Navigating Overpriced Ancient Coins: My Insights as a Collector

I’ve been diving deep into why certain ancient coins feel ridiculously overpriced these days, and it’s been eye-opening. As a numismatist, I’ve handled my fair share of auctions and collections, and it’s clear that some pieces just don’t justify their hefty price tags given how common they are. Let me share my thoughts on this, along with some practical advice to help you spot value in this wild market.

Common Overpriced Ancients That Make Me Wince

In my experience, a few coins consistently pop up as overhyped and overpriced. They’re often abundant but still fetch premium prices due to collector frenzy. Here’s my list of the usual suspects:

• Athenian owl tetradrachms: With tens of thousands out there, including rumored hoards of over 100k, I’m baffled why they still go for 500+ euros. They’re iconic, but rarity isn’t on their side.
• Alexander the Great tetradrachms and drachms: These flood every auction, yet prices stay stubbornly high. I’ve started scrolling past them—they’re just too common to justify the cost.
• Tyrian shekels and Tiberius “Tribute Pennies”: Biblical associations drive up demand, but they’re not rare. I’ve seen them overpriced despite ample availability.
• Lydian gold staters: Selling for around 50k when they should be closer to 5k, especially with recent hoards surfacing.
• Tetradrachms of Tigranes II of Armenia: A major hoard was found, but prices haven’t dropped as it’s trickled into the market. They’re beautiful, but I can’t rationalize the cost yet.
• Augustus denarii with Lucius and Gaius on the reverse: These make up a huge chunk of existing Augustus coins, yet auctions ask top dollar.
• Tarentum didrachms: Common as dirt, but still command hundreds of dollars—talk about inflated!

Why Prices Stay High Despite Abundance

I’ve noticed a few key factors at play. Collector popularity is a big one—coins like the Athenian owl or Alexander tetradrachms have cult followings, similar to how the 1907 High Relief St. Gaudens gold coin stays pricey despite thousands existing. Hoards also play tricks; when large caches are discovered (like with Athenian owls or Lydian staters), prices should drop, but slow market trickles and dealer strategies keep them high. Plus, as one collector put it, ancient coins often feel underpriced compared to US coinage—world coins might need a 200% bump to match US prices. But honestly, I’ve had moments where I’m glad a coin wasn’t cheaper, like when I snagged a rare Trajan piece at reserve price. If it had been lower, someone else might’ve grabbed it, missing its rarity and provenance from collections like Wetterstrom and Garrett.

A Numismatic Puzzle: The Trajan Coin Debate

One fascinating case I explored involves a Trajan coin depicting a building, possibly a bath or shrine. Debates rage over whether the legend ΒΑΛΑΝΗΟΥ refers to a bath or a shrine of Zeus from Baalbek. Architectural details matter here—Corinthian columns, pediments, and the absence of arches suggest it could be sacred, not a bath. Coins like this highlight how misidentification can affect perceived rarity and value. For instance, variants like Emmett 603 are rare and could be undervalued if misunderstood, while common types like Emmett 602 flood the market. Always scrutinize such details—it could save you from overpaying for a misattributed piece.

Finding Hidden Value in the Market

Not all ancients are overpriced; some are absolute steals. I came across a rare aureus from the joint reign of Valerian I and Gallienus—a unique R-5 coin with provenance from the Calico Plate collection. It went unsold at 7,200 euros, yet if it were a US coin, it might fetch six figures. This underscores how world coinage can be undervalued. But beware of fakes, like those overpriced listings on eBay—always verify authenticity through trusted sources.

Practical Tips for Smart Collecting

Based on my journey, here’s how to navigate this market without blowing your budget:

• Research hoards and availability: Before buying, check resources like RPC Online for rarity ratings. If a coin has a known hoard, wait for prices to adjust.
• Focus on provenance and details: Coins with documented history or unique variants (like that Trajan piece) often hold better long-term value. Use grading tips like examining tooling marks—some “overpriced” coins are actually enhanced or fake.
• Set personal value limits: Justify purchases based on your collection goals. For common types like owls or Alexander tets, set a max bid well below market hype.
• Compare to modern equivalents: If an ancient coin seems pricey, weigh it against US or Canadian issues. Often, ancients offer more history per dollar.
• Watch for undervalued gems: Keep an eye on unsold auction lots or lesser-known types. Patience can land you rarities at fair prices.

In the end, coin collecting is about passion and perspective. I’ve learned that what’s overpriced to one collector might be a bargain to another, especially with pieces tied to history. Stay curious, do your homework, and happy hunting!