PCGS The Standard for the Rare Coin Industry

A recent issue of the Weekly Market Report concerned the concept of déjà vu. No, not the tired old redundant joke about "déjà vu all over again" or anything like that, but the fact that almost every dealer that we talk to each week has virtually the same thing to say. Early type is raging hot, generic gold is ice cold, commems are warming up, et cetera and ad infinitum. This week déjà vu rears its head again, but in a slightly different manner. "The rare coin market has come full circle," says Art McBride of Art McBride Rare Coins in Fair Oaks, California. "It's just like it was in 1975. The collector coins are where it's at once again. Everyone seems to be looking for the 1909-S V.D.B. cent and the 1916-D dime. The market is extremely price conscious, with most sales restricted to the $50 to $1,000 range. The deadest areas of the market are the common coins, whether it's an 1881-S Morgan dollar in MS64 or some piece of generic gold."

Yes, most of this sounds familiar if you've been reading the WMR on a regular basis (or were around in '75 to witness it for yourself), but the market is like the first rays of morning light in that the future is promising. "The statehood quarters program and the Internet have combined to bring us millions of new collectors," McBride continued. "There's a plethora of common coins in common grades on the market, but a definite shortage of fresh material. Now I know that the lack of fresh material is a dealer complaint in every market, but it's true even more so today. Any coin of special quality or rarity will bring a surprisingly strong price in the Internet auctions."

Are there any personal favorites in the world of coins for Mr. McBride? "Carson City dollars," he answered quickly. "They're in tremendous demand in all dates and grades. As far as the key dates go, such as 1889-CC and 1893-CC, I never have one in stock for more than 30 minutes."

Tom Caldwell is a veteran numismatist and principal owner of Northeast Numismatics (www.northeastcoin.com) in Concord, Massachusetts. "One of the more interesting new collecting areas is off-center statehood quarters," Caldwell said. "Dealers and collectors alike are putting together sets by state. It's a nice contrast to the overall slowdown that seems inevitable this time of year."

Is almost everything slow? "Collectors are taking advantage of this market in some areas," Caldwell continued. "The price dip in Proof three cent nickels and Proof Liberty nickels has made these series highly attractive. The pre-1836 coins are selling in all the collector grades and key date coins continue to be in demand. There is no reason why these coins shouldn't remain strong. "Another area worthy of note is Colonials. Massachusetts silver and copper, Fugio cents and Continental dollars are all in demand and offer solid value."

The "NFL Set" of Morgan dollars is unquestionably one of the finest quality sets of all time. Former National Football League star Gregg Bingham decided to tackle the project several years ago, and the results of his efforts have been spectacular. The complete set will be auctioned in early January by Heritage Numismatic Auctions.

This doesn't mean that Mr. Bingham is gone from the world of collecting. 'I'm still working on several projects," Bingham said in an interview with the WMR. "I kept some of the toned Morgans that I acquired if there was a duplicate to put in the NFL Set. I'm hoping to put together a "Year Set" of Morgans with sensational color, but that's going to be a major challenge. I'm also collecting a set of monster commems and Proof and MS type coins with monster color." Just in case you're not familiar with the terminology, the adjective "monster" means "marvelous, magnificent, spectacular and unbelievable" all rolled into one.

Gregg, that's monster news!

The upcoming F.U.N. show will feature another important auction as well, the Bowers & Merena Galleries "Rarities Sale" that is taking place January 3. Among the many highlights is the incredible Eliasberg/Jack Lee 1889-CC Morgan dollar. This remarkable coin is almost certainly the finest known, as it grades PCGS MS68. The second finest graded is the PCGS MS65 example from the famed PCGS Silver Dollar Tour of a decade ago. For more information on this sale, click here.

Bruce Amspacher has been a professional writer since the 1950s and a professional numismatist since the 1960s. He won the OIPA sportswriting award in 1958 and again in 1959, then spent eight years in college studying American Literature. This background somehow led him to become a professional numismatist in 1968. Since then he has published hundreds of articles on rare coins in dozens of publications as well as publishing his own newsletter, the “Bruce Amspacher Investment Report,” for more than a decade. His areas of expertise include Liberty Seated dollars, Morgan and Peace dollars, United States gold coins, sports trivia, Western history, modern literature and the poetry of Emily Dickinson. In 1986 he was a co-founder of the Professional Coin Grading Service (PCGS).

1889-CC MS 64 DMPL PCGS from the famed NFL Set.

1880-O MS 65 PCGS from the famed NFL set.