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 Replies: 18 / Views: 2,789 |
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Rest in Peace
United States
954 Posts |
I keep reading about all these gold pieces that there're bringing up from wrecked ships. They promote these coins heavily as being from this ship or that ship. My question to you is this.
Would you pay say $50.00 or $100.00 more for a coin from a ship wreck than you would for the same coin that wasn't, all else be equal?
I do recall a case, the Admiral Gardner, sunk in the English Channel. They forund several thousand 10XX cash coins minted in India aboard. An uncirculated coins was selling for $85.00. After the discovery the same coin was selling for $3.00.
catman
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Valued Member
United States
382 Posts |
Marketing, glitz, actually linking your coin to a historical event (i.e.,WTC silver and gold dollars recovered after 9/11 in the "Mountain" Vault) all play in adding a premium to the value of the coin. After all, these were first struck coins coming directly from California during the gold rush days. Owning this type of coin links you to a specific historical time and more importantly, a specific place. Look at what people would pay for a dress that a movie star wore...once! Look at what collectors would pay for an instrument played by their favorite rock star. You are paying for this "linking" effect and the "story" you get to tell your friends as you show it off. Coin, dress, guitar...all will come with a nice story. Imgaine if you had a Morgan dollar that Jesse James used in a poker game...and it could have been proved and authenticated? Now you have more than a coin, you also have the link and story that goes with it. Maybe he gunned down a guy for cheating during the game? Now the value goes up further. Why? A better linking story. I guess there wasn't much of story when the Admiral Channel sunk in the English Channel, but if the same coin was recovered from the Titanic and it could have been proved and all, let the bidding begin! Edited by zakgold
02/08/2005 08:17 am
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Pillar Of The Community
3147 Posts |
No I wouldn't and that is exactly why I have not to this date. Actually most gold shipwreck coins are hundreds and hundreds of dollars over their real value and I don't really want to pay for the whole expedition. I am aware these folks need to make a living but paying off all their investors would not fit into my budget. Wish it did or could but...!
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Pillar of the Community
United States
7123 Posts |
I Personally would not buy a gold coin based on the fact it was recovered from a ship wreck,I have heard many of the romantic ads for these coins and to be honest they have not been successful in making me want one .
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Forum Mom
 United States
5877 Posts |
I have mixed feelings on it. One of the reasons that I like coins is for the history behind them. You have to admit that a shipwreck coin has an interesting history that comes with it.
However, I don't think that I should have to pay a premium for that history. Many of our coins have amazing history behind them that you don't have to pay for - it just comes with the territory. The only difference with a shipwreck coin is that you know the details of what that particular coin was put through - neat, but not worth a high premium in my book.
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Pillar of the Community
 United States
5953 Posts |
I might pay a premium for a wreck coin if it had some personal historical significance. However if I am looking for an MS64 $5 then I am going for the cheapest one every time it makes no difference to me if it has been stored in a safe or the big blue tool box.
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New Member
United States
14 Posts |
Ahhh C'mon gang, Ya get a free video and lovely brochure for all that extra dough!! LOL.......Actually, those guys call my house 10 times a month......I have not purchased anything to date but they sure came close a couple times!!  |
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Pillar of the Community
United States
2724 Posts |
We have bought and sold coins from both of the big recoveries in recent years, and in my humble opinion they are not worth the extra money. With the exceptions of some of the truely hard to find dates, most of these coins can be found at a third less in price without the pedigree. Same logic works with all the major pedigrees though. For example, a slab marked with Bass on it, brings a nice 20 to 40 percent increase. Now this is all fine and dandy with key dates, condition rarities, or really tough to find, but paying too much for an 1881-S Morgan just to see the pedigree is just plain silly to me.
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Pillar Of The Community
3147 Posts |
ND it is really good to see a dealer with some common sense! I understand your goal is to HAVE what your customers want but there are times when a GOOD dealer will not have items from the world of junk or the world of hype and whether a collector realizes it or not that dealer IS DOING HIM/HER a really big favor. At times it is really hard to avoid getting caught up in the hype and a patient man/woman usually comes out the winner. You are a lot like my dealer and good old fashioned HONESTY is not readily available on the open market any longer. You have my respect!
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Forum Mom
United States
5877 Posts |
quote:
Originally posted by crystalk64
ND it is really good to see a dealer with some common sense! I understand your goal is to HAVE what your customers want but there are times when a GOOD dealer will not have items from the world of junk or the world of hype and whether a collector realizes it or not that dealer IS DOING HIM/HER a really big favor. At times it is really hard to avoid getting caught up in the hype and a patient man/woman usually comes out the winner. You are a lot like my dealer and good old fashioned HONESTY is not readily available on the open market any longer. You have my respect!
I have to agree with you here. ND is one of those rare finds - a dealer who truly cares about the hobby and collectors. My hat is off to him  |
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Valued Member
United States
382 Posts |
Let's take the Titanic example I posted above...what if they found some nice ____ coins from deep within the ship. Maybe they were John Astor's coins. They get recovered. Some enterprising person thinks, "Hey, I'll get ____ grading service to slab/certify these Titanic finds and see what the market would bear." Now, I would not have interest in them, but believe me, there would be a whole lot of people that would pay many times over typical Red Book values for them. Me...I think it would be cool if they recovered a 1912 Lincoln Cent. Of course the salt water would have done a number on it, but talk about dating the coin to the event! When Mel Fisher found the Atocha near Key West, all of the coins that were recovered either ended up in his museum (which is a must to see if you are in the Keys) or were sold with "certificates of authencity" for serious dollars. Ahhhhh...capitalism...what a country! |
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Pillar of the Community
United States
1247 Posts |
Well if I had the extra bucks to throw around I would gladly buy something from the John J. Ford auctions. He's a great Numismatist and it would be quite an honor to own something that traces back to him. But a coin from a sunken ship? I don't think so. Losing a ship doesn't take any skill.
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Pillar of the Community
United States
2724 Posts |
quote:
Originally posted by crystalk64
ND it is really good to see a dealer with some common sense! I understand your goal is to HAVE what your customers want but there are times when a GOOD dealer will not have items from the world of junk or the world of hype and whether a collector realizes it or not that dealer IS DOING HIM/HER a really big favor. At times it is really hard to avoid getting caught up in the hype and a patient man/woman usually comes out the winner. You are a lot like my dealer and good old fashioned HONESTY is not readily available on the open market any longer. You have my respect!
Thank you for the compliment. It is very much appreciated. For those that know me, it is always the education that inspires and drives me. The buying and selling just provides the vehicle for me to accomplish that. |
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New Member
United States
18 Posts |
I once lost a quarter off the Staten Island Ferry, does that mean if a scuba diver finds it, it will be worth a fifty cent piece?
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Rest in Peace
United States
2684 Posts |
quote:
Originally posted by national dealer
We have bought and sold coins from both of the big recoveries in recent years, and in my humble opinion they are not worth the extra money. With the exceptions of some of the truely hard to find dates, most of these coins can be found at a third less in price without the pedigree. Same logic works with all the major pedigrees though. For example, a slab marked with Bass on it, brings a nice 20 to 40 percent increase. Now this is all fine and dandy with key dates, condition rarities, or really tough to find, but paying too much for an 1881-S Morgan just to see the pedigree is just plain silly to me.
I'm not sure I'd turn down a chance to buy a PCGS slabbed double Eagle with USS Republic on it as its provenance IF I had the money, which I dont. Such a coin has high historical value and is well known, so I wouldn't have any problem turning it over if necessary. I think it would be in the same league as an Eliasberg coin: high prestige, a cut above another coin of the same date and grade. Further, with a shipwreck like the Republic, there haven't been all that many recovered (maybe 10K?), so it's not like they're a glut on the market. A thought just occurred to me: could a registry set be made of shipwreck coins? Might be tough defining such a registry. |
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Pillar of the Community
United States
2724 Posts |
The east coast is littered with shipwrecks containing various coins. There are still rumors of the missing 1804 dollars lying on the ocean bottom. All the experts think that the 1804 dollars are dated 1803. Until someone actually finds them, I guess it will always be lore.
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Replies: 18 / Views: 2,789 |
Posted 02/08/2005 08:15 am
