Dealers are reporting a major uptick in retail sales activity since the beginning of the year. Sales activity is strong in virtually every segment of the rare coin market. "Everything from colonials to gold coins to modern coins is selling very well," one dealer told us. Morgan dollars have been especially strong; particularly better dates and all deep mirror prooflikes.
As has been the case for the past year, activity in the modern coin market is very strong and the number of participants in the coin hobby seems to be growing on a daily basis. This is a direct consequence of the ongoing states quarters issues. The government's states quarter program is creating a coin collecting renaissance. Many collectors and dealers have told us that their children and all of their children's friends are now collecting coins. Several people have mentioned that they felt collecting states quarters will replace Pokemon as the next national collecting phenomenon.
At the upper end of the food chain the gold ingots from the SS Central America are still continuing to create quite a stir in the marketplace. Demand for these fabulous rarities is great and sales are brisk. California Gold Marketing Group, through their national distributors, have been releasing the ingots in a deliberate well timed fashion, but there seems to be more demand than there are ingots. Everyone needs to realize that this is a one-time event of great historical numismatic importance.
Next week dealers will fly to California from all parts of the country to attend the utra-important Long Beach Coin and Collectibles Expo. The Long Beach show is held three times a year and is always a good barometer of market direction and activity. Collectors Universe CEO, David Hall, summed up the importance of the Long Beach shows, "Every year there are five coin shows that matter, the ANA summer show, the Florida FUN show during the first week of January, and the three Long beach shows. I went to my first coin show in 1966...it was the Long Beach Coin Show. Every important dealer will be there and over $20 million worth of coins will be sold at the show and the auctions that are held in conjunction with the show. The tone of the coin market is currently very good and a strong Long Beach show will add fuel to the fire."
There are three major coin auctions to be held next week. They will be conducted by Superior, Heritage, and the Goldbergs. The week following Long Beach, Kingswood Coin Auctions, the only telephone (and internet) auction in the coin industry, will be conducting its important Bristol Sale. Lots will be available for viewing during the Long Beach show at tables 929 and 931. For online bidding, click here. For more information on the auction and telephone sale, call at 800-458-4646.
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