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NumisMedia Monthly
September 2016
ANA Auctions a Reflection of Shifting Rare Coin Market
There are encouraging signs that indicate some dealers are buying into the current rare coin market and, perhaps, we are at the beginning of an upward cycle. The ANA World's Fair of Money could be seen as the force that started this momentum forward as we found numerous dealers attempting to purchase coins at new levels. Some purchases were above market, while many others were discounted.
Over the last three months, while Gold plowed through the $1,300 mark, dealers had seen a major increase in bullion sales as buyers added to their holdings. Just prior to the ANA and since, Gold prices have fallen from recent highs and dealers are reporting sales are down. Many are confirming that collectors are becoming more active in rare coins, and dealers are thus beginning to increase their inventories.
The results from the two official ANA auctions are rather representative of the current coin market. Some coins sold at discounts while others, especially rarities, brought bids well above the market. Looking first at the Heritage Auctions Sale, there were a plethora of featured rarities as well as coins for the average collector. Listed below are a few highlights along with the price realized and the previous FMV.
Date/Denomination |
Grade | Price
Realized | Previous
FMV |
| 1909 S VDB Lincoln Cent | PCGS MS67 Red | $70,500 | $99,450 |
| 1909 VDB Lincoln Cent | PCGS PR66 Red | $54,050 | $54,380 |
| 1864 Two Cent Small Motto | PCGS PR62 RB | $56,400 | $28,130 |
| 1880 Shield Nickel | PCGS MS63 | $23,500 | $15,310 |
| 1916 Buffalo Nickel | PCGS PR68 | $25,850 | $29,250 |
| 1794 Flowing Hair Half Dime | PCGS MS65+ CAC | $61,688 | $81,580 |
| 1838 O Half Dime No Stars | PCGS MS66+ CAC | $47,000 | $51,880 |
| 1796 Draped Bust Quarter | NGC AU55 | $70,500 | $64,060 |
| 1805 Draped Bust Quarter | PCGS MS63 CAC | $42,300 | $23,130 |
| 1918/7 S Standing Liberty Quarter | NGC MS67 | $105,750 | $273,000 |
| 1928 D Standing Liberty Quarter | NGC MS67+ FH CAC | $70,500 | $19,380 |
| 1795 FH Half Two Leaves | NGC MS62 CAC | $82,250 | $66,880 |
| 1918 S Walking Liberty Half | PCGS MS66 | $64,000 | $61,750 |
| 1921 S Walking Liberty Half | PCGS MS64 CAC | $70,500 | $47,190 |
| 1863 Seated Dollar | PCGS MS65 | $38,775 | $69,380 |
| 1892 S Morgan Dollar | PCGS MS62 CAC | $82,250 | $55,630 |
| 1796 $2.5 Gold No Stars | PCGS AU53 | $102,813 | $143,750 |
| 1808 $2.5 Gold Capped Bust | PCGS AU53+ | $96,938 | $109,380 |
| 1879 $4 Gold Flowing Hair | PCGS PR67 | $305,500 | $300,000 |
| 1880 $4 Gold Flowing Hair | NGC PR65 | $352,500 | $450,000 |
| 1797 $10 Gold Small Eagle | PCGS MS61 | $258,500 | $240,500 |
| 1907 $10 Gold Indian Rolled Rim | NGC MS66+ * CAC | $346,625 | $325,000 |
| 1869 $20 Gold | PCGS MS64+ | $88,125 | $78,980 |
| 1921 $20 Gold Saint Gaudens | PCGS MS63 | $199,750 | $215,630 |
| 1931 $20 Gold Saint Gaudens | PCGS MS65 | $105,750 | $105,630 |
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Some of these coins from the Heritage Auctions Sale sold for well above FMV. For example, the 1805 Draped Bust Quarter in PCGS MS63 sold for almost double the FMV, but it also has the CAC sticker. This is an exceptional coin that could eventually receive a higher grade upon resubmission. The 1892 S Morgan Dollar in PCGS MS62, also with the CAC label, brought a $27,000 premium above FMV because of its eye appeal and, of course, its rarity.
However, there were several coins that sold below FMV. The 1918/7 S Standing Liberty Quarter in NGC MS67 seems like a bargain compared to the much higher FMV. There are only two coins certified in this ultimate grade. Another coin that was heavily discounted was the 1880 $4 Gold Flowing Hair Stella in NGC PR65. This coin brought $100,000 less than the current FMV, a price that will surely have to be adjusted downward as a result.
A featured highlight from the Stack's Bowers Galleries Sale at the ANA was the 1860 $20 Gold Liberty in PCGS MS65 with the CAC sticker. It is the only coin certified in this grade with none higher. It brought a resounding $141,000; the previously listed FMV price was $87,750. Below are some other highlights from this sale.
Date/Denomination |
Grade | Price
Realized | Previous
FMV |
| 1864 Indian Cent L on Ribbon | PCGS PR65 RB | $79,313 | $131,250 |
| 1918/7 D Buffalo Nickel | PCGS MS64+ CAC | $111,625 | $79,380 |
| 1796 Draped Bust Quarter | NGC MS63 | $105,750 | $125,000 |
| 1795 FH Half Two Leaves | PCGS MS63+ | $129,250 | $118,130 |
| 1870 CC Liberty Seated Half | PCGS AU50 | $28,200 | $27,810 |
| 1874 Liberty Seated Half Arrows | PCGS PR68 | $64,625 | N/A |
| 1880 CC Morgan Dollar | PCGS MS67 P/L | $47,000 | $23,440 |
| 1895 Morgan Dollar | NGC PR66 Cameo | $88,125 | N/A |
| 1875 $2.5 Gold | PCGS PR65 CAC | $135,125 | $55,630 |
| 1864 $3 Gold | PCGS MS65 CAC | $44,650 | $50,290 |
| 1879 $4 Gold Flowing Hair | PCGS PR63 | $146,875 | $175,000 |
| 1898 $5 Gold | PCGS PR67 DCam | $70,500 | $93,130 |
| 1908 $5 Gold Indian | PCGS PR66 CAC | $88,125 | $56,030 |
| 1795 $10 Gold Cap Bust 13 Leaves | PCGS AU55 | $64,625 | $78,130 |
| 1798/7 $10 Gold Cap Bust 7x6 Stars | PCGS AU58 | $352,500 | $237,500 |
| 1799 $10 Gold Cap Bust | PCGS MS65 | $258,500 | $357,500 |
| 1907 $10 Gold Indian Wire Rim | PCGS MS65 CAC | $82,250 | $80,630 |
| 1898 $20 Gold Liberty | PCGS PR65+ DCam CAC | $258,500 | $123,130 |
| 1912 $20 Gold Saint Gaudens | PCGS PR65 CAC | $188,000 | $87,750 |
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The Stack's Bowers Galleries Sale had more of the same results with a few rarities attracting premium bids while many others were discounted. The 1918/7 D Buffalo Nickel in PCGS MS64+ CAC realized 25% above FMV, but it obviously had eye appeal that was recognized by the + and CAC sticker. This is a coin that all buyers are looking for and few can actually afford. The 1875 $2 1/2 Gold in PCGS PR65 CAC, with only two coins certified in this highest grade and less than two handfuls certified in lower grades, brought nearly two-and-a-half times the current FMV.
On the downside, the 1864 Indian Cent with the L on the Ribbon in PCGS PR65 RB brought $79,313; the previous FMV was $131,250. This seems like a bargain in today's market, yet it could be the Red and Brown coloration was significantly detracting compared to previous examples. The 1799 $10 Gold in PCGS MS65 is a lovely coin and rare as well, but it realized almost $100,000 less than the FMV.
Contact Heritage Auctions and Stack's Bowers Galleries for all of the prices realized.
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