On November 30, 2020, bitcoin crossed an all-time price
high on a few global exchanges and between spot and derivatives
markets there’s been a lot of action. One metric people didn’t
notice was the fact that November 2020 saw the most number of
redeemed Casascius physical bitcoins in three years. Approximately
92 coins were peeled throughout the last 30 days and there are only
20,686 Casascius physical bitcoins left active.
In the bitcoin world, there are a number of coins that hold
numismatic value, which means the bitcoin could be worth more
than the spot market value of the BTC. For instance,
legend has it that virgin bitcoins (freshly minted by a miner)
can fetch a premium because no one has ever transacted with
However, the most common bitcoins holding numismatic value are
physical bitcoins that also hold a premium and a value of BTC as well. The most
famous and most valuable physical bitcoins were created by Mike
Caldwell from 2011 to 2013.
physical bitcoin collection website is still online, but the
manufacturing operation is no longer operational. This is because
Caldwell had to quit issuing physical bitcoins that are loaded with
thanks to harsh U.S. regulations.
Ever since Caldwell created the Casascius coins, people have
been redeeming the digital value from the physical metal’s
private key. Caldwell made both coins and bars and last year at the
end of December,
someone peeled (redeemed) a 100 BTC gold-plated bar.
The digital value on the bar alone is worth close to $2 million
today and there’s not that many 100 Casascius bars left.
Current data shows that there’s been over 78% of the series
one 100 BTC
Casascius gold-plated bars redeemed to-date, according to casasciustracker.com.
Last month, when BTC touched record
highs, the crawler from casasciustracker.com recorded 92 coins
redeemed, which is the highest peel-rate in three years.
Last month’s number of Casascius bitcoin redemptions is the
highest since December 2017 when BTC touched a high of
$19,666 per unit. In 2017, however, a greater number of Casascius
bitcoins were peeled, as data shows 411 Casascius bitcoin
redemptions during the month of December. This means in November
2020, people peeled 22% of the aggregated count of physical coins
and bars redeemed during the last bull run.
At the time of publication, 20,686 Casascius physical bitcoins
are still left active and there is only one series that has been
fully redeemed. The series 2 Casascius 500 BTC bars have all been
redeemed, but there was only one 500 BTC bar made and
it’s worth $9.5 million today.
The holy grail of all the Casascius bitcoin collection treasures
is the 1,000 BTC series one bar
worth a touch over $19 million using today’s exchange rates.
Caldwell issued 16 of these large bars and so far 14 have been
redeemed, which means there are only two left in existence.
Another thing that makes Casascius bitcoins even more valuable
than face value, is the fact that every coin was made before 2013.
This means owners can not only redeem the BTC’s private key,
but all the forked assets as well including BCH, BSV, and other
Second market sales of the Casascius bitcoin collection are
catching premiums today and even
peeled coins that Caldwell produced are selling for $750 empty.
Ebay has a number of sellers selling funded Casascius bitcoins too
and in order to buy any, people have to have a lot of money to
For instance, there’s an Ebay ad for five Casascius bitcoins
minted in 2012 and the seller wants
$150k for the lot. Meanwhile, another seller is selling a rare
2011 physical Casascius coin with a single bitcoin funded on it for
Connoisseurs who are looking to break the bank to buy one of
these funded Casascius bitcoins on Ebay could spend anywhere
between $40,000 to well over $100k per coin. Moreover, physical
bitcoins made by BTCC, Denarium, Cryptolator, Lealana, Titan, and
others sell for a premium on second market websites too.
Casascius bitcoins and many other physical bitcoin crafters who
loaded digital BTC to the coins
during manufacture are a super rarity to find these days.
Regulations have quite literally ruined the loaded physical
bitcoin industry, and people now have to buy coins from secondary
markets. The popular physical bitcoin manufacturer Denarium stopped
selling coins in July 2020 after running the operation since
“It is a great achievement to retire a five-year-old physical
bitcoin business with zero hacks and more than 15,000 produced
units that hold more than 5M USD (600+ BTC),” Denarium’s
Chief Production Officer Viljami Räisä said
when the business closed.
Similar to Casascius bitcoins, Denarium coin owners can also
check the status of the coins the company issued since inception.
Data shows that out of the
15,084 Denarium physical bitcoins minted, 603 BTC remain active and
What do you think about the recent spike in Casascius
bitcoin redemptions last month? Let us know what you think about
this subject in the comments section below.
Last Month Casascius Owners Redeemed the Highest Number of Physical
Bitcoins in 3 Years appeared first on Bitcoin News.