The MidAmerica Coin Expo in Schaumburg, July 10-13, proved to be a success. In fact, many dealers reported being pleasantly surprised at how much business occurred. Big-ticket coins were selling well, and at least one dealer was fortunate enough to generate $1 million in retail sales, consisting of many five and six-figure specimens. While retail business was certainly taking place, wholesale activity dominated the show, and those dealers holding inventories of rare, original material had little difficulty finding buyers and completing transactions. Fresh, premium quality coins, especially Type, was in high demand, while ugly and over graded slabs were simply not selling. Such fastidiousness from collectors, combined with high-volume demand, creates the problem of a severe deficit of high quality material, and once again, the report from Chicago is that more PQ coins are needed in this market. Several such examples sold at the Vincent Collection auction by Stack’s, July 10, which brought $1.45 million. We have listed a few highlights, many of which bear what has been accepted as an assurance of quality, the CAC sticker.

As the rare coin market continues to buck the overall economic trend, and in fact may be benefiting from the sluggishness of late, Gold has spiked again. Pressure forcing the Federal Reserve to seize control of IndyMac and set up special support systems for Fannie Mae and Freddie Mac, combined with the stock market being in a tail spin, has left investors nervous and running to Gold and Silver, and of course rare coins as well. This fear is not unfounded, as approximately ten thousand IndyMac customers have over the FDIC coverage of $100,000 deposited, which accounts for potentially $1 billion in uninsured funds. Gold Spot has now surpassed $970 per ounce, and Silver is over $19. Gold and Silver haven’t been this strong since mid March. The timing is right for the US Mint to release the fractional Gold Buffalos July 22. Mintage and order restrictions have yet to be announced for either the Proof or Uncirculated 4x9 Gold fractionals.

Dealers believe that many of the coins they still need will be available in Baltimore at the American Numismatic Association’s World’s Fair of Money, July 30-August 3. The Smithsonian National Museum of American History will display 21 Proof rarities, including the 1860 Double Eagle pattern with the Paquet reverse. Another Paquet reverse, this one owned by Classic Coin Company, and one of only two known 1861 versions, will be featured at the ANA as well. The US Mint adds to the mix with their unveiling of details surrounding the much anticipated 2009 Ultra High Relief Double Eagle. Considering the current strength of the rare coin market, powerful precious metal Spots, and the long, successful track record of ANA shows, this year’s fair has much potential to set a higher bar for the numismatic world.

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