The summer doldrums. Is it a meaningless cliché or does the rare coin market really experience a major slowdown during the dog days of July and August? "It is a self-fulfilling prophecy that the rare coin market slows down in the summer," says John Dannreuther of JDRC, Inc., in Cordova, Tennessee. "There is always that period between the June Long Beach show and the ANA convention when many of the major players in the market take a break or go on vacation. This year the same is true to an extent, but the overall momentum is so strong that coins continue to be in demand."

What is selling? "There are two broad areas that create instant interest," Dannreuther continued. "One is nice coins in general. Anything that is nice sells immediately. Two, anything that is out of the ordinary is in demand."

What does "out of the ordinary" mean, exactly? "A coin that is in a condition that you almost never see is something out of the ordinary. It can be either the finest graded of an issue or a coin with blazing luster that is characteristically a dull gray. It can be a coin with magnificent toning or a Morgan dollar with prooflike surfaces that rarely comes that way. Something that is truly rare, regardless of whether it's expensive or not."

Market "surprisingly active" over the July 4th holiday.

I gave a call to Harry Laibstain Rare Coins of Newport News, Virginia, and talked to veteran dealer John Noonan. "Early copper is selling extremely well," Noonan related. "Chain cents, Wreath cents, Liberty Cap cents, 1799 Large cents, 1804 Large cents -- there's tremendous interest in this area of the market.

"Coins were surprisingly active over the July 4th weekend," Noonan continued. "Along with the Large cents already mentioned there's also a call for other 18th century material, especially the dimes and half dollars. In equal demand are Proof type coins, especially the pieceseces with cameo contrast. We have sold three pieces since last Friday."

What about commemoratives, which have always been a Laibstain specialty? "Gold commemoratives are steady at current levels. They've gone up a lot in the past 18 months or so, but they're maintaining the price point. In silver commemoratives it's the key coins in MS65 that the customers are looking for. The Sesqui, Missouri, Hawaii. The customers may go to eBay to buy a San Diego and an Iowa, but they want to know who they're dealing with when it comes to the expensive issues."

Set building continues unabated.

"This summer is just as strong as the winter and spring months were," says John Rothans of David Hall Rare Coins in Irvine, California. "At least that's true as far as the collectors go. The dealer-to-dealer action has slowed a bit, but the set building is continuing at a record pace."

Such as? "Walking Liberty half dollars and Mercury dimes are selling extremely well off of our new catalog," Rothans said. "The key dates were gone almost immediately. Morgan dollars are also doing well. In the modern issues the commemoratives are white-hot."

What about type coins? "Proof type is doing well, as I'm sure anyone will tell you. Mint State type coins from the 19th century continue to lag the market, but there are certainly some wonderful values there."

Bowers & Merena Express is now online.

The latest edition of the Bowers & Merena "Express" is now in the station. The 255-lot sale features certified U.S. coins of all grades, denominations and price ranges. The sale closes July 15th. To view lots and/or to bid online, click here.