CHAPTER NINE

DETERMINING VALUES

The best place to start in a discussion of value is with the absolute basics of the marketplace: supply and demand. Just as in every other commodity or collectible, they are the two ruling factors in determining fair market value. Though supply and demand is easily understood, the concept of fair market value is a bit more challenging, because there does not seem to be a consensus of exactly what that means. Perhaps the best working definition of fair market value is: the price achieved in a mutually satisfactory transaction between a knowledgeable buyer and a knowledgeable seller. Many times such ideal conditions do not exist when a transaction occurs, and that is when prices which are either too high or too low occur. The values presented in this book are intended to represent fair market value.

Condition and ìEye Appealî: The state of preservation, and in a more general sense, the beauty of a coin, is of paramount importance to collectors. Condition is simply a matter of wear or damage the coin may have received, whereas eye appeal takes in many other factors. The preference for high-grade specimens stems from a simple desire to capture ó as closely as possible ó what a coin looked like when it came off the dies. Any imperfections acquired as it was struck, or thereafter, detract from the full appreciation of the intention of the artist. For it is only on a perfect specimen that the full glory of the engraverís art can be seen. Because there are many elements which contribute to the beauty of a coin, many coins grading Choice Very Fine are more valuable than coins that are essentially Mint State. On bronzes much of the ìeye appealî exists in the quality of the surface patination. In terms of market value, price increases due to grade and ìeye appealî can be exceptional. For example, a nearly Mint State coin can be worth anywhere from about five times to perhaps more than 100 times the value of a coin of the same issue that is only in Fine condition. The former (five times) would apply only to the most common coins that are readily available in high grade. The latter would apply to the most exceptional examples, and certainly would involve some additional factors, such as style, provenance, and perhaps some heated competition at auction. It would also apply to coins that are among the finest known of their type. When coins of that caliber (sometimes called condition census) come to market, buyerís restraint often must be abandoned if the competition is to be outbid. The typical price spread between a coin that grades Fine and one that is nearly Mint State is about five- to 20-fold.

Rarity: There is only one thing you absolutely must know about this topic: rarity itself is not a significant factor in the value of a coin. Rarity only becomes important when it has some significance attached to it. Since people usually assemble collections with specific goals in mind, they will inevitably need to acquire some coins which are rare. If enough collectors are working toward the same goal, there exists a relationship between rarity and price. This is especially true for the most popular types of collections (such as those formed by emperor). For the sake of discussion we may compare Provincial coins and the reverse types of Imperial coins: in both cases they can be exceptionally rare, but if they are not unusual in their design content, or are in poor condition, neither will be of much value despite their great rarity. Another point that should be understood is the difference between absolute rarity and market rarity. Letís compare two hypothetical coinages, of which 50 specimens of each type are known to exist. For the first, only five specimens are in permanently impounded collections (such as museums), and for the second issue, 45 of them are so impounded. Even though the absolute rarity of these two issues is identical, the market rarity is quite different. Assuming both issues are roughly equal in all other respects, examples of the second type will be far more valuable.

Metal and Denomination: Two basic rules (with some obvious exceptions) are: larger is more expensive, and gold is more expensive than silver or copper. Although that is fairly simplistic, it most often is true. Some fractional denominations (such as quinarii) regularly break the first rule. Because the general appearance of a coin varies so greatly from one denomination to another, the price will naturally be affected. Most advanced collectors tend to specialize in the particular metal that most appeals to them, and still others cannot resist collecting some of each. The most expensive category is gold. It is impossible to say which is generally more valuable between silver and copper in the Roman Imperial series. The market for copper-based coinage is a bit easier to understand in this respect, for (unlike silver) larger coins generally command higher prices than the smaller ones.

Historical Value: Although all Roman coins are of some historical value, some are far more important than others. The Romans frequently commemorated their achievements (real, intended or hoped for) on their coins, and when these events are well known to historians, the coins commemorative of that event will enjoy a broad base of demand. Other times a coin is of historical value simply because it is what it is. A good example is a coin of an obscure usurper with an absolutely commonplace reverse type. In this case, the content of the reverse design, or factors that otherwise would be important, are not so vital because collectors are primarily interested in acquiring a representative example of the issue.

Artistic Merit: The quality of the artistry is a significant factor in the value of Roman coins. A coin of exquisite style will always command a premium over one of pedestrian style, no matter how common the item. However, fine style usually is only potent when the coin is in a pleasant state of preservation. Style is difficult for most new collectors to understand. Moreover, it is sometimes hard to understand why it can contribute so considerably to the price. To get a better feeling for this aspect you must pay attention to both the generalities and the specifics of the coin, for both contribute. A coin of fine style is equally as impressive at an armís length as it is under a magnifying glass, and this is a quality which is prized by the advanced collector. It is easy to recognize the difference between poor style and good style, but only the educated eye can discern between good style and great style. Since great style has never been common, it is eagerly competed for when it becomes available, and can result in significant premiums. Beware, however, that good style in one series may not qualify as good style in another series. Even a relatively humble denarius of Vitellius (struck in A.D. 69) will compare favorably to the finest-style coin of Marcian (A.D. 450ñ457).

Fame: This factor is easy to understand. The more famous the issuer of the coin, the more valuable that personís coins will be relative to a coin of identical rarity and condition issued by someone who is not generally recognized. Though few in the general population have heard of Elagabalus, many will be familiar with Caligula, even though the depravities of these two emperors were comparable. Though collectors quickly learn the names and reputations of lesser-known emperors and empresses, the demand is still greatest for the emperors and empresses well known to history.

Nationalistic and Cultural Demand: The Romans frequently depicted their subject peoples on the reverse of their coins. Most often they are mentioned in negative contexts, such as having recently been conquered, but in other cases (such as the emperor Hadrianís famous ìtravelî series) they are depicted in a positive light. Any such representations are of interest to collectors who share national or cultural ties with the peoples represented. Thus, coins of this nature often will command prices far in excess of what their rarity would dictate were there no special interest in the type. Perhaps the best example is the Judaea Capta series initiated by Vespasian and continued by his eldest son, Titus.

Provenance: Since collectors purchase the vast majority of the interesting coins on the market, it should come as no surprise that collectors are interested in who owned the coin before them. In the event the coin is not from a very recent find, another collector probably owned it prior to it coming up for sale. In general, the further back a pedigree can be traced, the better. But even more important is who owned it, or in which auction catalogs it may have appeared. Few things are more satisfying to the advanced collector than paging through a 1920s Ars Classica auction catalog and finding the very coin he holds in his hand. It is equally satisfying to know that a coin was once owned by the renowned archaeologist Sir Arthur J. Evans, or that it is illustrated in a standard reference, such as an academic study or a publication of major private collection. Just like in other fields of art and collectibles, a purchaser finds comfort and takes pride in knowing he shares a tangible bond with a famous collector of days past.

Collecting styles: Though certain aspects of Roman coins will always be popular with collectors, others are more fickle and subject to sweeping change. In the Renaissance it was prestigious to build a collection of sestertii because of the large format of the portrait. These collectors did not react adversely to tooling and re-engraving if it made the coin more attractive. Many of the gentleman collectors of the 19th and early 20th Centuries valued rarity and historical significance above condition. Late in the 20th Century there is an increased focus on condition and originality. Coins must be high grade and unaltered, even at the expense of rarity and historical value. That is not to say rarity and historical significance do not factor heavily into the value of a coin in the modern market, but in general, collectors of moderate means seem to prefer high-grade common coins to low-grade rarities.

GRADING STANDARDS

Now that all other aspects of a coinís appearance ó be it from production, circulation, burial, recovery or restoration ó have been discussed, we may move on to grading itself. As all of the previous discussions should have made plain, the technical grade of a coin is only one of many considerations in the determination of a coinís market value. Nonetheless, it is very important to most collectors, and what follows is a photographic and verbal description to help the reader determine the grade of coins. It is important to remember that the standards employed here were the ones used to determine the values presented in this book. Grading standards vary considerably, and differences of opinion exist even among experts.

To grade a coin one must simply determine the amount of detail that remains. Although this is often affected by the competence with which it was struck (and even by the state of the dies from which the coin was struck), the most important factor is circulation wear.

GRADING TERMINOLOGY

Poor, Fair, Basal State: The lowest grade. Most coins in this state are not identifiable except in the most general terms. No detail will be present and even the outlines of the main devices may be incomplete. The coin is likely to have numerous contact marks from its extensive circulation life, and is also likely to be heavily corroded or encrusted.

Good (G): Coins qualifying as Good are far from what the name suggests. These coins suffer from extremely heavy circulation wear and are generally the lowest collectible grade. Even so, the coin must be quite rare to be in demand. Only an outline of the devices will exist, and no detail will have been spared in the central portion of the design. The edge of the obverse and reverse fields may be worn to the point of obscuring the peripheral inscription.

Fine (F): A coin that qualifies as Fine has suffered considerable circulation, but has not been worn to the point of losing all detail. The centers of the devices will be worn smooth, but other important details are preserved in the recesses of the design, such as basic features of the bust and the inscription. This is a perfectly collectible grade, especially for rarer items.

Very Fine (VF): This may be the most popular grade among collectors because it affords a pleasant amount of detail without the significant price jump associated with the higher grades. Within this grade (from nearly VF to choice VF) there is a wide range in appearance. Though it will be obvious that the coin circulated for quite some time, considerable detail should remain, even toward the high points of the designs. Coins at the higher end of this spectrum are usually quite attractive, and are eagerly sought after by advanced collectors if they are interesting types with good eye-appeal.

Fine (F) AR Denarius (enlarged)

Very Fine (VF) AR Denarius (enlarged)

Extremely Fine (EF) AR Denarius (enlarged)

Fine (F) AE Sestertius (reduced)

Very Fine (VF) AE Sestertius (reduced)

Choice Very Fine (Ch VF) AE Sestertius (reduced)

Fine (F) Billon Aurelianianus (enlarged)

Very Fine (VF) Billon Aurelianianus (enlarged)

Extremely Fine (EF) Billon Aurelianianus (enlarged)

Choice Very Fine (Ch VF). In this catalog, this term is applied only to aes coinages (asses, dupondii, sestertii, etc.) of the Empire struck through the 3rd Century A.D. In these cases, it substitutes for the EF category. Assuming the grade is assigned conservatively and accurately, this is generally as nice as such coins are found. Early aes are very rare in a true Extremely Fine condition, and if they are essentially problem-free coins, they command significant premiums. For example: if such a coin is valued at $1,000ñ1,500 in Choice Very Fine, it might command $7,000ñ10,000 in true Extremely Fine.

Extremely Fine (EF): Although some of the more prolific Roman issues frequently survive in Extremely Fine or better, for the majority of Roman coins, it is about as nice as they come. This is especially applicable to the standard Roman bronzes of the first three centuries. An Extremely Fine coin should exhibit considerable detail, with only a trace of wear on the highest points of the design. However, this wear will not eliminate the detail, just soften it. In this grade, gold and silver coins are likely to have original luster in the protected areas of the design if they did not suffer too greatly during their centuries of burial.

Nearly Mint State, About Uncirculated, Superb or Superb EF (NMS): This grade describes a coin that is essentially Mint State, but is slightly weak on its highest points due either to imperfect strike or a momentary foray into circulation. Modern wear, such as ìcabinet friction,î may also account for faint weakness that would disqualify a coin from the status of Mint State. By all standards this should be a spectacular coin, with the precious metal examples exhibiting considerable luster unless they have been improperly cleaned.

Mint State or Uncirculated (MS or Unc.): A coin of this grade literally must have no trace of wear. It can be imperfectly struck and suffer from a host of other minor impairments so long as this does not significantly detract from the detail. Sometimes a coin can be technically Mint State but because of strike or die imperfections, will exhibit detail more in line with a coin grading Very Fine. These cases usually require an explanation on the part of the cataloger. Luster should be plainly visible on precious metal coins, and if fully struck, the details of the design should be crisp. Bear in mind that Mint State coins are not always more attractive than lower-grade coins.

Fleur de Coin (F.D.C.): Though this term only means Mint State, it has come to be used as a description of virtual perfection. Needless to say, coins of this level are rare even among issues that routinely survive in top grade. The term is frequently misused to describe coins which are Mint State, but not as nice as is required to be F.D.C. Precious metal coins must exhibit original luster, their strike must be strong, and they must be nearly perfectly centered. Even the style must be above par for the traditionalist to assign this lofty grade. Many experts believe no patinated bronze can qualify as F.D.C. because its surfaces (no matter how attractive they may be) have been altered from their original state. Truly F.D.C. coins command a significant premium over EF or Mint State coins.

GRADE MODIFIERS

Since a coin does not always fit a grade category perfectly, or for some reason requires further explanation to communicate its appearance, grade modifiers are routinely used. In other cases modifiers are used to explain why it doesnít quite measure up to the stated grade, or why it exceeds it.

About, Almost, Nearly or Virtually: If a coin falls just short of the next highest grade, but is closer to the higher grade than it is to the lower grade, these modifiers (or others to the same effect) will be used.

EXAMPLES: About VF, Almost EF, Nearly Extremely Fine, Virtually Mint State.

Choice, Good, Superb, ñPlus: These or similar words are used to describe a coin which is better than the grade stated, but still is closer to the lower grade than to the next-higher one.

EXAMPLES: Choice Very Fine, Good EF, Superb Extremely Fine, Very Fine-Plus.

Grade Range: Sometimes a coin is best described with a grade range because it has some merits of each grade mentioned, but does not fully conform to either.

EXAMPLES: F-VF, Fine to Very Fine.

Split Grades: In some cases one side of a coin is better preserved than the other. This is usually the result of one side being improperly struck or damaged in some way. When this occurs, the obverse is usually more detailed than the reverse, largely because the striking process tended to more heavily damage reverse dies than obverse dies. On the two examples below, the grade before the slash is for the obverse, and the latter for the reverse.

EXAMPLES: F/VF, Extremely Fine/Very Fine.

A CAUTIONARY NOTE ON USING THE VALUES IN THIS CATALOG

ïThe price ranges in this catalog are for conservatively graded, attractive and virtually problem-free coins. The photographs and the verbal descriptions of grades in the Grading section will provide guidance for determining the grade of other coins. Any coin which is not conservatively graded, or has noticeable defects will be worth considerably less than the values indicated. Alternatively, defect-free coins with exceptional merits may well be worth a premium. Without a full understanding and acknowledgment of these basic principles, this value guide will be of little use.

ïJust because two different issues are given the same price range does not necessarily mean they are equally valuable. For example: one of the issues may consistently command a price at the lower end of the $1,000ñ$ 1,500 range, whereas another more valuable type will consistently realize a price toward the upper end of the range. The first issue is truly a lower-value piece, yet, they will fall into the same general category. Only market participation will make these differences clear.

ïWhen a long dash (ó) occurs in place of value ranges this means that determining an accurate value in that particular grade is speculative. This sometimes means the coin is of extraordinary value; however, more often than not this is not true. It may still be a coin of relatively modest value.

ïCoins are valued, when possible, in three grades. The various grades used herein are abbreviated as follows: F (Fine); VF (Very Fine); chVF (Choice Very Fine); EF (Extremely Fine); NMS (Nearly Mint State). The last refers to a coin which is considerably better than Extremely Fine in terms of wear, and may indeed be Mint State. The vast majority of precious metal coins in this category have some mint luster.

ïThe listings that name the denomination without further detail refer to common or ìgenericî types for that reign. If either the obverse or reverse type is rare or significant, there is a strong likelihood the coin is worth a premium above the figure listed.

ïSubsidiary listings refer to specific reverse or obverse types of the denomination described above. There is always a verbal description of these better types. The types listed are among the most avidly collected of the reign.

ïWhenever the term under appears in a description, that means the coin in question was struck during the reign of the person listed.

IMPORTANT NOTE TO THE READER

The values in this book represent typical values achieved in equitable transactions between knowledgeable buyers and knowledgeable sellers. However, the reader should beware that depending on the buyers and sellers involved, as well as the venue and circumstances of the sale, prices may vary considerably.

The values in this book are not intended for, and should not be relied upon for conducting an accurate appraisal. Only an experienced numismatist who takes into account every aspect of a coinís appearance, rarity, importance and expected method of sale can provide an accurate appraisal. No warranty is made or implied by the author, the publisher or by those who have contributed to the compilation of these values, that coins matching the descriptions in the tables will realize the prices stated even under equitable circumstances between a knowledgeable buyer and a knowledgeable seller. This catalog does not constitute an offer by any party either to purchase or to sell the coins described in this catalog at any price. Furthermore there is no inherent suggestion or warranty that coins matching the descriptions in this book can be purchased for the prices quoted, or for any price, either from the author, the publisher or in the marketplace. This catalog is not intended to be a comprehensive guide to the values of Roman coins. The complexities of the ancient coin market are numerous and significant enough to assure that no guide to values will be useful unless used in partnership with buyer restraint, experience and good taste. It is the authorís express hope that this guide may help every reader become a more successful collector.