For the first time in recent memory the price of gold isn't higher than it was the previous week, but the $15-to-$20-an-ounce downward blip is not having a negative effect on the rare coin market. Dealers around the country report no slowdown whatsoever as demand for coins in the most popular series is stronger than ever.
"Buying the coins is still a battle," says Larry Whitlow, a veteran dealer from Oak Brook Terrace, Illinois, "but selling them is a breeze. We are exceptionally busy and the dip in gold prices in the last few days has gone unnoticed by collectors. If you have nice type coins or 20th century material there's always someone who wants to buy."
What is selling the best? "We just purchased a wonderful set of Walking Liberty half dollars in mostly MS65 and better with a few MS64 coins in it. Those coins are flying out the door. Anything of hand-picked quality from AU55 Bust dollars to modern issues can be called a bestseller."
Are there any current favorites to put away for a rainy day? "I've been buying the modern commemorative gold," Whitlow revealed. "It seems to be a great value and some of the mintage figures are extremely low."
What's happening in the Big Apple?
There has been so much talk about 20th century coins and gold in recent weeks that the classics have been ignored a little, at least in this column. It was time to check in with Anthony Terranova, a specialist in Colonials and early Americana from New York City.
"Early gold and silver coins are still hot," Terranova said. "Copper is relatively quiet. Expensive coins continue to sell extremely well. All of the popular Colonials are quick to move. The market has been strong in this material for several years now, and there's no indication of a change."
Anthony, you just summed up the whole market in one paragraph! "Even though the prices have risen I'm still very comfortable putting my money and my customers' money into these coins. Some of the other material that I used to specialize in doesn't offer the same kind of value."
Such as? "I don't know how many 1870-CC $20 gold pieces I bought and sold in the $20,000 range. That coin is now $120,000. It's not that it's overpriced, it's just that it's fully priced. There are so many places to put your money that are still filled with great potential that buying marginal material isn't the right choice, at least in my opinion."
Long Beach looms in late February.
The Long Beach Coin & Collectibles Exposition is only two weeks away. This has always been a major show, and it's getting more and more significant as the market roars into 2003. In addition to the anticipated sizzling bourse activity there is awesome auction action on the agenda. Here are a few highlights of the upcoming Heritage Coin Auctions "Signature" sale.
- 1918/7-D Buffalo nickel (PCGS MS63)
- 1916-D Mercury dime (PCGS MS65FB)
- 1942/1 Mercury dime (PCGS MS65FB)
- 1889-CC Morgan dollar (PCGS MS64DMPL)
- 1796 No Stars $2˝ gold (PCGS AU53)
- 1876 $3 gold piece (PCGS PR65DCAM)
- 1853-C $5 Liberty (PCGS MS64)
- 1906 $10 Liberty (PCGS PR66CAM)
- 1885 $20 Liberty (PCGS PR64DCAM)
- MCMVII $20 High Relief (PCGS MS65)
Coin photos in this article appear courtesy HeritageCoin.com.
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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