Auctions Generating More Records

Posted on 6/20/2008

NumisMedia analyzes the highlights from the auctions at this year’s Long Beach Coin Expo. Early Bust coins and Bust Half Dollars advanced substantially in this brisk trading climate — and several records were broken.

A guest article from NumisMedia

The coin market remains extremely healthy going into the Long Beach Coin Expo. Despite adverse travel conditions and today’s extra expenses, attendance by dealers was very strong. Trading began briskly and appeared to pick up momentum throughout. The demand for rare coins continues to increase and the amount of money available to purchase coins is rising extraordinarily. The lack of competition for the investment dollar unquestionably facilitates the respect that our industry has received over the past few years. The mediocre condition of the economy also serves our industry well.

Early Bust coinage seems to be at the forefront of today’s aggressive buyers. Whether they are looking for Silver or Gold coins, the primary element is the quality compared to the cost of the coin. If the grade is accurate and the coin has eye appeal, buyers are willing to pay a premium. Since the beginning of 2000, prices have skyrocketed for most Bust coins. A prime example is the 1807 $2 ½ Gold Capped Bust in MS 60. In January of 2000, it had an F.M.V of $18,600 and today it is $34,380, if you can find one. Another example is the 1795 Small Eagle Bust $5 Gold in MS 63; the F.M.V was $104,220 in 2000, while today it is $212,500. Most Early Gold will show like results.

Bust Half Dollars have jumped considerably over the past year. Further, many of the varieties within this series bring astronomical prices when they are offered in auctions. Collectors realize that many of these specialty coins, especially the higher grades, may not come along for several years. It may be a matter of now or never in some cases, so the competitiveness of most buyers creates many of the higher F.M.V. prices we report today. Following is a list of several Bust Halves comparing today’s F.M.V. to that of just one year ago.

Date/Grade   May 2007   June 2008
1807 Sm Stars MS 60   $3,750   $8,560
1808 MS 64   $6,060   $9,440
1811 MS 64   $3,940   $5,160
1814 MS 65   $9,690   $15,940
1818 MS 63   $2,190   $2,940
1819 MS 64   $4,690   $6,560
1821 MS 65   $9,690   $16,940
1837 MS 64   $4,840   $6,410
1838 MS 65   $12,220   $24,380

As you can see, the advances are substantial; and demand continues. The varieties may be a little more specialized but the aggressiveness of these collectors is diehard.

In order to be competitive in today’s climate, you have to be prepared to pay 10 to 30 percent over current F.M.V. for truly rare coins. There is so much competition for great coins with low census numbers, if you think you can purchase them at current levels, you will just be disappointed. Records are broken every major show and auction. If you are a serious buyer of true rarities, be prepared to set your own record.

There were three major auctions prior to and during the Long Beach Expo. The first was hosted by Ira & Larry Goldberg from May 25 through 28. Rare Foreign coins brought magnificent prices. Alternatively, for US coin collectors, there were some rather significant highlights as well; a few are listed below.

Denomination   Grade   Price Realized
1811/10 Large Cent   NGC MS 63 Brown   $33,600
1799/8 Dr Bust Dollar 15 Stars   NGC MS 62   $25,875
1889 CC Morgan Dollar   PCGS MS 63 DMPL   $36,800
1894 Morgan Dollar   PCGS MS 65   $40,825
1895 Morgan Dollar   NGC PR 66 Cam   $103,500
1875 $1 Gold   NGC PR 66 Ultra Cam   $41,400
1862 $2 ½ Gold   NGC PR 65 Ultra Cam   $42,550
1875 $2 ½ Gold   NGC PR 63 Cameo   $43,700
1888 $5 Gold   PCGS PR 65   $35,650
1895 $5 Gold   NGC PR 67 Ultra Cam   $80,500
1901 $10 Gold   NGC PR 67 Cameo   $74,750
1899 $20 Gold   NGC PR 65 Ultra Cam   $109,250
1907 $20 High Relief   NGC MS 66   $83,375
1930 S $20 St. Gaudens   PCGS MS 64   $149,500
1932 $20 St. Gaudens   NGC MS 66   $126,500
1915 S Pan Pac $50 Gold Oct   PCGS MS 64   $89,700

Superior Galleries began their Elite Coin Auction a day later, on May 26 and 27. We selected the following from many highlights.

Denomination   Grade   Price Realized
1885 Morgan Dollar   NGC MS 68   $16,100
1899 Morgan Dollar   PCGS PR 67   $16,100
1869 $1 Gold   PCGS PR 64   $17,250
1881 $1 Gold   NGC MS 69   $28,750
1914 D $2 ½ Gold   PCGS MS 65   $40,250
1879 $4 Flowing Hair   NGC PR 67 Cameo   $402,500
1803/2 $5 Gold   PCGS MS 63   $25,878
1809/8 $5 Gold   PCGS MS 63   $29,900
1812 $5 Gold   NGC MS 64   $34,500
1914 D $5 Gold   PCGS MS 65   $25,300
1797 $10 Gold   NGC MS 61   $65,550
1803 $10 Gold Sm Rev Stars   NGC MS 64   $138,000
1842 O $10 Gold   NGC MS 61   $29,900
1860 S $10 Gold   NGC MS 61   $37,375
1863 S $10 Gold   NGC AU 58   $33,350
1914 D $10 Gold   NGC MS 65   $17,825
1890 CC $20 Gold   NGC MS 62   $11,960
1907 $20 High Relief   PCGS MS 65   $51,750

Heritage conducted the official Long Beach Sale with a huge variety of rare coins. The following represents only a partial listing of the many rarities that changed hands at this Signature Sale. Because of our deadline restrictions, the following results came from the first half of the sale. Please contact Heritage Galleries for complete prices realized.

Denomination   Grade   Price Realized
1796 Half Cent w/Pole   PCGS AU 55   $138,000
1859 Indian Cent   NGC PR 67   $19,550
1865 Indian Cent Fancy 5   PCGS MS 66 Red   $28,750
1868 Indian Cent   PCGS MS 66 Red   $35,650
1800 Half Dime LIBEKTY NGC AU 55   $10,350
1839 No Drapery Dime   PCGS PR 62   $40,250
1916 D Mercury Dime   NGC MS 62 FB   $16,100
1916 D Mercury Dime   PCGS MS 65 FB   $57,500
1942/1 D Mercury Dime   PCGS MS 65 FB   $25,300
1818/5 Bust Quarter   NGC MS 64   $21,850
1818 Bust Quarter   PCGS MS 66   $80,500
1820 Bust Quarter   NGC PR 64   $97,750
1833 Bust Quarter   PCGS PR 65   $149,500
1891 O Seated Quarter   NGC MS 65 Specimen   $161,000
1896 S Barber Quarter   NGC MS 64   $80,500
1901 S Barber Quarter   PCGS MS 63   $63,250
1796 Bust Half 15 Stars   NGC AU 55   $149,500
1839 No Drapery Half   NGC MS 64   $92,000
1859 O Seated Half   PCGS MS 66   $66,125
1892 O Barber Half Micro O   NGC MS 65   $92,000
1794 Flowing Hair Dollar   PCGS VF 30   $161,000
1871 CC Seated Dollar   NGC AU 58   $40,250
1846 Seated Dollar   PCGS PR 65   $149,500

This is a guest article written by:
 
NumisMedia

The thoughts and opinions in the piece are those of their author and are not necessarily the thoughts of the Certified Collectibles Group.