NGC formally announces 250 Brass Cass Coins being Auctioned w/ Heritage Soon

[rsincognito]

I spoke to them extensively on the phone today, they don’t usually do the $5000 deposit thing, but because of the value of each coin that’s what you got a pay to play. I have the credit app and I’m filling it out tomorrow to submit it, when I find out the terms I’ll let everybody know on the site. Being able to pay in bitcoin would be a major plus.

Currently looking at the credit app and the requirements and it is borderline an "anal probe" about 2 feet inside. lol. along with $5k deposit bank wire they want a letter signed by bank like a power of attorney  that allows the bank to release all banking account info showing current balances and such to the auction house. along with a resellers tax ID and a personal guarantee. As a long time business owner the only time I have seen more credit verification needed from myself was when I was trying to get a loan on a commercial piece of property, its almost that deep of a dive. I will continue to keep you all posted on my experience if you like.

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[Kryptowerk]

I spoke to them extensively on the phone today, they don’t usually do the $5000 deposit thing, but because of the value of each coin that’s what you got a pay to play. I have the credit app and I’m filling it out tomorrow to submit it, when I find out the terms I’ll let everybody know on the site. Being able to pay in bitcoin would be a major plus.

Currently looking at the credit app and the requirements and it is borderline an "anal probe" about 2 feet inside. lol. along with $5k deposit bank wire they want a letter signed by bank like a power of attorney  that allows the bank to release all banking account info showing current balances and such to the auction house. along with a resellers tax ID and a personal guarantee. As a long time business owner the only time I have seen more credit verification needed from myself was when I was trying to get a loan on a commercial piece of property, its almost that deep of a dive. I will continue to keep you all posted on my experience if you like.

Uh, that sounds horrible. Thanks for reporting and going down that rabbit(butt)hole.
I really wonder how many potential collectors will be willing to go through all this to buy a Cas coin.

A total of 250 Cas suddenly available on the market - always great to see an extended distribution of these historic pieces. Just wonder if there will be enough high-roller buyers to take that opportunity. Maybe one or a few big whales jump in to buy up the majority of these coins. Exciting times.

[Lesbian Cow]

I spoke to them extensively on the phone today, they don’t usually do the $5000 deposit thing, but because of the value of each coin that’s what you got a pay to play. I have the credit app and I’m filling it out tomorrow to submit it, when I find out the terms I’ll let everybody know on the site. Being able to pay in bitcoin would be a major plus.

Currently looking at the credit app and the requirements and it is borderline an "anal probe" about 2 feet inside. lol. along with $5k deposit bank wire they want a letter signed by bank like a power of attorney  that allows the bank to release all banking account info showing current balances and such to the auction house. along with a resellers tax ID and a personal guarantee. As a long time business owner the only time I have seen more credit verification needed from myself was when I was trying to get a loan on a commercial piece of property, its almost that deep of a dive. I will continue to keep you all posted on my experience if you like.

Oooof, that is a big no from me.  I understand the deposit, but the rest is far too much.

[rsincognito]

keep in mind, all that added info is if you want to take part in their financing program only, if your paying cash its a little less info that they need for verification

[BTCOVERFIATS]

I spoke to them extensively on the phone today, they don’t usually do the $5000 deposit thing, but because of the value of each coin that’s what you got a pay to play. I have the credit app and I’m filling it out tomorrow to submit it, when I find out the terms I’ll let everybody know on the site. Being able to pay in bitcoin would be a major plus.

Currently looking at the credit app and the requirements and it is borderline an "anal probe" about 2 feet inside. lol. along with $5k deposit bank wire they want a letter signed by bank like a power of attorney  that allows the bank to release all banking account info showing current balances and such to the auction house. along with a resellers tax ID and a personal guarantee. As a long time business owner the only time I have seen more credit verification needed from myself was when I was trying to get a loan on a commercial piece of property, its almost that deep of a dive. I will continue to keep you all posted on my experience if you like.

I was excited about this auction but I'm out. This is essentially a KYC process for Bitcoins that have never been KYC'd.

This will be very similar to buying Bitcoin on exchanges. Exchanges know exactly how much BTC you have purchased, I don't want to be on file for buying a Casascius coin too.

[goldlyre]

I wish I would get my hands on a piece someday in future HERE. 

[goldlyre]

They say that Otoh "was a nice old Britishman". 

[Otoh]

They say that Otoh "was a nice old Britishman".  

lol  

The NGC coin grading, and this auction, is primarily to preserve these coins as a piece of the early Casascius physical bitcoin production for prosperity, and also to test, and hopefully encourage the wider numismatic collectors market for this presently, relatively niche, field.

I've sold all of my digital crypto over the years and the physicals were always my long term 'cold storage' option, now after more than ten years it seems the right moment to let these go, it isn't primarily about getting the maximum return, when I consigned them bitcoin was at $30,000/BTC, and of course it was 50/50 if it would be lower (as now), or higher when they came to auction, it will be interesting to see how they do in such a high profile US auction house, hopefully they'll appeal to some collectors there, and maybe pique the interest of others, and some MSM coverage perhaps.

If the sale does do well, ie over the peel value anyway, then there may be a part 2 & 3 (or more) of my collection offered over the next few years, with both much rarer and higher denomination offerings, plus BTCC goodies, if it gets stuck around the spot price on Nov 3rd then I'll rethink, but for now I'm excited to offer this hoard preserved through a wild west volatile early decade to new custodians and enthusiasts to enjoy the subsequent decades of ups, downs, thrills and spills.

www.otoh.com

[montreal1]

They say that Otoh "was a nice old Britishman".  

lol  

The NGC coin grading, and this auction, is primarily to preserve these coins as a piece of the early Casascius physical bitcoin production for prosperity, and also to test, and hopefully encourage the wider numismatic collectors market for this presently, relatively niche, field.

I've sold all of my digital crypto over the years and the physicals were always my long term 'cold storage' option, now after more than ten years it seems the right moment to let these go, it isn't primarily about getting the maximum return, when I consigned them bitcoin was at $30,000/BTC, and of course it was 50/50 if it would be lower (as now), or higher when they came to auction, it will be interesting to see how they do in such a high profile US auction house, hopefully they'll appeal to some collectors there, and maybe pique the interest of others, and some MSM coverage perhaps.

If the sale does do well, ie over the peel value anyway, then there may be a part 2 & 3 (or more) of my collection offered over the next few years, with both much rarer and higher denomination offerings, plus BTCC goodies, if it gets stuck around the spot price on Nov 3rd then I'll rethink, but for now I'm excited to offer this hoard preserved through a wild west volatile early decade to new custodians and enthusiasts to enjoy the subsequent decades of ups, downs, thrills and spills.

www.otoh.com

Historic auction, kudos to you! I’m sure it will catch a lot of eyes. If I had the money I would be bidding.

[goldlyre]

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!

[Steeley]

This auction is delusional in scale for a first offering.

"The Heritage Auctions sale includes 150 brass coins that are denominated 1 Bitcoin and 100 brass coins that are denominated as 0.5 Bitcoins."

We are looking at 200BTC load value in this auction, just shy of a cool $5.5 million.

Who they will find to come in and gobble these up with $5.5 million + is anyone's guess.

Is this a signal of the start of the next bullrun?

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.

[Frank AlpenCoin]

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..

[Otoh]

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.

[henkcryptotank]

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

[goldlyre]

But a buyer's fee of 12.5% matters.

[Otoh]

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

[rsincognito]

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.

[Otoh]

But a buyer's fee of 12.5% matters.

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.

[rsincognito]

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

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.  

[rsincognito]

But a buyer's fee of 12.5% matters.

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 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.