Auctions Generating More Records

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.

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.

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

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.

This is a guest article written by:
 

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