In the face of a wavering economy, another probable interest rate cut of a half-point, shaky consumer confidence and a probable war, the rare coin market continues to show strength and resilience. Yes, there are things that are more important than the coin market grabbing today's headlines, but the niche notched by numismatics is still more than worthy of mention.
The renewed interest in generic and semi-generic gold coins is currently leading the way, as dealers from around the country report the heaviest sales since the 9-11 tragedy of 14 months ago. As reported in last week's column, business is up 120% over last year for one major dealer and others report increased activity as well.
"The gold coin market is very strong," says Brad Rodgers of The Numismatic Emporium, Inc., in Woodland Hills, California. "It has been this way for the entire year with no evidence of a slowdown in the last month or so."
Anything that's "a little better" is in great demand.
What areas are selling the best? "Anything that's a little better date is in the greatest demand. While the common dates -- a 1924 $20 Saint or a 1904 $20 Liberty -- are selling well, a slightly rarer coin such as a 1914-D Saint or an 1897-S $20 Liberty will sell instantly. Now I know that a '97-S $20 isn't rare in most grades, but the Pop Reports show that it's 25 times rarer than the 1904-P for only a tiny price premium, so that's what the people want.
"The high end of the market is doing extremely well," Rodgers continued. "The MS65 $20 Liberty and the MS66 $20 St. Gaudens are two coins that are usually sold out in the first few hours of a coin show. The demand in that area is the strongest in years."
Priced in the ballpark? It's gone!
What is going on with dated gold? "Anything that is priced at the market sells. Period. That goes for common dates, scarce dates, rare dates, circulated, uncirculated or Gem quality. Of course a dealer doesn't get an 1871-CC $5 or an 1859-P $20 very often, but anything that has some rarity to it is asked about. If someone comes back to get it a few hours later they usually find that someone else has already jumped on it."
PCGS Set Registry nearing 4,500 registrants.
The PCGS Set Registry continues to grow in leaps and bounds, with the total number of sets registered nearing the 4,500 mark. In fact, by the time you read this the number will probably already be surpassed, as 4,496 is the magic total as this is being written.
"The search for the best, particularly in the modern sets, continues unabated," says John Rothans of David Hall Rare Coins in Newport Beach, California. "It's not uncommon to receive three or four orders for Pop-top coins in the most affordable price ranges." [Note: "Pop-top" refers to a coin that is at the top of the Pop Report and scores the maximum on the PCGS Set Registry for that date.]
The coins that are in the greatest demand? "Nothing is hotter than Walking Liberty half dollars right now," Rothans said, "but the even-more-modern issues are hot as well, such as modern commemoratives, Jefferson nickels, Roosevelt dimes and, of course, Washington quarters."
Baltimore show, major auction this week.
There are over 5,000 lots in the upcoming auction from Bowers & Merena Galleries. The seven-session sale is November 6-9 and is being held in conjunction with the Baltimore Coin and Currency Convention.
The name of the sale is The Collections of Russell J. Logan & Gilbert G. Steinberg and Part III of the Jay Roe Collection. This highly-anticipated sale will undoubtedly produce numerous newsworthy prices that will be reported on in this column next week.
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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