Weekly Market Report: Market Soars Onward and Upward as Demand for Gold Continues to Grow

Bruce Amspacher - December 16, 2003
  Proof gold was ''really hot'' at the Baltimore Coin & Currency Exposition.

It was 100 years ago this week that the Wright brothers soared to heights previously unknown to man. It was less than two weeks ago when the Baltimore Coin & Currency Exposition did the same thing. They're still talking about both events.

"Baltimore was off the charts," says Laura Sperber of Legend Numismatics in Lincroft, New Jersey. "We did so much business before the show that we didn't even need to go to the bourse floor to have a great show. It was an event dominated by the demand for gold."

Is there anything to add to the words of praise that flowed forth last week? "Proof gold was really hot," Sperber said. "These were coins being bought by collectors, too, so there's no problem selling five-figure coins to the public. I also found a lot of action in Proof type coins and especially No Motto Proofs. And, as usual, we sold every Gem-quality DMPL Carson City dollar that we brought or bought at the show."

"Gold is as hot as it's ever been."

What's happening this week in the world of certified gold coins? "Gold is as hot as it's ever been," says Richard Schwary of California Numismatic Investments, Inc., in Inglewood, California. "By that I mean that you can sell everything that you can get your hands on in any denomination. The relatively expensive coins, such as $3 gold pieces, are selling just as quickly as the most generic items."

Where is the greatest demand? "MS64 Saints are selling in 100 and 200-coin lots, so I guess you could say that that's the biggest area of demand. I could also sell 100-coin lots of MS64 $20 Libs if I could find them. Actually, anything in MS63 through MS65 is gone instantly, so they could all fall in the 'greatest demand' category.

"The price of bullion appears to be stalled in the $400-$410 range, but this hasn't slowed the calls for certified gold. This market is garnering new interest throughout the country and there are some big players entering the stage for the first time," Schwary said.

North Shore Collection highlights Heritage F.U.N. Signature Sale

Over 17,000 lots will fall under the hammer at the Heritage Numismatic Auctions sales at the 2004 F.U.N. show in Orlando, Florida, with the spotlight on the "North Shore" collection in the "Signature Sale."

A nearly complete set of $20 gold pieces, both Liberty and St. Gaudens, is up for bidding along with many other spectacular gold coins. Dates of special interest include:

1804 13 Star $2˝ GoldPCGS AU50
1863 $2˝ LibertyPCGS PR64DCAM
1881 $3 GoldPCGS PR65CAM
1843-C $5 LibertyPCGS MS64
1846-C $5 LibertyPCGS MS62
1850-C $5 LibertyPCGS MS64
1795 $10 Gold 9 Leaf VarietyPCGS MS60
1798/7 $10 Gold 7X6 StarPCGS MS62
1870-CC $10 LibertyPCGS AU50
1870-CC $20 LibertyPCGS AU53
1883 $20 LibertyPCGS PR65DCAM
1931-D $20 St. GaudensPCGS MS64

Bowers & Merena sale realizes $3.9 million

Rare coins of all denominations proved strong in Baltimore as the auction by Bowers & Merena Galleries realized $3.9 million on December 4-6. Here are a few of the highlights from this highly successful sale:

1776 Continental DollarPCGS AU58$20,998
1916-D Mercury dimePCGS MS64$20,700
1916 Standing Lib quarterPCGS MS65FH$21,850
1867 Liberty Seated dollarPCGS PR66DCAM$27,600
1895 Morgan DollarPCGS PR66DCAM$51,750
1868 $3 GoldPCGS MS66$34,500
1805 $5 Gold PCGS MS64$39,100
1806 $5 GoldPCGS MS64$24,725
1874 $10 LibertyPCGS MS65$29,900


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).

This 1776 Continental Dollar in PCGS AU58 sold for $20,998 in Bowers and Merena Galleries' recent sale in Baltimore.

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