Overpriced Ancients: My Collector’s Rant and Revelations

As a long-time collector of ancient coins, I’ve logged countless hours scanning auction catalogs and puzzling over price tags. It’s intriguing—and occasionally maddening—how some coins fetch astronomical prices despite being surprisingly plentiful. Drawing from my notebook of collecting frustrations (and occasional triumphs), I’ll share what I’ve learned about overpriced ancients, what to be wary of, and how to avoid paying more than you should.

Coins That Often Feel Overpriced

Through the years, I’ve repeatedly encountered ancient coins that seem artificially inflated due to hype or sheer abundance. Here’s my personal hit list:

• Athenian Owls: Auction after auction features dozens of these. With whispers of a 100,000+ coin hoard surfacing, I scratch my head at 500+ euro price tags. They’re beautiful, but honestly? There are just too many out there.
• Alexander Tetradrachms and Drachms: These flood every major sale—hundreds in all states of wear. I’ve started skipping past them entirely; they’re victims of their own popularity.
• Tetradrachms of Tigranes II of Armenia: That big hoard discovery should’ve lowered prices more noticeably. The artistry is breathtaking, but I can’t stomach the cost when they’re this available.
• Tyrian Shekels and Tiberius Denarii: Biblical connections like the “Thirty Pieces of Silver” keep prices artificially high despite decent availability. For better value, I’ve had luck hunting “Widow’s Mites”—same biblical era, friendlier prices.
• Augustus Denarius with Lucius and Gaius: Feels like every other Augustus coin shows these lads. Prices haven’t adjusted to reflect how common they really are.
• Persian Darics and Lydian Staters: Seeing these hit 50K makes my eyes water. Collector enthusiasm rather than rarity seems to be driving these crazy numbers.
• Tarentum/Taras Didrachms: As common as beach pebbles, yet they still command hundreds. My advice? Hold out for a saner price.

Why Some Ancients Might Be Underpriced

Oddly enough, I often think ancient coins are undervalued compared to modern pieces. Take that Valerian and Gallienus aureus I spotted—a one-of-a-kind with impeccable history, listed at 7200 euros. If it were a US coin like the 1907 High Relief St. Gaudens (with 10,000+ survivors trading for $10,000+), we’d be talking six figures! Here’s my perspective:

• Collector Fervor: Coins like Athenian Owls or Tyrian Shekels have devoted followings that prop up prices regardless of actual rarity—much like certain US coins where demand overshadows supply.
• Market Quirks: Hoards don’t always trigger instant price drops because dealers release coins gradually. I’ve made a habit of tracking hoard announcements to catch buying opportunities.
• The Personal Factor: I’ll confess—I’ve bought coins and thought, “Whew, glad that wasn’t cheaper!” Like that rare Trajan variant I grabbed at reserve after it went unsold. Had it been priced lower, another collector might’ve spotted its significance first (it was a BALINEUM type, possibly showing a bath complex or shrine, with ties to famous collections). Value is deeply personal; your “overpriced” might be someone else’s missing puzzle piece.

A Fascinating Debate: The Trajan Coin Mystery

One coin that keeps me up at night: the Trajan tetradrachm with that cryptic ΒΑΛΑΝΗΟΥ legend. Bathhouse or Zeus shrine? Scholars have bickered for decades over architectural details like pediments and columns. Digging through references like RPC, I’ve seen how easily misidentifications occur—remember that tooled coin at the Art Institute of Chicago? For collectors, this underscores why research matters: verify inscriptions, cross-check sources, and demand provenance. It might save you from overpaying for a common type while missing a rare variant.

Practical Tips for Smart Collecting

After years of trial and error (and a few regrettable purchases), here’s how I approach potentially overpriced ancients:

• Research Hoards First: Always check if there’s been a recent hoard discovery for a coin type. RPC Online has saved me from overpaying more than once.
• Provenance Pays Off: Coins from notable collections or published in catalogs like RPC tend to hold value better. I’ll take a documented coin over a flashy one any day.
• Play the Auction Waiting Game: Some of my best deals came from unsold lots that reappeared at reserve prices. Set alerts and be ready to pounce—patience pays.
• Grade Skeptically: Overgraded coins inflate prices. Scrutinize high-res photos for tooling or wear, and compare to grading standards. That “EF-MS” coin might be a polished-up “VG” in disguise.
• Dodge Fakes: As one wise collector warned me, suspiciously rare coins—like that $20K eBay listing—often turn out counterfeit. Stick with trusted dealers and never skip authentication.

Collecting ancient coins remains a dance between passion and practicality. While some pieces feel wildly overpriced, others are genuine bargains waiting to be found. Stay curious, trust your gut, and you’ll build a collection that brings joy without emptying your wallet. Happy hunting!