Prices for Rare Coins: A 2008 Auction Review

The Numismatics Market in 2008: Peak Prices

To analyze past coin prices, let's turn to the catalog of the Kyiv Numismatic Auction held on September 26, 2008. This period is considered the peak of prices in the numismatic market, situated between the dot-com bubble and the subprime mortgage crisis.

To objectively compare prices from that time with current ones, it's important to understand the economic context. For example, in 2008, a one-bedroom apartment in a panel building cost about $50,000, which is roughly twice as expensive as today. In the numismatics market, a common 'dug-up' Catherine the Great 5-kopek coin sold for $10, and a denga for $4.

These examples show how high the prices were during that period. Today's value of many coins differs significantly from those peak values, making a retrospective analysis particularly interesting for understanding market cycles.

Coins of Alexander III: 3 Rubles 1881

We'll start the review with coins from the reign of Alexander III. The catalog featured a 3-ruble gold coin from 1881. The specimen's condition was rated as excellent.

The starting price for this coin at the 2008 auction was $3,000. Today, an uncertified specimen would hardly reach such a value. A common coin now costs almost half as much.

However, it is important to note that specimens in exceptionally high preservation condition (MS, Mint State) can be valued much higher. Their value today can reach $6,000-$7,000, which emphasizes the crucial role of the coin's condition in its pricing.

Copper Coins of Alexander II: Inflated Expectations

Let's consider a few copper coins from the time of Alexander II. The catalog featured a 5-kopek coin from 1869 from the Yekaterinburg Mint. Judging by the photo, the coin has a brown patina and is in a condition close to AU (About Uncirculated).

Another example is a 3-kopek coin from 1860, also made of copper. This specimen was likely found during excavations, and its condition is far from ideal. Nevertheless, the starting prices for these coins in 2008 were surprisingly high.

This comparison clearly demonstrates how much even the not-so-rare copper coins were overvalued during the market's peak.

Silver Coins of Alexander II: Rarity and Price

Silver coins of Alexander II also showed impressive prices. Rare specimens with small mintages stood out, and their value at the 2008 auction was very high.

• Poltina 1869. A rare coin with a mintage of only 20,000 pieces. The starting price was $10,000. Today, such a coin is valued at around $4,000-$5,000.

• 25 Kopeks 1865. A very rare coin with a mintage of 16,000 pieces (R1 according to Bitkin). The starting price was $5,000. Today, its value is in the range of $1,300-$1,500.

• Ruble 1860. A very rare specimen (R1 according to Bitkin, 15 rubles according to Ilyin) with a mintage of about 18,000 pieces. The starting price at the auction was listed at $30,000. Modern sales of similar coins are in the range of $7,000-$10,000.

As a more affordable example, we can mention the 5 kopeks of 1863. In a condition far from ideal, this coin had a starting price of $100, whereas today its value is only $5-$10.

PROOF Coins and Commemorative Rubles

Of particular interest in the catalog is a multi-lot of four silver coins from 1862: 5, 10, 15, and 20 kopeks. All were presented in PROOF condition, which is a great rarity. The starting price for this set was $5,000. Given the exceptional quality, such a price could still be relevant today.

The catalog also featured commemorative rubles from 1859, 'In memory of the unveiling of the monument to Emperor Nicholas I.' One specimen in 'very good' condition had a starting price of $1,000. Another, in 'excellent' condition, was valued at $2,000. Today, the value of such coins, especially those that have been graded, can be higher: a specimen in AU58 condition sold for $2,717.

Rare Copper and Gold Coins

As a bonus, let's look at a copper 5-kopek coin from 1858 from the Yekaterinburg Mint. The coin was presented in magnificent condition with a starting price of $2,000. In the 2008 market, flooded with excavated coins, high-quality specimens with original luster were extremely rare, which explains such a high valuation.

Among the gold coins, the 5 rubles of 1863 stood out. Despite having a solder mark, its starting price was $1,000. It's important to remember that in 2008, the price of gold was about four times lower than it is today (from $692 to $1,023 per ounce). Considering this factor, a price of $1,000 for a coin with a defect was very high for that time.