Market Report: There's No December Slowdown as Rare Coin Market is Deemed ''1980ish''

There is still a lot of buzz about the November Santa Clara show as the market continues its uninterrupted journey toward the numismatic Promised Land. Yes, Santa Clara is "just a local show" and it took place three weeks ago, but with no shows on the December schedule there's little else to talk about.

"I know that it's the same old song, but lack of material is the only deterrent to a virtually perfect market," says Dale Williams of CollectorUSA in Bozeman, Montana. "The Santa Clara show was amazingly active, and lots of dealers from the East Coast came all the way across the country looking for inventory."

Is there any evidence of a slowdown as we enter the holiday season? "None whatsoever. There were 70 new orders accumulated from eBay when I got in Monday morning. I guarantee that you could walk into a show with $2,000,000 in fresh coins and sell them all within hours. All of the finest graded coins or unusual items are bringing really strong money."

Walking Liberty half dollars offer great potential.

What areas of the market look the best and the worst? "There is no 'worst' unless you consider the small supply of dark and unattractive 19th century coins," Williams said. "We do 20th century primarily and Walking Liberty half dollars are definitely the best among those issues.

""The best of the best are the pre-1934 dates. There is tremendous demand for these coins. I would say that the key dates in MS63, the semi-key dates in MS64 and the most common dates in MS65 or better are all major winners."

Time Travelers take note: it's 1980 again!

"The rare coin market is 1980ish," says Bob Riethe of Mainline Coin & Stamp in Ardmore, Pennsylvania. "Coins are hard to buy but oh-so-easy to sell. The gold market is extremely hot, with people buying everything from product to condition to rarities. Anything that is fresh is gone in an instant."

What about the bullion aspects of the market? "There are no bullion sales for the most part, at least to the public. That's because the sales tax in Pennsylvania kills it. The state makes a lot more on each sale than we do, so I just tell customers to go to Delaware for bullion. The real activity is focused on certified coins, which are a much better deal for the customer than they were getting in 1980."

What are you doing about the supply problem? "A lot more shows for one thing," Riethe answered. "I've started going across the country to Long Beach again as well as doing lots of conventions on the East Coast. We also buy numerous coins off of eBay. It's a great place to sell coins, yes, but it's also a good place to buy coins if you're selective and willing to work hard enough."

Monticello 1, Lewis & Clark 0 (first period score).

The reverse of the Jefferson nickel is going to stay the same, at least for now. The much anticipated but controversial Lewis & Clark bicentennial reverses planned for 2003 and beyond passed the House but died in the Senate when adjournment came without action on the bill.

Virginia lawmakers threw a tizzy fit when they found out that Monticello might be replaced on the nickel's reverse, and legislators undoubtedly grew tired of listening to complaints about what they perceived to be a minor issue.

"I personally think that it is incorrect for Virginia to decide what the nickel should look like for eternity," said Stephen Bobbitt of the American Numismatic Association. "Redesigns stimulate coin collecting and can raise revenue to reduce the national debt."

Virginia Representative Eric Cantor will introduce a "compromise bill" in 2003 that would allow for temporary changes to the reverse of the nickel as long as Monticello is restored by 2006.

A Mint panel also proposed changes that would include the return to the Buffalo nickel design for one year and permanent revamping of the cent, nickel, dime and half dollar in the next four years.

Bowers & Merena "Rarities Sale" is now online.

The January 2003 version of the Bowers & Merena Galleries "Rarities Sale" is online through January 5th. This spectacular sale will take place in one sensational session on January 7th in Orlando, Florida. To view lots and/or to bid online, click here.