Athenian Owl Tetradrachm: I Joined the Club
June 23, 2025
I’ve been deep in the world of ancient numismatics lately, and one topic that keeps resurfacing is the debate over coins that feel ridiculously overpriced. It’s a mix of frustration and fascination, especially when common pieces command sky-high prices. In this post, I’ll share my observations on which ancients to approach with caution, why some might be undervalued, and practical tips to avoid buyer’s remorse.
Overpriced Ancient Coins: The Usual Suspects
From my experience, certain coins consistently pop up as overhyped and overpriced, often due to high supply or collector frenzy. Here’s a quick rundown of the top offenders:
- Athenian Owl Tetradrachms: I’ve seen these flood auctions with over 100 listings at a time, and rumors of a massive hoard discovery mean there could be tens of thousands out there. Yet, they still fetch 500+ euros—way too steep for their rarity.
- Alexander the Great Tetradrachms and Drachms: These appear in every auction in droves, making me scroll past them instantly. They’re a classic case of popularity inflating prices beyond reason.
- Tyrian Shekels and Tiberius Denarii: Coins with biblical ties, like the ‘Tribute Penny’ or ‘Thirty Pieces of Silver,’ often sell at inflated rates despite being common. I’ve spotted prutot (‘Widow’s Mites’) at more reasonable levels, but it’s hit or miss.
- Tigranes II Tetradrachms: A recent major hoard should have driven prices down, but the slow trickle into the market keeps them high. As a collector eyeing one, I find it hard to justify the cost.
- Lydian Staters and Persian Darics: Gold pieces like these can hit 50K, but given hoard discoveries, they feel more like 5K coins to me.
The Flip Side: Are Ancients Underpriced?
Believe it or not, I often think ancient coins are undervalued compared to modern US issues. For instance, a rare US coin like the 1907 High Relief St. Gaudens might have 10,000 survivors but costs $10,000+, while equally scarce ancients can be a steal. In my own collecting, I’ve had moments where I bought a coin and thought, ‘Thank goodness it wasn’t cheaper!’ Take a Trajanic tetradrachm I snagged recently—it was a rare variant depicting a building, possibly a bath or shrine, and if it had been priced lower, someone else might have grabbed it without appreciating its provenance from the Wetterstrom and Garrett collections. That kind of undervaluation makes me cherish finds even more.
Market Dynamics and Hoard Effects
I’ve learned that hoards can distort prices wildly. For example, the Athenian owl situation shows how rumors of a 100K+ hoard haven’t fully sunk into the market yet. Similarly, with Tigranes II tets, the slow release means prices stay inflated. My advice? Always research auction histories on sites like VCoins or major auction houses to gauge supply. If a coin type appears frequently, it’s a red flag for overpricing.
A Deep Dive: The Trajan Coin Mystery
One fascinating debate I encountered revolves around a Trajanic Alexandrian coin with a ΒΑΛΑΝΗΟΥ legend. Is it a bath building or a shrine to Zeus? I pored over references like RPC and Emmett’s catalog, and it’s clear experts are divided—some argue the architecture points to a sacred site, not a bath. This highlights why provenance matters: coins from notable collections or published sources can be undervalued if buyers miss the details. Always scrutinize architectural features on reverses; a misidentified coin like the tooled piece in the Art Institute of Chicago shows how enhancements can mislead.
Practical Tips for Savvy Collecting
Based on my journey, here’s how to dodge overpriced traps and spot gems:
- Check Rarity vs. Demand: Use resources like RPC Online to verify mintage numbers. If a coin has high availability (e.g., Augustus denarii with Lucius and Gaius), question the price.
- Watch for Biblical Hype: Coins tied to stories like the Tyrian shekel often carry premiums—evaluate if the association justifies the cost.
- Grade Carefully: Look for tooling or damage; that Chicago coin taught me to inspect high-res images before buying.
- Patience Pays: Wait for unsold lots in auctions, like I did with my Trajan coin, to snag deals at reserve prices.
- Focus on Underpriced Rarities: Keep an eye out for coins like the Valerian aureus I saw—unique pieces that could be bargains compared to overhyped US issues.
In the end, ancient coin collecting is a blend of art and economics. By staying informed and skeptical, I’ve built a collection that feels both rewarding and reasonably priced. Happy hunting!
