Construction workers unearth over half a tonne of Roman coins in Spain

UK Telegraph ^ | 29 April 2016 | Keely Lockhart

[captain_dave]

Looks like they found the Roman equivalent of small change.

[Godebert]

"Price goes down when supply exceeds demand. I’ve seen Roman coins for sale for much less than $50. If all these coins are suddenly dumped on the market, on which there is already a good supply, I’d expect a very steep drop in price................."

It will probably take years before any of these coins come to market. There are literally thousands of different types even for a single emperor. There are over 3,400 different coins listed in ERIC II (encyclopedia of Roman coins) for Constantine the Great alone. Some rarer bronze types from the period of this Spanish hoard can sell for well over a thousand dollars, so the $50 per coin estimate is just an average. I think the discovery of this hoard will generate much interest among collectors from around the world. Everyone (including me) will want a piece of the action.

[Red Badger]

Be careful of fakes. After this, the ‘Fake Machines’ will be cranked up, and spitting out copies by the ton..............

[Rome2000]

Your post is an example of why FR is crucial from a historical perspective.

[Godebert]

The coins from this hoard will have a distinctive patina that would not be easy to recreate. Fakes are usually quickly identified by experienced collectors with the seller being added to the ‘Notorious Fake Seller list’ and the forgery being added to an online database. Even so, many people seem to get burned buying fakes online everyday, usually earlier dated silver denarius coins. Bulgaria seems to be the most prolific with the manufacture of fakes.

[stayathomemom]

I am a 20 year collector of Roman coins of this period, as well as a part time dealer (RomanLode on VCoins: www.vcoins.com). There are some misconceptions here which need to be rectified. First, in Spain, all finds like this belong to the state. Finders must turn them in (not all do - but they stand the chance of running afoul of the law). There is no commission or reward to the finder. Coins of this period (as near as I can tell from the ones I can see, the time period spans approximately 295-307 AD or so) will weigh about 9 g on average. The coins are high grade and despite how they appear in the pictures, most will likely be of very high grade. Coins of this grade will average about $100 apiece for the common ones, and the great majority of them will be common. One of the coins pictured in hand is a rare one of Constantine the Great and should sell for about $600 up to a $1000 depending on grade. BUT - none of these will appear on the market. The Spanish government and the museums and the anti-collector archeologists will not let this happen (unless theft happens).

Stayathomemom's husband, Ron.

[Red Badger]

Reminds me of an old joke:

A tourist was shopping in a street market in a Middle Eastern country. He spied some old Roman coins for sale in a stall. He asked the seller if they were genuine and was quickly assured that they were.

He bought them and went back home where he took them to a coin dealer to have them appraised.

The coin dealer took one look at them and said, “These coins are worthless!”

“Why?” exclaimed the tourist, “Every one of them has the actual date on it!”

“Yes, they do, but the date they are inscribed with is 150 B.C.!”....................

[Red Badger]

http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=60979

[Godebert]

I have to laugh at myself for getting hoodwinked a couple of times when I first started collecting. I recall a mixed feeling of anger, disgust and shame. Not fun at all.

[Larry Lucido]

1500 years from now archeologists will be unearthing 5 gallon plastic jugs full of copper coins with the picture of a nineteenth century president on them.

[Godebert]

They’ll wonder why production suddenly ended in 1981. The pennies minted after that are made of cow dung covered with a thin layer of zinc and won’t survive being buried.

[SunkenCiv]

Thanks Ron!

[PGR88]

1500 years from now archeologists will be unearthing 5 gallon plastic jugs full of copper coins with the picture of a nineteenth century president on them.

Exactly.

[Red Badger]

Experience is the teacher of all things...........Julius Caesar........

[gleeaikin]

Thanks for the link. It said 19 amphora, mostly bronze. You can see the green patina because of the copper content. The article mentioned some perhaps being coated with silver, but those would have been black, perhaps in some other pot.