Rising gold prices, sparked by political unrest and economic uncertainty, have added more fuel to the numismatic flames as the rare coin market continues its march. Bullion prices are once again flirting with the $325 an ounce level, a price barrier that is perceived to be a breakout point for the precious metal. With this added incentive, September's song should prove to be a sweet one for the world of coins.
Modern coins continue to sell at a blistering pace, as the huge collector base and the affordability of most issues make for a winning combination. Meanwhile, what is happening with the other areas of the market that have been hot for many, many months?
No slowdown in sight.
"Everything is selling extremely well," says Anthony Terranova, a veteran dealer from New York City who specializes in Colonial coinage and early American issues. "I wrote more sales tickets at the ANA convention than at any other show in the past 14 years. The demand is still widespread and there is no evidence of a slowdown in Bust dollars, Colonials or Classic type coins."
Why is this market so sustainable? "This market is almost totally collector-driven," Terranova pointed out. "There is stability now that hasn't been seen before. There will be a couple of significant tests of the market at Long Beach, but I feel certain that the demand for classic material won't back off."
What kind of tests? "There is a large offering of Bust dollars in the Pre-Long Beach auction from Ira & Larry Goldberg Coins & Collectibles, Inc. There are over 90 lots of dollars from 1794-1803. Then, Heritage Numismatic Auctions is offering the Jack Klausen estate of Territorial gold," Terranova said.
Deep cameo Proof coins? Eclectic, but electric.
The next stop on this swing-around-the-country-and-check-out-the-market journey is in Palm Harbor, Florida, where I found long-time dealer Ron Iskowitz, who specializes in cameo (CAM) and deep cameo (DCAM) coins.
"This area of the market continues to shine," Iskowitz said. "I don't do anything with the modern issues or the coins that go beyond a certain price point -- such as Capped Bust quarters -- but the Liberty Seated and Barber coins are still in great demand, especially the DCAM Proofs."
There has been no slowdown whatsoever? "There is one area that is much slower than all the others, and that's the Barber quarters. Why? Because all of the other issues in the same price range are much, much tougher. The collector has no trouble in locating a Gem Proof DCAM quarter of 1892 or 1896 or 1898 or a few other dates that I can mention. If you come up with a 1915, though, or one of the other rarities, there are numerous collectors waiting to buy it.
"There is practically no premium at all for some of the CAM coins, while a DCAM of the same issue that is rare will bring a sizable premium," Iskowitz continued. "From the three cent nickels through the Liberty Seated dollars the population reports are beginning to dictate the prices."
Bowers & Merena "Rarities Sale" is worth a look (or two!).
The next Bowers & Merena "Rarities Sale" is now online. This top-quality auction is scheduled for floor bidding on September 22 in Beverly Hills, California, but online bids will be accepted through September 20.
Some of the highlights of this sale include the following classics in copper, nickel and silver:
- 1652 Oak Tree Shilling - PCGS AU53
- 1652 Pine Tree Shilling - PCGS AU58
- 1856 Flying Eagle Cent - PCGS PR64
- 1913 Type One Buffalo Nickel - PCGS PR67
- 1796/5 Half Dime - PCGS MS62
- 1804 Dime - PCGS XF45
- 1796 Quarter - PCGS MS63
- 1896-O Barber Quarter - PCGS MS66
- 1836 Gobrecht Dollar (Original) - PCGS PR64
- 1921 Morgan Dollar (Chapman) - PCGS PR64
- 1873-CC Trade Dollar - PCGS MS64
There are also many spectacular gold coins and other numismatic treasures for your consideration. To view the lots and/or to bid online, 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).
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