Coin Universe Weekly Market Report - June 6, 2000

By Coin Universe - June 6, 2000

1841 Quarter Eagle PCGS Proof-64

The smashing success of the Harry Bass, Jr., auction sale (Part III) has the numismatic world buzzing with optimism. From the outstanding catalogue by Bowers & Merena to the equally phenomenal prices realized, there’s no doubt that the rare coin market is alive and well. The May 25-26 sale garnered over $6.4 million, and prices were basically strong across the board.

If there was a true bargain in the Bass III sale, it was the 1841 quarter eagle in PCGS Proof 64. This famed “proof-only” issue is one of only 20 pieces believed struck, and the example in Bass III is tied for the finest graded with one other coin. “It was a great buy at $178,500,” said Kevin Lipton of Kevin Lipton Rare Coins, Inc., one of the coin market’s top wholesalers. “If the collector who purchased it had paid $100,000 more it would still have been a good value.”

The Bass III sale was “much stronger than I anticipated,” Lipton continued. “I went there prepared to spend $1 million, but I ended up with less than one-third of that in actual purchases. The market stability was quite reassuring.”

Best Value? Try Rare Proof Gold!

“Rare proof gold coins are perhaps the best value in the market today,” Lipton concluded. “In some areas great rarity carries a small or virtually nonexistent price premium over the type coins of the series. It’s a complex market segment, but the long-term reward potential is staggering.”

Gold Commemoratives are Market Leader

The hottest area of the market continues to be gold commemoratives. While today’s prices are still a bargain compared to the 1989 highs, current levels reflect a strong rebound from one year ago. The Coin Universe Daily Price Guide shows an average increase of 29.6% over the past year for the 11-piece set in PCGS MS65, and prices appear to be headed higher.

“Collector Coins” Continue Market Strength

Interest in so-called “collector coins” continues unabated. Such numismatic classics as the 1856 Flying Eagle cent, 1909-S VDB Lincoln cent, the 1916-D Mercury dime and the key date 20th century coins are in great demand, with no price resistance in evidence at higher levels. The new commemorative statehood quarters have rekindled the Washington quarter series.

Important Upcoming Events

The Long Beach Coin Show is held three times annually, and that includes the week of June 7-10, 2000. This is one of the most important numismatic events of the year. Action at the Long Beach Show often sets the tone for the coin market for the month or two that follows the show. Next week we’ll report on the action from this major show.

Coming Up

Are you a “notalist?” If so, you’ll want to check out Lyn Knight Currency Auctions’ upcoming sale in Memphis, TN on June 17 (click here to view auction and place a bid). Kingswood Coin Auctions will conduct sale XIII on June 22, 2000 (click here to bid now). Bowers and Merena has a major sale scheduled for June 22-23 in conjunction with the MidAmerica Coin Expo (click here for more auction information). These are three auctions that you don’t want to miss, and there’s lots more information available on these sales right here at this website!

--Bruce Amspacher