Proving the model - backing up the Heritatum Rare Coin Index
Compound Returns (CAGR) of 13.16%
As outlined our Heritatum Rare Coin Index (HRCI) utilises price data from Spink's Coins of England. To ensure data integrity, further research was undertaken. The infrequent trading of rare coins, particularly across a consistent 20-year span, presented a significant methodological challenge. Consequently, our analysis incorporates CAGR to provide a standardised measure of performance across varying holding periods, as few coins have traded in both 2003 and 2023.
Below we have a small selection of coins we have found that haver traded at auction near to the start point of the HRCI and the 2023 end point. These coins are not of a similar type but rather the exact coins which have traded across 2 dates.
All prices are the hammer prices. Where coins have traded in a currency other than GBP we have done conversion for the value on that day.
1. Elizabeth I, Fine Gold Sovereign
2003 - £7,000
2021 - £140,000
CAGR 18.11%
A beautiful example of this desirable Elizabethan ‘Fine Gold’ Sovereign produced between 20 April 1584 and 13 February 1585
May 2003, Spink Auction 163, 15 , lot 59
November 2021, Noonans Auction 198 17, lot 6
2. George II. 1729 5 Guineas East India Company issue
2005 - £4,990
2018 - £59,152
CAGR 20.95%
A very fine example of this popular coin. The 5 Guineas was the largest gold coin produced for many years and this example has the desirable E.I.C. (East India Company) mark. The Royal Mint placed "EIC" under the king's head on gold coins between 1729 & 1739 to signify they were using gold supplied by the Company.
Ex Louis E. Eliasberg, Sr. Collection
April 2005 Spink/Stacks auction, lot 392.
January 2018 CNG Triton XXI, lot 1508
3. George III 1761 Pattern Guinea by Richard Yeo
2003 - £4,800
2023 - £53, 567
13.54% CAGR
Extremely rare coin of George III. Produced as a pattern (an example or trial piece) by the revered engraver Richard Yeo. Finest certified by NGC.
May 2003 Spink auction 3024, London, lot 101.
May 2023 Sincona AG Auction 82, lot 1779
4. James II, 5 Guineas, 1687 Elephant and Castle
2003 - £31,000
2022 - £154,341
2024 - £188,785
8.98% CAGR
A James II 5 Guinea with the elephant and castle mark. This mark indicated that the metal came from the Royal African Company - one of the oldest British colonial companies - which was established in Guinea (hence the name ‘Guinea’ for the coins. Prestigious pedigree from some. of the finest collections. Finest certified by NGC
May 2003, Spink auction 3024, lot 70
May 2022, Sincona AG Auction 75, lot 154
May 2024 MDC sarl, Auction 14, Lot 933