Weekly Market Report: Whatcha got for Sale? This is Long Beach Week and Hopeful Buyers are Everywhere

The world's largest parking lot -- also known as the I-405 freeway -- is jammed with numismatists from across the country as the summer edition of the Long Beach Coin & Collectibles Exposition takes place this week. Dealers and collectors began arriving last week for the preliminary auctions and to find out who had what in inventory. "I get a call once every ten minutes or so from a dealer who's just pulled into town," said Marc Crane of Marc One Numismatics in Newport Beach, California. "The first question is always 'Whatcha got for sale?'"

Enthusiasm is rampant for the June 5-9 event (June 6-9 for the public) that features a huge bourse area, several important auctions and the display of the fabled and controversial 1933 $20 gold piece. Always a major market bellwether, the Long Beach show is more eagerly anticipated than ever due to the extremely strong and active coin market.

Gold coins are on the move.

As gold bullion began to creep upwards past the $290 mark, then $300, then $310 the prices of generic gold remained nearly the same despite warnings from dealers that supplies were dangerously thin. Once gold hit $320 it was a new ball game.

"MS63 Saints [$20 gold pieces designed by Augustus St. Gaudens] have moved from $375 to $435," Crane reported. "MS64 Saints are in the $510 to $525 range and everyone is looking for them. It was only a few weeks ago that I bought 700 pieces for $400 each. The price explosion was inevitable, but it's probably just getting started."

PCGS Set Registry coins remain market leader.

The PCGS Set Registry continues to grow at an unprecedented rate, as collectors from around the world add their sets, both complete and partial, to the ever-swelling lists. "If there's a finest-graded coin that's under $1,000 on our pricelist it isn't there for long," says John Rothans of David Hall Rare Coins in Irvine, California. "Lincoln cents, Proof Franklin half dollars, Washington quarters and modern commemoratives continue to set the pace, but interest is so widespread now that almost everything is selling."

What's doing the best in the other areas of the market? "The biggest turnaround in recent weeks has been Morgan dollars. The early classics are the best-selling items in the more expensive coins. Cameo and deep cameo Proof coins remain hot, as do Walking Liberty half dollars and Buffalo nickels. There are numerous calls coming in about gold coins, too, spurred on by higher bullion prices."

Kingswood "Intervale" sale is now online.

The Kingswood Coin Auctions "Intervale" sale is now online. This is the ninth auction in the "alphabet" series that began with the Auburn sale less than two years ago.

"The Intervale sale is definitely going to be our busiest ever," says Cassi East, Director of Auctions for Collectors Universe. "The sale doesn't close until June 20th and the lots haven't even been shown at Long Beach [as this is being written] and we've already received tens of thousands of dollars in bids."

Some of the highlights of the Intervale sale include:

• 1918-D Mercury Dime (PCGS MS65FB)
• 1875-S Twenty Cent Piece (PCGS MS66)
• 1870-CC Liberty Seated Half Dollar (PCGS XF45)
• 1893-S Morgan Dollar (PCGS AU50)
• 1875 Gold Dollar (PCGS MS64)
• 1840-D $2½ Liberty Gold (PCGS AU53)
• 1873-CC $10 Liberty (PCGS XF45)
• Lafayette Silver Dollar (PCGS MS65)

This is the second exceptional 1875 gold dollar offered recently by Kingswood. An earlier sale featured the finest grade Proof example, the PCGS PR66. To peruse the sale or to bid online, click here.