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NumisMedia E-News Weekly
E-newsletter provided for Dealer Subscribers and Members of NumisMedia.
Demand for Rarities Persists
August 30, 2010
The coin market may not be hot, but it has been strong for key dates to rarities, along with high-grade coins that have exceptional eye appeal. As we have mentioned many times, there is plenty of money for the coins that are not often available on the market. Dealers have long lists of coins they need for their clients and the areas of the market desired are varied. Current demand is strong within most series, and, where demand is not great, sales take place on a daily basis within 10% of the current levels. This fact alone exhibits that there is depth in this market.
Heritage has recently announced the offering of an 1856 O $20 Gold in the upcoming Long Beach Sale. This coin is an XF45+ graded by NGC and is sure to attract some inspired bidding. Over the last four years, sales for this date have been recorded from $250,000 to over $500,000 in XF to AU58. No coins have been graded above AU58. In the past few weeks, we have noticed that many coins with the new + designation, especially when it is used on a known rarity, will bring the value for the next higher grade. Dealers and collectors are looking for graded coins in old holders that could qualify for this new designation.
Gold has been steady the past week near the $1,240 mark. One ounce Proof Gold Eagles are currently trading among dealers at $1,675. The new one ounce Proof Platinum coins are already trading at a premium ranging from $1,950 to $2,100. In this week's Moderns Wholesale Market Dealer Price Guide, the majority of changes are found in the bullion series. Most of the Gold Eagles have increased, however, the Platinum coins are a touch lower since the last Price Guide. The 2009 $20 UHR is robust at current levels in MS69 and MS70, along with coins in original packaging. Supplies appear to be rather thin versus the current demand.
Read all of this week's E-News for website updates, E-News exclusive discounts, What's Hot, What's Not, and more. E-News Weekly is available to Dealer Subscribers and Members only.
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Archived Favorite - A past article from the NumisMedia Archives
The Coin Guys - Bubba and Zemo
An educational yet entertaining look at the world of numismatics.
The New 50 State Quarter Program
First run March 22, 1999
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Zemo:
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Well, we're underway with the new quarter reverses, and while they're not always being touted as such, they ARE actually COMMEMORATIVE coins. Each state will be honored by their reverse design in the order in which they ratified the Constitution or were admitted into the Union.
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Bubba:
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The first state to do so, Delaware, has had its coins in circulation since early January.
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Zemo:
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The reverse depicts CAESAR RODNEY, a signer of the Declaration of Independence, on horseback, ostensibly on his way to Philadelphia to tell the Continental Congress "Yep, Delaware has voted to accept the Constitution, and to sign that important document.
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Bubba:
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Incidentally, you know what kind of horse Caesar is riding, don't you?
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Zemo:
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It's a QUARTER horse, of course!
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Bubba:
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We saw the first of the second state's coinage (Pennsylvania) at the Sacramento ANA in mid-March.
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Zemo:
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The reverse of this coin has a draped female (Liberty?), superimposed over an outline of the state, with a keystone, for the keystone state, Bubba, it's NOT a CHURCH KEY! in the upper left corner, just about over Meadville. In both of the last two issues, the Denver strikes appear to be "cleaner", with more detail.
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Bubba:
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What about the other three reverses for this year?
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Zemo:
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The remaining three will be released in June (New Jersey), August (Georgia) - sit DOWN, Bubba, and stop singin' "Dixie"!, and in November (Connecticut). Five states, again in order of joining the Union, will be issued each year until Oklahoma, New Mexico, Arizona, Alaska and Hawaii have their turn in 2008.
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Bubba:
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These 50 coins will certainly be collectible, but will they be valuable in the future?
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Zemo:
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Plans are to mint several hundred million of each, so they certainly won't be rare. Like the Bicentennial coinage in 1976, they'll be saved, primarily because of the novelty of the new designs, but also like the Bicentennial quarter, half dollar and dollar, I don't feel they'll ever be worth much over face value. The mint will also be producing some in clad and silver Proofs, so depending upon the mintage of these, some could command premiums over the issue price down the road.
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Bubba:
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How about errors and varieties on these commemorative quarters?
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Zemo:
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Taking the latter category first, I suspect there will be few significant die varieties on these due to the new die production methods and the (supposedly) closer inspection by the mint of the production dies. If a major variety SHOULD occur on any of the 50 designs, it would be highly collectible, and, depending upon the type of variety, it COULD command significant premiums.
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Bubba:
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ERRORS are another matter, right?
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Zemo:
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There is already a frantic demand for mint errors on the first two issues, the more dramatic, the better. One major error dealer told me he has a standing order from one of his customers for ANY major error that comes along. Few have been found to date on the Delaware issues, and I haven't heard of any yet on those from Pennsylvania. I feel errors on the 50-state coins will always be very much in demand, similar to those on the aforementioned one-year Bicentennial series.
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Bubba:
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Can you imagine a major error on all 50 coins?! What an incredible exhibit in the year 2008!
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Also from David L. Ganz, an extensive look at the laws that govern our numismatic community and other topics of interest.
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