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

[rsincognito]

Gross total sales of the Heritage auction was $7,198,200.00 divided by 200 bitcoin listed in the auction made the average sale price per physical  bitcoin $35,911.  

At the auctions current run time bitcoin spot price was right around  $34,600.

Average sale price per coin $35,911 minus spot price is $34,600 = $1,391 premium profit per bitcoin

$1,391 X 200 bitcoin = $278,200 total premium profit .

So the legendary Otoh made an extra $278k profit by selling his coins instead of peeling them


So what did he teach us?    “PEELING IS A SIN!”   Lol

At the end of the day the average cost per “Cas” coin loaded back in 2013 was probably $100 bucks.  
$100 X 200 bitcoin = $20,000.

Otoh was promised spot price on his coins so 200 bitcoin X spot price of $34,600 = $6,920,000

Otoh’s total profit for holding a $20k investment for 10 years was $6,900,000.


I got four words for you Otoh …..  “Bravo my friend, Bravo”

You deserve it,  Crongrats to A Legendary HODL’r.  

[1714655232]

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[1714655232]

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[1714655232]

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[MoparMiningLLC]

you forgot to add in the cut they AH takes or is your initial number after their cut? you said gross so I am assuming its not in the calculation. need the net total.

and you forgot to count all the forks. how much that is - not sure, but would have increased the peeling value - that and then selling the peeled coins on the side.

My guess is peeling them would have been more profitable. Also having Bitcoin vs shitcoin fiat

[Otoh]

I'm waiting to hear from Heritage a few more details on the sale, they didn't charge me any seller's premium, or fees, at all BTW.

The price when I consigned them on the 18th July 2023 was about $30,000/BTC, so it moved over 20% up from then.

https://tinyurl.com/yn4nk92g

The five dominant forked coins (BCH, BSV, XEC, BTG & BCD) were at $336.86/BTC the day before the sale, so $67,372 in total for the 200 BTC.

Yep, rsincognito, many thanks, these are the original online auctions where I bought some of these:

https://bitcointalk.org/index.php?topic=175969.0;all

https://bitcointalk.org/index.php?topic=175972.0;all

2013 03 17 Purchased 3 rolls of 50 x 1 btc Casascius series 2, windowed = 150 x 1 BTC @ 1.0487 btc = $49.81 ($50.60 my cost each incl. p/p) <--- I kept all 3 rolls vacuum sealed together. These have now been NGC graded & auctioned with Heritage 2023 11 03, plus 2 rolls of 0.5 BTC, total 200 BTC.

https://tinyurl.com/ym3f2bxc

[rsincognito]

I'm waiting to hear from Heritage a few more details on the sale, they didn't charge me any seller's premium, or fees, at all BTW.

The price when I consigned them on the 18th July 2023 was about $30,000/BTC, so the price moved over 20% up from then.

https://tinyurl.com/yn4nk92g

The five dominant forked coins (BCH, BSV, XEC, BTG & BCD) were at $336.86/BTC the day before the sale, so $67,372 in total for the 200 BTC.

Yep, rsincognito, many thanks, these are some of the original online auctions where I bought some of these:

https://bitcointalk.org/index.php?topic=175969.0;all

https://bitcointalk.org/index.php?topic=175972.0;all

2013 03 17 Purchased 3 rolls of 50 x 1 btc Casascius series 2, windowed = 150 x 1 BTC @ 1.0487 btc = $49.81 ($50.60 my cost each incl. p/p) <--- I kept all 3 rolls vacuum sealed together. These have now been NGC graded & auctioned with Heritage 2023 11 03, plus 2 rolls of 0.5 BTC, total 200 BTC.

https://tinyurl.com/ym3f2bxc

These old links showing the original sales of the Cas coins is so Amazing to look at , crazy if we could go back in time with the knowledge we know now.  This makes me Love Bitcoin even more after seeing all this.   Thank you Otoh

[rsincognito]

you forgot to add in the cut they AH takes or is your initial number after their cut? you said gross so I am assuming its not in the calculation. need the net total.

and you forgot to count all the forks. how much that is - not sure, but would have increased the peeling value - that and then selling the peeled coins on the side.

My guess is peeling them would have been more profitable. Also having Bitcoin vs shitcoin fiat

All good points.  Ty

[BTCOVERFIATS]

Did all the coins sell out?

[Otoh]

Did all the coins sell out?

Some were bought in and I've agreed to take most of those back from Heritage, plus a very large cash lump sum, rather than insist on the original guaranteed spot price for them all, not sure ATM quite how many as there may well be some after sales to add as well.

[rsincognito]

That would make sense being that a lot of the 0.5 Cas coins were stuck at $14,825, coin after coin after coin said that was it sale price. Part of me thought it was the auction house protecting itself from a loss and looks like that is the case, so it was not a true “no reserve” auction as represented. I had a feeling that the money was going to get soft at the end and it looks like it did, so basically all my calculations that I did last night and posted here are completely incorrect. But it was still fun auction.

[blucepheus]

Do we know how many sold to bidders and at what prices?

[krogothmanhattan]

 Congratulations on your sale Otoh!  For everyone else you can watch what happened on the video here

   https://www.youtube.com/watch?v=sRE0txfjfL0

[goldlyre]

That would make sense being that a lot of the 0.5 Cas coins were stuck at $14,825, coin after coin after coin said that was it sale price. Part of me thought it was the auction house protecting itself from a loss and looks like that is the case, so it was not a true “no reserve” auction as represented. I had a feeling that the money was going to get soft at the end and it looks like it did, so basically all my calculations that I did last night and posted here are completely incorrect. But it was still fun auction.

Did you mean that no bidder could win a 0.5 at 14825?

[rsincognito]

That would make sense being that a lot of the 0.5 Cas coins were stuck at $14,825, coin after coin after coin said that was it sale price. Part of me thought it was the auction house protecting itself from a loss and looks like that is the case, so it was not a true “no reserve” auction as represented. I had a feeling that the money was going to get soft at the end and it looks like it did, so basically all my calculations that I did last night and posted here are completely incorrect. But it was still fun auction.

Did you mean that no bidder could win a 0.5 at 14825?

There were auto bids at $14,825 and if they wanted to buy one They had to bid $14,900 and they could own them ( a lot of them). The money got soft towards the end, had a feeling that might happen,  but it was still an amazing time , and there were way hire premiums on the MS68. the MS67’s were for sure the best bang for your buck,  everything with a grade lower then MS67 could not be bought cheaper then the ms67 price level ,  the m68’s we’re about double premium.


Edit; I forgot a very important part 🙄.  None of these prices I talked about had the 20% buy fee calculated into it , so add 20% to everything for the out the door price ,  and if you bought with a business account or were you in a tax friendly  state? so you didn’t have taxes on top of the 20%

[rsincognito]

Heritage just auction off 4 Casascius 2013 coins left over from the original Otoh collection auction last year  ,  they brought good premiums.

2013 cas coin 1.0 btc MS66
Brought $43k + 20% buyers fee  = $51,600 sale price
Link:  https://ibb.co/WGjkzJY


2013 cas coin 0.50 btc MS67
Brought $27k + 20% buyers fee = $32,400 sale price
Link: https://ibb.co/QnTW19S

(At the time of sale btc market price was $47k)


Basically anyone who purchased from the original Otoh auction has made good bank off their investment when you compare original auction premiums and btc market price to todays sale premiums and market price.

That is all

[SurfinPanda]

So does this mean the seller only gets $43k though when the value of BTC if peeled was 47k? Seems like the only winner here is the auction house who is getting a huge commission.

SP

[OgNasty]

So does this mean the seller only gets $43k though when the value of BTC if peeled was 47k? Seems like the only winner here is the auction house who is getting a huge commission.

SP

I learned that lesson a long long time ago after dealing with estate sales. In my experience, auction houses are never a good idea. They make money either way and can be motivated to do a bad job promoting in order for their partners to get great deals. Imagine getting paid so your friends can get goods below value. That’s what auction houses (at least the bad ones) will do for you.  This particular auction and timing were at best ill advised.

[rsincognito]

So does this mean the seller only gets $43k though when the value of BTC if peeled was 47k? Seems like the only winner here is the auction house who is getting a huge commission.

SP

if you look back in the history of this thread i think Otoh himself said that the auction house promised him at least btc market value, im not sure how the funds were chopped up honestly.

[rsincognito]

Heritage auctions is at it again during a regular coin auction they slipped  in two Casascius coins which both sold

Lot #1: 2013 brass 1.0 Btc MS66 final sale price including buyer auction fee.
Sold for : $69k. (at the time of writing this, bitcoin spot value for 1.0 btc is $52k)

Link to item:  https://ibb.co/WkJ7J30


Lot#2: 2013 brass 0.50 Btc MS66 final sale price including buyer auction fee.
Sold for : $36k. (at the time of writing this, bitcoin spot value for 1.0 btc is $52k)

Link to item: https://ibb.co/pfxBpQ5



Hope you all enjoy the info      RS

[Otoh]

Yes, as rsincognito said


Someone flipped one of my Otoh collection Casascius 'Leet' BTC today, it sold for $69,000 (including the buyer's premium)

Heritage wouldn't have charged any seller's premium as it was re-offered through them

The vendor bought it for $34,800 (incl. BP) about three months ago on 3rd Nov, so it made over 98% profit, nice timing!

and the 0.5 BTCs seem to be even more desirable, as they flipped one of those for $36,000 (incl. BP)

https://coins.ha.com/itm/cryptocurrency/cryptocurrency-casascius-brass-loaded-unredeemed-1-bitcoin-btc-2013-ms66-ngc-/a/232407-63200.s?ic2

https://coins.ha.com/itm/cryptocurrency/cryptocurrency-casascius-brass-loaded-unredeemed-1-bitcoin-btc-2013-ms66-ngc-/a/3112-32142.s?ic16=ViewItem-Inventory-BuyNowFromOwner-PreviousPricesHeritage-081514

Actually not quite +98% as they'd get the hammer price of $57,500 and then a share of the buyer's premium, probably 50% = $5,750 of it, but could be more if the negotiated well, anyway at least $63,250 in total

I got 50% of the buyer's premium when I sold, on top of the hammer price, next time I'd try and strike an ever better deal, I was very impressed by Heritage's cataloguing, write up and marketing on my original sale, and I am super happy that all the buyers are well in profit so soon after the auction, as predicted, and that the secondary market at Heritage is proving to be both liquid and strong, it is very rare indeed to be able to re-offer auction buys in any fields so soon after winning them and not to then get a huge loss, let alone to be able to realise an almost 100% gain, all thanks to bitcoin in the main part, and we've only at the start of discovering what the ETF inflows will bring and how this wider interest in crypto will effect the physical collectables market.

I doubt that any other item sold, of the millions of dollars worth of offerings at Heritage, in these last three months, has performed as well, or at any other auction house either for that matter, except for similar bitcoin and crypto offerings at places like Stacks Bower, this won't have escaped collector's attention I'm sure.

[Otoh]

Just for the record, the price was about $52,000/BTC at the time of this auction.

[JohnGalt]

Otoh,

Can you briefly describe the process and logistics of auctioning those 250 coins?

I am mostly interested in knowing:

• How were they transported to Heritage? What was the security like?
• Did you end up receiving more or less than the value of the BTC from the auction?
• Were there any costs to you?

I still have that bar and I don't feel comfortable holding such a valuable item, but I would hate to peel it. Perhaps I could auction it on Heritage.