Weekly Market Report: Silver Dollars, Early Americana Sparkle in Flannagan Sale; Overall Market Strong

Early Americana was the number one attraction at the recently completed Suburban Washington/Baltimore Coin Convention, but 20th century issues and silver dollars weren’t far behind as the numismatic marketplace entered the final month of 2001. The star of the show was the Amon Carter/Flannagan Class III 1804 silver dollar in PCGS PR58, which realized $874,000 in one of two major auctions conducted by Bowers & Merena Galleries. There are literally hundreds of prices that are worthy of being reported from these two sales, so here are the highlights of the highlights:

The Collections of Phillip Flannagan, Dr. Robert I. Hinkley, Dr. John C. Wong and Tree Many Feathers (November 29-December 1)

1652 Pine Tree Sixpence	PCGS MS64	$36,800
1783 Chalmers Threepence	PCGS MS63	$19,550
1776 Continental Dollar	PCGS MS63	$33,350
1788 Vermont "Backwards C"	Uncertified AU	$63,250
1787 Fugio Cent Pointed Rays	PCGS MS64BN	$16,100
1807 Capped Bust 50c "50/20"	PCGS MS64	$17,250
1862-S Liberty Seated 50c	PCGS MS66	$16,100
1795 Flowing Hair Dollar (B-3)	PCGS AU55	$41,400
1795 Draped Bust Dollar	PCGS MS65	$140,875
1798 Small Eagle Dollar	PCGS MS62	$80,500
1799/8 Bust Dollar	PCGS MS64	$66,700
1800 Bust Dollar	PCGS MS64	$78,200
1802 Bust Dollar	PCGS MS64	$96,600
1802 Bust Dollar (Restrike)	PCGS PR64	$120,750
1804 Bust Dollar (Class III Restrike)	PCGS PR58	$874,000
1851 Liberty Seated $1 (Original)	PCGS MS63	$36,800
1870-CC Liberty Seated $1	PCGS MS63	$36,800
1873-CC Trade Dollar	PCGS MS63	$21,850

Collector base of market is “remarkably good.”

“Almost everyone went into Baltimore expecting an ‘okay’ show. Instead, it was exceptional,” said John Dannreuther of JDRC, Inc., in Memphis, Tennessee. “The buying in the auctions and on the bourse floor was aggressive and highly active. The collector base is still remarkably good.”

What were the hottest areas of the market? “The same coins that have been leading the way for a long time. Any top quality coin that fits in a set that can be completed is an instantaneous sale. In other words, if it’s on the PCGS Set Registry there’s someone there who’s ready to buy it. Early coins maintained their strength, and white Gem quality Morgan dollars were smoking.”

Was there anything that wasn’t selling? “Not really, but there were some areas that were much slower than others. The weakest area is still Liberty Seated type, but the sub-$1,000 coins were selling a little, such as the Legend Obverse dimes in MS65. Another area that’s a little slow is the $10,000+ coin, although I sold a $20,000 coin to a collector at the show.”

The overall assessment? “It looks like 2002 is going to be a great year for coins,” Dannreuther concluded.

PCGS grades 7,000,000^th coin.

What has three legs, just a touch of wear and 6,999,999 predecessors? It’s a 1937-D 3-Legged Buffalo nickel in AU55 that recently became the 7,000,000th coin graded by the Professional Coin Grading Service.

“The coin came from a Collectors Club member,” said Richard S. Montgomery, PCGS President. “It was finalized on November 20 and we are putting a special designation on the holder that denotes its significance.”