Coin Universe Weekly Market Report - July 11, 2000

The Renaissance was a time of artistic renewal for the world, and today’s rare coin market is proving to be a renaissance for (and of) collectors and other numismatists. “Just when it was thought that the Internet might prove to be the death knell of coin shows, the opposite is proving to be true,” says Jeff Garrett of Mid-American Rare Coin Galleries of Lexington, Kentucky. “While the Internet has sparked the interest of thousands of new collectors, the major coin shows are showing positive growth as well. The shows provide entertainment, positive interaction between dealers and collectors, and a chance for numismatists to view the actual coins rather than just photos or scans.”

The renewed interest in coins is seen outside of the numismatic arena as well. “Everywhere I go the subject of coins seems to come up,” Garrett said. “The new [statehood] Quarters and [Sacagawea] Dollars are usually the focus at first, but when people find out that I’m a professional numismatist they want to know all about it.”

In addition to the tremendous interest in entry-level coins, a great deal is happening in other areas as well. “The hottest area of the market is the mid-price level coin with a great deal of eye appeal. There seems to be no price resistance on items up to $5,000,” Garrett concluded.

“The rare coin market seems to be in good shape across the board,” says Steve Deeds, a veteran numismatist and Director of Numismatics at Superior Galleries of Beverly Hills, California. “Early proof type coins are extremely strong, and early copper coins are nothing short of astounding at this time. The only area of the market that is showing weakness is high-priced low population gold.”

Deeds reports that e-sales have picked up markedly in recent weeks, with coins in the $200 to $2,000 range especially strong. “There is a tremendous amount of price information out there to help the collectors, and a coin that sells quickly at $110 might not sell at all at $120. The market is highly active in this area, but also highly price competitive.”

Deeds notes that “top-range coins are still selling well. There are numerous major collectors who are filling gaps in their collections.”

Superior Galleries has an important auction scheduled for its first Pre-Long Beach Sale of 2001 [on or about February 1, 2001]. The J. R. Frankenfield collection will be a major part of the sale, with nearly 2,000 lots (!) devoted to rare copper coins. “The collection is devoted to Half Cents and Large Cents, not only by date but by die variety as well,” Deeds noted.

There will also be a Pre-Long Beach sale for Superior Galleries in October 2000. “We are going to have a special section of our catalog devoted to collector coins,” Deeds stated. “There will probably be a special Sunday session where collectors and dealers looking to fill want lists can come and bid on less expensive but still highly desirable coins, such as a ‘93-P Morgan Dollar in XF or a ‘21-D Half Dollar in Fine.”

Here’s another reminder about the upcoming convention of the American Numismatic Association in Philadelphia, Pennsylvania. The auction known as the “Sale of the Millennium” will take place August 9-12, conducted by Bowers & Merena Galleries of Wolfeboro, New Hampshire. For more information contact Bowers & Merena at (800)-458-4646, write to Box 1224, Wolfeboro, NH 03894 or send them e-mail at [email protected].