Positive Vibes are Everywhere as Rare Coin Market Enters Bellwether Period

By Bruce Amspacher - July 23, 2002

1799/8 Overdate Draped Bust Dollar

There's a buzz in the air. No, I'm not talking about that splash and gurgle sound that the stock market is making. This is a positive buzz, and it's about coins. There's the upcoming ANA Convention, the sale of the 1933 $20, the swirl of controversy around the Jefferson nickel and the PCGS Set Registry awards to talk about -- plus a great deal more.

The ANA World's Fair of Money takes place in New York City from July 31 through August 4. It is preceded by PNG day on July 30 at the same location. This show is always the major market bellwether of the year, but this time it is more important than ever as the reeling stock market and renewed interest in gold have added more fuel to the already bright glow of numismatics.

So much has been written about the upcoming sale of the 1933 $20 that it is no longer news. There is nothing else to say until the hammer falls, but the excitement goes far beyond words, anyway. A new world record is virtually assured and there is a possibility that this will be the first eight-figure ($10,000,000+) coin.

Bye-bye, Monticello?

On July 22 a bill that would restore Monticello to the reverse of the Jefferson nickel passed the House and was sent to the Senate. Wait a minute! Aren't we getting the cart ahead of the horse? Monticello hasn't been removed yet, so how can it be restored?

It seems that an Indian and an eagle will grace the reverse of the nickel beginning in 2003 to commemorate the Lewis & Clark Expedition of 1803-05. This change has upset Virginia legislators to the point of... well, read it for yourself:

"The American people [must not] experience another Sacagawea debacle," said Rep. Eric Cantor of Virginia. His bill restricts the reverse change to the years 2003-2005 before restoring Monticello in 2006.

Sacagawea debacle? Wouldn't a comparison to the Statehood Quarter program and its great success be more apropos? After all, this is a commemorative change to an already established and popular coin.

And the winner is... everybody!

The PCGS Set Registry awards were announced last week and congratulations to the winners cascaded in from around the country. There were numerous razor-thin decisions but not one negative remark (at least that I've heard). Instead, the comments ranged from "Way to go!" to "Watch out for me next year!"

The awards were broken down into several different categories, including Classic Sets, Modern Sets, Newcomers and three Hall of Fame categories. For a list of the winners, click here.

Bowers & Merena "Rarities" sale is online.

There have been several Bowers & Merena Galleries auctions known as "The Rarities Sale" over the years, but what is unquestionably one of the finest takes place July 31. There are hundreds of highlights worthy of mention, including the silver dollars listed below. Note that one of the Gobrecht dollars traces its pedigree to President Andrew Jackson.

1794 Flowing Hair Dollar - PCGS VF20
1795 Flowing Hair Dollar, 2-Leaf - PCGS AU50
1799/8 Bust Silver Dollar - PCGS AU53
1836 Gobrecht Dollar (Andrew Jackson) - PCGS PR63
1851 Restrike Dollar - PCGS PR63DCAM
1873-CC Seated Dollar - PCGS AU53
1880-O Morgan Dollar - PCGS MS65PL
1881-S Morgan Dollar (Jack Lee) - PCGS MS68DMPL
1884-S Morgan Dollar - PCGS MS64
1889-CC Morgan Dollar - PCGS MS64DMPL
1895 Morgan Dollar - PCGS PR66
1897-O Morgan Dollar - PCGS MS65

To view lots and/or to bid online, click here.

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).