Weekly Market Report: Soaring and Roaring! Modern, Morgans, Proof Type, Coins ''with Color'' in Tremendous Demand

If there is going to be a post-ANA slump it's going to have to wait until another time, because it's definitely not happening this year. The activity in the rare coin market has spilled over into almost every conceivable area and the enthusiasm is nothing short of incredible.

"The ANA [World's Fair of Money convention] was a blockbuster," says Laura Sperber of Legend Numismatics in Tinton Falls, NJ. "It was a show of epic proportions. Coins of all sizes and values were selling, and they were selling fast.

"Since we've returned home it's just the same," Sperber continued. "Without making any extra effort we've sold over a million dollars worth of coins since the ANA. The demand for coins is almost unbelievable."

The hottest of the hot?

As hot as coins are there must be some areas that can be considered "extra-hot" or "super-hot" or some similar glowing term. "The greatest demand is for high-end commemoratives with color. Gem Proof type is selling extremely well, and that includes all of the Proof coins, not just the CAM and DCAM coins. Barber Proofs are in demand, too, in the grades of PR65 and better."

What about Morgan dollars, a Laura/Legend specialty? "There aren't any DMPL dollars around, but if you get one it's gone in an instant," Sperber said. "There's high demand for all dollars, and a ready market for any of the key dates. There's a buyers' pool that's three to ten collectors deep for the semi-key and key dollars.

"These coins aren't being bought by speculators," Sperber concluded. "The coins are being bought by bona-fide collectors who are building sets. The PCGS Set Registry definitely started all of this excitement."

Modern coins are more active than ever.

I checked in with Rick Tomaska of R&I Coins in Solana Beach, California, to see how the modern Proof coin market is faring. After all of the frenzy in recent years is there a slowdown on the horizon?

"Modern Proof coins are more active than ever," Tomaska explained. "If there's anything that's really different from a few years ago it's that the coins are much harder to find. The collector base has grown tremendously and the supply hasn't kept up with it.

"The collectors are much more comfortable with the prices now that they've seen that the populations of the top-quality modern rarities haven't grown dramatically. There's a lot of demand for coins with great eye appeal, so if there's a super-high grade piece that also has a lot of visual impact the price can be extremely strong."

For instance? "I just sold a 1942-P Proof war nickel. I don't remember the exact price, but it was around $18,000. Not only was it the first PCGS PR69, it also had magnificent color."

Anything else? "The Proof Lincoln cents from 1968-75 are proving to be TOUGH in top quality with cameo contrast. Something was wrong with the quality control at the Mint during this period. Even the totally original pieces are frequently covered with marks. There could be a price explosion on these coins."

What do you do after you've built the world's best set?

With the Morgan dollar market roaring again it was time to talk to Jack Lee, the Flowood, Mississippi, dealer/collector who built the #1 Morgan dollar set of all time. Jack, now that this great set has been sold and dispersed, what are you collecting now?

"I'm working on another set of dollars," Lee said. "This time, though, it's expanded to include all of the coins from 1794 through 1935-S. Right now I'm about 75% finished with the set."

Does this include the Gobrecht dollars, too? "It certainly does. In fact, I've got all but one of the Gobrechts now and all but two of the Bust dollars. I may even go for the Proof issues of 1801-03 at a later date. They can get kind of expensive, though," Lee laughed, "so I'll have to see how the money is holding out when I get there."