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Market Efficiency Slows as Metals Fall

March 9, 2015

     At last week’s ANA National Money Show in Portland, Stack’s Bowers Galleries held the official sale for the convention. It may not have been as extensive as some of their previous sales but there were numerous rarities that attracted some strong bidding. One of the highlights was the 1839 O Reeded Edge Half Dollar which brought $193,875. This coin is certified by NGC as PR65 and is the finest of four coins known to exist.

     Another outstanding rarity offered was the 1869 $10 Gold Liberty PR67* Ultra Cameo also graded by NGC. This coin sold for $158,625. There are only two coins certified in Proof with the highest grading PR66. There are six coins certified in Proof Cameo, the highest is PR65, and in Ultra Cameo there are just two others, both PR65.

1869 $10 Gold Liberty PR67* Ultra Cameo NGC

1869 $10 Gold Liberty PR67* Ultra Cameo NGC sold for $158,625 in the Stack’s Bowers Galleries ANA National Money Show Auction in Portland, Oregon, March 6 & 10, 2015

     Also included in the Stack’s Bowers sale was an 1807 Draped Bust Half Dollar in NGC MS65. This is supposed to be the most common date in the Draped Bust series, but in this condition it sold for $129,250, upwards of double the Market price. There are only two 1807’s certified higher; both in MS66.

     Specialty collectors were excited to see the 1838 Gobrecht Dollar in NGC PR64 offered in this sale, and this Restrike brought $82,250. As one of the rarest of the Gobrecht series, this coin will be the highlight of an advanced collection.

     One of several Gold rarities available in the sale was the 1833 $5 Gold Small Date in NGC MS61. The final price realized was $64,625. This coin is one of three certified in MS61; there are only six grading higher with the highest graded MS65.

     Numerous changes can be found in this week’s Wholesale Market Dealer Price Guide with the Bust Halves chart containing many advances. This is a very popular series and coins with good eye appeal will usually bring premiums. Most of the increases occur in the AU grades and many of them are for some of the more difficult to locate coins. The 1809 III Edge in AU58 is higher at $2,525 Market and the 1811/10 in AU55 is up to $2,275. Also, the most common dates in MS65 have increased to $7,500.

     GSA Carson City Dollars remain high on most dealer want lists as there are several advances this week. The 1881 CC in MS65 is now at $830 Market and the 1884 CC in MS66 is $1,150.

     The metals have once again taken a dive over the last couple of weeks. With Gold now at $1,167 an ounce, buyers have been cautious while picking their opportunities to add to their holdings. While some experts feel this is a good time to buy, others think the metals could go lower. Currently, one ounce Proof Gold Eagles are trading at $1,345 in the OGP. Proof Silver Eagles are just over $45 each. Bags of 90% silver are trading at $12,225 and VG and better Silver Dollars are $24,575.

     While Gold has fallen dramatically over the last few weeks, common date U.S. Gold has suffered as well. This is especially the case for the $10’s and $20’s. $10 Liberties are down across the chart in all grades from Good to MS63; the MS63 is now at $855 Market. In the $10 Indian series, generics are lower in Good through MS63, although the MS61 & MS62 are just a touch higher than last reported. Common $20 Liberties are lower across the chart up to MS64, now at $1,720. The same goes for Saints up through MS63, currently down to $1,355.

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