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Who Is Hoarding All The1858 Large Cents?

 
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Author Previous TopicReplies: 7 / Views: 514Next Topic  
Valued Member
Canada
124 Posts
 Posted 05/09/2022  8:41 pm Show Profile   Bookmark this topic Add CanadaPennies19 to your friends list Get a Link to this Message
I stepped away from the hobby for a dozen months or so, I am back and I am amazed to see how little 1858 large cents are laying around. Colonial Acres has 1 available, cdncoin.com has none, eBay has like 30 available.

This never used to be the case, even a year or so ago, there were at least 100+ on eBay and my local stores had dozens of them!
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Canada
4286 Posts
 Posted 05/10/2022  07:22 am  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
Well, I have 5-6 so I don't worry. I think that when Rob Turner wrote the 2 books on the '58 large cent provincial coinage, people started collecting them, especially the scarcer varieties in the year. Once the books ID'd specifically what the varieties were and the approximate percentage minted of that described die pair, then more coins were sucked up. I mean that before the books, who knew about full vines and 15 of 16 stems or doublings? You should try to pick up at least the first book and you'll look at '58's in a new light.
Valued Member
United States
70 Posts
 Posted 05/10/2022  11:34 am  Show Profile   Bookmark this reply Add Mrhakfbacon to your friends list Get a Link to this Reply
I think some people are trying to get rolls of them to get a premium but I'm not sure.
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Canada
4286 Posts
 Posted 05/10/2022  12:09 pm  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
6-7 years ago I heard of a guy who had almost a full roll of '58's and let them go at auction. I don't know if it was 1-2 at a time or the whole bootie. I agree that you don't see them around like there used to be.
Edited by okiecoiner
05/11/2022 06:56 am
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United States
1076 Posts
 Posted 05/10/2022  8:53 pm  Show Profile   Bookmark this reply Add bosox to your friends list Get a Link to this Reply
When I published the study in 2007, I thought the prices on 1858 cents would drop, since the mintage was significantly more than previously thought. The opposite happened, for the reasons Okie said.

I still have the study coins and quite a few more, but I have bought very few over the past four or five years.
New Member
Canada
11 Posts
 Posted 05/13/2022  09:57 am  Show Profile   Bookmark this reply Add Beaver22 to your friends list Get a Link to this Reply
@bosox the original mintage doesn't really affect how many are left. The rarity is a key factor.
I'm not the one hoarding the 1858 cents.
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Canada
4286 Posts
 Posted 05/13/2022  12:13 pm  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
Yes, the original mintage DOES affect how many are left. The published mintage was 421,000, but people who carefully collect the Colonial early Vickies, feel that the mintage was probably double that or a little more. He had that in his book(s) so that's the reason that he posted above that he thought that prices and hoarding would go DOWN, not up. The '58's were the first Canadian coinages and some were hoarded from day one, but Canada was hurting for ANY kind of coinage to use in pay and trade. Before that, US, British, French, Spanish had to be used and banks and vendors had to mint their own cents and half-cents just to be able to function. For way over 100 years, collectors saved, put away or collected the 1858's, knowing that only 400K coins were minted and were rare or scarce. When the Mint went ahead and minted 10 million 1859's, then more '58's were put away since vendors were awash in all kinds of coinages. Initial mintage have a great deal to do with value and collectability, especially if there are 100's of books telling everyone how scarce they are. I feel the same way that bosox does in that the 1859/8's probably had fewer minted than the 1858's. It's what's been written doownin papers and books that usually dictate value, as well as collectability of the coin.
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Canada
8830 Posts
 Posted 05/13/2022  12:44 pm  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply
Could it be that the current popularity and high demand for '59s has greatly reduced the demand for '58s.
"Dipping" is not considered cleaning...
-from PCGS website
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