Weekly Market Report: Jacksonville ANA Convention Reinforces Coin Market's Widespread Strength

Unlike its summer counterpart, the winter version of the American Numismatic Association Convention is regarded as "just another stop" on the annual coin show schedule. Last week [March 6-9] the 2002 "Early Spring" ANA convention took place in Jacksonville, Florida. The consensus? The rare coin market is hotter than Alabama asphalt!

"The demand for coins is more widespread than ever," says Laura Sperber of Legend Numismatics in Lincroft, New Jersey. "The bourse room at the ANA was nearly dry of nice numismatic material, though, as the Long Beach supply of new coins vanished from the market. This led to absolute craziness in the auctions. There is record demand for coins and the competition is hot and heavy."

What was selling the best? "Proof type coins and commemoratives are probably in the greatest demand. There's a renewed interest in Morgan dollars, too. That market is refreshed, and DMPL [deep mirror prooflike] dollars are especially warm, with the Carson City issues on the 'most wanted' lists."

What about the classic areas of the market? "If you mean early type coins, they're hotter than ever. We sold two six-figure Bust dollars strictly through word-of-mouth. We didn't even have to advertise them."

Modern coins? "We don't do much with modern coins," Sperber continued, "but it's obvious that it's a highly active market. The number of people asking us for modern issues has increased dramatically in recent months. There are more people doing collections today than at any time in the past 25 years, and their interests cover a broad spectrum."

Sub-$300 gold hasn't slowed market activity.

After passing the $300 mark and flirting with $310 for a few days the price of gold has backed off slightly and is currently trading just above the $290 level. Has this minor price decline slowed the action in bullion and bullion-related items?

"If anything, the bullion market is more vigorous now than it was when gold was over $300," says John Butler of Sahara Coins in Las Vegas, Nevada. "Not only that, but there are new people buying coins every day. Not just bullion coins, either, but things like circulated type, dated Morgan dollars and anything else that's round."

How is the activity in certified gold? "It's good, but this is silver bullion country, so most of the buying is focused on silver bags and bars. We never have to wholesale off the silver that we buy to other dealers. The over-the-counter demand is tremendous."

Gold bullion? "Things are different in Nevada. Instead of American Eagles the big sellers here are Canadian Maple Leafs. When someone wants 100 pieces or more to put away, they always choose the Maples."

Bowers and Merena "Express" rolls in March 15.

There's a new kid in town. Actually, it's a veteran (Bowers and Merena Galleries) who's been around for decades, but the vehicle is new. It's the Bowers and Merena EXPRESS, an online auction of high quality certified coins that can be bid on through the Internet or by phone, FAX or e-mail.

The first of these auctions closes March 15 and includes such items as a Sesqui commemorative half dollar in PCGS MS65, an 1839 No drapery dime in PCGS MS65, five different Bust dollars, six different U.S. Patterns, and much more.

"The EXPRESS sales are going to go online on the fifth of each month and close on the 15th," says Cassi East, Director of Auctions for Collectors Universe. "The participation has already been great and we've heard from many prospective consignors as well." To view and bid on the first B&M EXPRESS sale, click here.