Coin Universe Weekly Market Report - June 27, 2000

Sparkling results from the Paul S. Mory, Sr., Collection auction conducted by Bowers and Merena Galleries and Kingswood Coin Auctions 13th sale highlight the news as we head into the final week of June, 2000. These two major sales pointed clearly towards an ever-improving coin market with prices that ranged from good to absolutely spectacular.

The Mory sale was held June 22-23 in conjunction with the MidAmerica Coin Expo in Chicago, Illinois. The most eagerly anticipated coin in the auction was an 1813 Large cent, the finest known example of Sheldon-293 and conservatively graded as MS65RB (Red/Brown). By the time the bidding stopped the spectacular cent had sold for a record $69,000! Equally remarkable (or nearly so) was an 1801 Large cent (Sheldon-218) of the “Three Errors” variety. The coin was graded “Net VF-20” due to planchet porosity, but the bidders ignored this minor problem and the coin soared to $25,300. A unique 1849 Pacific & Co. gold dollar sold for $57,500 even though it was used as a jewelry piece at one time and exhibited heavy solder on the reverse. An 1851 Schultz & Co. $5 gold piece in PCGS VF-20 was eagerly sought by private gold specialists and finally sold for $36,800. An 1849 Oregon Exchange Co. $5 gold piece in PCGS XF-40 fell under the hammer at $33,350.

“I talked to several staff members who were at the sale and they were all buzzing about the enthusiastic bidding, strong prices and great attendance at the auction,” said John Pack, Auction Director for Bowers & Merena.

The Kingswood XIII auction was held June 22, with a record number of bidders vying for lots by telephone, mail, e-mail, fax, and over the Internet. The classic 1907 (MCMVII) High Relief $20 gold piece in PCGS MS65 was bid to a strong $32,258, while a PCGS Proof 64 $20 Liberty of 1901 sold for $28,750. Other highlights included a 1795 Small Eagle $5 in PCGS AU58 at $24,150 and a 1929 $20 in PCGS MS65 that realized $24,725. “This was the most active auction in Kingswood history,” said Cassi East, Director of Operations for Kingswood Coin Auctions. “Dealers and collectors alike commented on the strength of the auction in many areas.”

Pattern Coins Show Renewed Interest
“Pattern coins are strong again and selling well,” said Marc Crane of Marc One Numismatics, Inc., of Newport Beach, California. Crane, one of the country’s leading pattern specialists, attributed the renewed interest and strength to vastly improved pricing information provided by Superior’s Price Guide to Pattern Coinage by Robert L. Hughes. The publication includes input from pattern coinage dealers from across the country and is updated three or four times a year.

Gold Coins Offer Great Value
“Generic gold is at an opportunistic low,” Crane continued. “This has to be one of the greatest times in history to build a 12-piece gold type set. In addition, MS64, 65 and 66 Saints [$20 St. Gaudens] are selling well and are a wonderful value.”

Collector Coins Continue to be Market Leaders
As noted in previous editions of the Weekly Market Report collector coins continue strong. Several dealers reported (almost word for word) that the collector classics (1909-S V.D.B. cent, 1916-D dime, 1928 Peace dollar, etc.) are in constant demand and nearly impossible to keep in inventory.

ANA Convention is on the Horizon
Believe it or not, it’s time to start thinking about the upcoming convention of the American Numismatic Association. The annual summer spectacular is scheduled for early August in Philadelphia, and will feature the “Sale of the Millennium” from Bowers & Merena Galleries along with the greatest selection of coins of any show of the year.