Weekly Market Report: Market Sparkles as 2003 Nears; PCGS Set Registry Coins, Peace Dollars, DMPL Morgans Among the Leaders

This is supposed to be the "quiet season" for numismatics, with no major shows scheduled until January and the holidays providing a good excuse to relax. Someone forgot to look at the calendar, though, as the market continues to rampage through one-on-one deal-making, the Internet, Coin World and similar publications, price lists and telephone sales.

The impact of the Santa Clara show [November 21-23] is still being felt and talked about, as the success of the event was both overwhelming and unprecedented.

Santa Clara show jammed "all day every day."

"The turnout was tremendous for Santa Clara," said Art McBride of El Dorado Hills, California. "These are not the best economic times for that part of the country, but it didn't keep the collectors away. They were there in force all day every day and they were spending money."

What were the hottest areas of the market? "Anything that's pretty," McBride answered. "I know that that's been the standard answer for a long time now, but it's more true than ever today. Pretty coins sell in all grades, and especially in MS65 or better. For DMPL dollars the magic number is MS64 or better, and it is virtually impossible to buy anything. ANYTHING! Carson City DMPLs are in the greatest demand, but there are buyers looking for everything, including the '80-S and the '81-S."

Art, does this mean that we're going to be paying $2,500 for MS65DMPL "common date" dollars again? "I remember paying $2,200 for some years ago and it's quite possible that we'll see those levels once more. Dealers could make a lot more money if there was just something to spend the money on."

Peace dollars begin to sparkle anew.

McBride related a story concerning the sale of two PCGS MS65 Peace dollar sets at the show. "Two different sets were offered and they both sold at over greysheet ask. Now that's greysheet ask, not bluesheet ask, so that shows just how strong this market is. After all, Peace dollars are supposed to be a relatively dead area of the market. As a matter of fact, the entire market is now priced relative to the higher greysheet, and the blue sheet prices are mostly ignored."

Anything else? "No one is willing to discount coins any longer," McBride said. "That's because if you don't buy it the next person will. The market is a lot stronger than the printed numbers reflect."

PCGS Set Registry coins are selling faster than ever.

"Things are really popping," says John Rothans of David Hall Rare Coins in Newport Beach, California. "When I returned from vacation I was amazed at how many condition rarity Jefferson nickels and Roosevelt dimes had been sold. The interest in the PCGS Set Registry coins continues to grow with no slowdown in sight.

"It's not just the Set Registry coins that are moving, though," Rothans continued. "We've been selling a tremendous amount of type. I'm really stretching to buy the nicest pieces and they're still flying out the door. Commems are another hot area, as are full red Lincoln cents and Walking Liberty half dollars."

Bowers & Merena "Rarities Sale" is January 7th.

It's time to start thinking about 2003, and one of the first items on the New Year agenda is the "Rarities Sale" from Bowers & Merena Galleries. This auction will be a one-day event featuring 1,000 lots of coins. There are three (!) ingots from the S. S. Central America ready to cross the block, plus such outstanding pieces as an 1879 Flowing Hair Stella (PCGS PR63CAM) and a 1798/7 $10 gold piece (7X6 stars) from the Eliasberg collection (PCGS MS61).

This landmark sale will go online on December 9th.