Charlotte and Dahlonega Gold Inspire Marketplace

Monday, February 1, 1999

        January was a very exciting kickoff to 1999. The FUN Show was extremely successful as thousands of visitors (dealers and collectors) toured the bourse and checked their want lists for those special coins. There were many highlights as a result of this show with several areas of the market remaining very active. The always-popular Morgan Dollar series continued to lead specialty collectors on a chase for the ultimate coin. William Spears commented, "it is very easy to sell gem quality rare date Dollars, but the most difficult task is to locate and purchase enough new material to satisfy my voracious collectors. At the prices I pay for Silver Dollars, they have to be among the very best of any particular date. I never have customers argue quality with me, although, they sometimes will try to negotiate. However, most of them know that I have many other collectors just waiting for the 'right' coin."

        Another one of the more active areas of the entire marketplace is U.S. Gold. There has been such an increase in demand because of the potential Y2K situation that some of the premiums of various gold coins have moved substantially higher. Of course, many of the people who buy these types of coins are not really collectors, they are hoarders. Nevertheless, they have forced prices up on various issues, especially $10 and $20 Gold in MS60 to MS64. As supplies dry up, premiums tend to increase. As more supplies come on the market, prices may retreat if demand does not absorb these new supplies. While this market could be solid the entire year, it will also depend on the needs and the money supply of the hoarders.

        A more important issue for the collector community is the new supply of Charlotte and Dahlonega Gold, which has come into the market. With the sale by Heritage Numismatic Auctions, Inc. at FUN and the upcoming Signature Sale at Long Beach, collectors have a new source of coins to choose from. However, C&D Gold has never been all that plentiful in the first place. In fact, availability is ordinarily so sparse that many potential collectors do not even try to collect it because there is not much likelihood of completing a set. Inasmuch as this auction drew so much attention, many of the collectors that we spoke with could not participate at the new higher levels. When a collection of this magnitude becomes available, it impacts every dealer and collector who maintains an interest in this specific area. Not only are the auction prices typically a little higher because of this demand, but the coins already in inventory will gain some measure of strength and cause the collectors to go back to their favorite dealer and see what he still has in inventory.

        In the month since FUN, many dealers have been very busy trying to satisfy their customers with new purchases from the shows they have attended. Many dealers report that they are not making much headway because their customers are giving them new want lists faster than they can fill the old ones. Dealers will get another opportunity to fill their needs as they prepare for the Long Beach Expo, which runs from February 11-14. Andrea Neumann plays an extremely active role in the proper coordination of such a formidable event. She arranges and supervises the bourse including the multitude of seminars, meetings, and special attendance by the U.S. Postal Service of Long Beach. She is certain that this will be a very well attended show based on the advertising that they have prepared and the positive attitude that currently saturates the overall marketplace.

        Heritage Numismatic Auctions, Inc. will conduct a Signature Sale at Long Beach (February 11-13), that features a combination of several well defined collections. Again, as at FUN, one of the main sections of this sale will be the Charlotte and Dahlonega Gold out of the William Miller Collection. According to Lee Minshull, "there is a wide range of quality from finest known unbelievable coins, to commercially graded coins. The upshot is the great opportunity for all dealers and collectors, alike." In addition, there is a rather nice selection of "finest known gems" out of the Jerry S. Benson, Jr. Collection. We offer a few of the highlights from the Heritage Sale.

Denomination	Grade
1841 Braided Half Cent	NGC PR66 RB
1841 Braided Large Cent	PCGS PR66 BN
1821 Bust Quarter	PCGS MS69
1835 Bust Half	PCGS MS67
1852 O Seated Half	PCGS MS67
1799 Bust Dollar	PCGS MS64
1849 C Open Wr. $1 Gold	NGC F17
1851 C $1 Gold	PCGS MS66
1852 C $1 Gold	NGC MS66
1858 D $1 Gold	NGC MS65
1859 D $1 Gold	NGC MS63
1838 C $2 ˝ Gold	NGC MS63
1842 C $2 ˝ Gold	NGC MS65
1847 C $2 ˝ Gold	PCGS MS63
1854 D $2 ˝ Gold	PCGS MS62
1839 C $5 Gold	NGC MS63
1842 D Sm. Date $5 Gold	NGC MS64
1843 C $5 Gold	PCGS MS64
1848 C $5 Gold	NGC MS63
1851 C $5 Gold	NGC MS63
1855 C $5 Gold	NGC MS65
1856 D $5 Gold	NGC MS64
1861 C $5 Gold	NGC MS63