Do Affordable Bust Dollars Still Exist?

That is really scary stuff. I can't imagine dropping a grand or more on a Bust Dollar that is fake. I didn't know about the Morgan fakes. But, I'm very weary of fake Bust Dollars after reading about them. I've also read about fake gold US coins in replica NGC slabs. That is even scarier to me!

Due to counterfeits, you can not trust raw coins or slabbed coins. What now?

Affordable Bust dollars are still available if you can tolerate problem coins; I saw a 1799 that had a repair done (hole filled and tooled/smoothed) sell for less than $500 yesterday at auction, and I had to spend 10 minutes looking at the coin to find out where exactly the "repaired" area was in the first place. A very worn, but still easily identifiable, 1799 without any major defects other than perhaps an old cleaning, that would have graded About Good or so, sold for less than $700. If you are looking for Small Eagle examples, you are going to have to open your wallet a bit more, as even problem coins are hard to come by on the market.

Of course, if you want problem-free coins (who doesn't?), you've got to realize that supply is greatly exceeded by demand, and that people who own Bust dollars tend to hold them for a long period of time; so that when a particularly scarce variety comes up for sale, or a coin which has particularly high eye appeal in the grade or is undergraded in its holder, bidders get all fired up and start tossing around the big bucks. I paid about a 20% premium over book for my 1800 but it's CAC approved, a variety of R5 scarcity, and has very original surfaces, all of which are things that add value for serious collectors who are in the hobby to buy and hold, not buy and flip.

These are excellent points. I am really looking for a nice problem free coin. I recently turned down a '99 VF with very even wear priced very close to book. I am certainly not in the hobby to flip coins. If anything, I have the opposite problem. I tend to hang on to things (more than just coins). So, in the long run, it would not hurt too badly if I overpaid for a nice Bust Dollar that I could enjoy over the years and perhaps pass on to the next generation. I've generally had the philosophy that there is always another coin. But, in this case, supply could be an issue as paralyse posted. The chase continues...

Back in the 1980's, I frequented coin shows in Ohio. I then had occasion to see a 1794 $1. The dealer who showed it to me said that the owner had two more of that date. Also, he had assembled a roll set of 1795-1803 Bust Dollars. Thinking back, I don't recall whether by a "roll" he meant ten or twenty coins.

Collectors with deep pockets have often hoarded coins they like ... 1856 Flying Eagles, 1893-S Morgans, 1844 "Orphan Annie" dimes, etc. I once bought coins/tokens from a guy in Buffalo who had six rolls of 1909-S VDB's. My guess is that investors and hoarders, have had a noticeable effect on the availability of the early cartwheels. On another note, a most knowledgeable dealer friend has told me that there's a group of investors who have been buying counterstamped Bust Dollars ... No wonder, it took me some years to find an affordable one of those for my collection!

Premium coins in any series with great eye appeal will always bring premium prices. What is affordable simply depends on the size of your pocketbook.



to the CCF!

IMHO, this statement may apply to some, but I doubt "most" as stated. Investors thinking long term probably wouldn't think twice about putting 20k in an uncirculated Bust Dollar. It's a blue chip item. Collectors who can afford coins at that level will more than likely buy the coin on its merits as opposed to hormonal influences, I'd say. In other words, collectors and investors will have some different considerations. High grade Bust Dollars with low populations have appeal to both groups, enhancing liquidity when the time comes.

For collectors who could perhaps afford the "investment" in a 20k coin, I suspect that they, like me, would be more influenced by the dynamic aspects of collecting than by hormonal considerations. By not tying up too much money in one or a few high-priced coins, I have more funds available to build and alter my collection; especially so, when a deal comes a-knockin'. It's a matter of collecting coins with a dynamic, rather than static mindset. So, if I see some great buys, I can act and not bemoan all the funds I have tied up in one or a few coins.

Personally, I don't want to be straddled with contemplating what some coin may be worth, twenty years hence. That would rob me of the joy of collecting, constraining my thinking to thoughts of long term financial gain. It's my guess that many collectors share this approach.