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 Replies: 8 / Views: 1,667 |
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New Member
United States
2 Posts |
Hi,
New to forum and coin collecting. This 1856-O REPUBLIC SHIPWRECK Seated SILVER HALF DOLLAR caught my eye, as something to pass on to my kids, and before purchasing it was wondering if it is something worth collecting and what is a reasonable price to pay. The dealer is asking $995 for it and it comes sealed in a NGC capsule along with a wood decorative box, DVD, and copy of National Geographic, with article on recovering items from the shipwreck.
Any input would be greatly appreciated.
Thanks
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Pillar of the Community
United States
2254 Posts |
I don't have time to do some research for you right now as far as pricing. If nobody else comes along with info I can look around later this afternoon for you. You can check completed ebay auctions or Heritage Auction gallery to see if any sold recently and for what price. Welcome to the forum!!!! |
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New Member
 United States
2 Posts |
Thanks. will check that. Let you know what I find.
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Member
United States
3242 Posts |
I have read an ad for the coin and DVD It was about $1000.00 listed in Coin World a few weeks back. Nice coin set  |
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Pillar of the Community
United States
2269 Posts |
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Rest in Peace
United States
2684 Posts |
Hi GP and welcome to the forum. We're friendly folks here and willing to share our collective expertise and experiences.
I've also read the ads for SS Republic recovered and encapsulated coins and compared prices for the same coins but without the SS Republic provenance. The Republic coins as slabbed by NGC are in a league of their own and probably shouldn't be compared with a "regular" coin of the same date, mintage, and condition. They're setting their own market which I don't believe has yet been really established since the Republic coins haven't been on the market long enough to establish supply and demand. Certainly, there's a limited number of them, they have a very interesting history, and they're attractive and tempting, but I'm not sure I personally would want to invest in a coin which essentially is a novelty whose allure and value might wear off in a few years, especially if it's learned there's 5000 others just like the one I bought. On the other hand, if I had a thousand or two with which I was willing to part and had no urgent coin needs, I'd likely buy one. I think the persons who buy Republic coins would not be buying them as investments (at least I would hope not) but would be buying them for what they are and the history they represent.
I think the price is in the ballpark. The salvage operation invested (gambled, actually) millions to recover these coins and it paid off. I have no problems with them attempting to recover their costs and make a tidy profit. But just not at my expense at this time.
Fred
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Pillar of the Community
United States
6384 Posts |
 I agree with Morgan Fred, except that I don't think I'd bite even if I did have surplus cash. Retail prices for all the New Orleans halves from 1856 to 1861 seem to hover in the $300 range in AU-50 grade. I would expect you could find a certified NGC or PCGS example for that much or less. The Republic coins generally appear to have AU detail but were "conserved" (some would say "cleaned") to remove encrustations and corrosion from salt water immersion. If it weren't for the shipwreck pedigree, ANACS would grade such coins as "AU Details, cleaned" and they would sell for less than an original AU. If I wanted a New Orleans, no-motto Seated Half and I had $995 to spend, I would set my sights on a PCGS or NGC certified coin in MS-63 grade. Long-term I think that might be the better investment, and would be a much more attractive coin, IMHO. |
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Valued Member
United States
50 Posts |
If buying something as a gift, I would not hesitate to PASS on a shipwreck coin. For $1000, you should be able to assemble a decent Dansco 7070 type set, and that will provide MUCH more historic value than the shipwreck coin.
Just my personal opinion. I think the shipwreck coins are 85% hype.
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Rest in Peace
United States
2684 Posts |
quote:
If buying something as a gift, I would not hesitate to PASS on a shipwreck coin. For $1000, you should be able to assemble a decent Dansco 7070 type set, and that will provide MUCH more historic value than the shipwreck coin.
Just my personal opinion. I think the shipwreck coins are 85% hype.
You've got a valid point Early. The SS Republic coins ARE mainly hype, but such hype does appeal to certain specialty collectors. Also, there is a relatively limited number of Republic coins available although I've never read a figure of how many total coins were recovered (5K? 10K? 50K?), so from an investment viewpoint, the market is only now becoming established and unless there was an absurd number of coins salvaged, they will be in limited supply. Again, I have no problem with the marine salvagers and their investors attempting to recover and gain on their investment. But not from me at this tine, |
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Replies: 8 / Views: 1,667 |
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Posted 03/17/2007 10:08 am
