Having been active both in 2002 and in 2013 I think I can paint a picture of what the penny market was like about 15 years back. As I have mentioned previously the market then was very buoyant. The reason for this is simple you had far too many buyers with deep pockets then. We still have many buyers but I am of the opinion that they are not as many nuts (penny freaks) as there used to be in the early 2000s especially the ones that did not care too much about splashing out. Tony C put together an impressive collection in less than a decade and he could not have done it if he were bargain hunting. Crocker, Broothy, Workman, Bamford, Davies, Morgan and Charlie were just some of the names associated with pennies in those days. So, few people bought the lot, the rest had to keep looking. Let me give you an example when (a forum member’s) 1933 penny came up for sale I was among the many buyers trying to raise the 50k that was the initial asking price. I went to my bank to have my house re mortgaged to raise the 50k and by the time I had an agreement (within days) the asking price was 75k because the seller had offers in that region. I was not even in touch with the seller then, the news was through secondary sources. I am still in touch with the veterans, Davies in particular, but they have all got a pretty complete set (in high grades apart from the obvious 1933, 1952, 1954 or 1864 crosslet in unc) so many of these buyers are hardly interested in what comes to the market these days. If one of those true rarities comes to the market then I am sure we will witness carnage. Further in the last 10 years many major penny collections have come to the market (Alderney, Workman, Crocker, Bamford, Forest Park, ….). There is enough material for the second tier collector to be interested but nothing for the big boys. The last big penny to hit the market was the 1827 CGS 80 coin acquired by Boothy(?); and Davies who has a better specimen was the under-bidder. I also feel that we will not see another collection like the Gerald Jackson collection - mules in MS 64 RB, 1882 no H in 64 RB. That was a once in a lifetime opportunity that hardly any of us were interested in due to the poor quality of photographs. Re the Els collection I am hoping the seller gets a fair price but I am not too sure the current penny market is in the bull region.