Weekly Market Report: Can You Say 'Unbelievable?' Long Beach Show Soars as Type Coins Join the Market Leaders

The just-completed Long Beach Coin & Collectibles Exposition [February 20-24] has left dealers and collectors alike with tremendous enthusiasm and a diminished vocabulary. Everyone that I've talked to has the same thing to say with two words popping up again and again: "Hot" and "Unbelievable."

Both the bourse activity and the auctions were reminiscent of the late 1970s and 1980s when the market soared. Unlike those markets, though, this one is collector-driven, broad-based and lots of fun.

There were some memorable prices from the auctions that will be posted in this column next week. In the meantime here's what was selling and why.

Three of the top sellers were…

I checked in with John Rothans of David Hall Rare Coins in Irvine, California. John, describe the Long Beach show in one word.

"Hot!" Rothans said, without a pause, then continued. "There were three areas that were in special demand. One, coins with beautiful toning. Two, cameo and deep cameo Proof coins. Three, coins at the top of the charts for the PCGS Set Registry. In addition to searching the bourse floor we also attended the auctions. We bought very little in the auctions, though. The prices were unbelievable!"

Type coins soar as another market segment takes off.

"The Long Beach show was hotter than a firecracker," said John Dannreuther of JDRC, Inc., in Cordova, Tennessee. "Suddenly everyone wants to buy Proof type coins. It's as though everyone woke up at once. Not only were people looking for high quality, they were also buying what we call 'just stuff.'"

Just stuff? What, precisely, is that? "Those are the coins that are usually the slowest sellers. The MS64 Three Cent Silver with ultra-dark toning. The Barber dime with the distracting spot. That kind of thing. Stuff."

What were the hottest sellers? "For me it was commemoratives. I went there with boxes of them and came home with maybe ten pieces. I sold MS65 Barber dimes at $525 wholesale even though bid is only $368. This is the show that will be remembered for the week that everyone came to the same conclusion: Put your money in hard assets."

What about gold? "I can't describe it as 'hot' exactly, but it's certainly interesting. The supply side is definitely shrinking. I don't know where the coins are going to come from if gold takes another $20 jump upward."

Kingswood "Gilmanton Sale" is this week!

The Kingswood Coin Auctions "Gilmanton Sale" takes place February 28. How has the response been so far?

"It's unbelievable!" says Cassi East, Director of Auctions for Collectors Universe. "Every available space was taken at Long Beach with people viewing auction lots. It was absolutely packed for days. There is highly active bidding in all areas of the auction."

This exceptional 1,262-lot sale features top-quality United States coins that are available for bidding through the Internet, e-mail, telephone and FAX. The Professional Coin Grading Service (PCGS) certified every coin in the sale. There is also a small selection of currency that is up for bidding. To view lots and/or to bid online, click here.