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

Lately, I’ve been puzzling over ancient coin prices, especially when seemingly common pieces carry jaw-dropping price tags. It’s a frustration I know well—that moment at auctions or browsing online listings when you mutter, “Really? For that?” Today I’ll share some thoughts on overpriced ancients, why they command such premiums, and how to spot better opportunities in this wild market.

Coins That Feel Overpriced

From my years in the hobby, certain ancients consistently sell for amounts that make me scratch my head given their numbers. Here are the repeat offenders:

• Athenian Owls: With tens of thousands known and whispers of massive hoards, seeing them routinely hit 500+ euros baffles me. I’ve watched single auctions move over a hundred—why the stubborn premium? Pure collector passion and that iconic status seem to override reality.
• Alexander Tetradrachms: These appear constantly in every grade imaginable, yet prices rarely budge downward. Honestly, I scroll past most listings now, wondering when the market will acknowledge how plentiful they are.
• Tyrian Shekels and Tiberius Denarii: Biblical connections (“Thirty Pieces of Silver,” “Tribute Penny”) create demand that outstrips actual rarity. I’ve noticed similar inflation with common prutot (“Widow’s Mites”), though patient hunters can still find deals.
• Tigranes II Tetradrachms: That recent hoard discovery should’ve softened prices, but sellers are dripping them into the market. As someone who loves the design, I’m still waiting—the current cost just doesn’t sit right with me.
• Augustus Denarii with Lucius and Gaius: This type dominates Augustus offerings, yet availability rarely reflects in pricing. I’ve walked away from more than a few, feeling they’re riding on hype alone.

The Flip Side: Undervalued Gems

Not everything’s overpriced—some ancients are shockingly affordable. I remember a stunning EF-MS aureus of Valerian I and Gallienus selling for about 7,200 euros. If this were U.S. coinage? Easily seven figures! It shows how world coins often fly under the radar compared to their American cousins, with room for serious growth. My approach? Target rare types with solid provenance—coins from famous collections or published references. They might be sleepers today, but I doubt they’ll stay that way.

Market Dynamics and Collector Behavior

Why do prices sometimes defy logic? In my experience, it comes down to a few things:

• Collector Popularity: Legendary coins like Athenian Owls or Alexander Tets stay pricey because they’re gateway pieces. Think of the 1907 High Relief St. Gaudens—plentiful but beloved, so demand never cools.
• Hoard Discoveries: When troves surface (like those rumored 100K+ Athenian owls or Lydia’s Kroisos staters), prices adjust sluggishly. I’ve learned to track auction rhythms and pounce when new hoards temporarily soften the market.
• Personal Value: One collector’s “overpriced” is another’s bargain. I once landed a Trajan coin with the ΒΑΛΑΝΗΟΥ legend at reserve after it went unsold. Had it been cheaper, someone else might’ve grabbed it without realizing it was a rare architectural variant tied to the Wetterstrom and Garrett collections!

A Lesson in Coin Identification

That Trajan coin debate was eye-opening. While some scholars argue ΒΑΛΑΝΗΟΥ refers to a bathhouse, others note architectural details—the pediment, column spacing—suggesting a shrine to Zeus Heliopolitanus. Now I always scrutinize features like legends and structural elements closely. Misidentifications can inflate values; I’ve seen tooled coins in museums mislabeled as rare “triumphal arch” types when they’re actually common variants. Cross-check with resources like RPC or Emmett’s catalog to avoid paying for someone else’s mistake.

Practical Tips for Savvy Collecting

Here’s what helps me avoid overpriced traps and uncover real value:

• Research Rarity: Before bidding, dig into hoard histories and auction appearance rates. If something pops up constantly (looking at you, Alexander Tets), question the price.
• Focus on Provenance: Coins from big-name collections or published in references like RPC tend to hold value better. I’ll choose these over “naked” coins any day.
• Timing Auctions: Watch for unsold lots where you can grab coins at reserve. Some of my best deals came from patience and a well-timed offer.
• Look Beyond Grade: Condition matters, but historical context can trump it. A coin with unique variants or legends might be worth more than its grade suggests.
• Diversify: Explore undervalued areas like rare world coins (670 BC–1933). They’re often cheaper than comparable U.S. pieces and have real growth potential.

Wrapping It Up

Coin pricing blends emotion, scarcity, and pure market chaos. I’ve kicked myself for missing bargains that were “too cheap,” and breathed sighs of relief when a higher price kept something available just for me. While some ancients feel inflated, others hide in plain sight. Keep your eyes open, study the details, and happy hunting—you might just beat the market to that next hidden gem.