Great analysis! But I'll leave it to OgNasty to thoroughly scrutinize you "just spouting numbers," errr facts.

By the way, opinions (by definition) can never be incorrect.

First, the first run was 11,000 coins (with errors), the second run of 2011 stamped coins (regardless when funded) is around 1,000. (Source: Casascius full list) That's significantly fewer coins that what most would consider a "slightly less issued next version."

Second, you contradict yourself in the second point when you use the example that "gold/silver 10BTC coins are worth as much as all the silver ones" to illustrate that my thought process is wrong because the gold/silver 10BTC coins ARE more valuable than all the all silver coins. Or perhaps you mis-typed and meant to say the "gold/silver 1BTC coins"? Which, some on this forum would strongly debate that the gold/silver 1BTC coins are more valuable, citing specifically the lower run numbers (700 vs. 1300).

That said, I don't have a specific opinion here, I'm just trying to understand what's driving the huge valuations. Maybe it's still the "wild west" of trading these physical coins, so there isn't a ton of rhyme or reason behind it. I mean there are people here trying to sell Lealana coins for over 4 times the mark up or valuation that the 2011 or 2013 Casascius 1BTC (series 2) are going for!

A large driver in traditional numismatic pricing is the rarity of the coin, it's literally what drives different values of the same coin from two consecutive years. Historical value (e.g., first run of the first Casascius coins ever) is also a big driver of value. I just don't think you or anyone can ignore one because it doesn't align what you believe or own.

@gentlemand, that's what I would suspect too. Although it seems like a fair portion may have been discarded or lost simply because the were handed out to the "uninitiated" or thought of as mere novelty at the time, but my guess is that half to 3/4's still remain active and firmly in the grasp of owners.

@benjig, so out of 11,000 produced you think less than 20 remain active?

Good perspectives and comments, thanks for indulging the question by someone (me) who's new to this.

@justbtcme, Mike's "full list" (https://www.casascius.com/fulllist.txt) indicates it might be as low as 1,000, that is if he was only producing 1btc coins (not .5, etc) in 2011. The list would help get us part way to understanding exactly how many 1 BTC 2011 Series 2 coins are out there. It was this period where he didn't categorize the first three digits of the blockchain (am I using that term correctly?). If we copied this list into excel we could filter down what we know aren't the 2011 Series 2 coins to arrive at a gross number (active + inactive).

Don't get me wrong, I think the error coins are very cool and this historical value (to me) far exceeds the physical error. I would have loved to be at some Occupy event getting handed the first physical, loaded series of bitcoins. And I know I likely would have tossed it in a jar and forgot about it...but what a story to share if you had one of those, if it was handed to you for free.

Thanks, but the Uberbills site doesn't tally the count of series 1 coins. I was hoping someone may have already tallied them up or knew the answer first hand.

No, that tells me how interested I was, personally, in BTC or Casascius back in 2011. It means nothing about the value the coin commands to a collector.

The interesting thing, I think, is that despite the "coolness" of the error, these are one of the most common coins minted by Mike. In terms of rarity, 2011 series 2 coins should be more valuable.

It's also interesting that when I ask these questions about valuation no one seems to be able to offer a reasoned or structured answer...perhaps this indicates a valuation problem (as people try to auction these off for up to 7BTC each?)

Of the 11,000 Casascius 2011 series 1 1BTC error coins minted, does anyone know how many remain active? And how will this impact the collector value of the coin?

Thanks.

I'll resurrect this one for a question.

How are these going for so much when there's 11,000 of them in existence?

That's hardly rare considering how many coins Casascius created.

How do you arrive at the $475 premium? That's a nearly 25% mark-up

Pictures?

Here's some proof that Mike's been producing the gold B coins in 2014, I only counted 11 though.

http://casascius.uberbills.com/?address=1AgGhDAgEpbkgnCaDGH7tTJagktY9hVxrm

I just want to make sure that when people say "these will never be made again" that they're held accountable. Crypto-currency was created to (among many things) provide equality - if some of us are misleading the buying public then some of us need to make sure we do some fact checking. An efficient market helps us all.

What BTC back policy do you have if I don't receive the lay in your guarantee?

Why are you selling something you value so much? Have you lost faith in BTC?

Ha, that's a great response from the seller. So "the lower the LTC value, the higher the impact of the physical product" - the higher the impact of what?

Is there any actual reason why the collector value of Lealana coins should exceed the the collector value of Casascius coins? That's what we're talking about. The physical product has little value, the coin isn't made of silver or gold or platinum, so the physical product is just the collector value.

Saying "because people are willing to pay that much" IS a fair response...it just isn't a reason why.

Thanks and good luck with the sale, they are nice looking coins.

Just because people have been paying higher relative prices for Lealana coins doesn't mean they should, it doesn't mean it's a fair price. People used to buy "snake oil" with the promise that it fixes whatever ails you, but that doesn't mean it was a fair or informed purchase.

As I mentioned, I'm new to this, so I'll have to answer your question with a question - Please show me how or why Lealana coins are more valuable compared to their monetary value than Casascius coins?

E.g., In commodity markets silver isn't more valuable than gold...

To the OP, with absolute respect, I think your pricing is very inflated. Allow me to share my logic and then I hope you'll be willing to share yours. I'm new to BTC and Litecoin so perhaps there's something I'm missing about the Lealana coins.

The Casascius coins are the undisputed crypto-currency tangible coin that has immediate value beyond the BTC value. Lealana coins are a great and beautiful homage to the original Casascius coins for the more affordable Litecoin. It's realistic that they may warrant value for the coin itself (beyond the value of the LTC funded.) My issue is that you're offering these coins at a premium to the price of LTC that exceeds (significantly) the premium Casascius coins demand above the price of one BTC.

One Casascius coin is being offered on this site for 2-3 BTC and on eBay for 1.5-2 BTC, let's call it an average multiple of 2x BTC for a standard issue Casascius coin (not the error coin, not the silver coin, etc.)

You're offering one Lealana coin for .1 BTC (or $63.50 or a multiple of 9x LTC), why does a Lealana coin deserve a multiple/premium that's over four times greater than the multiple/premium that Casascius coins have commanded?

If, IF Lealana coin deserved the same amount of premium as the Casascius coin you should be selling these for 2 LTC or .022 BTC (not .10 BTC) - $14 each.

And I think we can all agree that Lealana coins do not have the same originality, historic, or collector value as Casascius coins, so an even multiple may not even be appropriate. That point, however, is where I may not have complete information. Is there something inherently unique about Lealana coins that command a higher premium than Casascius coins?

Klondike, I did more reading on this forum about Mike's intentions. I found some posts directly from him that do back up your claims that he's not making this variety of coins currently or potentially going forward. These comments are dated more recently than the wordpress blog post I referenced earlier.

Klondike, that's fair...I haven't seen, read, or heard about any 2014 coins yet.

I'd be interested in one coin for about $1000. 2.1 BTC (or more) is above what these coins are selling for on other forums (just sharing what i'm seeing else where.) Further, one BTC is about $650 right now, the oz. of silver is $21, the ANACS is (generously) $50, so that's a tangible value of $721. I'm willing to pay a ~$250 premium for the allure of Casascius. That's my logic for the bid.

Let me know if/when you want to discuss/negotiate a deal.

Good luck with your sale! I hope you get as much as people are willing to pay for them!

There's a lot of information on how the Casascius coins were created, sold, work/redeemed, etc. If you google Casascius you'll find the answers you're looking for.

Ozzie, you fail to prove how the banker adding 9% to the money supply makes baker Joe 9% poorer. That math wouldn't even work (let alone the fact that you don't provide the explanation to link the logic).

It's great that you're thinking about and questioning how capitalism works!

One thing I think you're missing is that when baker Joe borrows that $100,000 to go into business and subsequently sell his loaves he creates a new need for goods and services from other businesses in the community. He's helped the bank make money, he helps materials and ingredient suppliers make money, he helps the neighboring stores make money, etc. And all of this extra business is created because he's established his business in the first place.

It is true that it takes money to make money. The best part about capitalism, though, is that no matter how much little money you have you can always make money on it, and then make money on those gains, etc. until you've reached a level of wealth you aspire to. And the motivation for all of us should be that the more money we have working for us the more money we can make...it's like a snowball rolling down a hill.