Coin Universe Weekly Market Report - 8/1/00

The winds of change keep blowing through the rare coin market, and each week the changes continue to be for the better. There is energy in the air that hasn't been felt with such intensity in years. "There was an incredibly strong collector market in late July," says Laura Sperber of Legend Numismatics in Lincroft, New Jersey. "Collectors were buying coins in all price ranges, including the $10,000 and higher levels. Type coins were strong, and scarce date Morgan dollars in high grades continue to be in great demand.

"Our customer base is purely collectors," Sperber continued, "but there's suddenly a lot of interest in generic gold, especially Saints [$20 gold pieces designed by Augustus St. Gaudens]. People want to buy coins in quantity.

"We are in the best shape we've ever been in going into the ANA convention," Sperber concluded. "We have lots of money to spend and numerous clients looking for coins."

Indian and Lincoln cents continue to roll

Mint state and proof Indian and Lincoln cents are the most active areas of the market for Richard Hokanson of Richard Hokanson R. C. I. in Shoreham, New York. "Both full red and red/brown pieces are selling extremely well, especially in the key dates," Hokanson said. "Another area that's hot is Washington quarters, most notably the dates in the 1930s. Most collectors are asking for bright gem quality pieces, but high quality toned examples are selling well, too."

Another area of specialization for Hokanson is dated gold [gold coins that are too scarce to be designated as "generic"]. "Better date gold is still a strong seller up to about the $7,000 range," Hokanson said. "The interest is focused on $3, $5, $10 and $20 pieces. For the most part the gold dollars and $2½ gold pieces are not in great demand."

What area is "white-hot?" Read on!

"Collector coins continue to be white-hot," says John Dannreuther of John Dannreuther Rare Coins, Inc., in Memphis, Tennessee. "This includes everything from the key 20th century dates such as 1916-D dimes and 1932-D quarters through modern proof sets, Mint sets and similar items.

"Inexpensive type coins in MS64 and better, or Proof 64 and better, are also on a roll. The lower price levels tend to lead to greater market participation, at least at the present, but there have been inquiries about the big-ticket items as well. The market seems to be in excellent shape," Dannreuther concluded.

PCGS certifies 1884 Trade dollar Proof 67!!

The finest graded (and almost certainly the finest known) 1884 Trade dollar has just been certified as Proof 67 by the Professional Coin Grading Service (PCGS). The 1884 Trade dollar is a legendary rarity in the world of numismatics. Only ten pieces were struck in the proof format, and no coins were minted for circulation, so this coin is actually rarer than the renowned 1804 silver dollar (15 known to exist). "This magnificent coin is absolutely spectacular," noted PCGS president Richard S. Montgomery. "Both from the standpoints of condition and rarity this is one of the most memorable and significant coins to ever be certified by PCGS."

Ten days in "coin show heaven"

The ANA convention is the biggest coin show of this and any year, and it's a market bellwether for the months that follow. This year the show is in Philadelphia, Pennsylvania, on August 9-13. The activity begins in earnest with the pre-ANA show in Fort Washington, PA, on Friday, August 4. That show continues through Monday, August 7, then the venue switches to Philadelphia for PNG day on August 8 followed by the ANA convention itself. Almost every major rare coin dealer in the country will be in attendance, along with collectors and other dealers from around the world.

Now is the time for the ANA "Sale of the Millennium"

The major 3,250-lot auction by Bowers & Merena Galleries is upon us! Known as the "Sale of the Millennium," this giant auction will take place on August 9-12 during the convention of the American Numismatic Association in Philadelphia. For more information contact Bowers & Merena at 1-800-458-4646, send them a FAX at (603) 569-5319, write to Box 1224, Wolfeboro, NH 03894 or visit their website at www.bowersandmerena.com. You may also send them an e-mail at [email protected].