Silver Eagle 25th Anniversary Sets Soar - Baltimore Whitman Expo On Deck

The autumnal chill didn’t take any time turning it’s cold shoulder as an early winter season snowstorm clobbered the Northeast corridor dropping nearly three feet of snow in areas of New England the last weekend of October! Although the temperatures have plummeted in many areas of the country, and trick-or-treaters may have had to bundle up a little more than usual this year, precious metals are beginning to heat up again, attempting to regain the steam and vigor they had late summer. As I compile this article, Gold is again trading in the $1,750 per ounce range and silver has now spiked back up to the $35 plus category.

Traditionally the fall-winter season is when collectors and the rare coin market in general have witnessed intensified action. Less daylight and colder temperatures mean longer periods allotted for indoor activities. For many numismatists more leisurely time has now been set aside for digesting that recent auction catalog, scanning the World Wide Web for the multitude of Internet-only auctions and to catch up on various email blasts from your favorite dealers. For other collectors it’s that all-too-fast approaching time when holiday giving means securing that special coin or coins set for the numismatists on that holiday list.

Similar to the Black Friday sales the day after Thanksgiving, or that “just gotta have special toy” for Christmas, mainstream collectors as well as dealers from throughout the country were all vying for the 25th Anniversary Silver Eagle sets which were being offered for sale on the US Mint’s website Thursday, October 27 at $299.95. Limited to 100,000 sets (or units as the Mint prefers to call it) overall, a five sets per household limit was imposed. Yet in spite of numerous ordering problems chronicled both via the phone and on the Internet, the entire production was sold out in a little over 4½ hours! As is the case with any highly touted collectible, market makers and speculators were already listing options for sale (which they obviously had not owned yet) on various venues such as eBay. The various electronic networks were also flush with buyers offering immediate profits and in some cases seed money when purchasing sealed lots of five, asking only that the Mint-sealed carton be shipped directly to the dealer upon receipt. Hey, I am a collector too, and I was online and ordered five sets. Yet for all those that complained as to how slow the US Mint's server was, if it had been updated (which it appears it will be next year) all of the sets would’ve perhaps sold out in half the time. Regardless, whether collector or dealer there was no preferential treatment, both factions were up against the same obstacle, a very slow server. So it was much like a lottery, who would get in first, dealer or collector, of course the latter wanting to avoid the inevitable higher secondary market price! Which, as we go to press, is already in the $650 plus range.

Today’s market has definitely become increasingly individualized, as collectors stay home and view and ultimately order coins online. For those that cannot attend all of the regional and national shows the majority of collectors rely on the feedback, whether positive or negative, from various dealer blogs, show reports and collector forums. This expert commentary can either build confidence one way or the other as to when and what should be bought or sold. The current market will dictate the answer of course and over the past quarter-century confidence has been built by buying coins whose quality has been confirmed by the third-party grading services such as the acknowledged industry leader NGC.

For those of you that have not yet tried it, a superb tool for the armchair researcher is the NGC Coin Explorer. Here the collector can simply type in a date such as the ever popular “1877”…. And for example, choose the 1877 Indian Head cent, the key to the series. Here, at no cost, you’ll find a price guide for Mint State Brown, Red & Brown or Red coins. You’ll also see a page for auction stats, including upcoming auctions, average grade of those that sold at auction over the past year, two years or longer. There is also information on NGC Registry Sets and the rankings. For those looking for more detailed information you will need to have an Associate or higher NGC Collectors Society membership to view the Census. Considering the wealth of archival information, it’s an incredible bargain. If your interest is in World coins, be sure to take a look at the World Coin Price Guide under the NGC Research dropdown menu on the home page. This is a wonderful tool, especially if you have a box, bag or pocket full of foreign coins that you really haven’t had the time to catalog and price individually – you can merely type in the date, denomination and country and have a valuation all while sitting with your laptop or tablet in the comfort of a cozy chair with perhaps a warm cup of tea to keep you company. This very effective and time-saving tool is available regardless of the season; think of this as NGC’s ongoing gift to the numismatist.

Gold bullion continues to make headlines as many banks around the world are beginning to accept the yellow metal as collateral for loans. Certainly there is an ever-growing bias domestically as well as abroad in favor of gold as major players are ever more cynical on the sole reliance of paper backed assets. This is certainly not news to the numismatist; US Gold coins have always been very popular. It is not surprising to observe substantial escalation within key dates and some perhaps still underrated issues. As an example, the second year Carson City installment of the Liberty Head Eagle series is advancing significantly. In just the last month the 1872-CC has advanced nearly 20% (or $6,500) in AU 55. Out of an original mintage of only 4,600 pieces it is estimated that fewer than 100 coins are known to exist in all grades. The NGC population in this grade is a scant seven coins with none graded higher.

Another rare installment, the 1883-O $10, had a mintage of only 800 coins and fewer than 50 examples are known to exist. Values of AU 55 and AU 58 representatives have skyrocketed by as much as 80% in the last year. The scarce Type One $20 Liberty has been the focus of much attention too as virtually the entire series has seen a 35 to 40% advance in AU 50 through AU 55 since mid-2011. In fact, values have advanced 15% in the last 30 days. The inaugural San Francisco delivery, the 1854-S, has also seen substantial action. In the last calendar year AU 55 examples, of which 24 pieces have been graded by NGC, have seen nearly a 70% increase in value and are now worth $8,340 according to the NGC US Coin Price Guide.

It’s not just gold that is hot. Early copper, especially Classic Head Large Cents, are in high demand. Early proof type Indian Head, Lincoln and Two Cent pieces are also seeing increased want list demand in the PF 63 through PF 65 grade range. An opportunity to satisfy some of these demands will appear in just a few weeks as the last major east coast show of the year, the Baltimore Whitman Expo, commences the week before Thanksgiving. Anchored by the superb Stack’s Bowers auction, this is sure to be a well attended show. See you there!

Jim Bisognani has written extensively on US coin market trends and values and was the market analyst and writer for a major pricing guide for many years. He currently resides in Southern California and frequently attends major coin shows and auctions.