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NumisMedia Monthly
June 2008
Auctions Generating More Records
The coin market remains extremely healthy going into the Long Beach Coin Expo. Despite adverse travel conditions and today's extra expenses, attendance by dealers was very strong. Trading began brisk and appeared to pick up momentum throughout. The demand for rare coins continues to increase and the amount of money available to purchase coins is rising extraordinarily. The lack of competition for the investment dollar unquestionably facilitates the respect that our industry has received over the last few years. The mediocre condition of the economy also serves our industry well.
Early Bust coinage seems to be at the forefront of today's aggressive buyers. Whether they are looking for Silver or Gold coins, the primary element is the quality compared to the cost of the coin. If the grade is accurate and the coin has eye appeal, buyers are willing to pay a premium. Since the beginning of 2000, prices have skyrocketed for most Bust coins. A prime example is the 1807 $2.5 Gold Capped Bust in MS60. In January of 2000, it had an FMV of $18,600 and today it is $34,380, if you can find one. Another example is the 1795 Small Eagle Bust $5 Gold in MS63; the FMV was $104,220 in 2000, while today it is $212,500. Most Early Gold will show like results.
Bust Half Dollars have jumped considerably over the last year. Further, many of the varieties within this series bring astronomical prices when they are offered in auctions. Collectors realize that many of these specialty coins, especially the higher grades, may not come along for several years. It may be a matter of now or never in some cases so the competitiveness of most buyers creates many of the higher FMV prices we report today. Following is a list of several Bust Halves comparing today's FMV to that of just one year ago.
| Date/Grade | May 2007 | June 2008 |
| 1807 Sm Stars MS60 | $3,750 | $8,560 |
| 1808 MS64 | $6,060 | $9,440 |
| 1811 MS64 | $3,940 | $5,160 |
| 1814 MS65 | $9,690 | $15,940 |
| 1818 MS63 | $2,190 | $2,940 |
| 1819 MS64 | $4,690 | $6,560 |
| 1821 MS65 | $9,690 | $16,940 |
| 1837 MS64 | $4,840 | $6,410 |
| 1838 MS65 | $12,220 | $24,380 |
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As you can see, the advances are substantial; and demand continues. The varieties may be a little more specialized but the aggressiveness of these collectors is diehard.
In order to be competitive in today's climate, you have to be prepared to pay 10-30% over current FMV for truly rare coins. There is so much competition for great coins with low census numbers, if you think you can purchase them at current levels, you will just be disappointed. Records are broken every major show and auction. If you are a serious buyer of true rarities be prepared to set your own record.
There were three major auctions prior to and during the Long Beach Expo. The first was hosted by Ira & Larry Goldberg from May 25/28. Rare Foreign coins brought magnificent prices. Alternatively, for U.S. coin collectors, there were some rather significant highlights as well; a few are listed below.
| Denomination | Grade | Price Realized |
| 1811/10 Large Cent | NGC MS63 Brown | $33,600 |
| 1799/8 Dr Bust Dollar 15 Stars | NGC MS62 | $25,875 |
| 1889 CC Morgan Dollar | PCGS MS63 DMPL | $36,800 |
| 1894 Morgan Dollar | PCGS MS65 | $40,825 |
| 1895 Morgan Dollar | NGC PR66 Cam | $103,500 |
| 1875 $1 Gold | NGC PR66 Ultra Cam | $41,400 |
| 1862 $2.5 Gold | NGC PR65 Ultra Cam | $42,550 |
| 1875 $2.5 Gold | NGC PR63 Cameo | $43,700 |
| 1888 $5 Gold | PCGS PR65 | $35,650 |
| 1895 $5 Gold | NGC PR67 Ultra Cam | $80,500 |
| 1901 $10 Gold | NGC PR67 Cameo | $74,750 |
| 1899 $20 Gold | NGC PR65 Ultra Cam | $109,250 |
| 1907 $20 High Relief | NGC MS66 | $83,375 |
| 1930 S $20 St. Gaudens | PCGS MS64 | $149,500 |
| 1932 $20 St. Gaudens | NGC MS66 | $126,500 |
| 1915 S Pan Pac $50 Gold Oct | PCGS MS64 | $89,700 |
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Superior Galleries began their Elite Coin Auction a day later on May 26-27. We selected the following from many highlights.
| Denomination | Grade | Price Realized |
| 1885 Morgan Dollar | NGC MS68 | $16,100 |
| 1899 Morgan Dollar | PCGS PR67 | $16,100 |
| 1869 $1 Gold | PCGS PR64 | $17,250 |
| 1881 $1 Gold | NGC MS69 | $28,750 |
| 1914 D $2.5 Gold | PCGS MS65 | $40,250 |
| 1879 $4 Flowing Hair | NGC PR67 Cameo | $402,500 |
| 1803/2 $5 Gold | PCGS MS63 | $25,878 |
| 1809/8 $5 Gold | PCGS MS63 | $29,900 |
| 1812 $5 Gold | NGC MS64 | $34,500 |
| 1914 D $5 Gold | PCGS MS65 | $25,300 |
| 1797 $10 Gold | NGC MS61 | $65,550 |
| 1803 $10 Gold Sm Rev Stars | NGC MS64 | $138,000 |
| 1842 O $10 Gold | NGC MS61 | $29,900 |
| 1860 S $10 Gold | NGC MS61 | $37,375 |
| 1863 S $10 Gold | NGC AU58 | $33,350 |
| 1914 D $10 Gold | NGC MS65 | $17,825 |
| 1890 CC $20 Gold | NGC MS62 | $11,960 |
| 1907 $20 High Relief | PCGS MS65 | $51,750 |
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Heritage conducted the official Long Beach Sale with a huge variety of rare coins. The following represents only a partial listing of the many rarities that changed hands at this Signature Sale. Because of our deadline restrictions the following results came from the first half of the sale. Please contact Heritage Galleries for complete prices realized.
| Denomination | Grade | Price Realized |
| 1796 Half Cent w/Pole | PCGS AU55 | $138,000 |
| 1859 Indian Cent | NGC PR67 | $19,550 |
| 1865 Indian Cent Fancy 5 | PCGS MS66 Red | $28,750 |
| 1868 Indian Cent | PCGS MS66 Red | $35,650 |
| 1800 Half Dime LIBEKTY | NGC AU55 | $10,350 |
| 1839 No Drapery Dime | PCGS PR62 | $40,250 |
| 1916 D Mercury Dime | NGC MS62 FB | $16,100 |
| 1916 D Mercury Dime | PCGS MS65 FB | $57,500 |
| 1942/1 D Mercury Dime | PCGS MS65 FB | $25,300 |
| 1818/5 Bust Quarter | NGC MS64 | $21,850 |
| 1818 Bust Quarter | PCGS MS66 | $80,500 |
| 1820 Bust Quarter | NGC PR64 | $97,750 |
| 1833 Bust Quarter | PCGS PR65 | $149,500 |
| 1891 O Seated Quarter | NGC MS65 Specimen | $161,000 |
| 1896 S Barber Quarter | NGC MS64 | $80,500 |
| 1901 S Barber Quarter | PCGS MS63 | $63,250 |
| 1796 Bust Half 15 Stars | NGC AU55 | $149,500 |
| 1839 No Drapery Half | NGC MS64 | $92,000 |
| 1859 O Seated Half | PCGS MS66 | $66,125 |
| 1892 O Barber Half Micro O | NGC MS65 | $92,000 |
| 1794 Flowing Hair Dollar | PCGS VF30 | $161,000 |
| 1871 CC Seated Dollar | NGC AU58 | $40,250 |
| 1846 Seated Dollar | PCGS PR65 | $149,500 |
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