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Coin Collecting NewsRare Coins Shine Through Credit Crisis
By Pinnacle-Rarities.comThere was no shortage of excitement during last week’s Long Beach convention; Lehman Brothers filed for bankruptcy protection after failing to receive a government bailout; Insurer AIG pleaded for $40 billion in assistance from the Federal Reserve.
With all of the extra money that the government is likely to be printing, inflation is almost a certainty. Metals prices reacted sharply, with gold making its largest single day jump on Wednesday (almost 11%) from $771 to $855.
The rare coin market, meanwhile, didn’t miss a beat, with a truckload of six figure rarities crossing the auction blocks, mostly in the Pre-Long Beach Goldberg Auction taking place September 14-16th. Below are a few of the impressive prices realized.
* 1793 Wreath 1c PCGS MS64BN $224,250
* 1796 Liberty Cap 1c PCGS MS66RB $690,000
* 1798 1c PCGS MS65BN $207,000
* 1803 Stemless Wreath 1c PCGS MS66RB $241,500
* 1807/6 1c Small Overdate PCGS AU53 $172,500
* 1794 Flowing Hair $ PCGS VF35 $192,625
* 1807 $2.5 PCGS MS65 $276,000
* 1873 $3 Open 3 PCGS PR65DCAM $212,750
* 1839-C $5 PCGS MS64 $172,500
* 1907 $10 Rounded Rim, Periods PCGS MS65 $230,000
* 1870-CC $20 PCGS EF45 $345,000
In Bowers and Merena’s preshow sale, an 1851 Humbert $50 Reeded Edge, 880 Thous., NGC MS65 brought a hearty $460,000. And in Heritage’s Friday evening session, a couple of key-date Saints brought hefty prices: $184,000 for a 1929 $20 PCGS MS66 and $161,000 for a 1927-S $20 PCGS MS65.
Despite what many are calling the worst credit crisis since the Great Depression, truly rare and high quality coins continue to trade at record prices. Although overall sales at the show were a bit sluggish, this has been true for the past several September Long Beach shows. There is still plenty of money chasing the serious coins. In fact, most of our clients feel more comfortable with their numismatic holdings than their other investments.
We are extremely pleased with our show purchases which include a varied assortment of elusive dated material from the Draped Bust, Capped Bust, Seated Liberty and Barber series, as well as a smattering of early and better-date gold, some beautiful Two Cent Pieces, and some gorgeous, high-grade Twentieth century material.
Related posts:
- Magnificent “Southwest Collection” Type Coins Shine in Heritage’s February 2008 Long Beach Signature Auction
- Doug Winter Market Report – The Financial Crisis and Coins
- Coins Defy Financial Crisis – Top Prices Fetched at German Auction
- Australian 2008 Coins Shine at Mint Movie Premiere
- Deep Mirror Prooflike Dollars Shine At The Baltimore ANA
- David Hall Featured on CNBC Rare Coins Report
- Gold Backed Credit Cards …. Really?
- Profit From Crisis in the Silver Market and Help Defeat the Cartel
- Is The Deep Financial Crisis Overwhelming Gold Price Manipulation?
- How One Dealer Prices Rare Coins – Doug Winter
About the Author
Kathleen Duncan co-founded Pinnacle in 1992. Her focus is finding intrinsically rare coins at fair prices. Through a process of long-term fairness and integrity she has earned one of the industry’s most stellar reputations as well as the loyalty of her clientele. Pinnacle Rarities Inc., (Olympia, Washington) provides continuing professional service to a clientele composed of collectors, investors and dealers from all fifty states and several foreign countries. They do not try to be all things to the numismatic community. Rather, they specialize in handling the rarest, most desirable coins the industry has to offer.
