Market Report by Laura Sperber - Legend Numismatics

With all the turmoil in the financial markets you would think the rare coin market would be on its death bed. NOT! Without a doubt, even though we have been harping the coin market has been going through what we will call a “quality correction” of 10-20% (probably more like 30-40% now), nice, fresh, original, and truly rare coins have NOT decreased in value by any noticeable measure. Do note: you MUST have FULL quality and TRUE rarity to be safe. People do still need to sell and raise money, but for every person who had to sell, we seem to have found a buyer.

While we have had millions of dollars worth of surprisingly great coins sold to us in the past 30 days, we have also SOLD millions of dollars as well. The 1893S PCGS MS67 Veremule piece came to us not out of financial desperation, but because the owner had personal issues. We wired the money. The coin was sold instantly to the first collector we mentioned it to. He had no fear of spending over $1,000,000.00 and fully understood that he had the opportunity of a life time to acquire the piece. In fact he did not understand why a person that has “passion” and money why they wouldn’t be aggressive buyers today.

We told everyone in our last report to watch the Heritage Auction results. With one day to go, we thought things were going to be very bleak (the sell through at that point looked very weak). However, sitting in the office watching the bidding live and coin by coin being outbid, we saw strong signs of stability. From what we understand, the sell through was over 80%. Many coins that did not sell were (of course) over reserved dealer retreads or, they were “off” quality pieces.

For a better understanding, lets compare two coins from that sale. Lot 256. 1864 Small Motto PCGS MS65RD CAC. Sold: $21,850.00. Lot: 1197 1880S $1 PCGS MS68 CAC. Not sold. The 1864 was a monster. Its reserve was either low or none. The coin blew away ALL records for an MS65 RD when bidding closed! We also believe there was highly aggressive multiple bidders. The 1880S was a monster also. BUT, it had a reserve of $6,000.00 (or a total price of $6,900.00). You can buy a VERY nice high end GEM MS68 for $4,500-$5,000.00 these days. Plus, even in high grade, its still a widget. Did these come down? Yes and no. The reserve probably was based on people spending freely in a rising market. Now that the music has slowed, people demand value for their dollar. They do not seem to be paying multiples for commoner coins either. However, when a coin like the 1864 pops up, their is still a frenzy of bidding. If the market were truly declining, the 1864 would not have sold for what it did. (more…)

By Doug Winter - RareGoldCoins.com

To paraphrase that esteemed numismatist Mark Twain, the reports of the death of the coin market seem greatly exaggerated. That is, at least, if you take a look at the prices that Heritage got for a nearly complete set of Liberty Head double eagles that was sold at their Dallas auction on October 24.

As anyone who even remotely follows the dated gold market knows, Liberty Head double eagles have been one of the most solid performers in the coin market during the bull market run-up of the past few years. This market has proven to have more depth than I would have ever imagined and there are, clearly, more advanced collectors assembling comprehensive specialized sets of these coins than in probably any other area of the 19th century gold market.

The question I was asking myself a few days ago, though, was: would these collectors still play in this market after the Economic Malaise of the past month? The Type One, Type Two and Type Three sets are full of many big, macho “stoppers” and I was very interested to see how these coins would do.

The two key collectible Type One double eagles are the 1854-O and the 1856-O. These have appreciated in value more than virtually any other United States gold coin in the last five to seven years and, certainly, the New Market wouldn’t be able to continue its frantic pace when it came to these two issues, would it? The 1854-O in the sale was a PCGS AU55 and it sold for $603,750 which is an all-time auction record for the date. The 1856-O was graded AU58 by NGC. I thought it was comparable in quality and appearance to the PCGS AU55 example that I had sold earlier this year and the Heritage coin brought $576,150 which is the second highest price ever at auction for this rarity. (more…)

Highlights Include Exceptional 1870-CC Double Eagle Rarity and One of the Two Highest-Graded 1802 Quarter Eagles, Along With a New Discovery 1795 Reeded Edge Cent

IRVINE, Calif. – Bowers and Merena Auctions, America’s leading rare coin and currency auction house, finishes strong for 2008 as Official Auctioneer of the Baltimore Coin and Currency Convention for the third time this year, with their upcoming auction scheduled for November 18-22, 2008, at the Baltimore Convention Center. Bowers and Merena will continue their longstanding association with the convention into 2009 and beyond with three more official Baltimore auctions in 2009. This November auction will present more than 4,300 coin and currency lots during five sessions.

Leading the way is an exceptionally attractive Double Eagle rarity at lot 4723, an 1870-CC $20 Winter 1-A in NGC EF-45. Rivaling only the 1870-CC Eagle for this honor, the 1870-CC is widely regarded as the rarest gold coin struck in the Carson City Mint. Federal records indicate that only 3,789 Double Eagles were struck in the Carson City Mint during 1870, and virtually all of those coins have since been lost. At the Choice EF level, the coin offered here qualifies as Condition Census for this rare and extremely challenging issue.

“This is really a very appealing example of the issue and a coin that is destined for inclusion in the finest collection of CC-mint and/or Liberty gold coinage,” notes Steve Deeds, president of Bowers and Merena. “The surfaces are among the most appealing that we have ever seen for a ‘70-CC Twenty, very impressive.” NGC Census is 7, with 5 finer through AU-55; the corresponding PCGS population is 11 with 5 finer through AU-53.

An exciting new discovery coin is found at lot 1143, an exceedingly rare 1795 S-79 Reeded Edge Liberty Cap Cent, one of just six pieces known to exist and the only example certified by PCGS or NGC. This 1795 S-79, Rarity-7+, Reeded Edge is graded Good-4 by PCGS and is mounted in a special PCGS holder that allows easy viewing of the edge, where the all-important reeding is easily seen. One of the most important large Cents of any type, date or variety ever offered by Bowers and Merena, this coin is sure to command a strong price from dedicated early Copper collectors. “This is really a unique opportunity to acquire one of the rarest large cents ever minted,” Deeds said.

One of the two highest-graded 1802 Quarter Eagles draws attention at lot 4309, an 1802/’1′ Capped Bust Right Quarter Eagle, BD-3, HBCC-3009, Rarity-5, in MS-65 by NGC. NGC Census on this visually impressive example of the issue is just 2 and none are finer, with the highest-graded examples known to PCGS being MS-63s.

Currency enthusiasts will be treated to an exceptional selection of more than 800 lots. Topping the list is lot 5451, an important and finest known Fr. 1179 $20 Technicolor. This remarkable note, Fr. 1179, 1905 $20 Gold Certificate, PMG Superb Gem Uncirculated 67EPQ, enjoys a PMG population of just 1, none finer, with PMG grading only two 66s and the finest PCGS grade being a 64. The note itself has amazing color and eye appeal. (more…)

Rare and important Coin Medallion of Hadrian Augustus also headlines

A trio of exceptional coins from ancient Rome is being offered in Heritage Auction Galleries’ Signature® Auction of Ancient & World Coins to be held at the New York International Numismatic Convention, in New York City on January 4-5, 2009. The Heritage auction and the Convention will be held at the Waldorf-Astoria. Details can be found on the Heritage website, HA.com, where the auction will be posted in early December for inspection and bidding.

“Among the many magnificent ancient coins in the NYINC auction,” noted Cristiano Bierrenbach, Heritage’s Director of International Sales, “are a pair of coins graded as “Fleur de Coin” – a French phrase meaning ‘absolutely perfect in every way.’ This denotes a coin that is not only technically uncirculated, but appears as fresh as the day it was minted. The earlier of the pair is a gold Roman Imperial Aureus of Lucius Verus, minted 161-169 A.D.; NGC has graded it as ‘Gem Uncirculated – F.D.C.’”

The second coin is a Roman Imperial Aureus of Aelius Caesar, minted between 136-138 A.D. NGC graded this coin, previously in the famed John Whitney Walter Collection, as “Choice Uncirculated – F.D.C.” The portrait on the obverse (front), probably cut by the finest engraver of the time, is sculptural in quality, and his bust has perfect surfaces to form an outstanding image of this ancient prince. According to experts, this is among the top-tier aurei of Aelius that have survived.”

A third impressive item in the NYINC auction is not normally considered a coin, but falls rather in the tradition of ancient coin medallions (which were produced much like coins). This unique silver medallion of Hadrian Augustus (A.D. 125-128) is of great importance and beauty, and is a lightly toned example in Extremely Fine grade. Considered a masterpiece of ancient portraiture at 33.5 mm in width, the obverse has been judged one of the finest among the entire Roman coinage, and the reverse (back side) features a delightful mythological scene. “This medallion,” noted Bierrenbach, “is expected to be the most valuable Roman numismatic item that Heritage has ever offered, and may go into the mid six-figures.”

“These are just a few of the highlights of an impressive ancient section that Heritage is putting together for NYINC,” concluded Bierrenbach, “but when I received these three items I spent an entire afternoon showing them around the company – that’s how impressed I was with their quality and conservation.” (more…)