PHYSICAL CRYPTOCURRENCY PREMIUMS

 
2013 physical Lealana Bitcoin

Over $500,000 in physical bitcoins and other cryptocurrency was sold by Stack's Bowers Galleries in their Spring 2022 Showcase Auction, contributing to nearly $37 million in overall prices realized for the sale—a 60% increase above the pre-sale estimate. The Stack's Bowers Galleries Spring 2022 sale was largest and most diverse offering of physical cryptocurrency ever by a major auction house, confirming Stack's Bowers Galleries as a market leader among today's expanding community of collectors. The firm first presented this category at auction in November 2021 when a 500% premium was realized by a Lealana 0.1 Bitcoin. Strong premiums continued to be earned throughout this recent offering, far exceeding premiums reported in any other sale venue. The Bitcoin price at the time of the April sale was approximately $45,000 and all premiums to follow reflect the percentage earned above the underlying face value of the cryptocurrency.

The sale featured an array of Bitcoin and Litecoin from the popular Lealana and Casascius series, all certified and encapsulated by PCGS. Also included were several unloaded and redeemed coins that remain very popular as keepsakes of this exciting technology. The Casascius coins were highlighted by a 2013 1 BTC that earned a near 50% premium at $66,000 and a 2013 0.5 BTC that sold for a 40% premium at $31,200. These were purchased directly from Mike Caldwell, the creator of the series, as part of original rolls of coins. They were accompanied by two of the historic 2011 Casascius Error 1 Bitcoin pieces, which are important as the first funded physical bitcoin ever produced, according to researcher Elias Ahonen's Encyclopedia of Physical Bitcoins and other Crypto-Currencies. Included in this pair was a MS-66 (PCGS) that realized a premium of over 70% at $78,000, ranking as the sole finest of just five at PCGS.

The Lealana coins were spotlighted by a scarce four-coin set of silver 2013 Lealana bitcoins, offered individually in consecutive lots. Each coin is marked with the serial number 24, making it one of the earliest sets issued by Lealana creator Noah Luis, aka "smoothie." The set was highlighted by an important gold-plated 1 BTC graded Proof-69 Deep Cameo (PCGS) that brought a 140% premium of $108,000. This historic coin is described by specialist Elias Ahonen as "perhaps the most visually interesting" issue from this series.

Also included in the set was a 0.1 BTC graded Proof-70 Deep Cameo (PCGS) that sold for a 245% premium at $15,600, a 0.25 BTC graded Proof-69 Deep Cameo (PCGS) that earned a 240% premium at $38,400, and a 0.5 BTC graded Proof-70 Deep Cameo (PCGS) that realized a 190% premium at $66,000. A similarly matched set of 2013 Lealana litecoins was also featured, highlighted by a 10 LTC Proof-68 Deep Cameo (PCGS) that brought a 530% premium at $7,800.

With such significant premiums and over a half million in prices realized, the Stacks' Bowers Galleries Spring 2022 Auction will be forever remembered as a historic offering of physical cryptocurrency.

To read the earlier E-Sylum articles, see:
BITCOINS GO FROM VIRTUAL TO PHYSICAL (https://www.coinbooks.org/esylum_v14n45a22.html)
U.S. GOVERNMENT SHUTS DOWN PHYSICAL BITCOIN MINTER (https://www.coinbooks.org/esylum_v16n51a14.html)
PHYSICAL BITCOINS, BOGGS, AND EXPENSIVE PIZZA (https://www.coinbooks.org/v24/esylum_v24n42a07.html)
2013 SILVER LEALANA 0.1 BITCOIN OFFERED (https://www.coinbooks.org/v24/esylum_v24n46a20.html)
NEW BOOK: ENCYCLOPEDIA OF PHYSICAL BITCOINS (https://www.coinbooks.org/v24/esylum_v24n45a05.html)

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