I believe its because the type of metal is a valuable one which makes it much more valuable than its face value
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.
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
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.
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.
