As bitcoin continues to become more scarce every day, the most popular set of physical bitcoins—crafted by Mike Caldwell from 2011 to 2013—have become far scarcer than their digital counterparts. According to casasciustracker.com, as of September 18, 2021, there are now fewer than 20,000 active Casascius physical bitcoins left to be “peeled” (redeemed for their loaded BTC value). Specifically, the tracker shows 19,920 coins or bars remain active, containing approximately 43,000 BTC worth over $2 billion at current prices.
The Casascius Story: Creation and Government Shutdown
Mike Caldwell began producing Casascius physical bitcoins in 2011, embedding actual BTC private keys under tamper-evident holographic stickers. The coins came in three series: Series 1 (1–1,000 BTC), Series 2 (0.5–500 BTC), and Series 3 (0.5–1 BTC), plus DIY Storage Bars. The United States government eventually forced Caldwell to stop minting loaded coins, deeming them as unlicensed money transmission. By the end of his production run, Caldwell had minted approximately 27,920 Casascius bitcoins with various BTC denominations.
Peeling Data: Over 8,000 Already Redeemed
Over the past decade, 8,009 coins or bars have been peeled (redeemed), meaning the digital BTC inside has been spent. To date, a total of 48,169 BTC (worth $2.3 billion) have been redeemed through the peeling process. On the flip side, the remaining 43,000 BTC still sealed represent over $2 billion in unspent value. High-value denominations are particularly rare: of the six Series 1 1,000 BTC round coins, only two have been redeemed; of the sixteen 1,000 BTC bars, 14 (87.5%) have been redeemed. Among the 81 Series 2 100 BTC silver coins (each worth $4.8 million), 47 coins (58.02%) have been redeemed.
Collector Frenzy: Even Empty Coins Fetch Premiums
Casascius physical bitcoins have gained significant numismatic value over the years. Even “empty” peeled coins retain strong market prices: a 2012 peeled silver coin is listed for $1,999; a loaded 2013 silver coin containing 0.1 BTC ($4,834 at the time) is offered at $20,000 today. A rare lot of 125 unloaded aluminum Casascius coins sells for $4,995. The combination of cryptocurrency history, physical craftsmanship, and extreme scarcity makes these items highly coveted by collectors and investors alike.
With fewer than 20,000 active Casascius bitcoins remaining, each unpeeled piece represents a unique time capsule of early Bitcoin history. As the community continues to value both the digital asset and its physical embodiment, the remaining supply is likely to shrink further, driving up both collectible and monetary worth.
Data sourced from casasciustracker.com, snapshot taken September 18, 2021.