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 Replies: 10 / Views: 2,085 |
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Valued Member
United States
134 Posts |
Has the price of early large cents been skyrocketing during the last couple of years? If so, why?
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Pillar of the Community
United States
6370 Posts |
Yes because of EAC. I really wish I had gotten some nice coppers years ago before the price hike.
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Valued Member
 United States
134 Posts |
What did the EAC do to cause this?
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Bedrock of the Community
United States
12057 Posts |
Actually, compared to the market highs (2005 and 2006), Large Cents and Half Cents are off 30% or more. Exceptions are made for CC coins and pedigrees, and other high grade copper, all of which continue to climb in price as demand exceeds supply by a considerable margin. "Years ago" you would have been paying more for the same coins, especially if you adjust for inflation. Colonials are also rather attractively priced at the moment compared to previous market highs, with Connecticut and New Jersey coins being fairly affordable in particular. Blaming EAC for increased prices of large / Half Cents is shortsighted; EAC has been around a long time. Considering EAC's membership numbers vs. the market at large, the odds are far better that collectors in general are demanding early copper, not just EAC members in particular. Large cents and Half Cents have ALWAYS been collectible, with or without any clubs devoted to them. Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
United States
4421 Posts |
I would "attribute" rather than "blame" the rise in prices for early coppers to the EAC. Its members are a most dedicated group of collectors who take an extremely studious approach to collecting. Many of the members compete with one another in forming specialized collections. The EAC promotes serious the study and encourages the competitions by publishing articles, penned by members. There's an active census for Sheldon varieties that also enhances competition. EAC members may temporarily purchase rare varieties from other members so as to add their name to a pedigreed coin. Coppers are actively sought after for their surface condition, die state, color and various other characteristics. Many EAC members collect and, in effect, hoard specific dates. These considerations tend to create more demand, and the earlier dates in decent condition are scarce enough, as is. Just my take ...
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Bedrock of the Community
United States
17884 Posts |
Quote:
There's an active census for Sheldon varieties that also enhances competition. Well not that active, I haven't published an update for about a year and a half. |
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Pillar of the Community
United States
3229 Posts |
I personally think that it is the true rarity of problem free early american copper coins that keeps prices at a high water mark. Higher grade problem free copper, especially anything pre-1840's, is hard to find and when found demands premium pricing. Law of supply and demand.
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Bedrock of the Community
United States
12057 Posts |
If we're going to hold EAC responsible for price rises in early coppers due to variety collecting, can we then say that Messrs. Van Allen & Morgan are responsible for price rises in Morgan and Peace dollars due to VAM collectors? Have JR & LSCC been the sole cause of rises in prices for Bust & Liberty Seated coinage? Did Mr. Snow cause price increases for Flying Eagle & Indian Head cents by writing a book? Correlation is not causation. Sure, series-specific coin clubs are going to affect prices, but to assert that they are somehow controlling the entire marketplace is somewhat far-fetched. Early copper was popular 50+ years before Newcomb & Sheldon were born, Morgans were collected 50 years or more before VA&M published their first book, etc. The EAC Boys (and Ladies) of '94 alone probably have a few THOUSAND 1794 large cents between their respective collections, yet a quick ebay search will reveal plenty of examples on the market, and many more pass through Heritage, Stacks, etc. every year. At big coin shows, dealers still have 1794 Large Cents in their cases. Even they -- the most dedicated group of collectors for those 1794 cents -- do not buy enough to completely control the market. If they all, tomorrow, as a group, sold every one of their 1794 Large Cents, the market would adjust, simply because demand still exceeds supply at any level. You wouldn't see a catastrophic crash in 1794 Large Cent prices. Where there is scarcity and rarity there will always be demand. Early coppers are scarce in general, and were collected long before anyone thought of putting together an organization of like-minded collectors. There simply are not enough coins to fill the needs and wants of individuals in the market. Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Valued Member
United States
134 Posts |
I only began collecting large cents in 2010 when my mother died and left me about 90, which I didn't even know existed. That was the good news. The bad news is that many of them are corroded, and I have since been learning all about "problem" coins, including a few rather expensive ones I've bought.
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Rest in Peace
United States
2668 Posts |
centsdimes, congratulations on your learning curve. Keep at it and you will avoid most of the 'pigs in a poke'. Seriously, we can all identify with your experiences. And large cents won't work as a quarter, no matter how squashed and filed.  |
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Valued Member
United States
134 Posts |
I think you could do that with a Half Cent if you squashed it a bit, and for twice the value. |
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Replies: 10 / Views: 2,085 |
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Posted 12/06/2015 7:22 pm
