"People want to put their money into the best material," says Laura Sperber of Legend Numismatics in Lincroft, New Jersey. "That's definitely what we're seeing now. At the ANA we sold more five-figure coins than at any other time in our 25 years in numismatics. People are buying high-powered type coins, $10 and $20 gold coins in Proof-65 or better and DCAM [deep cameo] Proof coins at a record pace."
If these words sound familiar it's because they are. The rare coin market has been excellent since 2000 and on fire for the past 18 months and there is no sign of a slowdown. Reports from the ANA convention continue to pour in, with unbridled enthusiasm being the rule rather than the exception.
"In addition to expensive coins the other end of the market is white-hot as well," Sperber said. "I'm referring to Gem-quality coins that are under $1,000. Anything that is MS65 or better that costs less than $1,000 just flies out the door. People are finding out that quality is scarce in all price ranges."
Where's my new nickel?
The 2003 Jefferson nickel with the new reverse was supposed to be here by now. To find out what is happening with this exciting numismatic event I checked in with Thomas Noe of Vintage Coins & Collectibles in Maumee, Ohio. Mr. Noe is on the Citizens Coin Advisory Commission and is involved in the day-to-day progress and setbacks of the project.
"It looks like the coin might be delayed until 2004," Noe reported. "I will know a lot more after a meeting on Thursday, but it appears that there are too many little problems to overcome for the coin to be issued this year."
Has a design been selected? "The reverse is set. It will be a copy of the original Indian Peace medal with the obligatory additions of E PLURIBUS UNUM or whatever," Noe said. "The obverse will probably be the same as it is now. I liked a few of the new designs of Jefferson but some of the other members said they were artistic disasters so I yielded on the point."
If the 2003 coins are issued will there be any Proofs? "No, there will be circulation strikes only for 2003 with the first Proofs in 2004. That's another reason why the project may be delayed. We don't want to upset the collectors right from the beginning."
How many new designs will there be for the nickel before Monticello is returned to the reverse? "The Mint talked about one for this year and two each for 2004 and 2005 for a total of five. Then they changed to four, then to three. In other words, it's still up in the air, even at this late date. What is important is that they're doing something new with our coinage and creating a lot of interest."
What's next on the agenda? "A new reverse for the Roosevelt dime, Noe said.
Price records fall at Bowers & Merena ANA sale.
The official ANA "World's Fair of Money" auction has been over for ten days now but the price records are still reverberating throughout the world of coins. In addition to the $1,207,500 for the 1804 Class III silver dollar in PCGS PR58, there were hundreds of other impressive prices posted at the sale by Bowers & Merena Galleries. Here are some of the highlights that weren't mentioned in last week's column:
- 1909-S Indian Cent (PCGS MS67RD) $48,300
- 1916/16 Doubled Die Nickel (PCGS AU55) $54,625
- 1792 Half Disme (PCGS MS64) $230,000
- 1796 Half Dollar (PCGS AU55) $109,250
- 1806 Half Dollar Overton #108 (PCGS EF40) $86,250
- 1948 Franklin Half Dollar (PCGS MS67FBL) $28,750
- 1866 Liberty Seated Dollar (PCGS PR66DCAM) $41,400
- 1861-D Gold Dollar (PCGS MS61) $35,650
- 1911-D $2˝ Indian (PCGS MS65) $67,850
- 1834 Capped Bust $5 (PCGS AU55) $29,900
- 1859-O $20 (PCGS AU53) $33,350
- 1907 $20 Liberty (PCGS PR64) $41,400
- 1883 Hawaii Dollar (PCGS PR63) $20,700
- 1943 Cent struck over 1943 Dime (PCGS MS62) $21,850
- 1922-S Peace Dollar 15% off-center (PCGS MS65) $32,200
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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