Auctions Accelerate Market Momentum
Posted on 3/17/2008
A guest article from NumisMedia
The coin market has never been any stronger than it is today and the three most recent major auctions are evidence that there is still more money available than buyers can spend. The quantity of rare coins coming into the market is quickly absorbed and many more rarities are needed to satisfy today’s advanced collectors. The volume of million-dollar coins and high six-figure coins that are being snatched from the marketplace is phenomenal to say the least. The Husak Collection of Large Cents that brought $10.7 million wasn’t the only newsworthy sale of the week.
The auction carousel began just prior to the recent Long Beach Expo with two outstanding auctions, one conducted by Ira and Larry Goldberg and the other by Superior Galleries. Even though many of the coins in the Goldbergs’ 5,000+ lot sale were Foreign and Ancient and do not fall within our scope, there were still plenty of highlights in the U.S. portion. Below are a few selected for their quality and current popularity. You can contact Ira and Larry Goldberg at their Beverly Hills office for complete prices realized.
|1793 Wreath Cent||NGC XF40BN||$15,000|
|1857 Sm Date Large Cent||PCGS PR64BN||$8,500|
|1805 Bust Dime 4 Ber||NGC MS67||$115,000|
|1916 St. Lib Quarter||NGC MS66FH||$34,000|
|1918/7 S St Lib Quarter||NGC AU55||$12,000|
|1818/7 Bust Half Dollar||NGC MS65||$13,500|
|1827/6 Bust Half Dollar||NGC MS66||$12,500|
|1797 Bust $ 9x7 Lg Letters||PCGS AU55||$26,000|
|1858 $1 Gold||PCGS PR65DC||$38,000|
|1854 $3 Gold||PCGS PR63Cam||$85,000|
|1848 $2 ½ Cal Gold||NGC AU58||$62,000|
|1795 $10 Cap Bust 13 Leaves||NGC MS64||$400,000|
|1887 $20 Gold||PCGS PR61Cam||$46,000|
|1908 $20 St Motto||NGC PR65||$52,000|
Almost simultaneously, Superior Galleries began their Pre-Long Beach Sale with a variety of high-grade rarities from the spectrum of numismatics. However, the most important highlights came from the Turtle Rock Collection of Proof Bust and Seated Dimes. Amazing colors and quality glistened brightly on this segment of the sale. Here are a few of the more important lots with prices realized. Please contact Superior Galleries in Beverly Hills for a complete list of prices realized.
|1820 Bust Dime Large 0||NGC PR66||$80,500|
|1821 Bust Dime Lg Date||NGC PR65||$48,875|
|1827 Bust Dime||NGC PR67||$120,750|
|1831 Bust Dime||NGC PR66||$55,200|
|1833 Bust Dime||NGC PR66||$82,800|
|1845 Seated Dime||NGC PR67||$71,300|
|1847 Seated Dime||PCGS PR66||$56,350|
|1855 Seated Dime W/A||NGC PR65||$40,250|
|1843 O Seated Half||NGC MS65||$32,200|
|1855/4 Arrows Seated Half||PCGS PR65||$57,500|
|1854 TII $1 Gold||PCGS MS66||$66,125|
|1886 $1 Gold||PCGS PR67||$22,425|
|1893 $2 ½ Gold||NGC PR67UC||$37,950|
|1813 $5 Cap Bust Gold||NGC MS64||$39,100|
With the pre-show auctions concluded, the Long Beach Expo began with very few dealer-to-dealer transactions, since most dealers are looking for many of the same coins for their customers. Bust Halves and Dollars, along with Early Gold, were the most sought-after coins at the show and prices were well in advance of previous FMV levels. There are so few of these coins available that to meet the grading criteria of selective collectors, dealers must be ready to pounce when the right coin becomes available or lose out to the next dealer. Other series that exhibited strong prices were Indian and Lincoln Cents, Barber Dimes, Quarters, and Halves, Morgan Dollars, including Prooflikes and Deep Mirrors.
It was a wonderful week for the auction houses, and Heritage Auction Galleries was not to be outdone. They had so many tremendous highlights that it would be difficult to list them all in this limited space. First to note would have to be the 1838 O Branch Mint PR63 as graded by PCGS. This is an extremely rare issue with just 20 coins minted and may be in the top 25 of the most desirable coins to own. It brought $632,500. Coincidentally, two Large Cents from the Husak Collection sold for the same amount. The 1793 Liberty Cap in PCGS AU55 (S-13, B-20, Low R.4) and the 1794 Large Cent Starred Reverse in PCGS AU50 (S-48, B-38, R.5) were obvious favorites of several bidders at this sale. Very intense action resulted in $10.7 million for the Husak Large Cents alone. Please contact Heritage for overall prices realized.
|1797 Bust Half Dime 16 Stars||NGC MS64||$38,813|
|1831 Bust Dime||NGC MS67||$37,375|
|1916 D Mercury Dime FB||NGC MS65||$40,250|
|1806/5 Bust Quarter||PCGS MS64||$69,000|
|1853 Seated Quarter A/R||NGC MS67||$80,500|
|1896 S Barber Quarter||PCGS MS65||$64,975|
|1901 S Barber Quarter||NGC MS65||$103,500|
|1796 Bust Half 15 Stars||NGC MS63||$373,750|
|1895 O Morgan Dollar||PCGS MS63||$57,500|
|1854 TII $1 Gold||NGC MS68||$149,500|
|1879 $4 Gold Fl. Hair||NGC PR65||$201,250|
|1909 O $5 Gold Indian||PCGS MS62||$46,000|
|1860 O $20 Gold P/L||NGC AU58||$80,500|
|1915 S $50 Gold Pan Pac Oct||PCGS MS65||$121,325|
Momentum is a very precious component of the coin business. It can be fickle and change in a heartbeat, as we have seen in past markets. However, this market is like none we can relate to in the past. We have never witnessed such depth and strength by so many numismatists. The methodology of today’s collectors is much more advanced compared to previous collectors. There are so many more tools with which to work. We have census reports, in-depth auction price data with historical multiple listings, and, most importantly, the ability to run programs on your computers to identify issues that meet specific criteria. We are not only in a booming coin business, where cash is king; FMV pricing data is also just as important to those who analyze past and future risk-to-reward ratios. We are in a transition where the industry is growing up right in front of our eyes.
The thoughts and opinions in the piece are those of their author and are not necessarily the thoughts of the Certified Collectibles Group.