Various strata in the coin market are ranging from spongy to competitive. Coin issues that are generally found everywhere, such as common date Morgan and Peace Dollars, Walking Liberty Half Dollars, and even $20 Saint-Gaudens are currently suffering from a malaise in the market. They are “ho-hum” coins in the eyes of many because they are found on the bourse at every coin show, are frequently seen in ads, and are readily available from coin shops. Lifelong collectors generally have this material already, and if they are building sets, are looking to buy those scarce issues that turn up infrequently. Rare dates in these same series are another issue altogether and are sought after when they come to market. However, these same issues that are looked at as substandard for their grades are being left on the table, and that goes for coins of all strata. Coins that are perceived as being over-graded and/or plagued by problems are lying in wait for bargain hunters or unwitting buyers to take them home while their prices continue to soften. CAC and Plus grading are continuing to have a dramatic effect on the prices for such pieces.
On the other end, there are experienced collectors who will pay astounding prices for exquisitely toned coins, like early Commemoratives and Silver Dollars, for example. Prices paid that are ten to fifty or one hundred times the value of same grade coins without such toning is not unheard of. Rumors have been surfacing that owners of some of the multi-million dollar trophy rarities have received exceptionally high offers for their coins. Some expect this area of the market to reach values of unimaginable levels if a sale over the $10 million mark for a single coin is achieved. The high end of the fine art market is often used as a comparison to trophy coins, as some paintings have now sold for more than $100 million. Obviously the art market is much larger than the coin market, so that level is not expected to be reached by rare coins any time soon, but certainly some coin dealers and investors see the $10 to $20 million dollar level, and maybe even a little higher, in the future for some very rare coins.
Ebay has launched an effort to become more involved in the coin market. It is seeking more visibility of coins in its auction sales by attending major shows and partnering with the PNG. Ebay is also forging strengthened relationships with the major coin grading services and is featuring higher end coins in some of its sales and beginning to promote those sales within the hobby. Specialty sales of rare coins will also become more frequent.
May 3-6 is slated for the EAC Convention and sale in Buffalo, NY. ANA’s National Money Show will be held from May 10-12 in Denver, CO. Ira and Larry Goldberg will hold a pre-Long Beach auction May 27-30 featuring selections from Bellisima, Cahn, Holmes, Shapiro, and Forsythe collections. Then it’s the Long Beach Expo May 31-June 2 with a sale by Heritage.