PCGS Set Registry - Bulgaria in the Limelight

I remember looking through a dealer's inventory back in 2014 at the Baltimore Whitman Expo. I must have looked through a total of 15 or more double-row boxes, and each double-row box contained about 300+ coins. Hours had gone by until I added seven coins dated 1979 marked between $1.50 and $3.50 to my pile. Not finding any other coins, I bought those seven specific pieces for about $17.

Sitting there in my chair, my composure was as cool as a cucumber. However, in my mind, I had the 1981 chart-topper “Celebration” by Kool and The Gang playing at 150 decibels. Confetti was being thrown around by my imaginary party-going friends who were belting out the lyrics, “There’s a party going on right here, a celebration to last throughout the years.” Naturally, nobody could hear this song but me.

I knew that I had purchased the 1979 Bulgarian Proof Set, listed within the PCGS Set Registry – though this was well before my time with PCGS. The set had a mintage of 2,000, and the catalog price at the time was $22.50. At the time, I knew the market value was greater than the price for which this set was listed. With my best poker face, I paid my fellow dealer, and I was on my merry way. Later that year, I had the set certified, which cost me another $250, and it sold at auction for over $1,000! This was my first experience with Bulgarian coins that resulted with such lucrative results. Of course, as so many of us experience, such positive outcomes are counterbalanced by those that aren’t so positive. Lessons like these have been my best teachers in terms of learning.

In 2013, I recall my mentor asking me what country I was going to focus on specifically. I mentioned “India” to him and he replied, “Kid, if you focus on one country, you’ll be out of business in six months.” He was right – I took heed of his advice and began diversifying my knowledge base. The second and third Bulgarian coins that I did well with in 2014 were the 10 stotinki and the 20 stotinki coins, which are part of the set titled Bulgarian Principality Denomination Set, Circulation Strikes (1888). This short set of four denominations consists of coins that were struck in copper-nickel and minted in Brussels by the Royal Mint of Belgium. The use of copper-nickel during the late 19th century in Europe wasn’t as widespread as it is nowadays. These 1888-dated coins were superbly crafted, each denomination was struck in the millions, and they are highly sought after by collectors today in uncirculated grades. Coining copper-nickel coins causes stress to the die striking the coins due to the hardness of the metal. This die deterioration can cause weak strikes, sooner or later the die breaks, and it cannot be used going forward.

The next 5, 10, and 20 stotinki denominations were not struck until 1906. This means that the coins dated 1888 were used in commerce and circulated for many years. Once copper-nickel coins start to wear due to friction, the eye-appeal will quickly become worse. This may also explain why an MS64 example of any of these coins will cost $1,000 or more depending on which denomination collectors seek.

Bulgarian silver coins from the late 19th century have always been difficult to find in uncirculated grades. There are many reasons for this, and one that comes to mind is the .835-fine silver that was used during the era. Any time a coin enters commerce, the clock is virtually ticking against the “newness” of the coin, and nobody knows when it will be rescued from circulation to preserve its condition. The mintages for Bulgarian silver issues were generally lower in comparison to their base-metal counterparts during this era. Many denominations in general were not regularly minted on a sequential yearly basis. For example, the 2 leva denomination was minted during the years of 1882, 1891, and 1894 during the late 19th century. Stephen Album Rare Coins recently sold an 1894 2 Leva graded PCGS MS62 for a record auction price of $21,600!

Highly competitive markets may produce record results. A little over five years ago, a similar coin in the same grade could have been purchased at auction for about $3,500 if the other bidder was willing to step aside. In an auction setting, a buyer may be willing to bid any amount to acquire a coin that they want to own. Similarly, a PCGS Set Registry member may be willing to defend their top spot by acquiring “Top Population” or “Top Pop” examples at no cost.

Sometimes, the marketplace for Bulgarian coinage in this instance has become increasingly competitive, and parabolic pricing may linger for years. This is not necessarily because of the PCGS Set Registry but rather because of increased demand and high-grade coins simply not being available in the marketplace. Coins from Bulgaria have always been collectible, and it seems as of late the market has been in overdrive. There are many examples that are available in XF grades or below at more-than-reasonable prices. A PCGS AU58 1894 5 Leva could be purchased for about $300 or less, whereas an MS62 might set back a collector about $3,000 nowadays. Due to recent global economic softness and rising inflation, prices may not increase as much as they have in the past few years. Therefore, collectors looking to fill holes in their sets may be able to pick up examples at lower prices going forward.