Found in thrift store: Coin from 300 B.C.

March 23, 2005 8:03 PM

My sister-in-law found a 2300 year old Greek Drachma coin at a thrift store for $4.00. She knew what it was because they found one just like it at an archeological dig in Bethsaida, Israel that she was on a while back.

It had been made into a pin (jewelry) but in a way that didn't damage the coin at all. The Director of Antiquities at the university has told her that it was authentic and valued it at $2500.00. (She describes it as having Athena on the front and an owl on the reverse. I have the feeling that she will want to sell it, but how does one get the best price for something such as this? I'd be scared to death of getting ripped off selling it on eBay. Suggestions anyone?

posted by spock to work & money (11 comments total)

I'd ask that Director for a referral to a reputable dealer. Donating to the University would be nice, too.
posted by amberglow at 8:15 PM on March 23, 2005

Is the director sure about the value? I know that ancient roman coins are quite common and not worth much...
posted by mdn at 9:09 PM on March 23, 2005

here is a nice little site about collecting ancient coins. on selling, it says coins are often worth no more than $25, but if they're in great condition or otherwise especially interesting, they can be worth hundreds. $2500 sounds like it's either an exceptional find, in which case the director of antiquities must know his coins quite well to have recognized it, and therefore is a good source for getting advice, or the director doesn't know much about the market and made an erroneous guess.
posted by mdn at 9:23 PM on March 23, 2005

Take it to an actual auction house like Christie's or Sotheby's. Ack you're in Illinois. Sell it to the Oriental Institute at the University of Chicago. Or I'll take it to Christie's or Sotheby's for you.
posted by scazza at 9:48 PM on March 23, 2005

Oh, I mean Nebraska, of course.
posted by scazza at 9:50 PM on March 23, 2005

Numismatics is a highly specialized field, and even Sothebys and Christies may not be the best people to give you expert advice. You need to contact a specialist coin dealer/auctioneer, such as Spink, in London, who are the market leaders in this field. If you send them a scan of the coin, they may be able to do a valuation for you; or you could ask them to recommend a reputable dealer in America.

Is it one of the famous Athenian drachmas with a picture of an owl on it? If so, you need to be extra careful, because there are a lot of high-quality reproductions out there.
posted by verstegan at 12:20 AM on March 24, 2005

"...you need to be extra careful, because there are a lot of high-quality reproductions out there."

This may be key. I hope not.
posted by wsg at 12:54 AM on March 24, 2005

David Sear is a well-known certifier of ancient coins and is the author of several commonly-used reference books. He'll evaluate coins for a fee.
posted by D.C. at 3:25 AM on March 24, 2005

Thanks for all the good info. I'm concerned that it may be a reproduction, too. In addition to the sources you have given me, I found this ancient coin discussion board that assists in identification from a scan. In addition, I have one of these (coincidentally found at a thrift store for $2.50), which might prove helpful in showing detail.
posted by spock at 5:38 AM on March 24, 2005

Be wary of the Director's appraisal. 1. S/He shouldn't be doing that sort of thing (ethical reasons). 2. No more than they buy stuff anymore, university museum directors probably aren't as familiar with the market as a proper dealer.
posted by jmgorman at 6:49 AM on March 24, 2005

It's not just a question of fake v. real:

"Without a "Greysheet" it is easy to pay too much for a coin that is truly old and yet not truly rare. From 450 to 420 BC, Athens struck over nine million "Owls." They are by no means rare. With this coin, the key is not its mere grade, though grade counts, but its centering and position. Cheap Owls are crowded, with no extra metal around Athena."

Its being old does not make it automatically worth a lot of money. Again, I know that a lot of roman coins are literally just worth a few dollars, so you need a professional assessment.

Even if it's not worth a lot, though, it's very cool to think you're holding something that could have passed through the hands of socrates...
posted by mdn at 6:52 AM on March 24, 2005