Market Shortage In Quality Coins

Thursday, April 1, 1999

        In case you haven't noticed, the market for U.S. coins is extremely hot at this time. Dealers from all over the country are reporting how difficult it is to buy fresh material, converting the majority of sellers into buyers. They are willing to pay a little more for accurately graded coins with eye appeal as long as the price is not exorbitant relative to the grade. Consequently, dealer asking prices may be a little higher for comparable quality coins. The result, in the long run, will drive market prices to higher levels. Hopefully, this will entice some sellers into the marketplace as they see prices moving higher.

        Name just about any series and you can easily spotlight the grade ranges of the most desirable coins in today's market. From Type Coins to Gold, and every specific series, there is at least one hot range of grades that are popular. Even the modern series, Ike & Anthony Dollars, Kennedy Halves, Washington Quarters, Roosevelt Dimes, and Jefferson Nickels, are very active in most grades from Mint State & Proof 63 and higher. These are the typical areas that attract new collectors to numismatics. Many dealers have reported sales of modern issue coinage to new collectors over the last two years. These new collectors are expanding their search to more expensive series, as they have become educated and more comfortable with the coin market, their own expertise, and have confidence in dealers.

        With Central States coming this month in Milwaukee, April 22-25, we anticipate some very stiff competition for quality eye appealing coins with the hope of fulfilling a few customers' want lists. As is typical of most major shows nowadays, many dealers will be arriving early to complete a few deals with other early arriving dealers. Central States is another of the "Top Ten" shows of the year, attracting a massive number of dealers and collectors from the surrounding 20 states, along with the familiar group of dealers from all over the country.

        Heritage Numismatic Auctions, Inc. will conduct a Signature Sale, April 22-23, in conjunction with Central States. "Astonishing" selections from the Waldo Bolen Collection and the Ernest J. Palmerston Collection comprise the majority of this sale. According to Heritage Co-Chairman Steve Ivy, "The collections were formed under very different circumstances, but the collectors obviously shared a passion for rarity and quality." Mr. Bolen collected not only the unique 1873 CC No Arrows Liberty Seated Dime, but put together a rather unique 11-piece 1873 CC set which consists of the following rarities:

1873-CC No Arrows Dime, Unique, MS 64 PCGS, Ex: Eliasberg
1873-CC Arrows Dime, MS 64 PCGS, Ex: Norweb
1873-CC No Arrows Quarter, only 4 known, MS 62 PCGS, Ex: Eliasberg
1873-CC Arrows Quarter, MS 63 PCGS, Ex: Eliasberg
1873-CC No Arrows Half, MS 66 PCGS, Ex: Garrett
1873-CC Arrows Half, MS 63 NGC
1873-CC $1, AU 58 NGC
1873-CC Trade $1, MS 63 PCGS
1873-CC $5, XF 40 PCGS
1873-CC $10, XF 45 NGC
1873-CC $20, MS 60 PCGS

Some of the highlights of the Palmerston consignment include:
1821 $2.50, MS 63 PCGS
1813 $5, MS 64 NGC
1819 $5, 5D over 50, MS 62 PCGS
1820 $5, MS 63 PCGS
1843 $5, MS 63 PCGS
1850-C $5, MS 64 PCGS
1852-C $5, MS 64 NGC
1854-C $5, MS 62 PCGS
1855-S $5, AU 58 PCGS
1856-O $5, AU 58 PCGS
1858-C $5, MS 61 PCGS
1801 $10, MS 63 NGC
1844-O $10, MS 62 PCGS

        On May 29-30, in Los Angeles, California, Auctions by Bowers and Merena, Inc. will stage an important event. They will auction over 1,000 gold coins that were recovered in 1993 from the S.S. Brother Jonathan, which sunk off the coast of Crescent City, California in 1865. The coins are being auctioned on behalf of Deep Sea Research, the organization responsible for the search and discovery. There are 1,207 gold coins dated 1865 and earlier and some of the nicer pieces are 1864 S & 65 S $20 Liberties. Most of the coins are from the San Francisco Mint. This sale is bound to draw a myriad of dealers, specialty collectors and may even bring some new collectors to our hobby. Please contact Bowers & Merena, for more information and a catalogue, which will be available toward the end of April.