With the summer season in full swing, most families have allotted some time for their annual vacation. However, in the coin family, the rigorous non-stop schedule of the professional numismatist can often raise havoc, voiding the best of these more traditional plans. Presently and effectively since the dawn of the new millennium, this raging bull of a coin market hasn’t been suppressed, caged or put on hold as rare coins aren’t taking any holidays. For most dealers, it has been a highly profitable yet nomadic adventure—an arduous road lined with customers, want lists and never-ending internet auctions. It has been overwhelming, yet most are still plugging along from one show to the next. Some dealers have finally given in, actually foregoing the almighty dollar, temporarily at least, for a few well deserved days off before the big ANA show commences. Not at all surprisingly, the extended numismatic forecast remains the same; it’s gonna be hot.

     The frenzied quest for eye-appealing, certified slabs continues without missing a stride, on the heels of a better than expected Midwest show. Most attendees that we tracked down report business is still great. The ongoing problem is that the supply train of rare and desirable certified offerings has all but boycotted their appearance on the bourse. Top quality slabs just aren’t available with any consistency. Key market makers have been cognizant of this fact as the finite provisions can’t begin to satisfy the infinite volume of demand. The hopeful consensus is that a wealth of the tremendous quality and top tier rarities will be making their appearance at the grand numismatic gala in Baltimore. As we have said in past reports, and it does bear reiteration, there are vast coffers of cash anxiously waiting on the sidelines. These well versed and well heeled buyers are targeting those absolute top notch treasures, many in the six-figure plus category. On one hand, some of these investors have made the transition quite quickly into collector/investors. On the other hand, some have been easily confused and jaded, having likened the rare coin acquisition process to putting in a buy order for a stock or other property. Just call a broker or simply click online and voila, instant gratification. Not so in this finely-tuned arena. Just because something exists doesn’t necessarily mean that it is available for sale presently or in the foreseeable future. Competition is therefore expected to be turned up a notch in the final stretch before the ANA, commencing next week. Four auctions are on the docket beginning with the Spink-Smythe USA Summer sale July 22 in New York, before culminating in Baltimore where Bowers & Merena, and Superior will host sales on July 26. Stack’s follows July 27-28. Heritage will take the anchor leg with its ANA Signature sale July 30 thru August 3.

     A trio of Silver Commems is led lower by the 1936 Elgin’s slide after a PCGS MS64 product had a less than superior auction appearance. Classic Gold is fairly stable, although the 1903 Jefferson is easing back a trifle for MS64 specimens. Silver Dollars maintain overall muscle with Bidders as only a few Morgan commoners are off a tad. Type is still smoking hot as the Mint State side offers up reduced Capped Bust Quarters at the elevated blind Bid of $5K for MS64 slabs. Proof Type is the absolute showstopper, with a trifecta of double-digit gains, including the Type III Three Cent Silver grading PR66 and claiming $1,600. The scope of the demand is widespread as a plethora of Nickel and Silver varieties are on the receiving end of moderate boosts. Early and high-grade Buffalo Nickels are causing a minor stampede, too. PCGS keys like the 1921S grading MS65 top $5,600; the popular 1913S T2 rolls to $5,900 in MS66; and the 1914 grading MS67 tops $4,200 sight-unseen. Gold Type is marked with increased demand as a host latch onto an average bounce of just over 4%. Generic $20 Saints march higher, yet MS61 slabs are still Bid near melt. Of course, dated Saints are always in vogue, and leading the flurry we find the 1909D bolting in a trio of PCGS columns by as much as 25% for MS61s at $2,250; $3,200 for MS62 versions, and $9K tracking down MS64 examples. Rounding out the spirited action, Type I Standing Liberty Quarters deliver a pair with modest gains, and even Franklin Halves feature a double-digit push chasing the 1963D grading MS65FBL at $50. We have listed a few of the many highlights from the Pre-ANA Baltimore sales.

Reprinted from Issue No.29 July 18, 2008 of the Certified Coin Dealer Newsletter - the Bluesheet
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