Y2K is Here, Let the FUN Begin

Saturday, January 1, 2000

        Now that the New Year is upon us, it is time for all numismatists to get back into the swing of the coin market. Last month was one of the best holiday seasons for many retail coin dealerships. Lee Crane of L & C Coins was planning on taking advantage of the holidays and spending a couple of weeks with his family. However, business was so brisk right up to the last day before Christmas that he found it necessary to spend most of his days filling orders. This was not an unusual story as many coin shops experienced the same dilemma. Of course, you would be hard-pressed to find many dealers who would confess to having an unsuccessful last two or three years. The market has been quite steady in addition to a major increase in the number of new collectors being attracted to our hobby over this timeframe.

        As we all know, the annual FUN Show is considered a barometer of what the first quarter of the New Year will bring. If the market is real active, you will usually find several major retailers with large orders to fill which bodes well for the wholesale market. If the size of the order is large enough, it is bound to trigger a chain-reaction. Sellers become buyers beginning a search for coins to fill the retailer's order. The impact can be monumental and as such, the creation of more business is exacerbated exponentially to the nth degree. One million dollars in fresh money can create sales of between $5-$10 million throughout the industry. Original want list items become stronger and shorter in supply, and other areas of the market will experience greater demand as well.

        One of the more active areas of the current market is Silver Dollars. It appears that almost every collector wants a few well-selected Morgan or Peace Dollars. Even so, there is a more specialized collector who is beginning to see the importance of Deep Mirror Prooflike Morgans. These have always been a very popular coin but it takes a specific kind of collector to understand the DMPL Dollar. It is most disconcerting to many collectors to see such a large coin with bagmarks as a major focal point. However, many more collectors are beginning to understand the impact of the DMPL Dollar on the overall Silver Dollar market since the number of DMPL's is so minute compared to the overall mintage of any given issue. There are two primary considerations the collector must take into account when venturing into this area: depth of the mirror and quality of the surfaces. Before you bring up strength of strike, remember that there are some dates that are characteristically weak. A deep mirror with clean surfaces will make up for some of this weakness.

        As the DMPL Dollar collector begins to pursue various dates in this series, it becomes obvious that there is more to this series than just a grade. It is a combination of quality, depth of mirror, strike, available supply, current demand, and any number of ambient factors. Don't forget the all-important eye appeal. As knowledge is gained, some factors weigh more significantly than others do. If a collector perceives all of these factors as equally important, then he should have a rather large pocket book. There are numerous well-written books on this subject, however, there is no substitute for holding, viewing and comparing coins.

        It will be very interesting to see what areas of the market are in demand by dealers and collectors in Orlando. The FUN Show is typically the largest of the year with dealers from all over the country, and some outside of the United States, attending this well organized and publicized event. Most dealers and collectors will attempt to get a head start on the marketplace with their large inventories and pocketbooks; the market will dictate their strategy of selling, buying or both.

        The first major auction of the year will be hosted by Auctions by Bowers and Merena, Inc. It takes place on January 4th just prior to the beginning of the FUN Show. Masters of marketing, Bowers and Merena have scheduled this annual Rarities Sale to take advantage of the many visitors coming to Florida. What this sale lacks in quantity is more than made up in quality. There are 500 lots with nearly every series represented; many are high-grade rarities, thus the name of the sale. Among the highlights are sure to be the $3 and $4 Gold pieces, in addition to many other rare dated Gold. This auction is bound to attract some very spirited bidding and it will be interesting to see how much of this material is destined to retail hands or offered to other dealers on the FUN Bourse. We will list just a few of the many potential highlights of this sale.

        Heritage Numismatic Auctions, Inc. enjoys the privilege of handling the FUN 2000 Sale. This is a massive aggregation of numerous well-known collections. The depth and quality is a sight to behold. There is sure to be thousands of hours spent by dealers and collectors alike as they examine every coin in this sale. With the over 3000 lots, including every U.S. series, foreign coins, and Paper Money, many want lists are sure to receive some assistance. The set of Standing Liberty Quarters will be worth the effort and should serve to rewrite the pricing structure of this important series. Those dealers or collectors with money to spend could even complete the better part of several series before this sale is over. The list of highlights goes on and on.