| Author |
 Replies: 33 / Views: 4,560 |
|
Pillar of the Community
United States
6130 Posts |
Poll Question
I was talking to one of my friends the other day about the Saddle Ridge Hoard and the economic implications of dumping a huge number of previously rare or unique coins into the market.
Say you were to find a game-changer hoard... a mint bag of 1895-P business strike Morgans, for example. If you wanted to maximize your profit and had little interest in keeping the whole collection, what would you do with it? Keep in mind that you can either have a huge press fanfare, or remain silent about your new acquisition.
|
|
|
|
Pillar of the Community
United States
937 Posts |
Well, as the IRS was all over the Saddle Ridge hoard like ugly on an ape I would not blab that I had found such a hoard. I would try to stay as low profile as I could while still making a few bucks. But that is just me.
|
|
Bedrock of the Community
United States
20753 Posts |
I voted to dump the entire mess. I'm to old to think about the future.
|
|
Moderator
 United States
23522 Posts |
That's a very good question. As a numismatist, you would know the effect your find has on Pops and values.. So you'd know that your profits would be artificial if you choose to dribble them onto the market. Release them all, and the price stabilizes more quickly.
For us, then, this is a moral question.
|
|
Pillar of the Community
United States
7390 Posts |
I agree with SD IF it were a "normal" hoard... However if I found the 10,000 95p business strikes I'd let the world know. I'msure every one would be gobbled up for top dollar
|
|
Valued Member
United States
301 Posts |
I think I would sell one a year, maximize your returns. You make it known to the world, and then come taxes, and other vultures trying to get a piece. Slowly selling them until you have a big blob of money, then privately sell the rest in lots to the top tier collectors. Unforrunately, I would have yo save the best dozen for my personal cabinet.....
|
|
Moderator
United States
23522 Posts |
Coinaddict1975, I cannot judge your position because I can't look you in the eye and say I I'd do the "right" thing either. I just can't. The fact remains that your profits would only exist because you'd essentially cornered the market. You, not the market, are now setting the price. And the struggle for me is deciding whether or not that's "wrong." Ain't there yet.  |
|
Pillar of the Community
United States
711 Posts |
So this is basically the numismatic equivalent of trading on insider information, the presence of an undiscovered hoard.
Do you have a duty to inform other parties or the public at large being the question.
|
|
Pillar of the Community
United States
711 Posts |
To me, the discoverer of a hoard has the right to sell his property as he sees fit. It is his property.
Now does a numismatist have a higher duty?
Would you deal with someone who has privately sold off say 500 found 1804 Dollars at top rate, one by one before they started appearing on the secondary market impacting the price negatively?
|
|
Pillar of the Community
United States
1566 Posts |
Quote:
The fact remains that your profits would only exist because you'd essentially cornered the market. Business 101; maximize profits by cornering the market. Successful business people do this every day. |
|
Pillar of the Community
United States
7390 Posts |
 ... Nail meet head |
|
Bedrock of the Community
United States
11951 Posts |
I choose .... Sell a couple every few years .... To finance my coin habit. Let the market sort it's self out. Everyone knows that a time traveler has already taken the 1895 P Morgan's. So we know this will happen someday.  |
|
CCF Sponsor
United States
702 Posts |
I would keep a couple of my favorites and probably sell the rest over time. I even tend to keep a couple of duplicates if I can't decide.
|
|
Bedrock of the Community
Australia
21786 Posts |
You could be sued if the owner found out, and you attempted to sell them.
If you were in the United Kingdom, you would be required to hand all of them to a museum.
If the owner could not be found the museum would be legally able to take any or all of them, but you would be compensated for their value.
You could keep those coins they didn't want.
I think those laws are very fair,
and much better than those of some European Countries, where you would be required to hand all of them to a museum, and that's it. No compensation.
Edited by sel_69l
03/23/2015 8:29 pm
|
|
Pillar of the Community
United States
1388 Posts |
Quote:
you would be required to hand all of them to a museum, and that's it. No compensation. Certainly not an incentive to publicize the find of a great hoard of coins/other stuff.  Quote:
Well, as the IRS was all over the Saddle Ridge hoard like ugly on an ape I thought that the IRS could not tax sales of US coinage.  Anyone care to explain? |
|
Valued Member
United States
309 Posts |
One vote for "Other" - I'd keep the hoard together. Like with any coin collection of large size you never want to be in a hurry to sell or expect cents on the dollar. The Saddle Ridge folks did very well by 1) finding the coins on their own property, 2) talking through a lawyer and 3) working through a large auction house. I appreciate that they could then share the numismatic details of the find with the public. They wouldn't owe taxes until the hoard coins sold, and then like a small business they could deduct all expenses. The lawyers helped them fend off claims that the coins were stolen. The auction house helped establish the "terminus ante/post quem" but held onto important facts which debunked some claimants who cited robberies in the wrong year. Scarce types (i.e. 1866 no motto double eagle) appeared which lend authenticity to the hoard. Best of all if you really wanted one of these coins you could pay the premium and buy one. The hoard was small enough that they would sell out fairly quickly, and well advertised enough that the provenance improved the value of common date coins. I think this is a text book example of doing it right.
|
| |
Replies: 33 / Views: 4,560 |
Posted 03/23/2015 12:04 pm
