Physical Bitcoin Worth Over $1 Million Presented At Auction Houses

Well-known auction houses that typically offer rare coins, famous artworks, and other popular assets for collectors to bid on have started capitalizing on physical Bitcoin (BTC).

通常提供稀有硬币、著名艺术品和其他流行资产供收藏家竞标的知名拍卖行已经开始利用实物比特币（btc）。

Both Stacks Bowers Galleries and Heritage Auctions are presenting “physical cryptocurrencies” as part of their upcoming showcases, highlighting collector interest in tangible coins representing popular digital assets.

stacks bowers galleries 和 heritage auctions 都将在即将举行的展览中展示“实物加密货币”，突显收藏家对代表流行数字资产的有形硬币的兴趣。

James McCartney, Director of Consignments and Numismatics at Stacks Bowers Galleries, told Cryptonews that the gallery recently announced its “Bitcoin Halving Sale,” which will be featured as part of their Spring 2024 Showcase Auction.

stacks bowers galleries 寄售和钱币学总监 james mccartney 告诉 cryptonews，该画廊最近宣布了“比特币减半拍卖”，这将作为 2024 年春季展示拍卖的一部分。

McCartney shared that the Bitcoin Halving Sale will consist of more than 200 physical cryptocurrency coins with a combined market value of more than $1 million (all values based on $60,000 BTC value).

麦卡特尼表示，比特币减半销售将包括 200 多种实物加密货币，总市值超过 100 万美元（所有价值均基于 60,000 美元的 btc 价值）。

“This is the firms first physical crypto sale of the year and certainly one of the most significant they have put together since entering the category in 2021,” said McCartney. “It is also the very last dedicated crypto auction to be held before the Bitcoin Halving event predicted for mid-April, which has been subject to tremendous excitement and speculation.”

麦卡特尼表示：“这是该公司今年首次进行实体加密货币销售，当然也是自 2021 年进入该类别以来最重要的销售之一。” “这也是预计在 4 月中旬比特币减半事件之前举行的最后一次专门的加密货币拍卖，该事件引起了极大的兴奋和猜测。”

The Concept Behind Physical Bitcoin

实物比特币背后的概念

According to McCartney, physical Bitcoins are essentially cold wallets that resemble specific cryptocurrencies. He added that some of these physical collectables can contain a public address that is unique to each coin, which may be loaded with cryptocurrency at the time of sale.

麦卡特尼认为，实物比特币本质上是类似于特定加密货币的冷钱包。他补充说，其中一些实物收藏品可能包含每个硬币独有的公共地址，在销售时可能会加载加密货币。

“This format was made popular by the Casascius and Lealana series produced from 2011 through 2013, but many more producers have since made coins of their own,” he said.

“这种格式因 2011 年至 2013 年生产的 casascius 和 lealana 系列而流行，但此后有更多的生产商开始生产自己的硬币，”他说。

For context, Bitcoinwiki.org notes that “Casascius Physical Bitcoins” – also known as Casascius coins – are physical metal coins that were created by a Bitcoin user by the name of “Casascius.”

作为上下文，bitcoinwiki.org 指出，“casascius 物理比特币”（也称为 casascius 币）是由比特币用户以“casascius”的名义创建的物理金属币。

Have you ever given #Bitcoin to people as a gift and the the price skyrockets？

你是否曾经将#bitcoin 作为礼物送给别人，结果价格却飙升？

My guest Mike Caldwell, the creator of Casascius Physical Bitcoins, used to give these out as Christmas gifts in 2011 until the Gov't shut him down.

我的嘉宾迈克·考德威尔（mike caldwell）是 casascius 实体比特币的创建者，他曾在 2011 年将这些比特币作为圣诞礼物赠送出去，直到政府关闭了他。

Listen to his story at https://t.co/OPfZCStjSx pic.twitter.com/tM9xH0WoGN

请访问 https://t.co/opfzcstjsx pic.twitter.com/tm9xh0wogn 聆听他的故事

— Charlie Shrem (@CharlieShrem) July 9, 2019

— 查理·施雷姆 (@charlieshrem) 2019 年 7 月 9 日

These coins with actual Bitcoin embedded in them were sold from 2011 until Nov. 2013. Yet sources note that Casascius collections creator, Mike Caldwell, received a cease and desist letter from the U.S. Government, putting an end to the series entirely in 2013.

这些嵌入了实际比特币的硬币从 2011 年一直出售到 2013 年 11 月。然而消息人士指出，casascius 收藏品的创造者迈克·考德威尔 (mike caldwell) 收到了美国政府的停止函，该系列于 2013 年完全结束。

2012 Casascius “Bitnickel” 5 Bitcoin. Series 2. MS-66 (PCGS). Source: Stacks Bowers Galleries

2012 年 casascius“bitnickel”5 比特币。系列 2。ms-66 (pcgs)。资料来源：stacks bowers 画廊

Physical Cryptocurrency Viewed as Rare Collectables

实物加密货币被视为稀有收藏品

Sam Spiegel, Director of International Numismatics at Heritage Auctions – a Dallas, Texas-based auction house founded in 1976 – told Cryptonews that physical cryptocurrency from the Casascius collection has since become rare, piquing the interest of coin collectors and crypto enthusiasts alike.

heritage auctions（一家成立于 1976 年、总部位于德克萨斯州达拉斯的拍卖行）的国际钱币学总监 sam spiegel 告诉 cryptonews，casacius 收藏的实物加密货币自此变得稀有，激起了钱币收藏家和加密货币爱好者的兴趣。

“Heritage offered its first piece of physical cryptocurrency last year. We began in earnest with our offering of Part 1 of the ‘Otoh Collection,’ which was sold last November,” said Spiegel. “This was a major private collection from an early adopter; believe it or not, these were bought by the Otoh collector directly from Casascius (who produced these) in 2013 for a small fraction of what they are worth today.”

“heritage 去年推出了第一款实物加密货币。我们认真地推出了”otoh 系列“的第 1 部分，该系列于去年 11 月售出。”spiegel 说道。 “这是早期采用者的主要私人收藏；不管你信不信，这些都是 otoh 收藏家在 2013 年直接从 casascius（这些作品的制作者）手中购买的，价格只是今天的一小部分。”

Following this auction, Spiegel noted that physical crypto assets have made a “big splash” within Heritage Auctions collecting community.

在这次拍卖之后，斯皮格尔指出，实物加密资产在 heritage auctions 收藏界引起了“轰动”。

“More of these physical cryptocurrency coins have been coming in from other collectors for our auctions,” he said.

“更多的这些实物加密货币硬币已经从其他收藏家那里运来参加我们的拍卖，”他说。

Given this rising interest, McCartney pointed out that Stack‘s Bowers’ long-time collectors have started to pay attention to physical cryptocurrency collections after focusing on traditional rare coins for years or decades.

鉴于这种日益增长的兴趣，麦卡特尼指出，stack's bowers 的长期收藏家在关注传统稀有硬币数年或数十年后，已开始关注实体加密货币收藏。

“We view physical bitcoins on par with traditional numismatic categories like $20 gold coins or Morgan silver dollars that have been prized by collectors for decades,” McCartney said. “Since first entering the category in 2021, weve sold over 1,000 physical crypto coins and achieved more than $4.5 million in total prices.”

麦卡特尼表示：“我们认为实物比特币与传统的钱币类别（例如数十年来一直受到收藏家珍视的 20 美元金币或摩根银元）相当。” “自 2021 年首次进入该类别以来，我们已售出 1,000 多枚实物加密货币，总价格超过 450 万美元。”

Spiegel further noted that Heritage Auctions has seen a mix of collectors taking interest in its physical crypto collections.

spiegel 进一步指出，heritage auctions 发现许多收藏家对其实物加密藏品感兴趣。

“Some are very traditional coin collectors who are buying these as a piece of numismatic history, though weve also seen crypto and NFT enthusiasts buy these as historical Web3 items,” he added.

他补充道：“有些是非常传统的硬币收藏家，他们将这些硬币视为钱币历史的一部分来购买，尽管我们也看到加密货币和 nft 爱好者将这些硬币视为历史性的 web3 物品来购买。”

Physical Bitcoin Selling for More Than BTC Market Value

实物比特币售价超过 btc 市场价值

While the concept of physical cryptocurrency may appeal to a specific group of collectors, it‘s interesting to note that some of these collections are selling at higher prices than a cryptocurrency’s market value.

虽然实物加密货币的概念可能会吸引特定的收藏家群体，但有趣的是，其中一些藏品的售价高于加密货币的市场价值。

According to Spiegel, the value of a physical cryptocurrency is often determined by the market, yet collectors will typically bid these items up. He added that Heritage Auctions will start each lot – meaning an individual object or group of objects offered for sale at auction as a single unit – with no minimum bid, and offer them without reserve.

据明镜周刊称，实物加密货币的价值通常由市场决定，但收藏家通常会抬高这些物品的出价。他补充说，heritage auctions 将开始每件拍品（即作为一个整体在拍卖会上出售的单个物品或一组物品），不设最低出价，并无底价出售。

“In the case of lot #65215, it sold for $78,000, when at the time bitcoin was about $63,500,” said Spiegel. “This is because collectors placed a premium on these collectible items. In my mind, its not dissimilar to collectors paying a premium over the gold price for a rare, collectible gold coin.”

“就#65215 号拍品而言，它的售价为 78,000 美元，而当时比特币的价格约为 63,500 美元，”spiegel 说。 “这是因为收藏家对这些收藏品给予了溢价。在我看来，这与收藏家支付高于金价的溢价购买稀有的、具有收藏价值的金币没有什么不同。”

LOT #65215 sold for $78,000. Source: Heritage Auctions

拍品#65215 售价为 78,000 美元。资料来源：heritage auctions

Matthew Weller, Global Head of Research at StoneX – an institutional-grade financial services franchise – told Cryptonews that given the positive correlation between Gold and Bitcoin, it might make sense for some investors to pay a small premium for a physical cryptocurrency.

机构级金融服务特许经营公司 stonex 的全球研究主管 matthew weller 告诉 cryptonews，鉴于黄金和比特币之间的正相关性，对于一些投资者来说，为实物加密货币支付少量溢价可能是有意义的。

“This is the case especially if the investor values the artistic value, security features, or if the physical coin offers additional functionality, such as a hardware wallet,” said Weller. “Physical coins can also be crafted with intricate designs and made from precious metals, making them collectible items. For enthusiasts and collectors, this adds an aesthetic value beyond the 1s and 0s that make up the digital currency itself.”

韦勒说：“尤其是当投资者重视艺术价值、安全功能，或者实体硬币提供额外功能（例如硬件钱包）时，情况尤其如此。” “实物硬币也可以采用复杂的设计并由贵金属制成，使其成为收藏品。对于爱好者和收藏家来说，这增加了超越数字货币本身的 1 和 0 的审美价值。”

Indeed, McCartney explained that these coins are typically comprised of struck metal – commonly brass or silver – and conceal a private key beneath a tamper-resistant holographic sticker.

事实上，麦卡特尼解释说，这些硬币通常由冲压金属（通常是黄铜或银）组成，并在防篡改全息贴纸下方隐藏私钥。

“Oftentimes, the first digits of the public address are engraved or printed on the security sticker so that the funded status or amount can be verified,” he explained.

“通常，公共地址的第一位数字会刻在或打印在安全标签上，以便可以验证资助状态或金额，”他解释道。

In order for a collector to “redeem” the coin, McCartney noted that the holographic sticker must be peeled to reveal the private key, which allows the owner to sign a transaction, thus “spending” the associated Bitcoin.

麦卡特尼指出，为了让收藏家“赎回”硬币，必须剥离全息贴纸以显示私钥，私钥允许所有者签署交易，从而“花费”相关的比特币。

McCartney added that once a physical crypto coin has been redeemed it cant be re-loaded.

麦卡特尼补充说，实体加密货币一旦被兑换，就无法重新加载。

“They are considered spent,” he said.

“它们被认为已经耗尽了，”他说。

Unsurprisingly, McCartney explained that as more physical Bitcoins continue to be redeemed, the rarity and desirability of those intact “unspent” coins increases.

毫不奇怪，麦卡特尼解释说，随着越来越多的实物比特币继续被赎回，这些完好无损的“未使用”比特币的稀有性和需求量也在增加。

“This explains the appeal of physical Bitcoins from a collectible standpoint and why we have seen them command sizable premiums compared to their face value,” McCartney pointed out.

麦卡特尼指出：“这从收藏的角度解释了实物比特币的吸引力，以及为什么我们看到它们与面值相比具有相当大的溢价。”

For example, McCartney noted that there were originally around 28,000 coins “loaded” as part of the Casascius series. Yet only around 18,000 remain intact.

例如，麦卡特尼指出，casascius 系列最初“装载”了大约 28,000 枚硬币。然而，只有约 18,000 处完好无损。

“More continue to be redeemed as time goes on,” he said.

“随着时间的推移，还会有更多的人继续被赎回，”他说。

Tangible Crypto Drives Mainstream Interest

有形加密货币驱动主流兴趣

Although physical cryptocurrency may appeal primarily to collectors, these tangible assets could help drive mainstream adoption if the concept catches on.

尽管实体加密货币可能主要吸引收藏家，但如果这一概念流行起来，这些有形资产可能有助于推动主流采用。

For instance, Spiegel mentioned that he believes these coins are broadening the appeal of cryptocurrency.

例如，斯皮格尔提到，他相信这些硬币正在扩大加密货币的吸引力。

“The more we offer these items at auction, the more legitimacy they have as collectibles, as evidenced by the fact that the premiums have been quite strong,” he remarked.

“我们在拍卖会上提供的这些物品越多，它们作为收藏品的合法性就越高，溢价相当强劲就证明了这一点，”他评论道。

Weller added that there are likely investor-minded individuals who want to have some portion of cryptocurrency in their portfolios, yet may be more comfortable having something tangible.

韦勒补充说，可能有一些有投资者意识的人希望在自己的投资组合中拥有部分加密货币，但拥有有形的东西可能会更舒服。

“Stacks Bowers Galleries sales should certainly help create a familiarity with Bitcoin for those who are curious or collector-minded,” said McCartney. “Collectible physical Bitcoin is still a niche category within the overall cryptocurrency community, but we are optimistic for wider adoption as we continue to invest and spread awareness about the category.”

麦卡特尼说：“stacks bowers galleries 的拍卖肯定有助于那些好奇或有收藏意识的人熟悉比特币。” “具有收藏价值的实物比特币仍然是整个加密货币社区中的一个利基类别，但随着我们继续投资并传播对该类别的认识，我们对更广泛的采用持乐观态度。”