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NumisMedia E-News Weekly
E-newsletter provided for Dealer Subscribers and Members of NumisMedia.
Long Beach Active Despite Lower Metals
February 8, 2010
The Ship of Gold display by Monaco Financial produced the desired results. Nearly fifteen hundred collectors attended the first day of the Long Beach Coin Expo, many just to see this fabulous presentation of treasures recovered from the S.S. Central America. Attendance records for the Long Beach Expo were set and business flourished even though the metals took a dramatic downturn on Thursday. Most dealers reported the show was much better than they expected. There were plenty of buyers more than willing to take advantage of the lower prices for Gold and Silver related coins.
This past week several dealers were trading Morgan and Peace Dollars, along with Walkers at discounted levels. Most of the trades were for the more common dates in MS64 and MS65. However, these were generally for sight-unseen coins, which typically represent lower end quality for the grades. The problem is that if this continues for a long period, it could have some effect on the sight-seen market as well. The sight-seen market for Morgan Dollars appears to be very healthy. Better dates are in demand, although buyers can be a little fussy. Carson City GSA Dollars certified by NGC were especially active at Long Beach. Collectors can be very competitive for the highest grades because these have very low populations.
This week's LD Wholesale Market Dealer Price Guide reveals only sporadic adjustments in most series. Early Copper is steady with specialists always looking for specific dates within the Half and Large Cents series. There is a new visible buyer for Proof 60 to 63 Indian Cents and Two-Cent pieces, which resulted in some upward adjustments. Proof Liberty Nickels are also on the radar for a few dealers at this time. While Seated Half Dimes, Dimes and Quarters are not breaking any records, they seem to be salable at current Market prices as long as they do not have negative eye appeal. Better dates will attract a lot of competition when they appear in auctions.
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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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