What is the main story this week in the world of coins? It is difficult to choose the lead, as the sensational L. K Rudolph auction results share the spotlight with soaring gold prices and an overall rare coin market that continues to show truly remarkable strength and diversity.
The Rudolph sale, conducted by Stack's on May 14, featured spectacular Gobrecht, Liberty Seated, Trade and Morgan dollars plus many other highlights. An 1870-S Liberty Seated dollar, believed to be the only Mint State specimen known, broke all price records for the date and series when it realized $1,092,500. An 1885 Trade dollar in NGC PR61 wasn't far behind in the price column, selling for $920,000. For a related story on the Rudolph sale, click here.
Meanwhile, the interest in gold bullion has been rekindled by a weakening U.S. dollar and numerous other factors and prices are pushing the $370 an ounce level in overnight trading as this is being written. The effect on certified gold prices has been minimal so far, but dealers report that prices are "edging back up."
"The phone isn't ringing off the hook yet," says Brad Rodgers of The Numismatic Emporium in Woodland Hills, California. "It takes a little while for the new price levels of gold bullion to sink in. Everything is still extremely fairly priced."
Weak dollar is hurting the flow of coins from Europe.
Are the supplies ample or are they beginning to get thin as they did in the last run on gold? "The flow of coins from Europe is crummy," Rodgers said. "This is being caused by the weak dollar. Ultimately the market for generic pre-1934 gold is determined by the European supply. With no flow, the supply problems are going to surface soon."
Are you optimistic about the market? "An MS64 $20 Saint costs $150 less than it did the last time that gold was in the $365-375 range. An MS63 Saint is only $100 or so over melt. These coins are a great deal for the consumer and I'm extremely optimistic about the market."
Bowers & Merena "Sanctuary Sale" in June.
The "Sanctuary Sale" from Bowers & Merena Galleries will be held June 26-27 in conjunction with the Mid-America Coin Expo in Rosemont, Illinois. Here are some of the highlights of this 1,864-lot sale:
- 1916/16 Doubled Die Buffalo Nickel (PCGS EF45)
- 1800 Bust Silver Dollar (PCGS MS61)
- 1860 Liberty Seated Dollar (PCGS PR67CAM)
- 1878 8TF Morgan Dollar (PCGS MS66)
- 1879-CC Morgan Dollar (PCGS MS65)
- 1854 Type Two Gold Dollar (PCGS MS64)
- 1858-D Gold Dollar (PCGS MS62)
- 1884 Gold Dollar (PCGS PR67CAM)
- 1848-D $2˝ Liberty Gold (PCGS MS62)
- 1854-D $3 Gold (PCGS AU55)
- 1888 $3 Gold (PCGS PR66CAM)
- 1880-CC $5 Gold (PCGS MS62)
- 1912 $5 Indian (PCGS MS65)
- 1890-CC $10 Liberty (PCGS MS63)
- 1908 With Motto $10 Indian (PCGS MS66)
Kingswood "New Castle" sale is now online.
June 5 is the closing date for the latest edition of the Kingswood Coin Auctions "alphabet series" of sales. The "New Castle" sale features 966 lots of PCGS and NGC certified coins of extremely high quality.
"All of the lots will be available for viewing at the upcoming Long Beach show," said Raeleen Endo of the Collectors Universe auction team. "After that, lots will be shown by appointment. They can also be viewed online, of course, with images available for every lot.
"We are really excited about this upcoming sale," Endo continued. "There is a wide selection of 19th and 20th century rarities as well as ultra-high grade modern issues." To peruse 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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