My Take on Overpriced Ancient Coins: Insights from a Collector’s Journey

As a lifelong coin collector, I’ve spent countless hours at auctions and dealers. One thing that always jumps out at me? How some ancient coins command sky-high prices despite being incredibly common. It’s a puzzle I’ve wrestled with, especially when I see ordinary pieces selling for amounts that leave me scratching my head. Today, I want to share what I’ve learned from my own collecting journey – some market observations and practical tips to help you avoid overpaying.

Common Overpriced Coins I’ve Encountered

Over the years, I’ve come across a few ancient coins that consistently seem overvalued. Here’s my take on some usual suspects, based on auction floors and dealer tables:

• Athenian Owls: These birds are everywhere! I’ve seen auctions with over a hundred of them. Given the tens of thousands in collections and rumors of massive hoards, it’s a mystery why they still fetch 500 euros or more. Iconic? Absolutely. But the sheer numbers should make them more affordable.
• Alexander Tetradrachms and Drachms: Let’s be honest, I’m a bit weary of scrolling past these in every auction. Hundreds pop up in all grades, yet they still command premium prices. The same goes for Lydian Staters, like those of Kroisos, which feel inflated after recent hoard finds.
• Tyrian Shekels and Tiberius Denarii: Coins with biblical connections, such as the ‘Thirty Pieces of Silver’ or ‘Tribute Penny’, often carry a hefty premium despite being relatively common. I’ve also seen Tarentum Didrachms go for hundreds when they’re practically falling out of the ground.
• Persian Darics and Tigranes II Tetradrachms: Persian gold darics are another puzzle – they should be closer to 5K than 50K. And even after a major hoard of Tigranes II coins surfaced, prices haven’t adjusted much. It’s tough to justify buying one at current levels.

Why Prices Stay High: My Take on Market Forces

So why do these coins stay expensive? From what I’ve seen, a few things are at play. Collector demand is huge – just like the 1907 High Relief St. Gaudens in US coins, popularity can push values up even for common issues. Hoards matter too. When a big find happens, like the rumored Athenian owl cache, they’re often released slowly to keep prices high. And let’s not forget historical connections: coins tied to biblical events often carry premiums that don’t reflect their actual rarity. But here’s a thought that keeps me up at night: sometimes I wonder if ancient coins are actually undervalued compared to modern US rarities. For similar rarity, modern coins can command 200% more!

How I Avoid Overpaying: Tips from the Trenches

Over the years, I’ve picked up a few tricks to dodge overpriced coins. First, do your homework on rarity. I lean on resources like the Roman Provincial Coinage (RPC) database and auction archives to see how many examples are out there. For instance, I once held off on a Trajan coin with a ‘BALINEUM’ legend, knowing it was a rare variant – and ended up snagging it at the reserve price when it didn’t sell. Patience really pays: sometimes sitting out a round of bidding and watching for unsold lots can save you big. And be cautious with online listings – I’ve seen coins on eBay priced at $20,000 that were clear fakes. When it comes to grading, focus on provenance and fine details. Tools like RPC references are gold for checking authenticity and historical context.

Underpriced Gems: My Favorite Opportunities

Not every ancient coin is overpriced. In fact, I think there are plenty of undervalued treasures out there, especially among world coins from 670 BC to 1933. Take this example: I once found an AV aureus from the joint reign of Valerian and Gallienus – an incredibly rare R-5 piece – that went unsold at just 7,200 euros. If that were a US rarity, we’d be talking seven figures! Look for coins with solid pedigrees or those flying under the radar in less trendy series.

The Thrill of the Hunt: A Numismatic Puzzle

For me, the best part of collecting is the detective work. Consider the debate around Trajan’s Alexandrian coins with the ‘BALANΗΟΥ’ legend. I’ve spent hours on this – some say it shows a bath building, others argue for a shrine to Zeus Heliopolitanus. Little details like the Corinthian columns and pediment design can tip the scales. It’s a great reminder to really study architectural features on coins. These puzzles add layers to our hobby and can even impact value, so I always recommend checking references like Emmett’s catalog or JSTOR articles when you’re stumped.

At the end of the day, value is in the eye of the beholder. What seems overpriced to me might be a must-have for someone building a focused collection. But by doing your homework and waiting for the right moment, I’ve discovered amazing pieces that didn’t cost a fortune. Happy hunting, everyone!