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NumisMedia E-News Weekly
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Demand Increases for Modern Gold
November 2, 2009
The week begins with the metals advancing sharply. After last week’s decline, buyers took advantage of lower prices and created the current demand. The 2009 Buffalo one-ounce gold is on the market and buyers are adding this coin to their portfolios. Current wholesale is $1,095 to $1,100.
Many dealers have been offering old inventory at discounted levels in order to improve their cash positions. This drives prices to lower levels, especially for coins where availability is plentiful. This week, the HD Wholesale Market Dealer Price Guide exhibits declines in most series. Common Bust Halves were very strong last year and AU58s were easy sellers at $650 to $700 wholesale. Today, the Market has fallen to $500 and they are easy to find in most inventories. In order for these coins to trade now they need to have premium eye appeal. Barber Halves are mixed with increases in several dates in MS63 and lower. Declines are more prevalent in MS64 and 65. The wholesale Market for the MS65 is $2,400. However, we do not see dates falling into the common category anymore. Many of the so-called common dates from years ago have lower populations so they will command a premium above the common market.
The U.S. Gold charts are lackluster despite the fact that Gold remains well above $1,000 an ounce. Premiums have fallen for the more common issues because there are more supplies available at this time. Most dealers are selling modern bullion coins to their customers rather than the older coins. The Market for the $2 ˝ Gold Liberty has drifted down to $2,100 in MS65 and the $2 ˝ Indian fell to $3,100 this week. Twenties are still very active with VFs trading at $1,208 up to $1,280 in AU58. The 1891 and 1892 Twenty Liberty advanced in several grades because of recent trades. These are both very tough coins to find in original condition.
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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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