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NumisMedia Weekly Market Report
Generic U.S. Gold on the Rise
August 24, 2015
Gold had a good week as it jumped all the way up to the $1,160 mark. Teletypes were quite busy with lots of buying and selling, but mostly these posts are from dealers looking to buy bullion for anxious customers. This has been the trend since the early seventies as buyers will typically wait until there is a strong upside signal before committing their funds. Of course, many of these buyers had the opportunity when the price of Gold was under $1,100 just over a week ago.
In the metals market this morning, prices are a little unsteady for everything including Gold, which appears to be holding close to $1,160, currently at $1,155. Contracts for Silver and Platinum are lower today; however, buyers are quite busy for physical delivery of all bullion products.
The recently completed Rarities Night, the premiere portion of the Stack's Bowers Galleries Auction at the ANA, realized a total of just under $6.5 million. One of the most popular highlights from this sale was the 1807/6 Large Cent graded PCGS MS66 Red. This one of a kind date attracted very spirited bidding and finally sold for $470,000.
1807/6 Large Cent PCGS MS66 Red sold for $470,000 at the Stack's Bowers Galleries ANA World's Fair of Money U.S. Coins Signature Auction in Chicago, Illinois, August 11-18, 2015
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One of the strongest areas of the market is in the Type I Twenty Dollar Gold series, and more specifically the New Orleans Mint coins. This sale had an 1853 O Twenty, a Specimen 61 certified by NGC. A rarity like this cannot be taken lightly because it may not be available again for decades. This coin brought $352,500 from a very happy buyer.
1853 O $20 Gold Specimen 61 NGC sold for $352,500 at the Stack's Bowers Galleries ANA World's Fair of Money U.S. Coins Signature Auction in Chicago, Illinois, August 11-18, 2015
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For Morgan Dollar buyers, there was a lovely example of an 1884 S in PCGS MS63 and CAC; anything above MS62 is very difficult to find at a reasonable price. This one may not seem to be reasonably priced either, with a current FMV of $60,630, and selling for $82,250. However, every time one is offered for sale in the last couple of years it seems to bring a nice premium if it has better than average eye appeal. Obviously, this one fits the bill and should make impact with a new higher FMV. There are only 93 certified in MS63 and only 32 that grade higher with MS68 being the highest.
1884 S Morgan Dollar PCGS MS63 CAC sold for $82,250 at the Stack's Bowers Galleries ANA World's Fair of Money U.S. Coins Signature Auction in Chicago, Illinois, August 11-18, 2015
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There was another Specimen certified coin in this sale that attracted active bidding; it was the 1839 O Reeded Edge Half Dollar grading SP62 by PCGS. This is one of only four coins known and brought $105,750. For complete prices realized please contact Stack's Bowers Galleries.
1839 O Reeded Edge Half Dollar SP62 PCGS sold for $105,750 at the Stack's Bowers Galleries ANA World's Fair of Money U.S. Coins Signature Auction in Chicago, Illinois, August 11-18, 2015
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There are a tremendous number of advances in this week's HD Wholesale Market Dealer Price Guide as Gold jumped more than $60 since the last update. Not only are the common U.S. Gold coins higher in most grades, the auctions created many increases for better dates and rarities in several denominations. As you might expect the sale of the Duckor $1 Gold coins led to several increases for the highest graded rarities in this series. Not only did the Market prices rise, so did many of the CAC approved coins. The Market prices for the 1855 D $1 Gold advanced to $132,500 in MS64 and the 1863 in MS68 moved up to $125,000 for this finest certified.
There was also a major run of $5 Gold Liberties in Proof that sold in the Heritage Auctions sale. Most of these coins charged this market to higher levels and also allowed us to add some new prices to the Proof $5 Gold charts where previously there were none. The 1865 PR67 Cameo is now at $135,000 Market and the always rare 1875 is now at $160,000 in PR65 Deep Cameo. Check all the U.S. Gold charts for this week's adjustments.
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