Weekly Market Report: Silver Commemoratives of High Quality, Proof Gold in Cameo and Deep Cameo Lead December Market

By Bruce Amspacher - December 11, 2001

Nicely toned commemoratives such as this Isabella quarter are in demand

Commemoratives have arrived! Some collectors will insist that commems never left, but the prices since 1989 have been in an unprecedented tailspin for many of the issues. Now, the turnaround that has been brewing over the past 18 months is nearing a full boil.

"Gem silver commemoratives are definitely hot," say Laura Sperber of Legend Numismatics in Tinton Falls, New Jersey. "This includes both the coins that are at the top of the population report and examples in all MS65 and better grades that exhibit the best colors."

What about white commems? "They're selling, too. If the coin is high quality the demand is definitely there," Sperber continued. "Sales have been far above the norm for this time of year and that can be said for coins across the board."

Aren't coins in the five-figure range a little slow? "Five-figure coins are selling extremely well. Proof gold in CAM and DCAM [cameo and deep cameo] is in great demand in grades of Proof 64 or higher. There's a great deal of enthusiasm about the F.U.N. show in January from both dealers and collectors. But this year things are different."

Different in what way? "The Internet. With the Internet there's no waiting until 2002. Collectors can add to their collection now and at the F.U.N. show, too."

Economy slowed, rare coin market didn't.

Commemorative coins are also the #1 sellers for Even Gale of Aspen Park Rare Coins in Littleton, Colorado. "Attractive original toned commems are in great demand," Gale said. "This is the strongest that they've been in well over a decade. The Bust dollar market has slowed considerably over the past year, but it's still really good compared to some other areas. Collector coins are still selling well, too."

What, exactly, is meant by the term "collector coins?" "Coins that people collect. In others words, coins that are sold to collectors rather than investors."

Are coins selling in all price ranges? "For me they are," Gale continued. "I deal in coins in the $500 to $15,000 range, so I'm the wrong person to ask about the ultra-expensive material or the cheap coins. What I've noticed is that the economy slowed but rare coins didn't. If anything, the market is better since September 11, not worse. It's almost as if people said, 'I might not be around later, so I'll buy what I want now.'"

What areas are the slowest? "Barber coins and Liberty Seated material comprise the two areas with the least interest at this time," Gale concluded.

From coast to coast (and then some).

Is the market great everywhere? Well, almost, but the recession is being felt in Hawaii. Checking in with Craig Watanabe of Captain Cook Coin Company of Honolulu yielded these responses:

"December is always the slowest month of the year over here regardless of September 11 or other factors. There were quite a few people selling their collections in November, but that has slowed down, which is a good sign. At least people aren't scrambling for money like they were for a while."

Is anything selling on the islands? "Most of the calls are for modern issues, such as gold coins that can be made into jewelry for Christmas presents. The turnaround will come in January. It always does. See you in Florida."

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).