Some 2,500 silver pennies from the time of Harold Godwinson and William the Conqueror have been found by a group of detectorists in the Chew Valley in Somerset:
Do you think the valuation of £5 million (£2000 per coin) is a little hopeful?
Let's face it, these coins are now much much more common than they were yesterday!
Quote: "jimpop"Do you think the valuation of £5 million (£2000 per coin) is a little hopeful?
Let's face it, these coins are now much much more common than they were yesterday!
1. The Daily Mail reported it and they ALWAYS hype up everything.
2. It is reported that this hoard includes many hitherto 'unknown' moneyers
3. It includes coins from Harold II (who only reigned for a few months before Hastings)
That said, I agree that £2000 per coin is a bit fanciful.
It's probably prices based on current valuations, but as someone else mentioned, the coins will be more common now so values will probably lower when they hit the market.
Hi all,
If the hoard is bought up by a museum or a private individual, as long as it is kept complete, surely the market prices should not change, as there will still be the same amount of coins for sale as before the 'find'.
Merv
Quote: "Merv"Hi all,
If the hoard is bought up by a museum or a private individual, as long as it is kept complete, surely the market prices should not change, as there will still be the same amount of coins for sale as before the 'find'.
Merv
Should a museum buy the whole hoard they will likely sell on doubles from the hoard or coins they already have. They will want to recoup the cost of the initial investment so a lot of coins will still hit the open market. If however their is a large number of previously unknown coins and variates this will not cause prices to go down. It is also likely that any unknown coins of Harold Godwin son will be worth a lot and a small fortune if unique. One or two coins could put up the average by quite a lot, but this is all just speculation.
In theory, a hoard should reduce the average price of individual coins.
That, however, is not always the case.
There are several instances whereby common coins salvaged from a famous shipwreck actually go up in price due to where they were found, i.e. a famous ship wreck.
This could work in a similar way for a famous coin hoard.
For example, collectors (not necessarily coin collectors) in Somerset might pay a premium to have one of these coins as they are part of their archaeological heritage. With that in mind, the auctioneer might decide to market the coins from their website, display the coins at their premises for a month before the auction, but hold the auction in (say) Taunton so that a 'lively local clientele' will engage in a 'bidding battle' with the non-local postal and e-bidders.
Coins previously thought to be unique, should go down in price if sufficient numbers of examples (or coins in better grades) are found in a hoard - subject to the above.
With more and more collectors paying a premium for provenance, a price rise for coins from a legitimately found (and reported) hoard may actually happen.
