Levi's buckleback jeans worth $20,000
Original 1800s Levi's buckleback jeans found in old gold mines can be worth up to $20,000, particularly prized by Japanese collectors.
Snapshot · My First Million
We found an app that lets you buy anything for $0
Explore episode
Jun 24, 2026
Where this was said
a brief masterclass in valuing denim
At 52:57 · chapter starts 50:13
With the PSA model established, Shaan turns the question outward: where else are there 'credence good' markets big enough to support a dominant third-party grader [1] — Shaan Puri "The PSA model — trusted third-party grading of credence goods — could work anywhere there's an opaque market with aligned incentives and a …" 50:13 ? His ideas range from youth sports — could you create a PSA-equivalent Combine for high school athletes? — to human capital, grading the top 1% of Ivy League graduates in a way employers and investors could trust. Sam steers the conversation into vintage denim, which turns out to be his genuine obsession. He explains what collectors actually look for: 'honeycombs' (the fade pattern behind the knee), whether the back patch is leather or cardboard, whether copper rivets are slightly green and thus genuinely antique, and whether the hem was sewn on a Union Special chain-stitch machine that hasn't been manufactured in decades. Original 1800s Levi's buckleback jeans recovered from old California gold mines can sell for $20,000, and Japanese collectors are the world's most obsessive buyers of authentic American vintage denim. Sam is currently wearing a pair he's proud of and stands up to give viewers a look at the roping fades. The segment closes with the observation that handbags are probably the largest untapped market for this kind of grading service, and both hosts issue an open invitation to Nat Turner and David Rubenstein to come on the podcast.
Where Else Can You Build a PSA?
The PSA model — trusted third-party grading of credence goods — could work anywhere there's an opaque market with aligned incentives and a big enough economy. Youth sports combines, Ivy League graduate scoring, vintage handbags: Shaan Puri and Sam Parr brainstorm where the next attestation empire could be built.
Vintage Denim: A Masterclass in Collecting
Sam Parr is a genuine vintage denim obsessive. Serious collectors evaluate 'honeycombs' (fading behind the knee), leather back patches, hidden copper rivets, and chain-stitch hems made on machines that no longer exist. Original 1800s Levi's buckleback jeans from old gold mines can fetch $20,000, largely driven by Japanese collector demand.
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