The first ever 10 Million Dollar US Coin!

[barrytrot]

Tonight the 1794 dollar sold for $10M and change.

Woo hoo.

I don't know why this matters, but at least it means that coin values aren't dead yet

[CLINT-THE-GREAT]

Here is the story

http://www.coinweek.com/featured-news/1 ... ion-in-ny/

-The Great

[highroller4321]

It means the super high end coin "wold" is doing well!

[slickeast]

I hate it when media talks about my coins

[beauanderos]

I hate it when media talks about my coins

dude... it's not your coin... I outbid you! If you want the auctioneer to recognize your bid, you have to signal with your hand... not tug at your crotch and shift from foot to foot like a kid who needs to pee

[Romalae]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

[Thogey]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

Dude,

The guy who buys that coin could care less about the logic of spending that kind of money on rarity.

He'll write a check and probably will die having no clue what he did with the 10 million dollar coin.

[scyther]

I saw this yesterday... cool. Apparently it was the first silver dollar ever made. That's really awesome, and worthy of being the most valuable coin ever. Hard to believe that's an MS67 though...

[scyther]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

Yeah, you could lose a ton of money on that if numi values ever fall dramatically (which I think they will). I don't think falling to bullion value is conceivable, though.

I would only buy this if I had at least a few hundred million dollars to work with, in which case I would already have I highly secure storage facility underneath my house in order to keep it

[Romalae]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

Dude,

The guy who buys that coin could care less about the logic of spending that kind of money on rarity.

He'll write a check and probably will die having no clue what he did with the 10 million dollar coin.

I'm aware that this is likely the case, given my comment about not personally knowing or experiencing the same mindset as those in such a socioeconomic bracket. I was just giving an account from my humble, middle-class perspective.

It is kind of sad, though, when you think about it.

[scyther]

By the way this just made me think: How much money would it take to buy one of every coin ever issued by the United States mint? Every year and every mint mark, circulation, proof, bullion, everything? That's something I might like to try if I were a billionaire. Although, if they did mint that trillion dollar coin, even that wouldn't be enough...

[Rodebaugh]

By the way this just made me think: How much money would it take to buy one of every coin ever issued by the United States mint? Every year and every mint mark, circulation, proof, bullion, everything? That's something I might like to try if I were a billionaire. Although, if they did mint that trillion dollar coin, even that wouldn't be enough...

There was a guy who did it (or close to it by some folks opinons)

And most of his examples were among the best of the best.

Trivia time.

[scyther]

By the way this just made me think: How much money would it take to buy one of every coin ever issued by the United States mint? Every year and every mint mark, circulation, proof, bullion, everything? That's something I might like to try if I were a billionaire. Although, if they did mint that trillion dollar coin, even that wouldn't be enough...

There was a guy who did it (or close to it by some folks opinons)

And most of his examples were among the best of the best.

Trivia time.

Do you have any links to information about it? I'd like to hear more.

[beauanderos]

By the way this just made me think: How much money would it take to buy one of every coin ever issued by the United States mint? Every year and every mint mark, circulation, proof, bullion, everything? That's something I might like to try if I were a billionaire. Although, if they did mint that trillion dollar coin, even that wouldn't be enough...

There was a guy who did it (or close to it by some folks opinons)

And most of his examples were among the best of the best.

Trivia time.

King Farouk? Colonel Green?

[beauanderos]

had to look it up... I was incorrect in my guessing:

http://www.scvhistory.com/scvhistory/signal/coins/soltaylor110108.html

interesting article

[barrytrot]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

You are thinking of it the wrong way completely. This was not done as an investment it was done as a HOBBY.

So whatever your hobby is that's what it's like. Some people just happen to have hobbies that are expensive

That said: I would bet 10 to 1 odds that when this coin sells in 10 or so years that it is done at a profit. Mainly because the next guy will have the hobby of buying the most expensive coin also. And again that guy won't care about the value because it's his hobby.


And, of course, the buyer is very wealthy. And the buyer in 10+ years will be as well.

[scyther]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

You are thinking of it the wrong way completely. This was not done as an investment it was done as a HOBBY.

So whatever your hobby is that's what it's like. Some people just happen to have hobbies that are expensive

That said: I would bet 10 to 1 odds that when this coin sells in 10 or so years that it is done at a profit. Mainly because the next guy will have the hobby of buying the most expensive coin also. And again that guy won't care about the value because it's his hobby.


And, of course, the buyer is very wealthy. And the buyer in 10+ years will be as well.

That's true to an extent, but still... I don't think they would have bought the coin if they didn't think it would retain a lot of it's value. I don't think the person who bought this views it purely as "spending money on hobby".

[barrytrot]

I'm not sure I'd be very comfortable being in possession of a 10-million dollar coin. There's a point at which I think it's logical to not consider a coin to really be worth it that much. Not only would it make you paranoid about its safety, maintenance, and well-being, but if for some reason (despite being unfathomably unlikely) people suddenly decided that numismatic coins really aren't worth anything, you've just screwed yourself out of $9,999,976. Rarity is only justifiable to a point, in my opinion.

But then again, I am not in that high socioeconomic bracket that's more used to dealing with stakes this high.

You are thinking of it the wrong way completely. This was not done as an investment it was done as a HOBBY.

So whatever your hobby is that's what it's like. Some people just happen to have hobbies that are expensive

That said: I would bet 10 to 1 odds that when this coin sells in 10 or so years that it is done at a profit. Mainly because the next guy will have the hobby of buying the most expensive coin also. And again that guy won't care about the value because it's his hobby.


And, of course, the buyer is very wealthy. And the buyer in 10+ years will be as well.

That's true to an extent, but still... I don't think they would have bought the coin if they didn't think it would retain a lot of it's value. I don't think the person who bought this views it purely as "spending money on hobby".

The people (Laura Sperber and Bruce Morelan) that bought it *are dealers* and *collectors* so sure that's true. But I can tell you as I know them (somewhat) they do it for the fun. The fact that they are smart enough to have fun and make money at it is a huge plus, but not the original reason.

[scyther]

had to look it up... I was incorrect in my guessing:

http://www.scvhistory.com/scvhistory/signal/coins/soltaylor110108.html

interesting article

That's interesting, thanks. Too bad it was dismantled. I don't see why it says it's impossible to make a complete collection now, though. Just because some are in museums doesn't mean you can't buy them out...

[barrytrot]

had to look it up... I was incorrect in my guessing:

http://www.scvhistory.com/scvhistory/signal/coins/soltaylor110108.html

interesting article

That's interesting, thanks. Too bad it was dismantled. I don't see why it says it's impossible to make a complete collection now, though. Just because some are in museums doesn't mean you can't buy them out...

It is impossible now because several of the "key" 4 or less population (in all grade) coins are in super strong hands. (Strong hands means people that aren't interested in selling even for a profit.)

Now you might say, "ok I'll just give the guy 100 million for it.". That would work on most of them, but there are several coins that are not for sale and the own already has at least 1 Billion dollars so an extra 100 million, while nice, isn't more important than their "hobby".

And ironically the extra 100 million would yield "a coin" but then that person would suddenly be a competitor for some of the other super keys

Another issue is that there are a lot of the super keys that are owned by private collectors and no one, not even top collectors and dealers knows who they are. Again, you could say, "I will launch a 100 million dollar ad campaign to find them." Which just puts us back to reason #1.


NOTE: For those that think 100 million ALWAYS works please remember that the difference between 1 Billion and 1.1 Billion is imperceptible since 1 Billion already includes everything you could buy that 1.1 Billion includes.