The auction for Ancient Coins of The Roman Republic closed last night at Heritage Auctions. While some of the coins sold below the initial estimates offered up, the high prices should catch the eyes of even those who are skeptical of numismatics for collecting or for investing. This may also rekindle some debates about what is owned privately versus what is owned by museums for the public.

Collectors Dashboard covered the offerings of some of the top sales of numismatically priceless examples. The coverage can be found here in our article titled Ancient Coin Auction Dominated by Assassination of Caesar, Marcus Junius Brutus. The Top Ten sales are also listed in order with sales records provided from Heritage Auctions.

The estimate of the Marcus Junius Brutus, Assassin of Caesar and Imperator was between $400,000 and $500,000. The coin was controversial in its day. The next ruling party had them melted down, and perhaps most provocative is this is the only coin in human history celebrating a murder. Not knowing Roman history or the classics this is a literal coin made to commemorate the Ides of March and the murder of Julies Caesar. The coin reportedly has only about 80 genuine examples known, 30 of which reside in museums.

The demand is for the portrait of Brutus. The majority of the existing examples came from one cache buried around the time of minting. To that note, Brutus had a traveling mint with his army and according to the boldness of the coins style was a means of propaganda for his on-site traveling army. Brutus is understood to have issued the coins to remind his soldiers that they fought for the Roman Republic and that Caesar was assassinated.

(Image for gold coin and silver coin from Heritage Auctions)

The coin, along with a similar gold example, sold below the initial estimates. The Marcus Junius Brutus, Assassin of Caesar and Imperator AR denarius sold for $312,000.00 after 13 bids, well below thee $400,000.00 to $500,000.00 estimate. The gold example Marcus Junius Brutus, Assassin of Caesar and Imperator (44-42 BC), with Pedanius Costa as Legate AV aureus sold for the same price of $312,000.00 also after 13 bids.

The price of both coins did beat the price from August 17, 2018 where another example minted with Brutus’ traveling army sold for $240,000.00 by Heritage Auctions. A description of the 2018 sale for ‘Stunning Gold Aureus of Brutus, Assassin of Julius Caesar’ is listed below:

Marcus Junius Brutus, Assassin of Caesar and Imperator (44-42 BC). AV aureus (22mm, 7.99 gm, 6h). NGC (photo-certificate) Choice AU ★ 5/5 – 4/5. Military mint traveling with Brutus and Cassius (possibly at Sardis), 42 BC, Marcus Servilius, legate. M • SERVILIVS upward to left, LEG upward to right, laureate head of Libertas right / Q • CAEPIO upward to left, BRVTVS • IMP upward to right, trophy composed of helmet, cuirass, ptryges, two spears, and shield. Crawford 505/4. CRI 206. Calicó 61a. Sydenham 1314. RBW 1775. Babelon Junia 47 and Servilia 38. Sharply struck on a massive flan with the look and feel of a product produced while on a military campaign instead of a tightly controlled city mint.

Here are the top 10 sales of Ancient coins sold in the Heritage Auction in August:

• Marc Antony, as Triumvir and Imperator 44-30 BC with Octavia AV aureus was estimated to sell for $75,000.00 – $100,000.00. The coin sold on August 19, 2021 for $216,000.00 after 18 bids.
• Victorinus, Romano-Gallic Empire AD 269-271 AV aureus NGC Choice AU sold for $180,000 after 8 bids.
• Octavian, as Sole Imperator 31-27 BC AV aureus NGC Choice AU brushed sold for $168,000.00 after 9 bids.
• MYSIA. Pergamum. Time of Alexander III the Great, ca. 334-323 BC AV stater NGC Choice MS sold for $132,000.00 after 15 bids.
• Vitellius 16 April-22 December AD 69 AV aureus NGC Choice XF, Boscoreale Toning, edge marks sold for $120,000.00 after 19 bids.
• Domitian, as Augustus AD 81-96 AV aureus NGC MS Fine Style sold for $114,000.00 after 28 bids.
• Tetricus I, Romano-Gallic Empire AD 271-274 AV aureus NGC Choice AU sold for $114,000.00 after 8 bids.
• SICILY Syracuse Time of Dionysius I 405-370 BC AR decadrachm NGC Choice AU Fine Style sold for $102,000.00 after 16 bids.
• Hadrian AD 117-138 AV aureus NGC MS Fine Style sold for $96,000.00 after 26 bids.
• Divus Julius Caesar 49-44 BC AV aureus NGC Choice VF ex-mount was estimated to sell for $50,000.00 to $60,000.00 and instead shattered estimates selling for 96,000.00 after 18 bids.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. The same capital that could have been invested into stocks or bonds is being used to buy high-end collectibles. True numismatic hobbyists have a passion to own certain coins for quite a long time. The investor class in collectibles is solely buying an asset to sell at a later date for a profit. This keeps collectors and investors in a constant battle for who can win in auctions.

Ancient coin collectors have shown time and time again the excitement felt for a subject as old as recorded history. And despite some prices being under some estimates, the WTR Auction by Heritage Auctions showed that ancient coins still have some followers who are willing to pay vast sums to own them.

Heritage Auctions is one of a handful of auction houses that can handle coins that can only be categorized as world heritage in their representation. Few events are as well documented as the turmoil from the assassination of Julius Caesar, and the fact that his murder is celebrated in coin form is a powerful thought.