Bitcoin Forum

http://bitcoinwhoswho.com/blog/2017/06/06/1btc-casascius-bitcoin-sells-for-usd7100/ (http://bitcoinwhoswho.com/blog/2017/06/06/1btc-casascius-bitcoin-sells-for-usd7100/)

A mint 2011 series 1 Casascius physical bitcoin sold for USD $7,100 on eBay yesterday.

First series Casascius coins are highly sought after by collectors.

During the last bitcoin price spike in 2013 (to $1250) many changed hands on eBay for about ~USD$3,000.

Yesterday's transaction represents a ~250% premium over current prices.

I believe its because the type of metal is a valuable one which makes it much more valuable than its face value which I dont have any issue against in which the same thing would go for if some one could have a raw gold 1btc. For me personally I dont see any prudency in buying such commodity as the case maybe where I would pay more than enough for the face value.

Good post, I like to learn about stuff like this. It shows the extra collector value of alternative mediums of storage for BTC. In this case most of the extra comes from both the artistic value of the design and the date of the coin. I wonder for how much will the original 1BTC Casascius edition will go in 2020. If there are $10,000 predictions for regular 1 BTC, these coins will go for huge values.

Not bad for an auction bid since the coins have a classical value to them
I wonder what it will be in a few more years.

Well, imagine when the price of Bitcoin is $ 10,000 / BTC and compared to 2011,, 1 Casasius Bitcoin can up to 100.000$ in that time lol ::)

The metal is brass. The value is in the desire to own one of the first physical bitcoins ever made. If you aren't a collector, then there wouldn't be much value in that for you.

Er, no. It was made out of brass by a car wash token company.

The value comes from the rarity, though it actually isn't that rare compared to other ones. It was the first though and many will have been abused as they were worth about $20-30 when new.

Yes. I have a couple of silver ones. Prettier but never latched on to by the media in the same way. As you say, this is what many people associate with Bitcoin rightly or wrongly. They were launched to increase its visibility. It certainly worked.

I wouldn't pay that much above the Bitcoin value for a brass coin, but on the other hand people are collecting bottle caps and other strange stuff, so who am I to judge.
I'm sure the buyer/collector is happy with it.
It's not a bad investment, because as time goes buy it gains its pure Bitcoin value and collectible value. Double win ;)

Seems cheap.

That's pretty crazy. I really need to get my hands on one of those before it goes even higher lol.

Get yours here - https://bitcointalk.org/index.php?board=217.0

Premiums in Bitcoin have been falling recently, but look to be picking up. I really can't see them holding up if the dollar price goes seriously high.

Think that's a high premium?
https://bitcointalk.org/index.php?topic=1933379.0
Fun fact: It's empty.

---

Interesting to see non-collectors discuss collectors items/their premiums.

Unfortunately people can troll ebay auctions by bidding on items and not paying for them, sellers are unable to leave negative feedback for buyers. 

For the seller, I'd hope the buyer follows through but I'll be keeping an eye out to see if this is relisted.

I don't get the numismatic value of the coin. I mean ok, it was an early Bitcoin, it looks nice but...
That seems like it would be worth maybe a $200 premium, but not a $5000 premium!

I think it is just a sign that early adopters have too much money now! People have lost grip of reality and think that 3.5BTC a reasonable price is for 1BTC with a few dollars worth of metal.

This price equals ~BTC2.5, which is on par for historical purchases for this series coin, but is a bit higher than what these coins are selling for in the Collectibles section of this forum. This coin has an error on it, Casascius is spelled "Casacius" so it's a bit sought after.

The more rare 2011 series 2 Casascius coin is significantly more rare, doesn't have the error, and should command a price of at least BTC2.5 and higher.

I think your point is that the price is high, and most Casascius coin offers on eBay are extremely high, not realistic high, but those are just buy it now prices for ridiculous amounts. It sounds like this one was a proper auction. I'm glad to see these coins trading hands outside of Bitciontalk! I bet someone on this forum was the buyer and the seller!


TL,DR: This>>>

Whoever bought that must obviously care about the novelty and collectable value. Otherwise, I hope it wasn't some poor fool desperate to jump on the Bitcoin gravy train and can't google the market value of 1 BTC.

It is a sad fact that people have bought physical bitcoins in order to redeem them.

It is good to hear that you are holding some coins but is it safe to say that those private keys are secure,i can understand the sentimental value of these coins but selling one bitcoin Casacius bitcoin for $7100 is just crazy because if i remember correctly it was revealed during defcon that it is susceptible to physical attack as they showed how to reveal the keys without revealing any tampering signs,i am not sure whether they made any changes after that,just commenting because of the crazy rate it got sold. :)

Got them a long time ago, and one direct from Casascius one week before he shut himself down.

What is a more relevant question is how durable the holograms, printing and glue holding the hologram down is. I wonder whether he foresaw whether they would become so valuable.

That's also a very valid concern.  Selling a slabbed coin could possibly help in that case.

That would be awesome,so in hindsight you are sitting on top of a gold mine and if so why dont you go for auction,i think you will grab a very good price too,there is no way the owner would have forecasted these sort of price being fetched for his coins and design. :)

I plan to keep it for all eternity. And it's not a big denomination coin. I've kept the Casascius business card and mailing label for posterity anyway. At the very least it's one of the very last he sent out.

It's possible they'll become more and more valuable or fade away in the general consciousness. I'm curious to see which it'll be.

Hello. You used a photo of mine in your article.

Seriously wtf is actually happening to this world. I know i'm totally happy with the fact that finally bitcoin is getting the kind of reputation it deserves but spending 7100$ on some old wallet which has almost 1/4 of the value in it. I would definitely not pay more than a btc for that wallet as it's value is itself 1 btc , but still i have seen a freakin air jar selling for 2000$ on eBay so this has some value.

Looks like I might need to dangle a few Casascius carrots on ebay and see if there are any takers ....

I think the value in these coins are the "error" in the manufacturing process. If it is validated as being one of the first Casascius coins, it would

still fetch a high price, no matter if the bitcoins are spend or not. I would be the paranoid person that would constantly check the balance, if I

bought the coin back then. Still some good money to be made, if you know what you buying.  ;D

Collecting is really a complicated interest that even I don't fully understand but I just compare it to art enthusiasts. For example, the most expensive photo that was bought is a picture of a potato(it has been a year when I learned about this). So collectors are seeing and feeling good to have items they collect. Really complicated. They may be appreciating the beauty or the history of it.

This really made me feel surprised, how can it be bought at such a terrible price, sounds like a gossip, originally I just thought this was a false post, But i was wrong It seems like it is so important. What a surprise.

This can be another market for collectors which many can soon exploit. This is actually a market for people who have that vision that one day what they bought can be a lot lot more than the price they paid for an item. I am sure the buyer has made some diligence before buying that Bitcoin gold and he knows that he can take back his investment with healthy profits in years to come.

Ha ha ha ha

More Casascius listings than usual on eBay as of late. To the newcomers here, get your Casascius coins while they're available - it's a buyers market!  ;)

There are three listings that clearly demonstrate how varied the pricing and valuation logic can be for these eBay listings (using $2,840 btc price)

(1) 2013 1BTC brass, graded MS64 - listed at $7,995 - approx 2.81BTC  (eBay listing (http://www.ebay.com/itm/2013-CASASCIUS-ANACS-MS64-Certified-Physical-1BTC-FULLY-FUNDED-/192210226090?hash=item2cc09f4baa:g:Z7oAAOSwblZZN6Ad))

(2) 2011 1BTC error, not graded, some honeycomb shown on the holo - listed at $8,500 -
 approx 2.99BTC (eBay listing (http://www.ebay.com/itm/2011-CASASCIUS-1-Loaded-Solid-Brass-Bit-coin-Physical-Coin-LTC-ETH-BTC-Monero-/152577589099?hash=item2386553f6b:g:Tm8AAOSwi8VZOMn1))

(3) 2013 1BTC gilt, not graded - listed at $9,995 - approx 3.51BTC  (eBay listing (http://www.ebay.com/itm/2013-CASASCIUS-1BTC-1-Oz-999-Silver-Gold-Physical-Bitcoin-LOADED-/192209927821?hash=item2cc09abe8d:g:sOEAAOSwaEhZKn5b))

If the gilt goes for this price, I'll consider selling mine on eBay!

as the seller of this coin, I'd like to add:

IF you're looking to see if it gets relisted, I hope you saved the public key code to verify a "relist".

For I do have another one to list later - same other than code.

Buyer did pay me for it just fine,

I've sold a number over the years and have never been stiffed - YET!
I have seen ones I've sold get sold again later by someone else (some times not the buyer interestingly).
while we can't leave negative feedback, ebay WILL put a black mark in their history for winning a bid and not paying. They can be suspended or barred from ebay if it repeats.

Yes
Rarity and Market and Collectible are the major factors.

BUT ALSO, collectibility on these first Casascius coins is dramatically better than most.
FIRST of a kind of money that may very well take over the world and be the future of money.

and it IS important to note these have value not dependent on the internet being available to USE - only to ultimately later redeem. IF the holder at that time so chooses.

and while others are now putting digital internet money on physical coin form. Casascius was the first to figure out how AND more importantly, I think his system was different and more anonymous than any current one is. and therefore more valuable in any local SHTF scenario.

Are there any rules with ebay with selling bitcoin or bitcoin coins?

Heya BearKing,   :D I bought your Version 2 Casascius 2011 that you auctioned just before that one.

I think ebay gets 10 percent of the sale price.  :-\

YES,
but you'll have to research that, I'm confused and they seem to change.

BITCOIN AS VIRTUAL Currency and all virtual currency; ebay RULES SAY may NOT be sold in their regular formats as auction OR fixed price listing. Must be handled in the far less popular "Classified ad" section.
 
YES I know, you're gonna point out that there are some bitcoin COINS listed,
This is because they are listed as "coins" or  "mining contracts".

when I talked to their customer service they just plain did not know how to handle a bitcoin COIN.  I chose to list under "mining contract" because mine was still loaded with a BTC value. IF it were a spent one I would choose "coins".

I believe it's capped at a certain amount and I haven't sold items worth enough to find out.  BearKing55 can give a definitive answer there.   ;)

Ebay takes 10% capped at 750usd normally, 6.15% capped at 250usd if you have an ebay "store". Stores cost 20usd/mo

Paypal takes another ~3% on top.

I have also bought and sold many cas coins on ebay over the years...

Why does this price surprise anyone...as a stamp collector I have seen stamps go for millions of dollars based on their rarity. Not that I could afford them...one went for 9 million dollars..not counting commision. All they are made of is paper..yet the demand is there but supply is not.

If you kids thought 7100 was a lot... here's another bid up to 10K with a few hours yet to go!

http://www.ebay.com/itm/172724843860

These are hot potatoes on eBay right now

Message me if interested in buying 2011 casascius physical BTC

US Coins that have little face value have sold for millions. Your point is invalid.

Why the necro for this?