Weekly Market Report: Baltimore Show, Major Auctions This Week as Market Continues to Show Widespread Strength

This is the week numismatists have been waiting for! There's the final major coin show of 2001 being held in Baltimore, Maryland. There's the long overdue Tree Many Feathers auction by Bowers & Merena Galleries, a high-quality sale that was originally scheduled for New York City in mid-September before the tragic events of September 11. Most significantly of all there's the Phillip Flannagan collection that is being offered in conjunction with other important consignments from Dr. Robert I. Hinkley, Dr. John C. Wong and Tree Many Feathers, also catalogued by Bowers & Merena.

The two sales will span four days (November 28-December 1) and will definitely set the tone for the coming year. Look for a report on the highlights of these sales in next week's column.

PCGS to certify and pedigree GSA silver dollars.

The sales of the famed GSA hoard of silver dollars are an important part of numismatic history, but the holders that the coins came in are an aesthetic disaster that is getting worse each year. The solution? PCGS will now certify and pedigree any GSA dollar that is submitted in the original holder.

"There has been a great deal of demand for this service from collectors," says PCGS President Richard Montgomery. "Many of the old GSA holders have become cracked or badly scratched over the years. In addition, they're an awkward size that isn't collector-friendly. Even more important to the marketplace is the fact that the coins aren't graded. This new service from PCGS will solve all of those problems while maintaining the historical integrity of each piece."

Montgomery explained that the insert in the PCGS holder will list the pedigree of each GSA coin along with the other pertinent information that is included with every PCGS coin.

Commemorative market is ripe with opportunity.

"The prices for commemorative silver coins aren't moving much, but that fact is sending the wrong message," says Mark Machin of American Federal Rare Coin & Bullion of Phoenix, Arizona. "The depth of this market is extremely light on the supply side. Prices are too cheap and the coins are obviously in extremely strong hands. Commems are the last coins that people will sell because the value is definitely there."

What are the best buys in commems? "Basically, I like to stick with the key issues in MS65 or better. That includes the Alabama, Missouri, Sesqui, Hawaii...just the coins that you would expect. There's also a great opportunity in the cheap MS66 coins. How can someone go wrong on a San Diego in MS66 at current levels?"

Does the gold market offer the same kind of opportunity? "It is my opinion that people should sell $20 Liberty and $20 St. Gaudens gold in MS64 and MS65. Why? Because the money can be spent on $2½, $5 and $10 Liberty gold as well as $10 Indians. Those four coins are a much better deal, especially in MS65 and MS66."

Affordable collector coins continue to sizzle.

The term "collector market" refers to coins that are affordable, popular and highly active, and that seems to cover a large canvas at the present time. "I had over 100 sales at a small Sacramento show a few weeks ago," says William E. Spears of Carson City, Nevada. "Everything under $1,000 seemed to be selling, especially DMPL [deep mirror prooflike] dollars and Carson City coins. The bourse room was jammed with people for the entire show."

What about the larger shows? "Santa Clara was the same way the following week," Spears continued, "except that the price level was kicked up a notch to $2,500 or so. The market is remarkably strong for coins in an affordable price range."