Coin Universe Weekly Market Report - July 25, 2000

By Bruce Amspacher - July 25, 2000

Indian cents are in demand

Just like Ol’ Man River, the rare coin market keeps rolling along. Positive reports are unanimous from dealers across the country that this is a year that’s virtually free of the dreaded “summer doldrums.” “Things are much stronger than usual for the summertime,” says Dean Albanese of Albanese Rare Coins in Albion, New York. “There’s a great deal of demand for Indian cents and gem quality Barber material, plus there are numerous calls about Washington quarters.”

This is the third consecutive week that Washington quarters have been one of the Weekly Market Report’s lead stories, but there’s a good reason for it. “The interest in the statehood quarter series is remarkable,” Albanese continued. “There are numerous new collectors coming into the market every day, and they want to know what else is available in the world of collecting coins.”

20th century key dates are in demand

Semi-key and key date 20th century coins continue to be an important market segment. “The life expectancy of a tougher-date Lincoln cent, Buffalo nickel or Mercury dime bought for inventory can be measured in minutes,” says Todd L. Imhof of Pinnacle Rarities, Inc., in Seattle-Tacoma, Washington. The company also has offices in Houston, Texas.

“There’s a lot of business to be done if you want to be aggressive,” Imhof related. “There is notable weakness in some of the most expensive areas of the market, such as proof gold. We have been encouraging wealthier collectors to take advantage of this situation, as we believe it to be temporary.

“Dealers are making an effort to position themselves for the ANA,” Imhof continued. “They definitely want to have cash available if the right coins come along.”

19th century nickel coins finally on the move

“There is extremely active bidding for three-cent nickels, Shield nickels and Liberty nickels,” reports John Dannreuther of John Dannreuther Rare Coins, Inc., in Memphis, Tennessee. “In fact, any 19th century type coin in the $200 to $2,000 range seems to be in great demand. There are also higher prices for commemorative gold coins, with special interest in the key 1905 Lewis & Clark dollar.”

Auction action anticipated

The “Sale of the Millennium” auction catalogue is now available from Bowers & Merena Galleries of Wolfeboro, New Hampshire. This beautiful catalogue is a “door-stopper,” with 3,250 lots available for bidding. It is filled with detailed descriptions of the coins and outstanding photographs. One of the more interesting lots offers four proof 1873 Trade dollars. These coins were the second, third, fourth and fifth pieces struck, and they’re numbered (yes, NUMBERED) on the reverse! The lot also includes excellent documentation of the history of the coins.

For more information on this landmark sale, scheduled for August 9-12, 2000, you may contact Bowers & Merena by calling (800) 458-4646, sending a fax to (603) 569-5319, sending an e-mail to [email protected] or writing to Box 1224, Wolfeboro, NH 03894.

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).