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Opportunities Abound with Lower Gold

November 16, 2015

     The recent Whitman Baltimore Expo was supposed to be the best show of the year, but dealers reported some mixed results. While many thought the show was slow and retail was off from what they had expected, there were several dealers that considered the show to be extremely successful, and others reporting to have had a tremendous amount of retail business. Silver and Gold bullion lead the way for many of the dealers who had a successful show.

     While sales were brisk for some dealers, there are many areas of the market that are being discounted. Low grade circulated semi-key date coins were selling at about 10% off of current values and even some of the better key dates have drifted somewhat lower. This is especially so for Lincoln Cents, Buffalo Nickels, Mercury Dimes and Walkers, although, once you get above the XF grade, mint marked early Walkers are still easy sellers and difficult to acquire.

     The Baltimore Auction hosted by Stack’s Bowers Galleries contained a variety of rarities that attracted collectors and dealers alike. The U.S. coins portion of the sale realized a little over $5 million. One of the more important coins in the sale was the 1879 $4 Gold Flowing Hair Stella in PCGS PR65+ that brought $188,000. While there are 44 coins certified in PR65 by both PCGS and NGC combined, there is only one that has qualified for the 65+ grade. There are an additional forty coins certified at higher grades.

     High grade Proof Gold Indians are always a popular item when they come up for auction. In this sale, the 1914 $5 Gold Indian was highly sought after. It was graded PCGS PR67 with the CAC sticker of approval and the final sale price was $111,625. There are only eight in this grade with just four listed in PR68 by NGC.

1914 $5 Gold Indian PCGS PR67 CAC

1914 $5 Gold Indian PCGS PR67 CAC sold for $111,625 at the 2015 Baltimore Auction hosted by Stack’s Bowers Galleries, Baltimore, Maryland, November 5-10, 2015

     The following coins are some of the highlights from this sale. Please contact Stack’s Bowers Galleries for a complete listing of prices realized.

1794 Large Cent Head of 1794PCGS MS61 BN$16,450
1837 Liberty Seated Dime No StarsPCGS PR63 Cameo$14,100
1846 O Seated Half Tall DatePCGS MS62$16,450
1796 Draped Bust DollarPCGS AU50$14,100
1889 CC Morgan DollarPCGS MS63 P/L$47,115
1900 $2 ½ GoldNGC PR67+ UCam CAC$30,550
1879 $4 Gold Flowing Hair StellaPCGS PR62 CAC$135,125
1796 $10 Gold Capped BustPCGS AU58$86,539
1797 $10 Gold Heraldic EagleNGC MS61$47,000
1907 $20 Gold St. Gaudens Flat RimPCGS MS66$68,150

     The metals have fallen again and taken many prices to lower levels including a host of common date Gold coins in all grades. This week’s HD Wholesale Market Dealer Price Guide reveals a tremendous number of declines throughout the U.S. Gold charts. The $5 through $20 denominations in Very Fine up through MS65 were hit the hardest, especially the common dates. Even some of the better dates in $20 Gold have suffered slight setbacks. However, there are several dates in the early $20’s that are advancing; this is generally because they are few and far between. The 1850 O in AU53 moved up to $16,000 Market and the 1859 S in MS61 is higher at $13,500. We have also seen a few increases in the early $10 Gold series. The 1799 in MS62 is up to $39,500 Market and the 1801 in MS60 jumped to $24,500.

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