Weekly Market Report: Dealers Gear Up for Orlando F.U.N. Show

By Bruce Amspacher - November 28, 2000

Attractively toned commemoratives are collector favorite

The auction of the Harry W. Bass, Jr., Collection, Part IV, is the number one topic in the world of numismatics. The sale was completed on November 21, and we only had time to mention a couple of highlights last week before it was time to post the story on the Collectors Universe web page. This week there's a lot more information available and the full impact of this tremendous four-part sale is beginning to be fully appreciated.

The four Bass auctions together realized over $38 million (!), second only to the all-time record holder Eliasberg sale (1982, 1996-97) at $45 million. Part IV of the Bass collection sold for over $6.4 million and included some of the most exciting gold coins to come on the market in many years. The auction team at Bowers & Merena Galleries deserves hearty congratulations for the superb catalogues and fantastic results from this monumental sale. For a more comprehensive article on this important auction, click here.

Bowers & Merena Galleries conducted both the Eliasberg and Bass sales, and the catalogues from each of those auctions have quickly become major reference works for numismatic researchers from around the country and beyond.

Rare coin market enters final days of 2000.

With the completion of the Bass auctions many dealers are focusing on the F.U.N. show in January 2001 for the next significant market action. The F.U.N. (for Florida United Numismatists) show is an annual market bellwether and definitely one of the top five or six shows of the year, ranking right up there with the three Long Beach extravaganzas and exceeded only by the ANA convention.

What about the rare coin action between now and then? "Things are definitely slower right now," says Richard Schwary of California Numismatic Investments in Inglewood, California. "Coins are traditionally slow from November to the New Year, but this year even more so. Gold and silver continue to trade in a narrow range, which leads to inactivity, and platinum is the only bullion area where there's significant market movement.

"Our business is about 50% bullion and 50% rare coins. On the coin side generic gold continues to be weak, but there’s only a small supply available at current levels. The most active areas are MS65 commemoratives that are white or attractively toned and MS65 type coins with a good look to them. Silver dollars from 1795-1803 disappear from the showcases almost instantly, as I'm sure you're hearing from any dealer you ask."

We asked Mr. Schwary if he was optimistic about 2001 and beyond. The response was resoundingly positive. "The F.U.N. show should be strong. There are lots of buyers for attractive coins. Prices are so cheap in many areas that anyone who wishes to buy coins can participate. I feel that MS65 type coins are the best deal in the market and offer superb long-term potential. The collector is back in force in the market and that's probably the best news of all."

Positive thoughts continue as we move eastward.

"The coming year looks great as long as the economy holds," says Michael Printz, senior numismatist for Larry Whitlow, Ltd., in Oakbrook Terrace, Illinois. "Overall there's tremendous strength in nice coins. The 20th century markets are solid, especially for the key dates in the Buffalo nickels, Mercury dimes and Walking Liberty half dollars."

Mr. Printz also finds lots of interest in early 19th century coins. "Mint state type coins are doing very well," he said, "especially the earlier issues. By that I'm referring to the pre-Liberty Seated coins. The Draped Bust and Capped Bust items disappear from the website pages almost as fast as I can put them up there."

We’ll have F.U.N., F.U.N., F.U.N. bidding in Orlando

The upcoming F.U.N. show will feature two important auctions. One is the Bowers & Merena Galleries "Rarities Sale" that is taking place January 3. Among the many highlights is the incredible Eliasberg/Jack Lee 1889-CC Morgan dollar. This remarkable coin is almost certainly the finest known, as it grades PCGS MS68. The second finest graded is the PCGS MS65 example from the famed PCGS Silver Dollar Tour of a decade ago. For more information on this sale, click here.

Heritage Numismatic Auctions is also holding a major sale in conjunction with the Florida show. This auction features the "NFL Set," a magnificent collection of Morgan dollars assembled by former National Football League star Greg Bingham of the Houston Oilers.

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).