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

[krogothmanhattan]

   Yep...this auction is one for the ages for sure!  Does anyone know if there are any reserves for these coins?

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[Otoh]

  Yep...this auction is one for the ages for sure!  Does anyone know if there are any reserves for these coins?

I haven't placed any reserves on the coins personally, but I have been guaranteed by Heritage the overall bitcoin spot value for the collection as a whole, if say the spot price was $30,000/BTC on the 3rd of November, then I would get a minimum of $30,000 x 200 = $6M, which as I understand it some could then sell for under spot perhaps and some for a premium, though I'm not sure on this, as it's totally up to Heritage if the want to post a reserve on the coins or not, I guess it's best to either wait and see if they do that, or to contact them directly to find out what their intentions may be if they are willing to share, or have even decided upon it yet.

Maybe they're happy to buy in any coins if they don't reach the spot price, to hodl themselves, or even to peel if they didn't want to do that (but that could be controversial I'd imagine, so hopefully not), there's also about $200/BTC (I think) in forked coins which add value over the BTC spot price. Edit: looks like $335/BTC ATM for the forks 23/10/23.

So it's a bit like selling say gold bullion collectables, unlikely to go for under the melt (peel) price on the day, and more likely to merit a premium for their rarity, desirability and future growth potential, but it will all depend upon demand, plus probably many outside factors, it should be good price discovery in any case and entertaining to watch, especially in what happens to their value in the subsequent few years, and over their next decade of existence.

[Otoh]

Status: Reserve (If Any) Will post on 10/27/2023 7pm CT

Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.

[smoothie]

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

@Otoh,

Good luck with your auction. 🥂

Wishing you the best and a great outcome on your auction.

Aloha

[Steeley]

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

@Otoh,

Good luck with your auction. 🥂

Wishing you the best and a great outcome on your auction.

Aloha

I second this. Also, sounds like you have a great agreement with Heritage.

[SatsLife]

Watching 

[wheelz1200]

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.

First off we'll done otoh.  This market always needed that movement.  But with a 12.5% vig, what are your realistic expectations on these.  Over the past several years these brass ones held small "over face" value?  I guess it's anyone's guess because a fiat whale with no way to know or realize the other avenues to get these or trust to get these might pay well over (which I hope for you and all of us).  Looking forward to see how this unfolds.  🙂

[Otoh]

I think that Heritage are doing a great job here, I believe that they've just sent out some nice glossy catalogues, taking it as a given that bitcoin is here to stay, then at some stage there's going to be a collectors, and investors, market for these early historical physicals and others, I don't know when that's going to happen but I believe that it will be via exposure like this rather than niche sales here on the BTF (which are also great in their own way, and are how I bought much of my collection), so this is a test to discover what the interest may be now at about ten years in.

I have absolutely no expectations, realistic or otherwise, maybe there'll be some premiums, or maybe that'll happen once the buyers of these see substantial future gains, and then some of these will start to come back onto the market again, even if those are only mostly bitcoin price appreciation gains, which I'm certain we'll see, and that probably even in the next few months.

I've been guaranteed the spot price and I'm totally happy with that, the alternative would have been to peel them, or to just leave them in a safety deposit vault indefinitely, I prefer this option as it should preserve them, and hopefully it will help to get this market kick started in the wider mainstream, I do have a bunch more of different Casascius, BTCC offerings (many of which I hand carried out from Shanghai) & some other noteworthy physicals (ie a couple, or so, of 1,000,000 DOGE coins, Etc - Nice if one of those could be landed on the moon one day, or at least to pay it a visit) that can follow this, and which I hope that these will also add value to this Part 1 of my collection in the future, with their 'Otoh Collection' provenance.

A couple of friends, one who had sold/peeled or gifted all of their physicals, and the other as yet to get any, approached me in the last few days with interest to pick up some of the other physicals which I hold, so it does seem that this auction is kindling an interest in this area (anyway from that small sample).

Whatever happens it is only the beginning of what I trust will be a fun, groundbreaking and exhilarating series of auctions.

[goldlyre]

  Yep...this auction is one for the ages for sure!  Does anyone know if there are any reserves for these coins?

... but I have been guaranteed by Heritage the overall bitcoin spot value for the collection as a whole ...

It's a really a very good news for all of us and the whole industry. Otoh, you're a great pioneer, thank you.

[henkcryptotank]

Yeah again +1 for you Otoh. Nice to see a man with a big vision now and then! Excited!

Greets Tank

[Otoh]

This post has aged pretty surprisingly well, so far at least, considering that not so many would have thought we'd be up around here just one week later I imagine.

https://tinyurl.com/yur47w5z

  Yep...this auction is one for the ages for sure!  Does anyone know if there are any reserves for these coins?

I haven't placed any reserves on the coins personally, but I have been guaranteed by Heritage the overall bitcoin spot value for the collection as a whole, if say the spot price was $30,000/BTC on the 3rd of November, then I would get a minimum of $30,000 x 200 = $6M, which as I understand it some could then sell for under spot perhaps and some for a premium, though I'm not sure on this, as it's totally up to Heritage if the want to post a reserve on the coins or not, I guess it's best to either wait and see if they do that, or to contact them directly to find out what their intentions may be if they are willing to share, or have even decided upon it yet.

Maybe they're happy to buy in any coins if they don't reach the spot price, to hodl themselves, or even to peel if they didn't want to do that (but that could be controversial I'd imagine, so hopefully not), there's also about $200/BTC (I think) in forked coins which add value over the BTC spot price.  Edit: looks like $335/BTC ATM for the forks 23/10/23.

So it's a bit like selling say gold bullion collectables, unlikely to go for under the melt (peel) price on the day, and more likely to merit a premium for their rarity, desirability and future growth potential, but it will all depend upon demand, plus probably many outside factors, it should be good price discovery in any case and entertaining to watch, especially in what happens to their value in the subsequent few years, and over their next decade of existence.

[rsincognito]

I was thinking the same exact thing this morning lol, (I was doing the math) I will be watching the auction, I hope it goes great! 🙂

[blucepheus]

Otoh, hope you’re well and glad you’re still hodling the 1MM Doge — that is such a special coin. Best of luck on the auction. You sure have the right mindset. Appreciate you releasing these beautiful coins into the wild!

All the best,
Blu

[BTCOVERFIATS]

Bitcoin will be at $35,000 very soon, it's a beach ball being held under water ready to pop.

I can feel it in my bones. The bull is officially here.

[Otoh]

Bitcoin will be at $35,000 very soon, it's a beach ball being held under water ready to pop.

I can feel it in my bones. The bull is officially here.

Very good call!

[BTCOVERFIATS]

Bitcoin will be at $35,000 very soon, it's a beach ball being held under water ready to pop.

I can feel it in my bones. The bull is officially here.

Very good call!

Thank you sir! I really did feel it.

Onwards and upwards.

[Otoh]

YVW!

I noticed that some posters were asking if people could pay in bitcoins for this auction, and the answer is yes sure they can, so long as they register ahead of time if they are new customers.

[rsincognito]

YVW!

I noticed that some posters were asking if people could pay in bitcoins for this auction, and the answer is yes sure they can, so long as they register ahead of time if they are new customers.

(Correct me if I’m wrong), from what I understand they’re using BitPay to take payments and transactions. If you plan on bidding and plan to pay with crypto you should register with BitPay and get verified ahead of time so you can pay for your items in the suggestion timeframe that the auction house requires.

[Otoh]

YVW!

I noticed that some posters were asking if people could pay in bitcoins for this auction, and the answer is yes sure they can, so long as they register ahead of time if they are new customers.

(Correct me if I’m wrong), from what I understand they’re using BitPay to take payments and transactions. If you plan on bidding and plan to pay with crypto you should register with BitPay and get verified ahead of time so you can pay for your items in the suggestion timeframe that the auction house requires.

I'm sure that you're right, I'll just check this with them to make sure and will report back when I hear, tomorrow probably..

[Otoh]

https://www.ha.com/c/contact-us.zx?ref=&topicId=45#answer