Topic: NGC formally announces 250 Brass Cass Coins being Auctioned w/ Heritage Soon - page 4. (Read 2204 times)

It's a really a very good news for all of us and the whole industry. Otoh, you're a great pioneer, thank you.

I think that Heritage are doing a great job here, I believe that they've just sent out some nice glossy catalogues, taking it as a given that bitcoin is here to stay, then at some stage there's going to be a collectors, and investors, market for these early historical physicals and others, I don't know when that's going to happen but I believe that it will be via exposure like this rather than niche sales here on the BTF (which are also great in their own way, and are how I bought much of my collection), so this is a test to discover what the interest may be now at about ten years in.

I have absolutely no expectations, realistic or otherwise, maybe there'll be some premiums, or maybe that'll happen once the buyers of these see substantial future gains, and then some of these will start to come back onto the market again, even if those are only mostly bitcoin price appreciation gains, which I'm certain we'll see, and that probably even in the next few months.

I've been guaranteed the spot price and I'm totally happy with that, the alternative would have been to peel them, or to just leave them in a safety deposit vault indefinitely, I prefer this option as it should preserve them, and hopefully it will help to get this market kick started in the wider mainstream, I do have a bunch more of different Casascius, BTCC offerings (many of which I hand carried out from Shanghai) & some other noteworthy physicals (ie a couple, or so, of 1,000,000 DOGE coins, Etc - Nice if one of those could be landed on the moon one day, or at least to pay it a visit) that can follow this, and which I hope that these will also add value to this Part 1 of my collection in the future, with their 'Otoh Collection' provenance.

A couple of friends, one who had sold/peeled or gifted all of their physicals, and the other as yet to get any, approached me in the last few days with interest to pick up some of the other physicals which I hold, so it does seem that this auction is kindling an interest in this area (anyway from that small sample).

Whatever happens it is only the beginning of what I trust will be a fun, groundbreaking and exhilarating series of auctions.

First off we'll done otoh.  This market always needed that movement.  But with a 12.5% vig, what are your realistic expectations on these.  Over the past several years these brass ones held small "over face" value?  I guess it's anyone's guess because a fiat whale with no way to know or realize the other avenues to get these or trust to get these might pay well over (which I hope for you and all of us).  Looking forward to see how this unfolds.  🙂

Watching 

I second this. Also, sounds like you have a great agreement with Heritage.

@Otoh,

Good luck with your auction. 🥂

Wishing you the best and a great outcome on your auction.

Aloha

Status: Reserve (If Any) Will post on 10/27/2023 7pm CT

Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.

I haven't placed any reserves on the coins personally, but I have been guaranteed by Heritage the overall bitcoin spot value for the collection as a whole, if say the spot price was $30,000/BTC on the 3rd of November, then I would get a minimum of $30,000 x 200 = $6M, which as I understand it some could then sell for under spot perhaps and some for a premium, though I'm not sure on this, as it's totally up to Heritage if the want to post a reserve on the coins or not, I guess it's best to either wait and see if they do that, or to contact them directly to find out what their intentions may be if they are willing to share, or have even decided upon it yet.

Maybe they're happy to buy in any coins if they don't reach the spot price, to hodl themselves, or even to peel if they didn't want to do that (but that could be controversial I'd imagine, so hopefully not), there's also about $200/BTC (I think) in forked coins which add value over the BTC spot price. Edit: looks like $335/BTC ATM for the forks 23/10/23.

So it's a bit like selling say gold bullion collectables, unlikely to go for under the melt (peel) price on the day, and more likely to merit a premium for their rarity, desirability and future growth potential, but it will all depend upon demand, plus probably many outside factors, it should be good price discovery in any case and entertaining to watch, especially in what happens to their value in the subsequent few years, and over their next decade of existence.

   Yep...this auction is one for the ages for sure!  Does anyone know if there are any reserves for these coins?

I agree 100%. To purchase one of these coins for yourself to add to your collection and pay 12% is a small price to pay when you think about the value this auction is going to give to the rest of collectors current physical crypto coin collection. This auction in my opinion is the sacrifice needed to put this industry on the international stage and into the main stream of coveted rare collectibles.

This article is a masterpiece, it stands as a testament to every physical bitcoin collector out there, for years we knew deep in our gut that these coins have immense value even above their face value, this article validates every physical bitcoin collectors beliefs and it’s apparent this article just turned our beliefs into Truth on the national stage.
    This article should be its own separate post in the collectible section in my opinion, Bravo to Otoh and Heritage Auctions.  

That's the price of moving the market into the mainstream, whether it's an artist being represented by an agent or gallery, any major auction house and even retail establishments, there will be added costs, the alternative is to sell items oneself ie on BTF, or just peel and destroy the artefacts, my decision was to go down the major auction house route with the increased exposure that their marketing, clout and collectors base will bring.

I submitted all my paper work for heritage waiting on a reply on financing, I must say the people who work at heritage are super nice and extremely helpful, the place is first class for sure. A thought I had this morning , the average supply made daily by bitcoin mining is about 900 coins a day.  The daily demand is about 1,100 btc a day,  so this auction is going to supply about 1/4 of the daily demand. This auction is going to be super interesting in my opinion.

https://coins.ha.com/information/physical-cryptocurrency.s

But a buyer's fee of 12.5% matters.

Wow, regardless of timing, or other specifics, this is one HELL of a pirate loot getting auctioned off. Exciting times, and i wish you the best with the results!

Greets, Tank

Yep, these were all bought directly from Mike Caldwell in 2013, so they have the very best provenance, in fact they were still in their original vacuum sealed tubes when they went for grading at NGC.

https://imgur.com/a/mIVPmrd

It is quite a lot to offer in a first sale, but I wanted to make a splash with it to get collectors and auction houses attention, perhaps it is a bit early timing wise when bitcoin is still seen as a risk asset, rather than as a safe haven one like PMs, but the buyers of these can almost certainly look forward to new ATHs in the next couple of years with the halving and probable US ETFs around the corner, plus the bottom being most likely already in already and tested.

Ideally this may mark the start of a much wider market for physical crypto with premiums being paid, or at least that being a potential in the future, a lot of collectors are always looking for the next thing which has high growth possibilities, ie like 'undiscovered' contemporary artists, or that market may begin once the buyers of this offering start to find that it's performing way better than any of their other assets in a couple of years time or something.

amazing collection Otoh. congrats... fingers crossed for the auction!

someone (Cryptogreatdane?) should do a podcast with you. could be interesting to know how you started your collection etc..

The timing seems early to me. But, you can't sell to an auction house spontaneously when things are hot, you have to plan it way in advance and hope the market is right when it happens. Otoh probably thought the Fall would be a decent bet on timing everything. This is definitely a lot all at once. I think I probably would have sold 25 to 50 at a time versus this quantity in one event. There could be some deals here for people and it sounds like these are in pristine condition straight from Caldwell.

I am hodling a few kinds of the BTCC items, e.g. a Baby Five - a titanium 5btc denormination coin which is smaller
in diameter than the regular 5's ti coin and the total number of it ever produced was only 5 pieces.
In a word, let's wait and see, man and cheer together!