddle Ridge Label.

ANA Membership and Coin World Subscription or not.

 

I can't recall ever getting PCGS price guide prices for coins, except in the case when they have a CAC gold sticker.

[Nutmeg Coin]

It wouldn't be hard to come up with accurate estimates of likely sales; but they should hit a brick wall with the $1500 or so coins being listed for $4000. I spoke with John Albanese for a couple minutes today and he has heard from collectors who want to send him these coins. He figured around $2000 might be fair for some of the Saddle Ridge lower end coins.

 

Confused....what do you mean collectors want to send JA 'these coins' ??

 

 

I am guessing you think the coins are overpriced by 100% ($4,000 vs. $2,000)

 

Even at $2500-$4000 a piece for the lower end coins, say around half of them (700 or so) if they were able to move all of those plus the high end coins I don't know how you hit the $10M. Probably someone has done the math, quite a few hypotheticals.

 

So the real 'gouging' is going on with the lower-end stuff, the higher-priced stuff is being bought by savvy buyers close to actual auction/market prices ?

 

Collectors who buy the high end coins will in some cases want CAC to approve them too.

 

Beauty is in the eye of the beholder, and admittedly some of the coins have a unique look. If buyers purchase as an investment or coins as I do with well-established buy/sell spreads then they will no doubt be disappointed.

[CaptHenway]

They're out! The low end details graded coins aren't that bad!

 

http://www.amazon.com/s/ref=sr_pg_1?rh=n%3A4991425011%2Cn%3A%219147426011%2Cn%3A%219147428011%2Cn%3A9243922011&sort=price-asc-rank&ie=UTF8&qid=1401243897

 

Gary

 

 

There were quite a few of those "PCGS-92" coins in there. Now they are gone. Did they all sell, or were they pulled so the listings could be corrected?

[coinsbygary]

They're out! The low end details graded coins aren't that bad!

 

http://www.amazon.com/s/ref=sr_pg_1?rh=n%3A4991425011%2Cn%3A%219147426011%2Cn%3A%219147428011%2Cn%3A9243922011&sort=price-asc-rank&ie=UTF8&qid=1401243897

 

Gary

 

 

There were quite a few of those "PCGS-92" coins in there. Now they are gone. Did they all sell, or were they pulled so the listings could be corrected?

 

The best I can tell they were all scooped up by bottom feeders like myself. I got in just as they went on sale and the one I got looked the nicest of all the cleaned coins with great surfaces and minimal contact marks. That is why I saw this coin as a good buy.

 

I own another double eagle graded at MS-62 and it is riddled with contact marks which is usual for the grade. This one though noticeably cleaned is practically contact mark free with a decent strike. In summary, it has eye appeal for a fraction of the cost of the 64's and a pedigree that captures my imagination. I saw this coin as a reasonable and viable alternative. I am very happy with it for the price I paid.

 

Normally, I avoid details graded coins like the plague, but in this case I made an exception because of the eye appeal. In my evolution as a coin collector I am finally getting it through my thick skull to buy the nicest looking coins for the grade I can afford. If that's a VF coin, I look for the nicest looking VF coin I can find.

Gary

 

P.S. The last time I looked a few hours ago there were still a few of the "92's" left on Kagin's web site.

[Nutmeg Coin]

An inspection period should be required as with any coins where you cannot look at them in person before purchase. I would bring them by a show dealer for the critical analysis. The images are about the most high resolution available now.

 

I agree that the usual price guides may not be totally relevant on this hoard. Personally I like to be able to do technical and pricing analysis based on tangible statistics as auction records show.

[Dave1384]

It is likely that many purchasers are not coin collectors.

 

You got it, Roger....and in a few years when the overpriced stuff has fallen to a nominal premium to the gold content folks will be talking to class action lawyers.

 

This.

I was curious about these listed prices so I went and looked up a half dozen or so on my NGC Price Guide. Talk about markups. What a joke. INSTANT 50 percent drop after every buy.

[GoldFinger1969]

It is likely that many purchasers are not coin collectors.

You got it, Roger....and in a few years when the overpriced stuff has fallen to a nominal premium to the gold content folks will be talking to class action lawyers.

 

What has always surprised me is that the people who pay thousands of dollars of premiums to buy overinflated junk -- or penny stocks and other telemarker scams -- are the same people who clip coupons and will bother a doctor or pharmacist over a $50 cost that saves their life.

 

Or spend weeks researching a microwave oven or HDTV to save $100.

 

I was curious about these listed prices so I went and looked up a half dozen or so on my NGC Price Guide. Talk about markups. What a joke. INSTANT 50 percent drop after every buy.

 

I haven't been following the Saddle Ridge stuff, but what kind of premiums are we talking about for 5-figure coins ? How much for lower-priced stuff ?

 

I see a bunch listed here, not familiar with what would be considered 'fair' pricing, any Liberty experts here want to comment ?

 

http://www.ebay.com/sch/i.html?_odkw=saddle+ridge+coin&_from=R40%7CR40&_osacat=0&_from=R40&_trksid=p2045573.m570.l1313.TR0.TRC0.H0.Xsaddle+ridge&_nkw=saddle+ridge&_sacat=0

[GoldFinger1969]

FYI......when the Saddle Ridge Hoard was discovered and all the price hype was first coming out, gold was $1,600 an ounce.

 

When the coins hit the market in June 2014, gold was about $1,300 an ounce.

[coinman_23885]

I see a bunch listed here, not familiar with what would be considered 'fair' pricing, any Liberty experts here want to comment ?

 

I don't claim to be an expert on the coins, but I do not believe that the hoard has any numismatic or historical significance. My opinion is that the coins should be priced like normal, non-Saddle Ridge Coins.

[coinman_23885]

I can't recall ever getting PCGS price guide prices for coins, except in the case when they have a CAC gold sticker.

 

Believe it or not, there are areas where the price guide is occasionally low. These are few and far between, but it does happen.

[GoldFinger1969]

I don't claim to be an expert on the coins, but I do not believe that the hoard has any numismatic or historical significance. My opinion is that the coins should be priced like normal, non-Saddle Ridge Coins.

I think 'the story' has a justification for a SMALL premium -- maybe 10-20%. Nothing like what is there right now.

The SS Central America coincided with a major "Panic" (of 1857), a recession/depression. It was a ship when travelling by sea/ocean was still very dangerous. Again, here, a premium was warranted -- just not what transpired.

 

The worst was actually what I bought: the 2.5 ounce 'restrikes' from 1857 gold but restruck today. I paid a 10-12% premium to gold content at time of purchase, down from 500% when they first came out. The poor folks who bought back in 2001 saw gold go up 5-fold and yet their coins didn't make them $1.