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COIN MARKET INSIDER's REPORT takes the pulse of the numismatic marketplace and talks about the buys, the sells, and the trades that all collectors and investors are interested in.
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COIN MARKET INSIDER'S REPORT is the award-winning column that has run in COINage Magazine monthly since 1974. Its author is David L. Ganz, a New York City lawyer, who for more than 35 years has covered the numismatic marketplace. Besides practicing law, he is a past present of The American Numismatic Association, and served for a dozen years as general counsel to the Professional Numismatists Guild. Appointed by President Nixon to the 1974 Annual Assay Commission, he served (1993-1996) as a Clinton appointee on the Citizens Commemorative Coin Advisory Committee. His latest book, "The Official Guide to America's State Quarters" is a Random House mass market paperback, due out this fall.
The column began with a premise that it could report, telegraph style, about what was going on in the numismatic marketplace and talk about the buys, the sells, and the trades that investors and collectors are interested in. It now includes the internet, and http:// addresses you can hyperlink to, easily. This is an expanded version of the column as it appears in COINage Magazine. The author can be reached at: davidlganz@ganzhollinger.com.
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Insider's Report
October
by David L. Ganz
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Washington update in the news: see http://thomas.loc.gov
Passed the House and awaiting Senate action: the D.C. and 5 territories coin bill, adding an 11th year to the 50 state quarter coinage program... The American outlanders include Puerto Rico, Guam, Northern Marianas, Virgin Islands, and American Samoa... Washington, D.C. leads the list... Rep. Eleanor Holmes Norton, D-DC, led the fight for the addition... Rep. Spencer Bachus, R-Ala., coinage subcommittee chair, and Rep. James A.S. Leach, R-Io, parent banking committee chair, co-sponsored and made it happen....
Initially made it to the Senate's consent calendar: American Buffalo commemorative coin act, re-creating the buffalo nickel on a silver dollar... benefiting the American Indian... with issuance slated for 2001... Passed the Senate October 11, and on to President Clinton for signature... Originator of the proposal: Sen. Ben Nighthorse Campbell, R-Colo., though this version started in the House.... Also on the consent calendar awaiting passage: the Salt Lake City 2002 commemorative coins...
More Congressional action: 138 legislators (as of October 10) have co-sponsored a Dr. Martin Luther King Jr commemorative coin proposal for 2003... Latest to sign on: Rep. Rush Holt, D-NJ and Rep. Steve Rothman, D-NJ....
The 400th anniversary of the settlement of Jamestown is on the verge of having a national commission set up to examine it, and propose commemoration. S. 2885, introduced in July by Sen. John Warner, R-Va., passed the Senate Oct. 5 and was sent to the House for consideration.... Among its requirements: to "support and facilitate marketing efforts for a commemorative coin, stamp, and related activities for the Jamestown 2007 observances."
Among other recent bills: H.R.5258, a bill introduced Sept. 21 by Rep. Sue Myrick, R-NC, to authorize the President to present a gold medal on behalf of the Congress to Lance Armstrong... in recognition of his outstanding performance as two-time winner of the Tour de France ...and his courageous spirit in overcoming cancer....
H.R.5273 , introduced Sept. 25, passed the House Sept. 26 (at the request of its sponsor, Rep. Bachus) to "clarify the intention of the Congress with regard to the authority of the United States Mint to produce numismatic coins" .... The clarification: that Congress never intended for the "golden" Sacagawea dollar to be produced in silver for proof sets.... The silver proof set law of the early 1990's appears to require it, otherwise... That's now pending in the Senate, as well....
On Oct. 3, Rep. George Randanovich, R-Cal., proposed H.R.5370, which would "authorize the President to award a gold medal on behalf of the Congress to Peter F. Drucker, the father of modern management... Rep. Jay Inslee, D-Wash., evidently seeking a new source of federal revenue, proposed H.R.5397 ... It would "require the Secretary of the Treasury to mint coins in commemoration of veterans of the Armed Forces of the United States and to use the proceeds of surcharges imposed on the sale of such coins to fund the transportation of veterans to and from hospitals administered by the Secretary of Veterans Affairs"....
Legislation likely in 2001: From Sen. Phil Gramm, R-Tx, chair of the Senate Banking Committee, coinage redesign legislation.... Victory in California: ICTA's efforts have paid off and dealers can now have tables at Long Beach without a tax "nexus" to the state.... Long Beach show chair Ron Gillio has thanked a star-studded group of individuals involved in the long-time effort...
Singer Pat Boone on American Family Radio on Sep. 15: "Growing apprehension about the instability of the economy has caused me to look at alternatives to the stock market. I put a portion of my nest egg into rare collectible U.S gold coins because they aren't making them anymore. http://www.buycoin.com/news/index.php3?=SID&art=08-2000/patboonepr.txt
"In this new Century, we should look beyond merely "dead dignitaries" on our dimes and dollars. We should look at ways to illustrate American ideas, ideals and principals on our daily coinage.," so says Fred Weinberg, president of the PNG.... www.pngdealers.com
A new system for capturing digital images of coins, stamps, comic books and other collectibles, PixCelerate(TM), has been developed by AbaCoin (www.AbaCoin.com), a Web site that links buyers and sellers of rare coins. ....NumisMedia has announced that they have reached an agreement to supply Fair Market Value prices to Wall Street Rarities. ... In an exclusive arrangement, Wall Street Rarities will use FMV to evaluate the portfolios for their customers. Wall Street Rarities is launching their Intellicollect Portfolio Management program, which allows collectors to inventory, manage, and evaluate their collections....
Dennis Baker's list of what's hot right now: -What's Hot? Bust Dollars - Very, very Hot!... DMPL Morgan Dollars ... Indian Cents - Red coins are very hot... Proof and Mint Sets ... Modern Issue Coinage... State Quarters - Modern Issues... Original Morgan Dollar Rolls... www.numismedia.com
George Frederick Kolbe/Fine Numismatic Books has just released their first Fixed Price List of Rare and Important Numismatic Literature since 1997.... Nearly two thousand items are featured in the 96-page catalogue..... Copies of the printed catalogue may be obtained by sending $5.00 to the firm or it may be viewed at their web site: http://www.numislit.com/. ....
Kishore Jhunjhunwalla of Currencies & Coins, Mumbai, India, writes: "We are pleased to announce the release of our latest publication, "A Standard Reference Guide to INDIAN PAPER MONEY".... The book is a comprehensive catalog on the issue of currency in India, since 1770 AD ... 464 pages... For further information, see their web site at this address: http://www.numisindia.com/
Web page is an article on credit card collecting at Business Week Online: http://www.businessweek.com/bwdaily/dnflash/sep2000/nf2000091_468.htm .... Heritage Numismatic Auction, Inc. is extending the sessions scheduled for its Signature Sale at the Florida United Numismatists convention, January 3-5, 2001... Just awarded a contract for future ANA sales: two firms that are suing the organization for the right to conduct the sales... Stack's and Superior...By the ANA Board in Philadelphia...
Heritage Numismatic Auctions, Inc. announces the lowering of its Internet bidding increment requirements on lower-priced coins....Beginning October 11, all Internet bids under $100 in its Exclusively Internet, Signature and Bullet auctions will be subject to a bidding increment of only $1 above the current bid. .... www.heritagecoin.com
The course catalog for the American Numismatic Association's (ANA) 33rd Annual Summer Seminar, June 30 to July 13, 2001, is available on the ANA's web site, www.money.org .... American Numismatic Association paid coin dealer Dave Thaxter of Elkridge, Maryland, $1,000 for returning coins stolen from Richard Nachbar Rare Coins of Williamsville, New York.....www.money.org
Foreign prizes from the Long Beach auction by heritage: $776.25 Albania, Zog I gold 100 franga ar (100 francs) with star below bust, Bust left/C..... $207.00 Byzantine, Justinian I 527-565 AD gold solidus, Helmeted and cuirassed bust variety...
Collector's Universe 9/28 SEC filing reveals: "We discontinued the conduct of weekly Internet auctions, because they failed to meet management's profitability goals. We are continuing, however, to offer an Internet venue to collectors and dealers who participate in our premium collectibles auctions and to offer publications and content to collectors via our web site at www.collectors.com."
Grading by the numbers: from an SEC report about PCGS: "graded more than 6 million coins with a declared insured value of more than $8 billion. We authenticate and grade approximately 40,000 coins per month and, depending on the customer's requested turnaround time, we typically charge between $10 and $40 per coin for this service."
A warning, from Collector's Universe SEC filing: "The Company conducts multi-venue auctions in which the customer may bid, in-person, over the telephone or on the Internet through our web site. At this time, it has not been determined if a state or governmental body could claim authority over multi-venue auction for purposes of complying with "auctioneering" laws or the collection of sales tax."
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David L. Ganz
