Weekly Market Report: Modern Issues Continue to Roar; Balance of Market is Mixture of Strengths and Weaknesses

By Bruce Amspacher - August 21, 2001

1951 Franklin Half Dollar PCGS PR65 Cameo from the Kingswood Sale

Modern issues continue to rule the roost in the world of numismatics. Reports on the just-completed 2001 ANA convention are still coming in, but agreement is universal that the coins from series still in use (Lincoln cents, Jefferson nickels, Washington quarters) or recently issued (Franklin half dollars) are in the greatest demand.

The Kingswood Coin Auctions "Enfield Sale" was completed on August 16, 2001, and included the following prices for Franklin Half Dollars:

1948-D Franklin Half Dollar PCGS MS66FBL $2,818
1950 Franklin Half Dollar PCGS PR67 $1,840
1951 Franklin Half Dollar PCGS PR65 Cameo $1,323
1953 Franklin Half Dollar PCGS MS66FBL $2,760
1954-D Franklin Half Dollar PCGS MS66FBL $2,760
1959-D Franklin Half Dollar PCGS MS66FBL $2,760
1963-D Franklin Half Dollar PCGS MS66FBL $2,185

For a related story on the Kingswood "Enfield Sale," click here.

Prices realized are now available online.

"The modern issues continue to go up," says John Dannreuther of JDRC, Inc., in Memphis, Tennessee. "The trading on these issues is extremely heavy, too. Ever since the June Long Beach show the activity has risen dramatically in the rare coin business, and modern issues are leading the way."

Is everything going up?

If the new bull market is here, is everything going up as people anticipated? "Some issues are down," Dannreuther noted, "especially in the area of type coins. Barber dimes in MS65, for instance, are back to the levels of 1994. They have made a double bottom. Liberty Seated dimes in MS65 are in the same boat. I have purchased some for as little as $625. That's incredibly cheap."

How was the ANA for you? "It was everything that I expected it to be," Dannreuther concluded. "I predicted an excellent show and I wasn't disappointed. Almost all coins were trading at the levels [meaning 'current levels'] and people seemed to be glad to buy coins."

Markets greet interest rate cut with a big yawn.

We checked in with Mark Yaffe of National Gold Exchange, Inc., in Tampa, Florida. "The quarter-point cut in the interest rates is being greeted with a yawn," Yaffe said. "As we're speaking both stocks and gold are down for the day. Everyone was hoping for a half-point cut, and they're using the markets to express their displeasure."

What's happening in the rare coin market? "Rare coins are hot, generics and $20 gold pieces are not," Yaffe continued. "At the ANA the $20,000, $30,000 and even the $50,000 coins were selling quickly. Even so, it was easy to sense that some people are apprehensive about spending their money. This will probably continue for another six to nine months."

What looks the best for future appreciation? "I would say that small gold [such as $2½ Indian gold pieces] and high quality $20 gold pieces offer the best bet for the next year. These prices are incredibly cheap due to lack of interest, but there are no hoards and no gluts around, so any kind of spark could push prices much, much higher."

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).