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Category: Market Reports & Prices

NGC Launches New Coin Price Guide Powered by NumisMedia

Powerful resource includes over five years of historical data and dynamic charting tools.

Numismatic Guaranty Corporation (NGC) has released a new online price guide, the NGC Coin Price Guide, powered by NumisMedia.

The price guide is now available to all NGC website visitors for free at www.NGCcoin.com. It includes five years of accurate coin pricing data for nearly all US coins, and collectors can analyze coin prices using dynamic graphing tools and ranking filters. Many of these features are entirely new to the numismatic marketplace.

For example, the performance of up to five different coins can be viewed on a single graph. Innovative trend spotting tools allow users to rank coin performance based on criteria they supply to gain unique insight into the value of collectable US coins.

The rare coin values shown in the NGC Coin Price Guide are independently compiled and edited by NumisMedia based on real, documented market transactions.

Since 2005, NumisMedia has served as the official price guide of NGC and the NGC Collectors Society. NumisMedia is the industry’s most accurate, impartial report of US coin values. The online guide constitutes the most comprehensive pricing available for US coins, including prices for the full range of AU and MS grades, as well as prices for a broad number of modern issues.

“Tools this powerful simply were not available to coin collectors before today,” comments Mark Salzberg, NGC chairman. “Since the price guide is free, we’re offering everyone complete access to the most advanced way to assess rare coin valuation trends. NGC is providing the ultimate means for collectors to make better purchasing decisions and build better collections.”

The NGC Coin Price Guide launched November 30, 2010. The price guide is part of a suite of collecting resources available on NGC’s Web site, including a US coin encyclopedia, US coin variety attribution guide, and US coin grading guide. Earlier this year, NGC launched a comprehensive coin collection management portal. Like the price guide, it is a free resource available to the numismatic community.

The Fab Five Type Three $20 Liberty Head Double Eagles

By Doug Winter – RareGoldCoins.com

There are five ultra-low mintage Type Three Liberty Head double eagles that were produced for circulation during the 1880’s and 1890’s. These five issues have not necessarily received the attention that the so-called Fab Five late date St. Gaudens double eagles (the 1929, 1930-S, 1931, 1931-D and 1932) have but they are now popular with collectors and have risen dramatically in value over the last decade.

The 1881, 1882, 1885, 1886 and 1891 double eagles have a combined mintage of just 5,911. There are a number of possible reasons as to why these issues were made in such limited quantities. The first is that the Philadelphia mint was primarily interested in making silver dollars in these years and a majority of their efforts went towards these coins. I don’t find this plausible as mintage figures for other gold denominations during these years were high; as an example the mint made nearly four million eagles in 1881 alone.

The second was that there was limited demand. This is certainly possible but it does not explain why mintage figures for double eagles during these years at the San Francisco mint tended to exceed one million per annum. Another reason is that the United States economy was slow or worse during most of these years.

In looking at these dates in terms of overall rarity (the total number known) and high grade rarity (rarity in AU50 and higher grades), I rank the Fab Five as follows:

I. Overall Rarity
1. 1882
2. 1881
3. 1886
4. 1891
5. 1885

II. High Grade Rarity

1. 1881
2. 1882
3. 1886
4. 1891
5. 1885

Let’s take a look at each of these dates and discuss their overall and high grade rarity, Condition Census levels, the numbers graded by PCGS and NGC and record prices realized at auction.

I. 1881 Double Eagle

A total of 2,199 were struck of which an estimated three to four dozen exist today. There are none that I know of that grade lower than EF and around seven to ten are known in this grade range. The majority of the examples known are in the AU grades with around twenty-six to thirty-four accounted for.

I am aware of two in Uncirculated and they are as follows:

1. PCGS MS61. Heritage 4/09: 2762 ($120,750), ex Heritage 10/08: 3091 ($138,000), Heritage 1/07: 3203 ($138,000).

2. PCGS MS61. Heritage 6/04: 6363 ($57,500), probably ex Heritage 1997 ANA: 7843 ($29,325; where graded MS60 by PCGS).

The record auction price for this date is $138,000 which was set twice by the coin listed first in the Condition Census above. PCGS, as of December 2010, has graded 24 examples in all grades with just two in Uncirculated (both MS61). NGC has graded 19 in all grades with three in Uncirculated (an MS60 and two in MS61). I believe that the populations for AU coins are inflated by resubmissions. The 1881 is the rarest of the Fab Five is higher grades. (more…)

Rare Coin Road Warrior Market Report

By Vic Bozarth – Bozarth Numismatics

What’s happening on the rare coin show circuit?

The Whitman Baltimore Coin Exposition was really ‘cooking’! In my opinion the Baltimore Coin Expo is the hottest show on the rare coin show circuit. The folks at Whitman know how to run a show. The Fall show is the best of the three shows that Whitman Publishing holds in Baltimore each year. Attendance is always heavy and the Bowers and Merena Auction is a big draw. Business was brisk and gold was the major culprit.

I will talk more about the Baltimore Coin Exposition, but first let me tell you why I write the Rare Coin Road Warrior Column each month.

My name is Vic Bozarth and I am the Rare Coin Road Warrior. My wife Sherri and I travel over 200 days a year to buy rare coins for our customers. We attend all the major shows as well as most of the larger regional and state numismatic society shows. We own and operate Bozarth Numismatics Inc. and our website is bozarthcoins.com. I have attended coin shows since the age of 13 and set up as a dealer at my first show at the age of fifteen. Of course, I love coins, but shows are where the action is! Because many of you don’t have the luxury of attending many coin shows, I like to share with you the news and market trends I have witnessed while attending and working the ‘bourse’.

The October Show schedule was grueling. Although the only major show was the Silver Dollar Show in St. Louis we actually attended four shows in total flying coast to coast twice. After the stellar Philadelphia Whitman Coin Expo in late September/early October we flew to Manchester, NH for the NH Coin Show. Although bracketed by the bigger Philly Show and St. Louis Silver Dollar Show, the NH Show was both well attended and well run. Ernie Botte does an excellent job with this show. The show itself is growing and we are among many who really enjoy visiting the Northeast during the Fall.

The Silver Dollar Show in St. Charles, MO, a suburb of St. Louis, is well run in an excellent facility, but there are several problems with the show. Maybe it is the economy, maybe it is the city, but the show just isn’t what it once was in years past. The Silver Dollar Show also faces some major hurdles next year. The new Pittsburgh ANA Fall Show is scheduled the week prior to the Silver Dollar Show next October. The ANA is like the 800 pound gorilla in the room-they stomp around with no regard for anyone else. (more…)

The Record-Setting Sale of an 1875 Half Eagle: What Does it Portend?

By Doug Winter – RareGoldCoins.com

In the Bowers and Merena November 2010 Baltimore auction, a business strike 1875 half eagle sold without a lot of fanfare for a lot of money. I think this was one of the most significant individual sales in the rare gold coin market in 2010 and I’d like to spend a bit of time analyzing both the coin that was sold and the significance it portends for both the Liberty Head half eagle series and the rare gold market as a whole.

The 1875 is the rarest collectible Liberty Head half eagle. (The 1854-S is rarer but with no pieces likely available to collectors in the near future, I regard this issue as “non-collectible.”) Only 200 business strikes were produced and the number of pieces known has generally been estimated to be in the area of ten. I think this estimate is reasonably accurate although I think the actual number known could be as low as seven or eight.

The 1875 is unknown in Uncirculated and most of the examples that exist are in the EF40 to AU50 range. PCGS has graded five coins including an EF40 and two each in AU50 and AU53 while NGC has graded four: one in EF45 and three in AU55. I believe that these figures are inflated by resubmissions and the total number of distinct 1875 half eagles in slabs is four or five. There have been 10 auction appearances since 1991. Six have occurred since 2000 but this includes a number of reappearances of the same coin(s).

The coin in the Bowers and Merena auction was graded AU55 by NGC and it appeared to have been the same coin that was offered as DLRC’s Richmond I: 1444 back in July 2004 where it brought a record-setting $86,250. There had been no other 1875 business strikes that had been available since the Goldberg 2/07: 2335 coin that brought $74,750.

The Bowers coin was part of an interesting set of 1875 gold coinage called the “Kupersmith Once in a Lifetime” collection. Terrible name but an interesting and impressive set with examples of the rare Philadelphia gold dollar, quarter eagle and three dollar gold piece from this year but, curiously without the very rare 1875 business strike (or Proof) eagle. (more…)

November Baltimore Coin Show and Market Report

By William Shamhart, Jr.  – Numismatic Americana

I can figure a coin deal as quick as anyone. In fact I can sometimes just look at a deal and know that I am going to buy it. That is because I am a coin dealer and have been my entire adult life.
baltimoreNov2010
But writing…that’s a whole other story. I’ve had trouble all my life writing papers from grade school all the way though college. Hence my tardiness in getting this show report to you, our loyal readers.

Christine and I made the trip down to Baltimore on Wednesday afternoon. We had a few appointments set up and promptly got down to business. After looking at a few dealer’s inventory (and finding the same old “tired” pieces), I went to submit our numerous coins for grading to PCGS. (At the end of this show report, and up on our web site shortly, you will find the fruits of this.)

With an opening bell of 8:00 a.m. on Thursday, Christine and I were there bright and early and literally minutes after the doors opened we arrived at our table only to find a client waiting for us. While that was a great way to start the show, sadly it wasn’t going to last. We did some wholesale business from our inventory early on and then proceeded to set up our booth for the “early birds” at 10 and the public at noon. One of the best things about having a client base is that other dealers figure out quickly that you need to buy coins for them, so while neither Christine or I really got to spend a lot of time walking the floor looking for coin to buy, it was nice that there was a steady flow of dealers coming to us, wanting to show us their wares.

Getting to the meat of this report, I will tell you that Baltimore was definitely better than CoinFest, and way better than the Silver Dollar Expo a few weeks earlier. There are many more “collectors” in Baltimore than the aforementioned shows, and while they didn’t spend money like sailors on shore leave, they did spend. As I write this gold has broken the $1400 barrier, yet in Baltimore we didn’t have one person come up to us and ask for bullion, quasi bullion, or generic gold coins. Not one. Gem gold was in demand, stronger than it has ever been in recent history. And we sold virtually all that we brought with us.

Another observation that I came back with is how focused today’s buyers are. No longer do they settle for a lesser coin, they don’t buy something just to fill a hole. They will wait until that special coin, the one with the look that they have been longing for, appears. The collectors in the market place today don’t just have a want list with a denomination, date, and grade on it, there is also the “look” on their list. And some coins, no matter the grade, just won’t make the grade (no pun intended). They are fussy and they should be. I’ve always had the opinion that coin collecting should be fun. It should release the endorphins in your brain and not cause stress. It seems that the collectors I have met recently have learned from the common mistakes that one would make early on in a hobby. They have paid their dues and will wait it out until they get exactly what they want. While I generally agree with that philosophy, it can be a very dangerous double edged sword. Passing up on a truly rare coin, in anticipation of a finer piece showing up, can be, and usually is, a bad deal. If the coin in question is that tough to locate, then there will usually be another collector lined up behind you to buy it. How many time have you looked at a coin, walked away to think about, and then returned only to find it sold?

So what, besides Gem gold, was selling? Nice commems, MONSTER commems, and type coins, both proof and mint state were selling. MONSTER type coins that sold there went for numbers off the charts. Better date walkers, and yes, even proof walkers were also in demand.

Before you start to look over our new purchases, I’d like to remind you that the next show Christine and I will be doing will be the Money Show of the Southwest in Houston the first week of December. Don’t worry, we will still be buying coins and putting them up on the web before then. So while we won’t have any of show reports until next month, there will be plenty of new coins showing up on our site.

Strong bourse + auctions at Baltimore coin show; Rarities keep soaring

By Steve Roach
First published in the November 29, 2010, issue of Coin World

The Nov. 4 to 7 Whitman Coin and Collectibles Baltimore Expo was characterized by both a strong bourse floor and well-performing auctions with interesting and fresh material.

The Baltimore show, held three times a year, has become one of the most robust on the circuit, with dealers and collectors alike praising Whitman for being responsive and Baltimore for being a good convention city, characterized by inexpensive flights, reasonably priced hotels and good local restaurants.

A walk around the bourse floor on Friday revealed healthy dealer-to-collector business being done.

Prior to the show’s start, Stack’s presented its 75th anniversary auction, which realized nearly $4.6 million across 2,500 lots.

It was anchored by the W.L. Carson Collection of U.S. Proof sets, a remarkable and large fresh-to-market collection put together decades ago consisting of more than 500 lots of Proof coins from 1837 to 1964.

The quality was characteristic of many old collections put together prior to third-party grading: some coins were amazing high-grade beauties while others were harshly cleaned or displayed artificial toning and were in Professional Coin Grading Service “Genuine” holders. The market absorbed the collection at strong prices.

Bowers and Merena Auctions hosted the official expo auction with more than 3,500 lots, anchored by the No. 2 collection of Standing Liberty quarter dollars with full head designation.

A toned 1916 Standing Liberty quarter dollar graded Mint State 67+ full head sold for $195,500 (pictured left, image courtesy of bowersandmerena.com), while a more brilliant example in the same grade without the “+” brought $115,000. A 1927-S quarter dollar graded MS-65+ full head brought $149,500. All three were graded by PCGS and carried Certified Acceptance Corp. stickers.

In total the auction saw 12 separate Standing Liberty quarter dollars realize more than $25,000 each.

The sum of the auction results shows continued health for a wide range of issues including gold, especially at the $20,000 to $200,000 level, as collectors continue to seek objects of lasting and proven value during times of economic uncertainty.

WGC: STRONG OUTLOOK FOR GOLD DEMAND FOR REMAINDER OF 2010

Global gold consumption for 2010 will be higher than 2009 as a result of increasing levels of demand in India and China, sustained global demand for gold investment, together with growth in jewellery and industrial demand, the World Gold Council (“WGC”) said.

According to the WGC’s Gold Demand Trends report for Q3 2010, published today, demand for gold in the final quarter of 2010 will be driven by the following factors:

* Increasing demand by the world’s two largest markets, India and China, as rising income levels, high savings rates and strong economic growth continue to push up consumption.

* Gold jewellery demand is likely to exceed that of 2009 due to an anticipated recovery in India, the most significant gold jewellery market, and continuing strength in China. While jewellery demand may face challenges ahead, the latest figures show that demand in key markets has shown resilience in the face of higher prices levels.

* Concern over fiscal imbalances and currency tensions will continue to support investment demand for gold. Aside from the recent additional US$600 billion of quantitative easing by the US, the weakening of the US dollar and associated fears of inflation, demand is also likely to be driven by higher gold price expectations, as well as increasing availability and accessibility of gold investment products to retail investors.

* Industrial demand, which has returned to long-term levels, is expected to remain firm on the back of renewed growth in the electronics industry, due to the majority of semi-conductors being wired by gold.

Marcus Grubb, Managing Director, Investment at the WGC commented:

“Healthy gold demand growth in the third quarter occurred in the context of record international prices, demonstrating how consumers, particularly in India and China, are continuing to appreciate the enduring value of gold. The rediscovery of gold’s properties as both a currency and a monetary asset have been brought into sharp focus. Quantitative easing has forced the adjustment of global imbalances into currency markets and the resulting currency conflict is positive for gold. In addition, we believe demand will be facilitated by the growing number of channels that serve to make gold more easily accessible to a greater number of investors.” (more…)

The DWN Rare Gold Coin Market Heat Index: 2010

By Doug Winter – RareGoldCoins.com

As someone who is pretty attuned to the strengths and weaknesses of the rare gold coin market, I can accurately rate how well (or poorly) a specific series is performing. 2010 was an interesting year for gold coins. We saw tremendous price increases in gold bullion but many areas of the coin market were flat. In the first annual DWN Rare Gold Coin Market Heat Index (cue sizzling sound effect…), I am going to discuss the relative position(s) of the most commonly traded areas of the market.

This totally non-scientific study is keyed to the following ratings, which go from 1 to 10:

1. This series is so cold you couldn’t give the coins away
2-5: This series ranges from ice cold to moderate strength
6-9: This series ranges from strong to very strong
10: This series is en fuego

And without further ado, let’s talk hot or cold gold…

I. Gold Dollars

There is pretty solid overall collector support for gold dollars. While there do not appear to be many specialists working on complete sets, there are a number of collectors working on focused subsets; i.e., Dahlonega dollars, Civil War issues, etc. I would say that Type One branch mint dollars are probably the strongest overall segement of this market and the weakest is, clearly, high grade non-branch mint Type Two coins.

In the Type Three series, I am noticing some strength in very high quality Philadelphia issues from the 1870’s and 1880’s. In most cases, the coins that are the strongest are PCGS graded MS67 and better pieces with great eye appeal. The Charlotte and Dahlonega market is very bifurcated. Top quality original pieces in all grades are very strong while overgraded, non-original pieces are hard to sell even at a serious discount.

OVERALL RATING: 5. This denomination is collector-driven and reasonably strong as of the end of 2010. The coins showing the greatest demand include the very rare Dahlonega issues (1855-D, 1856-D and 1861-D), mintmarked Type Two coins in “collector grades” and Finest Known or high Condition Census Type Three issues graded by PCGS and approved by CAC.

II. Quarter Eagles

This is perhaps the most mixed denomination in the entire U.S. gold oeuvre as the heat index ranges from borderline frigid to pretty toasty. Early quarter eagles are showing mixed collector support. These coins are still undervalued when compared to other early gold denominations but they are no longer “cheap.” Some weak auction results for overgraded 1796 No Stars and 1808 quarter eagles have lowered Trends but nice examples of these two significant dates are still in demand. Collectors of early quarter eagles are looking for value. They want either very rare issues that are underpriced (such as the 1826/5 or the 1834) or coins that are choice and original. (more…)

The Baltimore Coin Show – Legend Numismatics Market Report

Yeah, this is broken record: Mary Counts, David Chrenshaw, Lori Hamrick and team did it again. They put on one of the BEST shows. Our ONLY complaint (and we know many other people felt the same way) was out of their control: $13.00 for a sandwich and soda? That was DRECKY! We spoke to David Chrenshaw who pulled out a note pad of issues to work on and showed us he was on it. At no other show have we EVER seen managers who really want to absorb information to make it better. Guess that’s why we were told attendance was up a decent % this show.

Hidden GEM at the show: there is a full time massage therapist in the lobby. With all the stress on the bourse, taking a break for 10 minutes and getting a massage was so relaxing and helpful.

LEGEND SPENDS $2,000,000.00

We did not realize how much we spent until we got home and added it up. This figure includes The Stacks and Bowers Sales, and the spending damage we did on the bourse floor. Keep in mind, this is real money. Legend would not put up its own money or endanger our customers monies if we felt the market was weak or had issues.

At the Stacks sale there was an interesting group of fresh proof coins. Legend by far did the most buying. We proudly purchased (and saved them from the coin doctors) the $10 1913 PCSG PR66 CAC ($80,500.00)+$20 1913 PCGS PR65 CAC ($103,500.00). One day we would LOVE to tell you where they went as it would PROVE the depth and reach of the US coin market all over the world! Other highlight purchases: the $10 1888 PCGS PR65 Cameo and the $20 1906 PCGS PR65 Cameo. All these went to different collectors.

Prices were very strong at the Stacks sale. The nicer the coins, the stronger the premiums went. We saw some coins sell for prices as much as 3 grades higher! The marketplace is starved for fresh coins.

The Bowers Sale was crazy. We had sold many of the MS Seated Half Dollars to the collector who formed the Malibu Collection. We figured there might be a little softness and we could get some good deals. NOT! We bought ONLY about 3 halves-and the 43O PCGS MS65 CAC we sold to a collector at lot pick up! The prices were “moon” money and beyond. You had two clear cut collectors competing, us (we were buying for collectors NOT building sets), another high end dealer representing a collector, and at least one party who LOVES rare CAC stickered coins and is not specifically a Seated Half Collector (we did confirm this individual was bidding). It is interesting to note that a NON Seated half Collector would pay such strong prices. This party thinks “outside the box”. His coin purchases from this sale over the years will be as astute just as if he were building one of the finest collections of Seated Halves. He understands, you can’t be scared to stretch when great coins with low to no pops are available.

Our highlight purchases from Bowers included the monster 1851 PCGS MS62 Slug (ex Amon carter) $316,250.00. Of all of our auction purchases, this was the ONLY coin we really stole. We had been prepared to pay up to $400,000.00 hammer! We also purchased the ultra rare and grossly undervalued $3 1877 PCGS PR65 DCameo CAC. We’re helping build a PR $3 collection that is now only 4 coins short of completion! We had to pay up, but we bought just about ALL the CAC MS 64 Seated Dollars for addition to a collection we are exclusively building. The gorgeous 25C 1916 PCGS MS67+ CAC was one we lost on. It sold for $195,500.00 in Bowers. The same coin at the 2010 ANA Boston auction (less than 3 months ago) brought $149,500.00. It was simply a coin that fell thought the cracks at ANA (everyone thought it would go for crazy money, so why bother bidding). At BOTH auctions, Legend was the under-bidder! We still regret not buying the coin-for inventory! (more…)

Coinfest 2010 Market Report

By William Shamhart – Numismatic Americana

After much anticipation, this years CoinFest has come and gone. In its third location in four years, I must say that this should be the permanent home for this show. Located in the recently renovated Marriott in Stamford, CT, the bourse itself was held in a “ballroom” atmosphere. With carpeted floors this gives a “warmer” environment to conduct business. Parking was plentiful for the attendees, and there are numerous quality restaurants within walking distance. My vote is to do whatever it takes to keep the show there.

Inside the bourse area there were, and are, many opinions as to how the show was. The local demographics, on paper, have all the making for a great show. For some it was, but for most it wasn’t. Let me explain. Unfortunately most dealers suffer from the “immediate gratification” syndrome. Not unlike most of America I suppose. If sales weren’t consummated there, and for large numbers, then some dealers look at the show as a bust. Many of the dealers don’t cater to retail on a full time basis. They set up at shows, looking for that big sale, and when it doesn’t happen then and there, they become disappointed. They don’t maintain websites, advertise in trade publications, have dedicated phone lines, or employ numismatists to handle questions. They live in the here and now.

Other dealers on the other hand look at contacts made as a possible client in the future. They follow up with emails, inquire about want lists, and basically cultivate the collector. Now I’m not looking at this through rose colored glasses, I realize that quite a few contacts made don’t pan out. In fact most don’t. Thing is you just don’t know which ones will and which ones won’t. At CoinFest we spent a lot of our time talking with collectors, some who bought something, some who didn’t. But I came away with a very positive feeling about the show. As I write this, I have numerous emails to return from people who I just met at CoinFest. I guess time will tell.

Sales: From a retailer view, they were somewhat dismal. The collector sales that were done were well thought out by the buyer. No impulse buying here. But that is good. At least the collector feels confident enough with what is going on in the world to continue their pursuit of numismatics. Polite negotiations, trades, and lay-a-ways were all done there. That’s okay. We try very hard to put coins in collector hands. Thank you.

From a wholesale point of view it was mixed. We did sell quite a bit to other dealers, mostly to retailers. No wholesalers and very little producers. That leads me to this thought. Other dealers, retailers in particular, don’t just buy coins to be buying coins. They have a thought process, perhaps another retail consumer (one that hasn’t found us yet). What I am trying to say is that when a coin trade hands wholesale it is done for a reason. Someone, somewhere, is selling the coin to a collector, that my friend is good it shows confidence in the market.

Buying: Here is where it gets interesting. None, and I mean none, of our usual contacts had anything special for us. But…there were a few deals (collections) that came to the show. And while we didn’t buy all of them directly from the original sellers, they found there way to us anyway. Most all of the coins we bought there were raw. That is they haven’t seen the inside of a grading room, ever, or a least until next week in Baltimore where we will submit them. Stay tuned, or shall I say check our web site often after Baltimore for these coins. These pieces along with our new purchases from Baltimore will make for a very special offering of coins.

Christine and I will be attending Baltimore this week starting on Thursday. If you are attending, please stop by and say hello, we are at table 1851. We’d love to chat and talk coins. And maybe even sell some…

Pricing Problem Coins !

By Doug Winter www.Raregoldcoins.com CoinLink Content Partner

I’ve discussed many times the process in which how nice coins are assigned price levels. But how are problem coins valued? This is an interesting question and one which is becoming a bit easier to answer since NCS coins have become a well-accepted part of numismatics.

(Before I begin, I should state here that NCS or Numismatic Conservation Services is a division of NGC that certifies and encapsulates “problem coins” which NGC does not see fit to put in their regular holders. This includes coins that are harshly cleaned, polished, heavily scratched, rim filed, etc. NCS only uses adjectival grades—i.e., they would call a coin “AU details” as opposed to “AU55 details.”)

The reason why non-problem coins are easier to value than problem coins is, well, because they don’t have problems. There is a greater degree of consistency of appearance between an 1830 half eagle in PCGS AU55 (or NGC AU55) than there is with this same issue when it has the details of an AU55 but it has been cleaned.

Let me explain what I mean by this. If you were to call me up and offer me an 1830 half eagle in PCGS AU55, I would have a decent idea of what to expect. I’m figuring that it has light wear, a decent amount of remaining luster, maybe a few scattered marks in the fields and probably a pretty good overall appearance. But if you call me an offer me an 1830 half eagle in an NCS holder that states the coin has “AU details” but has been “cleaned,” I’m not sure what to expect. Has it been lightly cleaned or harshly cleaned? Does it have an acceptable appearance or does it look overly shiny from having been polished or perhaps whizzed?

From my experience with viewing NCS coins, there is a very wide range of coins in these holders.

I’ve seen coins that NCS has called “cleaned” that look pretty acceptable to me; not very different, in fact, from coins encapsulated by both NGC and PCGS. I’ve also seen coins placed in NCS holders that had planchet flaws or mint-made surface that, in my opinion, could just as easily be in “normal” NGC or PCGS holders.

But back to cleaned coins and how to value them. As a general rule of thumb, I think that if a coin has been lightly cleaned it is worth around half of what a non-cleaned example would be worth. The NGC or PCGS AU55 1830 half eagle that I mentioned above is a $60,000 coin if it has a decent, original appearance. In an NCS “AU details—cleaned” holder it’s more likely worth $30,000 or so. And if it’s a very harshly cleaned AU coin with some damage as well it is more likely worth in the area of $15,000-20,000. (more…)

Coin Market: Generics slow to match gains of gold, silver

By Steve Roach – Rare Coin Market Report
First published in the November 8, 2010, issue of Coin World

Some of the coins that one would expect to rise such as generic Mint State Morgan silver dollars and Coronet and Saint-Gaudens gold $20 double eagles are showing only minimal gains, although they are trading at high volumes.

On Oct. 14, gold hit a historic high London AM fix price of $1,380.75 an ounce, and during intraday trading that day reached a record $1,388.10.

The same day the U.S. dollar sunk to lows not seen since January upon news that Federal Reserve Chair Ben Bernanke indicated that another round of government monetary stimulus funding may be necessary to revive the U.S. economy.

As silver continues to flirt with $25 per ounce, MS-63 through MS-65 Morgan dollars – the bread and butter of the generic market – are showing some upward movement in price, with several dealers paying more than wholesale “ask” prices for MS-64 and MS-65 dollars, as long as they are “white or white-ish,” to fill large orders from retailers.

Retail prices may increase soon in kind, although some collectors will likely elect to sit out the silver coin market for a while, hoping that the price of silver declines and their wanted coins return to more affordable levels.

As an example, when a common silver quarter dollar is trading for almost $5, many collectors are in no rush to buy.

Circulated silver dollars are showing even more action, with several wholesale dealers paying $22 for Extremely Fine pre-1921 Morgan dollars and $29 for uncertified Mint State examples.

As the public continues to sell these coins to dealers in record numbers, a steady supply is created that should keep prices from escalating rapidly.

Prices for generic gold coins continue to lag behind gold’s ascent and most issues show modest if any price increases. Those prices still have not come close to the levels seen at the beginning of the year, despite the fact that gold is now 25 percent more expensive.

An increased supply of these coins is entering the marketplace, keeping prices in check, at least for now.

Gold Dominates Coin Market as Records Fall

By Steve Roach
First published in the Nov. 1, 2010, issue of Coin World

Gold is currently the engine that is driving the rare coin market.

It seems that Coin World’s Market Analysis of late has been alternating between gold one week and everything else the next week. However, an emphasis on gold is appropriate as the market has never seen gold hit the levels that it is currently hitting.

On Oct. 11, the price of gold hit a record London PM fix of $1,351 an ounce and at one point during the day hovered at $1,360.

On Oct. 12, the banking investment firm Goldman Sachs raised its gold price forecasts to $1,400, $1,525 and $1,650 for three-, six- and 12-month horizons, citing falling interest rates and a slowdown of the U.S. economic recovery.

Other investment firms are similarly bullish on the prospects of gold to continue rising in value.

Gold is up nearly 25 percent in 2010, and if trends continue, gold will be heading for its tenth consecutive annual gain.

The U.S. Mint’s release of Proof 2010-W American Eagle gold coins in early October has taken pressure off the secondary market for earlier 1-ounce issues.

At an issue price of $1,585, the 2010 1-ounce coins are trading at the same level as older issues in the wholesale markets, where several dealers are paying up to $1,600 an ounce for coins available for immediate shipment to fill orders from wholesalers who still have customers demanding these coins for inclusion in Individual Retirement Accounts.

As of Oct. 12, the Mint’s Web site posts an expected delivery date of Oct. 27 for new orders of Proof 2010-W gold American Eagles.

The recent announcement that the Mint will produce Proof 2010-W American Eagle silver coins has also cooled off the market for earlier coins tremendously.

Immediately after the news about the Proof 2010-W silver coins broke, market makers reduced their buy prices for Proof silver American Eagles from $55 to $45, in line with the Mint’s $45.95 price of the Proof 2010-W coins when they go on sale Nov. 19 at noon with a household limit of 100.

The Mint has not given any indication of how many Proof 2010-W American Eagles silver coins may be produced.

The Gold, Silver and Rare Coin Market Report

By Laura Sperber – Legend NumismaticsBelow is a portion of the most recent Legend Market Report

GOLD

This is hard for us to believe that gold spot went up, yet ALL Generic $20’s came down! That is the most ridiculous thing we have ever seen. We have been told that the market makers here are flooded with coins. Plus, there seems to be a huge flood of gold coming from Europe. We have even heard some grumblings that the quality of these new arrivals have been poor (more gradeflation?). So no one wants to step out and make bids.

At one point last week, the LARGEST market maker in MS65 Saints quoted us $2,000.00 as his “buy” on a day when gold went up $20.00 (MS65 BID did end the week at $2,200.00). In the meantime, we know dealers who badly need CAC MS 65 Saints and have open BIDS of $2,300.00-$2,400.00 per coin and are buying very few.The demand for NON CAC generics is obviously thin.

The demand for CAC coins is huge with many MAJOR Funds or financial advisers selling the coins easily. We know they cannot get enough, because we supply them and we haven’t bought squat. We will still buy ALL the PCGS /NGC W/M MS66 CAC we can get at $3,475.00 sight UNSEEN. We will pay $2,675.00 for NON CAC PCGS coins only on a SIGHT seen basis. BTW, for anyone who wants to cat call, the CAC market is NOT artificial, its as real and powerful as you get.

The CAC coins sell by demand, not dealers creating phony bids and trying to pump the market. With gold (especially generics) right now for sure there is a two tier market, and quality is what people want.

You know there is something seriously wrong when graded MS61 $20 Libs are priced at $100.00 OVER melt!

With $20’s, it also seems to us that the market feels they are too high (along with the price of gold). We doubt at the lower grade levels quality is the issue. Something has to give in that market. We believe there will be a correction in the price of gold sometime soon. But, its really the hedges who control the price of gold and it seems they want to take it up a little further.

Its totally bewildering to us why there are not stronger premiums since gold is climbing daily into record territory. Something is just not right with this picture.

Right now the BEST buys are $10 Indians and $5 Indians (no 09D) in MS64 and higher. You can not find them emass, and the grading seems to be OK. If you insist on playing the $20 generic market we still believe MS66’s are too cheap or, you can buy NICE MS61/62 $20 (if you can find them) for little over melt and hope one day the premiums expand. We still recommend building a Gold Type set. You can include ANY coin you want then.

SILVER

People are finally waking up to the fact silver is at its all time high. Here too, things like MS65 Morgans and Walkers have come down. That’s insane! How can such a huge market as coins show little demand for simple $100-$200.00 items that actually were popular? Where are all the collectors? (more…)

What’s It Worth? How dealers determine the value of a Rare Coin.

By Vic Bozarth – Bozarth Rare Coin Market Report

How are rare coin prices determined? Often the question dealers will ask is: “I know what Greysheet (Coin Dealer Newsletter bid) is, but what can I ‘really’ get for it?”

In this month’s Rare Coin Market Report, I will explain how I determine the value of an individual coin. Most often I will use a variety of different pricing sources to determine the value of a coin.

The most utilized source of rare coin pricing information among dealers are the variety of Coin Dealer Newsletter publications including Greysheet, Bluesheet, Monthly Summary, and the Quarterly Supplements. Dealers also use CCE, which is the Certified Coin Exchange. Coin World Trends, Collectors Universe prices, Redbook, and Coin Prices are also utilized.

In the last several years auction prices realized have become one of the most useful and often misunderstood sources of pricing information. Let me explain a little bit about all of these different sources before I explain how I use them.

CDN’s multiple publications include the Greysheet, Bluesheet, Monthly Summary, and Quarterly price sheets.

The Greysheet and Bluesheet are weekly publications and list many of the most frequently traded U.S. rare coins, BUT the values they list vary significantly.

Basically Greysheet lists sight seen bids for attractive coins. Bluesheet lists sight unseen bids for coins that might not be that attractive although they are graded correctly. Because I am looking for attractive coins, I often have to pay Greysheet bid or more for an attractive coin. If someone offers me a coin I don’t particularly like I am going to check the ‘bid’ on Bluesheet to see what the ‘basal’ value really is.

Depending on the particular coin the difference between the Greysheet and Bluesheet can vary as much as 70%. Yes, 70%!

CDN Monthly Summary is published each month and includes more of the frequently traded U.S. rare coins by date and grade including the early twentieth century gold series and most of the classic twentieth century collector series.

One of the three different CDN Quarterly issues come out every month and the three include all the other U.S. rare coin series by date. The Quarterly One issue contains half cents through quarters. The Quarterly Two contains halves through $3 gold coins. The Quarterly Three contains prices for $5 Liberty through $20 Liberty Gold Coins.

All prices for the Monthly Summary and Quarterly price sheets are for sight seen coins. There is also a supplement included with each month’s Quarterly Supplement that has prices for Proof coins not listed in the Quarterly Supplements. (more…)

Fast Profits Not Guaranteed At Auction

By Steve Roach – Rare Coin Market Report

While many dealers continue to grumble about weak bourse action at the recently finished back-to-back Long Beach, Calif., and Philadelphia coin shows, in which a review of the dealer bourse lists seem to show a clear bifurcation between West and East coast dealers, the market continues to be robust in the auction sector.

In the official Heritage Auction Galleries Long Beach sale, the top lot was an Extremely Fine 45+ 1856-O Coronet gold $20 double eagle that surfaced in Ohio and was the cover story of the July 26 Coin World. It brought $345,000.

The Heritage auction realized $13.4 million total.

The next two top lots were large gold ingots; further evidence for the market’s insatiable appetite for gold.

Heritage has had a curious auction history in the last two years with 1856-O double eagles, with five auction appearances in the past two years. The recent auction price seems to break what has been a downward trajectory for the issue in auction results.

In January 2009, an EF-45 example sold for $276,000 and the same coin sold again in July 2009, for $253,000. In October 2008, an AU-58 example sold for $576,150 and that same example brought $460,000 in July 2009.

Perhaps too many auction appearances skewed bidders’ sense of its rarity. Heritage estimates that fewer than 20 are available for collectors and the most recently offered example, held by a family in Ohio for nearly 100 years, was as “fresh-to-market” as they get.

For top rarities, the perception of rarity can be almost as important as actual rarity to justify six- and seven-figure prices.

The next week, Stack’s Philadelphia Americana sale realized a very healthy $9,676,867.

One of the highlights, a Proof 65 Cameo 1887 Coronet gold $5 half eagle, brought $97,750, a bit less than it realized at auction in January 2007 where it brought $103,500 when offered as part of the Robert J. Loewinger Collection (pictured above, left).

Results like this serve as a cautionary tale that even at the top-end of the market with coins of superlative quality and absolute rarity, quick profits are not a guarantee

First published in the October 25, 2010, issue of Coin World

Gold’s astounding ride

By Steve Roach – Rare Coin Market Report Blog
First published in the Oct. 18, 2010, issue of Coin World

Gold continues to astound as it broke the $1,300 ounce level for the first time on Sept. 28, closing in New York at $1,306.60 an ounce.

The next day, gold hit a high of $1,313.20 before closing at $1,308.50.

In a nice contrast to the previous week’s House Subcommittee hearings focused on fighting fraud in the sale of gold coins, the Sept. 29 Wall Street Journal featured a front-page story that was overwhelmingly positive about gold’s potential to top $1,500 next year.

It focused on investors’ growing desire to hold actual gold in the form of coins and bars.

Reports by numerous analysts and banks seem to share a bullish view for gold, evidenced by a Sept. 28 report by Deutsche Bank that stated that $1,600 an ounce gold would not be surprising for 2012 and that gold would not be in a “bubble” until hitting $2,000.

The recent bull run-up in gold prices has been attributed to many things: continued uncertainty in the real estate market; concern about the value of currencies, especially China’s; low consumer confidence in the United States; and general concern about large central banks’ ability to control the money supply adequately.

But to collectors, one thing is clear: gold coins are much more expensive than they were in 2000, in large part due to the price of gold rising 353 percent over that time.

The increased threat of intrusive federal regulations in the coin industry, such as the recently introduced Coin and Precious Metal Disclosure Act (H.R. 6149) have done little to dampen the public’s appetite for gold coins.

But dealers have responded vocally to fight multiple pieces of legislation that could affect the coin market, forming political action committees aimed at fostering better communication between the coin community and legislators.

Many dealers reported that gold was the lone bright spot in the market at the recently completed Long Beach Coin, Stamp & Collectables Expo, where several market-makers elected to stay home, instead budgeting to attend the Whitman Coin and Collectibles Philadelphia Expo, another major show, scheduled for the following weekend.

Legend Numismatics Market Report – THE PHILADELPHIA COIN SHOW

HOW MANY TIMES CAN WE SAY THIS?

David Chrenshaw, Mary Counts, Lori Hamrick, and the entire Whitman team run some of the best shows to attend. The Philadelphia Show was yet another incredibly run show. Legend Numismatics LOVE ALL Whitman shows and plan on doing them as long as they are in business.

Everything is always perfectly set up. The Whitman people are incredibly friendly and accommodating. They even care about what dealers want at shows (and of course they show lots of LOVE the public). However,, they need to understand that the Philadelphia market is the same virtually as Baltimore. The Philadelphia Show actually cannibalizes those shows (Baltimore is three times a year). Even if it has to do with planning far ahead, you cannot have a major show on top of another (Long Beach was just last week). Thus, while public attendance was good at the show, few real buyers showed up (you also just had two major auctions at Long Beach). Of course very few West Coast dealers attended. We did not have a good retail show at all.

Attendance of serious BUYERS (of expensive coins) at coin shows is clearly diminishing. Save for an occasional FUN or ANA Show, it is rare that someone unknown will walk up and buy an expensive coin. We only did THREE retail sales at the show-and the biggest one was set up before hand. This time we tried to speak to a cross section of dealers where we saw collectors at their tables. EVERY ONE told us they ended up doing little in the way of sales. The crowds were mostly tire kickers. Its a little of everything (the market, the Internet, too many shows, etc) that probably caused this.

We really hope ALL show promoters start looking around and maybe even cutting back from 3 to 2 shows. As dealers, it makes no sense to keep shelling out $5,000.00+ per show to be tire kicked. We can all just meet in a hotel and go room to room and save the money and be done in a day. In fact, last Long Beach we actually skipped the show and did just that. The only thing holding us back from giving up our table there: 30 years of habitual attendance. Can’t break the habit. If we saw more serious buying public, then we would not even think of skipping a single show. But all coin dealerships in the end are businesses. Businesses need to make money to survive.

You can argue Philadelphia is only in its second year, but it still needs a huge jump start. Our concern is that this show will have raided the upcoming Baltimore Show. This show proved without a doubt, you can not stack major shows week after week. Maybe cut out the Baltimore summer show (BOTH dealer and collector attendance is MUCH lighter) to make all three shows stronger? The days of “if you build it they shall come” are over. People can sit home and buy coins with just one click. It would be ashame for the public if their favorite dealers had to stop attending shows.

THE PHILADELPHIA SHOW RESULTS

We did a tremendous amount of WHOLESALE. Of course the day before the show opened, it was easy to sell all gold-including BETTER more expensive pieces. Prices were a small concern, but if the coin was really rare and made sense, it sold. Proof Type also sold VERY well for us. In fact, we did not expect to sell much, and we out did our pre-show estimate by 400%! (more…)

Coin Market: Full Band Roosevelt Dimes

By Steve Roach – Rare Coin Market Report

The market for full bands Roosevelt dimes is one dominated by a handful of specialists who are willing to spend big for the right coin.

Numismatic Guaranty Corp. calls circulation-strike Roosevelt dimes with both the upper and lower pair of bands on the torch showing full separation, having a complete and unbroken line dividing the bands, “full torch” (abbreviated as FT), while Professional Coin Grading Service calls them “full bands” (FB).

Both services began to recognize the designation in 2003 and the popularity of registry sets has fueled four-figure prices for condition rarities.

For example, on Sept. 6, a 1953-S Roosevelt dime graded Mint State 68 full torch by NGC realized $2,600 during an auction conducted by Teletrade.

Earlier this year, a 1951-D Roosevelt dime graded MS-68 full bands by PCGS (pictured above) sold for a very strong $4,600 while a stunning and beautifully toned 1949-D PCGS MS-68 full bands from the same consignor realized $3,105 at a Heritage Auction Galleries sale.

The market for high-end Roosevelt dimes is not entirely dependent on a full bands/torch designation.

At a Sept. 9, 2009, Heritage auction, a 1963-D Roosevelt dime graded MS-68 (without a full bands designation) realized a whopping $5,175.

The market for full bands Roosevelt dimes is the most robust for the series’ silver issues, produced from 1949 to 1964, although the occasional copper-nickel clad issue can soar, such as a NGC MS-68 full torch 1965 dime that brought $805 at a March 25 Heritage auction.

In the PCGS Registry, 137 registered sets are listed, consisting of the 48 Roosevelt dime circulation strikes from 1949 to 1964, with the top four sets 100 percent complete.

Many of the issues are unknown in grades finer than MS-67 full bands and the current No. 1 set contains each issue in MS-67 full bands and finer, with several MS-67+ full bands and a single MS-68 FB.

The owner of the No. 1 set has posted pictures of all but two of the coins in his set, named “close to perfect,” online. Browsing through them gives an introduction to the many different looks that Mint State Roosevelt dimes can have.

A Look at Early U.S. Gold Coins

By Jim Fehr – The Winning Edge

Gold Strengthens

The gold market is hot. Bullion prices are rising and driving gold coin prices higher. Economic conditions over the last two years have investors seeking a heaven against rising money supply/inflation. The government printing presses are running over-time as the treasury departments prints trillions of dollars to try revive a weak economy. Keynesian economic practices and an explosion in the size of the U.S. government should keep gold at healthy levels as prices flirt with $1,310 + an ounce.

Early U.S. Gold

Not too long ago I wrote about Early U.S. silver coins. Like the Early silver type, I wanted to break down the Early U.S. gold pieces in this issue. Hope you enjoy it. Prices are an approximation of your actual past and present acquisition cost. PCGS and NGC populations are based on their respective censuses reports.

Draped Bust $2.5 1796 – 1807

The first U.S. coin to have the heraldic (large) eagle on the reverse which was then adopted for all U.S. gold and silver coins from 1798 to 1807. There are two major design varieties for the 1796; the “with stars” and “no stars” obverse. Both of which are extremely rare. The populations listed are for all dates combined. Prices are an approximation of your actual past and present acquisition cost and are for a type coin (not better dates) in the series.

PCGS Circ. population: 392; NGC: 298
PCGS Unc. population: 89; NGC: 163

Prices have steadily climbed since 2002 and are still strong today. This issue is somewhat overlooked like most smaller denomination coins, but less so recently. The prices listed are for type coins in the series. Better dates like the 1796 no stars bring more. I like the issue in all grades at the current levels and believe they will continue to perform well.

In the next two groups Liberty is facing left as is true with most all U.S. coins after 1807. For the single year of 1808 the design had no denticles and was of the large bust type. Then none were minted until 1821. The new design included smaller stars and bust. After 1827 they reduced the coins size and denticles, hence the Capped Bust small size. Prices are an approximation of your actual past and present acquisition cost and are for a type coin (not better dates) in the series.

Capped Bust $2.5 1808 – 1827 large size

PCGS Circ. population: 115; NGC: 87
PCGS Unc. population: 72; NGC: 75

(more…)

Long Beach Coin Show and Market Report by William Shamhart

By William Shamhart – Numismatic Americana

Everyone wants to know: So how was Long Beach? In one word: HOT!

OH…you meant how was the coin show? Well if you’re an optimist, it was partly sunny; if you’re a pessimist, it was partly cloudy. Confused? So was I.

I’ve been going to Long Beach for almost 30 years now. And it never ceases to amaze me. This year’s fall show didn’t suffer the Long Beach curse of falling precious metal prices as most have. In fact gold is at an all time high. And? And generic gold was dead. No demand that I could see. While Christine and I don’t really make a market in bullion or generic gold, we do get some in deals at times, or from customers that are changing their collecting strategy. So we sort of deal in it I guess. Anyways, I would have thought that generics would have shown some sort of surge in demand. But alas, they didn’t. In fact we sold MS 62 Saint Gauden $20 pieces for $1,500. And that was with gold just shy of $1,300!

There was definitely a larger amount of no-show dealers this time. I blame that on the fact that as I write this, I am getting ready to leave for Whitman’s Philadelphia show. I heard that many of the East Coast dealers just didn’t want to do back to back major shows. I can’t say that I blame them.

Retail customers – There were several people that I expected to be there that were also no-shows. Maybe they are saving their money for this week. I guess next weeks show report will tell if I was correct or not.

So from what I am writing, you’d think that Long Beach was a bust, right? Wrong. While not as heavily attended as usual, those that were there, came to buy. Most of the customers we saw there were again (I’m seeing a trend here) carrying want list and would wait for just the right piece. Quality was paramount and price was secondary. Today’s collector wants quality, with no excuses. And they are willing to pay for it. Slightly off quality, and low quality weren’t really sought out. At least from what I could see. That’s not to say that they aren’t selling because we saw a lot of coins trade hands at some very attractive prices. Oh wait, that was wholesale.

So what was selling? Ready? Drum roll please…Proof Walkers and Mercury Dimes. Yes, it surprised me too. But then again, they are dirt cheap in comparison to some other series. And they can be downright pretty. Sound inviting?

Commemoratives – This series has a somewhat “cult” like following. Those that collect them never stop. Maybe they slow down, but they never stop. They just graduate to the “top pops”. Even seasoned veteran commem people were buying duplicates, and even triplicates, but only if the coins were “all there”. Don’t rush out and buy all the commems you can get your hands on though. Be picky, like our customers, and wait. When that special coin presents itself, then, and only then, do you pull the trigger.

Gem Gold – While the lower grade, i.e. MS 61-64, pieces weren’t as in demand as one would think, Gem specimens, were. We sold many at the show, and while we bought some to take home for customers there just are not that many around. Whether a collector is building a set of Gem $3 pieces, or just looking for a few MS 66 $5 Liberties, it can be a daunting task.

Confused? I understand.

Like I said earlier, I will be attending the Whitman Show in Philadelphia this week. If you go, and have a chance, stop by the table and say hello.

Legend Numismatics Pays $2 Million Dollars For 3 Lincoln Cents!

By Laura Sperber – Legend Numismatic Market Report

You may have noticed the past two weeks or so we have been saying and doing little with our web site. NEWPS have been minimal and Market Reports and Hot Topics have slowed. We can now tell you why. We have been super busy traveling completing deals-not just any deals, deals that are at world record prices and that include some of the rarest coins on earth! We are now finally back home and are pleased to make the following announcement:

LEGEND NUMISMATICS HAS BOUGHT AND SOLD THE UNIQUE 1C 1943D COPPER FOR $1,700,000.00!

We actually purchased a 3 coin coin deal for $2,000,000.00. We figured the 1943D at $1.7 million cost. The other two coins in the deal were the finest 1944 P Steel cent PCGS MS64, and a 1C 1942 PCGS 65 made out of white metal. Yes, you have read this right-3 pennys for $2 million dollars!

The 1943D and the 1944P are both now part of the ONLY COMPLETE PDS sets for their metals. The steel cent collection is by far the finest, as are the coppers. We are hoping to display both these sets at the PCGS table at FUN 2011.

Hard to believe, but Legend tried unsuccessfully for four years to buy the 1943D. The seller in the end was still reluctant. However, we can state ALL of the monies he received from the sale are going to a pet charity project of his. The seller (who wishes to remain anonymous) was represented by Lincoln Cent Specialist Andy Skrabalack of Angel Dee’s.

Our customer is thrilled to own the 1943D. Ever since he heard the coin existed, we had been sent on a mission to acquire it. His desire to own the complete and only PDS copper set came from his finding what he thought was a 1943 copper when he was young. Sadly, this piece was found to be a fake. Still he keeps this coin in his desk draw. He believes 43 Coppers are one of the ultimate classic rarities (and so do we). While the price we paid was stiff, the monies went to a good cause and the coins are now locked away in a great home.

Legend Numismatics has handled MANY million dollar plus classic rarities over the years. The 1943D really is one special highlight for us. We thank the seller and congratulate the new owner. For us, it really has been a career highlight.

WHAT ELSE DID WE TRAVEL FOR?

We have now flown several coast to coast trips over the past 2 weeks. There have also been stops in Dallas, NYC, and Denver in between.

One exciting collection we purchased was a spectacular Pattern Collection. When we got the call we were like, “oh great, more patterns”. This deal turned out to be an incredible “old time” collection with the majority of the coins being raw. Highlights included Earring Quarters, Amazionan Dollars, and several R-8 Seated patterns. These coins will be sent in for grading shortly. We did not grade anything less than PR65! ALL of the coins have been off the market for at least 20+ years. Guess we can never have enough great Patterns!

Besides patterns, we also bought and sold a 50C 1919D PCGS MS65. The price was in excess of $200,000.00. This sale now completes what maybe the second finest Walker set assembled (no, its NOT registered). (more…)

Another Gold Record Set; But Generic Gold Coins Still Lag

By Steve Roach – First published in the October 4, 2010, issue of Coin World

With all this interest in gold and the mainstream attention it is getting, one would think that generic gold coins would be blazing hot. Yet, many of the most popular issues trade at heavy discounts to earlier in the year when gold was trading at the $1,100 an ounce level.

The coins that investors typically flock to during bullion run-ups, Saint Gaudens $20 double eagles and Coronet double eagles, are trading at substantial discounts to what they were trading for at the start of the year.

For example, one major wholesale market maker at the close of 2009 was selling certified Saint Gaudens double eagles for $1,660 in Mint State 62, $1,820 in MS-63, $2,070 in MS-64 and $2,580 in MS-65. Today, that same dealer is selling the coins at $1,550, $1,590, $1,660 and $2,080 in the same grades respectively.

Other gold series are experiencing declines at the wholesale generic level, as market makers are not taking large positions in these coins, but $10 eagles and double eagles have suffered the worst declines.

Earlier this year one dealer was selling Indian Head eagles in MS-64 for $2,470; today the same dealer is selling them at $1,580.

In general, the only generic gold coins that have gained value this year are circulated coins, which are dependent on bullion prices for value.

In light of rapidly increasing gold values, one wonders how much longer these discounts will persist.

The recent announcement that the Mint intends to release Proof 2010-W American Eagle gold coins has put a further chill on the market for earlier Proof American Eagle gold coins.

In the Aug. 30 Market Analysis, I reported that major market-maker buy prices for the earlier coins with original Mint packaging had fallen to $1,750 an ounce, down from $2,000 an ounce.

As of Sept. 16, many of the market-makers have dropped out of the market and the few who remain are buying the earlier coins for as low as $1,575 an ounce, with the highest price being a small order at $1,600 an ounce.

Visit Steve’s Rare Coin Market Report Blog at http://coinmarketreport.blogspot.com/

Rare Coin Road Warrior: Tales From The Road – September 2010

By Vic Bozarth – Rare Coin Road Warrior
This is a NEW Monthly Column by Vic Bozarth, the “Rare Coin Road Warrior” who spends over 200 days a year traveling to Coin Shows. We hope you enjoy Vic’s unique perspective on the coin collecting and the rare coin Market. – Editor

Hi, my name is Vic Bozarth and I am a Rare Coin Road Warrior. My wife Sherri and I own Bozarth Numismatics Inc. Our website is Bozarthcoins.com. Last year we spent over 200 days on the road on nearly 45 different trips. As a professional numismatist and buyer for other companies I have been a ‘rare coin road warrior’ for nearly 25 years. My wife and I attend all major coin shows, as well as most large regional or state coin shows.

Many fellow numismatists and collectors have expressed an interest in hearing about our experiences during our coin show and buying trips. Recently I decided to write a short article each month on the shows we attend as well as the coin buying trips we take to different cities across the United States.

Buying NICE rare coins at reasonable prices becomes more difficult each year. There are a lot of logistical and security considerations we have to plan for with every trip. Not only do we have flights to book, but we also have to find a comfortable and safe hotel or motel preferably close to the show. If we have appointments with customers or other dealers we often rent a car. Those are most of the logistical considerations. Security is the biggest concern. We do have one big advantage. Because we are most often able to travel together, one of us can always watch the coins. We never leave our coins unattended.

Although we have tables at most shows, sometimes I buy an ‘Earlybird’ dealer badge and just attend a show by myself to buy only. During weeks with no major shows, we often fly to a major city and ‘hit’ the shops and offices of the coin dealers in that area. Over the years, I have visited virtually every major city in the continental United States at least once. Fortunately both my wife and I love to travel, because the schedule can be grueling.

Last week we attended the Illinois Numismatic Association show in a suburb of Chicago called Tinley Park. A couple of days before the show we flew in to Detroit, rented a car, and did some business with other dealers on our trip west to Chicago. We really enjoy these trips. Although we experienced a flight delay out of Houston due to bad weather from a tropical storm in the Gulf of Mexico, we were able to see several dealers in Michigan before arriving at the ILNA show in Tinley Park.

The weather in Michigan and Chicago is gorgeous this time of year. The summer heat has softened and the nights are cool and comfortable. The folks with the ILNA Show did a great job in putting on the show despite the construction to enlarge the current convention center in Tinley Park. ILNA moved to this location a couple years ago. They are to be commended for running a good show in a location that has both safe and reasonably priced lodging and good restaurants.

Business on the bourse floor is always busy during dealer set-up. Getting ‘first shot’ at someone’s inventory is the prize for those lucky enough to get there first. Basically ‘first shot’ is what we dealers refer to as the person (usually a dealer) who gets to look at another dealer’s inventory before any other dealer looks. Often times you will hear, ‘Joe got first shot, but I still want to look’. Many dealers attend only a few shows a year and their inventory is ‘fresh’ to other dealers. They have often purchased coins from collections or estates that other dealers haven’t seen, thus the desire to get ‘first shot’. (more…)

September Coin Market Report

By Vic Bozarth – Bozarth Numismatics
Vic is our Newest CoinLink Content Partner. He will be providing Regular Market Reports and articles

As I write this on Labor Day 2010, I can’t help but reflect on the trends I have seen in the coin business over the last 25 years. Generally speaking the coin business during the Summer months, June through August, is flat. Of course, the ANA Show highlights the Summer show schedule, but other than the marathon it has become, the other shows are somewhat sparsely attended and well ‘flat’. With only a couple of exceptions, the Summer doldrums have lived up to their name. People are on vacation, taking time off, and hopefully spending some time with family and friends. Thank goodness Summer is over. Let’s do some business.

Business picks up during the Fall and early Winter months. Folks are done with their vacations, the weather is forcing them inside, and the coin market recognizes this most years and gets more active. We are already starting to see this trend in the bullion markets.

The two big questions you should focus on are: Where is the business going this Fall? How can you best take advantage of the market as it stands right now?

Gold and Silver bullion prices are moving up. While we specialize in rare high grade U.S. coins, we recognize and believe that bullion prices will continue to rise. How can you take advantage of this trend. U.S. gold coins are a great way to both hold and invest in bullion and take advantage of the low premiums that they currently carry in relation to their historic price levels. Let me illustrate this with an example.

During the last couple of months of 2009, gold bullion price levels bounced around $1200 per ounce. The ‘blue’ chip U.S. gold type coins that are most bullion sensitive, $10 and $20 gold coins, were extremely active.

The market peaked in late 2009 and to illustrate this I have listed wholesale price levels for actively traded gold coins then vs. now. Note the difference in the price of gold itself.

2009 Spot Gold $1195/ounce ……… 2010 Spot Gold $1250/ounce

Coin Type & Grade 2009 2010
$10 Liberty Gold MS63: $1500 $1000
$10 Liberty Gold MS64: $2400 $1600
$10 Indian Gold MS63: $1600 $1040
$10 Indian Gold MS64: $2400 $1650
$20 Liberty Gold MS63: $2600 $1800
$20 Liberty Gold MS64: $3300 $2250
$20 Saint Gold MS64: $1900 $1650
$20 Saint Gold MS65: $2600 $2010

What I am trying to illustrate is how ‘demand’ can really affect the wholesale price levels of coins, especially gold. During late 2009 there were some major institutional orders for these type of coins. This pushed demand/prices up and we sold into this peak of the market. Currently U.S. type gold coins are trading for significantly less yet the price for gold bullion is nearly $1250 per ounce. Do you see the disparity? (more…)

HOW TO PRICE VERY RARE COINS

By Doug Winter CoinLink Content Partner

If you collect very rare or finest known coins, figuring out what to pay for an item that you need for your collection can be difficult. Here is a real-life example of how I came up with what I believe to be an accurate value for a one-of-a-kind coin.

The coin that we are going to use as our Coin Pricing Lab Experiment is the Finest Known 1860-C half eagle; an item that my firm recently handled.

When analyzing any complicated, rare issue, there are at least four things that I give major consideration to:

1860-C Half Eagle 1. Establishing rarity

2. Determining comparables

3. Gauging the depth of the market

4. How nice is the coin for the grade and for the issue

So let’s take the scenario that I am bidding on this 1860-C half eagle at auction (as opposed to selling it by private treaty) and assisting Collector X. The first thing that I am going to help him with is a basic understanding of the rarity of the issue.

According to the soon-to-be-released third edition of my book on Charlotte gold coinage, the 1860-C half eagle is a moderately scarce issue with an estimated 125-150 pieces known. My best estimate is that there are seven to eight properly graded Uncirculated examples with one in MS64 (the present example) as well as at least two or three in MS63. I would suggest to Collector X that he remember that with as many as three known in MS63, the chances are pretty good that at least one will magically transform into a second MS64 in the future. And should this happen—and his coin is no longer “population 1 with none better”– it will lose value.

Most collectors eventually check out the PCGS and NGC population reports. As of April 2008, PCGS had graded a total of eleven 1860-C half eagles in Uncirculated while NGC had graded twenty-five (!) in Uncirculated for a combined total of thirty-six. Now, I would be quick to tell this collector that these figures are dramatically inflated by resubmissions and that virtually every 1860-C half eagle that I have seen in a PCGS or NGC slab below MS62 is debatable about whether or not it truly is Uncirculated. But there is no denying the fact that there are enough purported Uncirculated 1860-C half eagles out there to make this MS64 lose a bit of its luster. It is a scarce coin but not one that could be called a fundamental rarity as it is readily obtainable in circulated grades and even available in the lower Uncirculated grades from time to time. (more…)

Coin Rarities & Related Topics: Eliasberg 1795 Eagle, Gem Oak Tree Shilling and 1806 quarter of the rarest variety!

News and Analysis:  scarce coins, coin markets, and the coin collecting community, #16

A Weekly Column by Greg Reynolds

Yes, there are more rarities, available in Boston this month, which should be discussed. In my columns over the last two to three months, I have covered many important rarities that sold or appeared in Boston, especially coins in the Heritage, B&M and Stack’s auctions. In my column just two weeks ago, I discussed rarities that were ‘on the floor’ at the ANA Convention in Boston, which was held from Aug. 10th to 15th. Even so, three additional coins are each extremely important in their own different and very distinctive ways.

Perhaps few collectors would be enthusiastic about all three of these, though I find all three to be intriguing. These are an Eliasberg 1795 Eagle ($10 gold coin), the gem quality Earle-Boyd-Manley Oak Tree Shilling (of colonial Massachusetts), and an 1806 quarter in Very Good condition that sold for $18,666! An expected retail price for a VG grade 1806 quarter would be in a range from $600 to $900.

I. Eliasberg 1795 $10 Gold Coin

To the best of my recollection at this moment, this Eliasberg 1795 Eagle is the second best 1795 Eagle that I have ever seen, and it has more eye appeal than the first best. Gold coins were first struck at the U.S. Mint in 1795. As the 1796 and 1797 dates, of the Bust – Small Eagle type, are much rarer, the 1795 Eagle is one of the most popular of all U.S. gold coin issues. Plus, the Eagle ($10 gold coin) was the largest denomination of all U.S. coins until 1850, and zero business strike Eagles were struck between 1804 and 1838. (Please see my columns of Aug. 18 and July 28th for comments on a Proof 1804 Eagle.) As 1795 Eagles were the first U.S. $10 coins and are of a scarce design type, collectors tend to be extremely enthusiastic about them.

Louis Eliasberg, Sr. formed the all-time greatest collection of U.S. coins. After his death, one of his sons consigned his U.S. gold coins to Bowers & Ruddy, which auctioned them in New York in Oct. 1982. This coin, which is thought to be the finest of Eliasberg’s 1795 Eagles, was later graded by the NGC as “MS-65.” At the ANA Convention in Boston, it was in Kevin Lipton’s display case. Kevin’s asking price is “$1 million”!

It was Kris Oyster who drew my attention to this 1795 Eagle. “It is just a magnificent coin, a lustrous gem,” Oyster says. “It is the best 1795 Eagle that I have ever seen. It has bold detail, frosty devices, and fantastic appeal. I [Oyster] was struck by it.” Oyster is the managing director of numismatics for DGSE, which operates stores in Texas and elsewhere. In 2007, DGSE acquired Superior Galleries, a name that is well known to coin collectors.

I (this writer) also like this 1795 Eagle, which has a terrific overall look. It is very brilliant, with strong cartwheel luster. Its soft grass green tint is particularly appealing. There are a significant number of contact marks and hairlines, most of which are not noticeable without a magnifying glass. My hunch is that it is the fourth or fifth finest known.

Originally, I had planned to compile a condition ranking for 1795 Eagles. This project, however, will have to be postponed. I wish to be contacted by those who have examined 1795 Eagles that grade MS-64 or higher. The two that the PCGS and the three that the NGC has graded MS-65 probably amount to just two to four different coins.

My guess is that the Garrett coin, the coin in the leading collection of pre-1840 gold, and the coin that is PCGS graded MS-66 are all the same 1795 Eagle. John Albanese reports that “Dave Akers submitted a beautiful 1795 Eagle” to the NGC “in the late 1980s.” I (this writer) suggest that it is the coin that the PCGS later graded MS-66. “It is just amazing,” Albanese exclaims. “We [at the NGC] were talking about for months afterwards.”

Saul Teichman attended the auctions of the Eliasberg and Garrett collections. He states that the “Garrett 1795 eagle was an awesome coin” that is (or was) similar in quality to a few superb pre-1840 Half Eagles in the Eliasberg collection, which Teichman found to be spectacular. “The Eliasberg 1795 Eagles did not strike me as being in that class. They were nice pieces but not like the Garrett coin,” Teichman relates. (more…)

Legend Offers Suggestions on Building Sets in Coin Collecting

Laura Sperber – Legend Numismatics

There is no magic wand or crystal ball that can tell you when the coin market will turn red hot again or when prices will finally rise across the board. Until then, there are many areas you can explore that we feel have awesome potential-and are actually completable.

GOLD BUGS READ THIS:

Its very interesting that we see the masses buying Saints in MS64 and higher. People have always enjoyed the feel of bigger gold. Because of this, many Gold Type coins have been drifting and actually have come down in value. WE SUGGEST YOU BUILD AN MS64 AND HIGHER GOLD TYPE SET. You can put in it whatever you want. So buy a slight better Gold Dollar for very little premium or buy an MS65 $3 Gold piece-of which we have seen so few around recently. All Indian Gold in GEM has actually fallen recently-and they are NOT easy coins to find.

ALL PROOF BARBERS

HELLO! We KNOW these are incredible values. For years we preached about PR64’s. They have since gone up and are ok, but you can do better in the higher grades. BUY PR 65-67 coins. You can build a COMPLETE 24 coin PR Barber 10C set in 66 for UNDER $60,000.00. Or how about a PR barber Quarter set in PR65? That about $50,000.00. The beauty is the coins look great and MOST have mintage’s of UNDER 1,000 pieces. We only own maybe one or two PR Barbers total-so do NOT accuse us of manipulating pr hyping a market to our benefit!

PROOF LIBERTY NICKELS

Do a PR65/66 Set. Even a semi mixed set of them should cost SUBSTANTIALLY UNDER $25,000.00! These are beautiful coins! You can’t go to a major show and finish the set in day, but you can build a set over a few months.

PROOF TWENTY CENT SET

There are ONLY 4 coins in this set-two of which are Proof ONLY! This set supplies it all: rarity, obsolete, beauty,and affordability. A set in PR64 can be built for UNDER $25,000.00. Or, go for the BEST and do a PR66 set: $50,000.00. Its all up to your tastes and budget.

WALKERS

We have learned from our McClaren Collection that the short set of Walkers (1941 PDS-1947 PD) in MS65/66 is probably one of the most popular collected areas in all of coins. Stunning GEM MS66 Walkers can be purchased for around $225-$275.00. Even the rare 1941S PCGS MS66 will only cost you $2,250.00 or so.

OUR ALL TIME FAVORITE RECOMMENDATION:

Build a Type set. A Type set is a representative of a series. It can contain the 50C 1905 PCGS MS68 we recently bought and sold for over $135,000.00, or it can contain an MS66 PL Morgan for $225.00. You simply pick the BEST examples you can afford and like. By building a Type set, opportunity does NOT pass by you. (more…)