Weekly Market Report: S. S. Central America Ingots In Tremendous Demand

By Bruce Amspacher - January 16, 2001

Ingot Bars from the S.S. Central America

Ingot Bars from the <i>S.S. Central America</i>

The demand for treasures from the ill-fated S. S. Central America continues unabated, as 28 of the 33 ingots offered in "Phase One" went on the market January 15 and were gone almost immediately. The prices ranged from just over $20,000 to nearly $200,000, depending on the weight and assayer of the bars.

"The majority of the coins are now gone from this great treasure," said Dwight Manley, managing partner of the California Gold Marketing Group. "This is the first dispersal, or phase, of selling the ingots. There are about 400 bars still to be sold, but it appears that the demand will easily exceed the supply.

"The first offering included bars from five different assayers. One magnificent ingot was purchased by a major university, and calls came from as far away as London, England," Manley continued.

The traveling display of treasures from the S. S. Central America, which sank in 1857 and was salvaged in 1989, has just opened in San Francisco. "It is at a beautiful site on Mission Street," Manley concluded, "and it will be there for a month."

The Collector is King!

The 2001 F.U.N. show has been over for nearly two weeks, dealers are settling back into a routine before the February-March rush of major shows, and what is frequently a quiet time in the rare coin market is proving to be pretty active.

"The collector is king right now," says John Feigenbaum of David Lawrence Rare Coins in Virginia Beach, Virginia. "Rare coins are selling well in the sub-$5,000 range and there's an element of practicality to it. If the price makes sense on an MS65 commemorative but seems out of whack in MS66, even the collector with deep pockets is opting for the MS65 coin. Collectors are more educated than ever in some areas and they're definitely looking for value."

Most 20th century coins appear to be doing well, with the most activity (no surprise here!) in Washington quarters. "If you have a white gem 1932-D, 1932-S or 1934-D quarter it's gone in an instant," Feigenbaum continued. "There is no such thing as keeping an inventory of those coins. The demand is simply too great."

What about coins from other eras? "Coins from the 19th century, such as Liberty Seated material, remains solid with no volatility either way. The 18th century coins are different, though. There are definitely some novice buyers in the Bust dollar market and some of the prices are getting out of hand."

Are there changes in store in 2001? "Coin shows are changing," Feigenbaum continued. "I just go to coin shows to buy these days and frequently don't even take a table. The action is focused on the websites and display ads through numismatic publications. It is a definite trend and we have to go with it."

Is this a good thing? "All things considered, the coin market is better than I expected it to be, and that's definitely a good thing," Feigenbaum concluded.

1913 Liberty nickel to hit auction block

There's excitement in the air even though it's still more than a month until the next Long Beach show [February 22-25]. Superior Galleries has scheduled its Pre-Long Beach Sale [auction] for February 17-20. On the opening day of the auction the J. R. Frankenfield collection will go under the hammer. "This is the most complete offering of Half Cents and Large Cents ever," stressed Steve Deeds, Director of Numismatics at Superior.

On March 8-9 Superior Galleries will offer the ANA National Money Show Sale in conjunction with the ANA national convention in Salt Lake City, Utah. Highlights will include one of the most famous coins in the world, the Eliasberg 1913 Liberty nickel. Other major rarities in the sale include a 1927-D $20 St. Gaudens, an 1876-CC twenty cent piece and a 1795 9-Leaf $10 gold piece.

Kingswood Coin Auctions to show lots at Long Beach

There's another of the ultra-popular Kingswood Coin Auctions sales scheduled for March 1st, 2001. The lots will go on-line on February 15, and lot viewing will be available at the Long Beach show at tables 929-931.

"This promises to be another exciting Kingswood sale," promised Cassi East, a member of the Kingswood staff.

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).