Coin Universe Weekly Market Report - July 18, 2000

The rare coin market continues to roll, with collector interest spanning the gamut of American numismatics. The hottest area of the market continues to be Washington quarters, but there are highly positive reports on such classics as Bust dollars and pre-1834 rare gold as well. “The whole Washington quarter series is on fire,” says William E. Spears of William E. Spears, Inc., of Carson City, Nevada.

“The finest graded Washington quarter set recently sold for over $140,000,” Spears said. “This set was #1 on the PCGS Set Registry. The new owner is the collector who previously had the #2 set on the Registry. He’s now far into the lead, but there are numerous collectors who are trying to challenge. From the 1932-D and ‘32-S all the way through the most recent statehood issues the interest in this series is intense.”

What else is selling well? “Carson City dollars are hot, but what else is new? They’re almost always great sellers,” Spears continued. “The most interest is focused on the more inexpensive dates in MS65, especially 1880-CC, 1881-CC and 1885-CC. Of course the cheapest dates [1882-CC, 1883-CC and 1884-CC] always sell quickly.”

Bust dollars and early gold hard to locate

“Bust dollars and high quality early gold coins are extremely difficult to locate,” says Dan Smith, senior numismatist at Tangible Asset Galleries of Newport Beach, California. “There’s a great deal of demand for nice Bust dollars, but so many of them have serious problems, such as being plugged, retooled or abrasively cleaned that finding nice specimens is quite a challenge. The same is true with the early gold in top condition. The Capped Bust material [1795-1834] is really tough to find in nice quality, and the demand is excellent.

ANA Convention will set market direction

“I’m quite optimistic about the market,” Smith continued. “While the upcoming ANA Convention will give us direction for the latter months of 2000 there’s no denying that quality coins are difficult to buy at today’s levels. Coins are an incredible bargain compared to 1990.”

Smith related that other market segments were performing well, too. “We have found a lot of demand for DMPL [deep mirror prooflike] Morgan dollars. In addition, proof gold is in demand at these attractive levels.”

Telling the world about rare coins

The U. S. S. Central America coins are once again selling at a fast pace. “Last week the History Channel reran a show about the 1857 tragedy and it sparked a lot of interest,” says John Dannreuther of John Dannreuther Rare Coins, Inc., of Memphis Tennessee. “Several dealers have reported receiving calls about acquiring coins from this historic recovery.

“The upcoming ANA Convention is the talk of the marketplace,” Dannreuther added. “The anticipation can be classified as ‘bubbly,’ and that means enthusiasm and that’s a great sign.”

Bowers & Merena to conduct ANA sale

The “Sale of the Millennium” is now only weeks away! Bowers & Merena Galleries will conduct the 3,250-lot ANA auction, and a lot of excitement has been generated by the upcoming sale. The auction takes place August 9-12. For more information on this important offering of rarities you may send an e-mail to [email protected], call (800)-458-4646 or write to Box 1224, Wolfeboro, NH 03894.