My Take on Overpriced Ancient Coins: A Collector’s Dilemma

I’ve been deep in the ancient coin world for decades, and nothing gets my numismatic senses tingling like the baffling prices on supposedly common pieces. Just last week, while scrolling through auction listings, I couldn’t help but shake my head at Athenian owls fetching over 500 euros—despite knowing tens of thousands are out there. It got me thinking: why do some coins defy logic with their price tags?

The Overpriced Heavy Hitters

In my collecting journey, I’ve compiled a mental list of ancients that consistently feel inflated. Here are the top offenders:

• Athenian Owl Tetradrachms: With rumors of a massive 100,000+ coin hoard surfacing years ago, the market is flooded, yet prices hover stubbornly high. I’ve seen auctions with over a hundred owls, making their premium hard to justify.
• Alexander the Great Tetradrachms and Drachms: These appear in droves at every sale, often in mediocre condition. I’ve grown so accustomed to skipping past them that I barely glance anymore—they’re emblematic of overhype.
• Tyrian Shekels and Tiberius Denarii: Biblical associations like the ‘Thirty Pieces of Silver’ or ‘Tribute Penny’ artificially inflate values. While historically fascinating, their abundance doesn’t match the cost.
• Tigranes II Tetradrachms: A recent hoard discovery should have driven prices down, but it’s being trickled out slowly, keeping averages unjustifiably high for such a common issue.
• Lydian Staters and Persian Darics: Gold pieces like these can command 50K when they should be closer to 5K, thanks to past hoard finds that saturated the market.

When Ancients Feel Like Bargains

Now, here’s the twist—I often find ancient coins underpriced compared to modern US rarities. Take that time I snagged a Trajanic tetradrachm with the BALINEUM legend at a reserve price. If it had been cheaper, someone else might have grabbed it, not realizing it was a rare variant from prestigious collections like Wetterstrom and Garrett, published in RPC. Honestly, I still think I stole it, especially since architectural types like this are museum-level scarce. I’ve even cursed when coins sold too quickly, wishing they’d been pricier so I’d have had a shot!

Market Forces at Play

From my observations, several factors drive these disparities. Hoards are a big one—discoveries like the Lydia or Persian gold finds create gluts, but prices lag due to slow market absorption. Collector popularity also plays a role; coins like the Athenian owl or Alexander tets have cult followings, similar to the 1907 High Relief St. Gaudens in the US, where rarity doesn’t always align with cost. And let’s not forget the US vs. world coin gap: world ancients would need to double or triple in value to match overinflated US prices, making them relative bargains.

A Deep Dive into Grading and Identification

Pricing isn’t just about rarity—it hinges on accurate grading and identification. I learned this firsthand with that Trajan coin. Debates rage over whether BALINEUM refers to a bath building or a shrine to Jupiter Heliopolitanus (linked to Baalbek). Architectural details matter: pediments and column styles can indicate sacred vs. secular structures, affecting perceived value. Always scrutinize coins for tooling or misattributions; I’ve seen museum pieces like one at the Art Institute of Chicago that were heavily altered, which tanked their worth. For collectors, my tip is to cross-reference with resources like RPC and auction archives to avoid overpays.

Practical Tips for Smart Collecting

Based on my missteps and wins, here’s how to navigate this tricky market:

• Research Hoards: Stay updated on discoveries—prices for coins like Tigranes II tets may drop if hoards are released en masse.
• Focus on Provenance: Undervalued gems often come with pedigrees. I once scored a rare Valerian-Gallienus aureus for a fraction of its worth because it was overlooked.
• Grade Critically: Look for signs of wear or tooling; common coins in high grades can be traps.
• Compare Markets: Shop internationally—coins like Tarentum didrachms are cheaper outside major auctions.
• Spot Fakes: If a deal seems too good, like a ‘rare’ coin on eBay for 20K, verify authenticity through trusted dealers.

In the end, coin values are deeply personal. What feels overpriced to me might be priceless to you. By staying curious and critical, we can all find those hidden treasures. What’s on your overpriced list?