What would this handful of proof coins be worth today? 0

[RWB]

Thomas Acton was a frequent purchaser of proof coins from the Philadelphia Mint. Here's one of several orders he placed in 1882. (Note that the 8 proof gold dollars had to be struck to order.)

What do you think these would be worth today in PRF-67 or PRF-68 condition? Acton paid $37.94 for all the coins.

Edited October 6, 2023 by RWB

[Coinbuf]

On 10/3/2023 at 1:24 PM, RWB said:

Thomas Acton was a frequent purchaser of proof coins from the Philadelphia Mint. Here's one of several orders he placed in 1882. (Note that the 8 proof gold dollars had to be struck to order.)

What do you think these would be worth today in PRF-67 or PRF-68 condition? Acton paid $37.94 for all the coins.

$37.64 was paid according to the invoice.   As to worth today I do not follow early 18XX proof coinage or pricing; a big chunk of change I would think.

[Mike Meenderink]

$37 in 1800 is equivalent in purchasing power to about $901.58 today, an increase of $864.58 over 223 years. The dollar had an average inflation rate of 1.44% per year between 1800 and today, producing a cumulative price increase of 2,336.71%.

[robec1347]

On 10/3/2023 at 7:24 PM, Mike Meenderink said:

$37 in 1800 is equivalent in purchasing power to about $901.58 today, an increase of $864.58 over 223 years. The dollar had an average inflation rate of 1.44% per year between 1800 and today, producing a cumulative price increase of 2,336.71%.

But, the value of those proof coins would bring multiple value above what today’s purchasing power of $901.58 is. 

[Mike Meenderink]

On 10/3/2023 at 10:58 PM, robec1347 said:

But, the value of those proof coins would bring multiple value above what today’s purchasing power of $901.58 is. 

Yup this is just a starting point for inflation. You could pretty much get whatever a buyer would pay. I'm sure in high grade they would be well over 3k each or more. IMO

[World Colonial]

On 10/4/2023 at 1:58 AM, robec1347 said:

But, the value of those proof coins would bring multiple value above what today’s purchasing power of $901.58 is. 

I don't believe $901 in 2023 is worth the same as $37 in 1882 either.  Depends how it's measured.

[FlyingAl]

In PR67 condition, the group of coins would be worth about $827,220. 

Google tells me the average cost of a honey bee is 52 cents, so this group of coins would bee worth about 1,590,807 bees. 
 

[Mike Meenderink]

On 10/4/2023 at 8:47 AM, World Colonial said:

I don't believe $901 in 2023 is worth the same as $37 in 1882 either.  Depends how it's measured.

google it

[World Colonial]

On 10/4/2023 at 1:17 PM, Mike Meenderink said:

google it

I wasn't questioning your Google search. I'm questioning the accuracy of whoever posted it on Google.

I don't believe it's possible to measure this accurately due to lack of data, accuracy of available data, and the methodology used, probably the USG if this was the source.

$900 isn't "squat" today or in the recent past while $37 was decent money back then since it was close to two DE.

Not trying to derail this thread.  We can start another one if anyone wants to discuss it further.

[RWB]

The question was what is the approximate value of the coins today, not the purchasing power of $37.94. The inflation or purchasing power calculation is of no value: nothing from 1882 has a modern equivalent - except in name only.

(A laborer at the Philadelphia Mint was paid about $1.75 per day. A machinist, about $2.75 per day. Laborers/workmen lived predominantly hand-to-mouth; trained employees did a little better. At 24 work days per month, the laborer took home $42.00 and the machinist $66.00. Thomas C. Acton, Assistant U.S. Treasurer in New York City was paid $8,000.00 per year or $667.00 per month. He was among the highest ranking Treasury officials.)

[Mike Meenderink]

The answer to your question is...alot of money. 1 million 2 million at that point money is no longer relevant only the deep pocket collectors desire can stop them.

[FlyingAl]

On 10/4/2023 at 1:52 PM, RWB said:

The question was what is the approximate value of the coins today, not the purchasing power of $37.94. The inflation or purchasing power calculation is of no value: nothing from 1882 has a modern equivalent - except in name only.

(A laborer at the Philadelphia Mint was paid about $1.75 per day. A machinist, about $2.75 per day. Laborers/workmen lived predominantly hand-to-mouth; trained employees did a little better. At 24 work days per month, the laborer took home $42.00 and the machinist $66.00. Thomas C. Acton, Assistant U.S. Treasurer in New York City was paid $8,000.00 per year or $667.00 per month. He was among the highest ranking Treasury officials.)

$827,220

[RWB]

Thanks! Saw that in your earlier post. 

[Conder101]

The letter says the 8 proof gold dollars were on hand, the other coins had to be struck "to order".

[RWB]

On 10/5/2023 at 6:29 PM, Conder101 said:

The letter says the 8 proof gold dollars were on hand, the other coins had to be struck "to order".

Yep. I got it backwards....silly mistake. Glad you caught it.

[J P M]

I had the pleasure of looking at some nice gold dollars a couple of weeks ago for a gentleman . This was one of the nicer ones . I asked if I could take a picture to post here. This sure is a looker. I hope you don't mind this post Roger I thought you might like it...

Edited October 7, 2023 by J P M

[RWB]

Very nice AU coin. Most of these went into jewelry, especially in England where there was no gold coin of comparable size.

[Henri Charriere]

Very upbeat thread, but I cannot help but feel there is at least one member -- likely still airborne, who would reserve judgment until he had had an opportunity to examine these "handful of proof coins" personally -- in hand.  🤣

Edited October 12, 2023 by Henri Charriere
Usual die-polishing.