Three cent coins have their fans

By Steve Roach

First published in the March 8, 2010 issue of Coin World

The copper-nickel 3-cent coin, struck from 1865 to 1889, is among the more easily-forgotten U.S. issues. From a market prospective, the series is rarely hot, and examples don’t often generate record prices or headlines when offered for sale.

Three primary classes buy these coins: noncollectors who want one as a novelty, collectors who want one as a type coin and collectors who focus on the series.

Low-grade circulated examples, even those with problems, are always in demand because the denomination is generally unfamiliar. Simply put, most noncollectors are surprised to learn that a 3-cent coin was ever struck, along with 2-cent pieces, and many are happy to accept a 3-cent coin in any condition as a novelty.

The demand for low-grade copper-nickel 3-cent coins has resulted in steady increases in prices over the years.

For many active collectors, having a single attractive and problem-free example of the type is sufficient to meet their interests. Collector demand means prices for Fine through About Uncirculated examples have held steady.

Those who desire a Mint State or Proof example find plenty of examples to choose from, as many were saved.

Type issues from 1865 to 1870 are especially common, with high mintages and survival rates. Issues from 1871 to 1876 sell for similar prices, but are somewhat scarcer, offering buyers greater value.

Finally, some collectors specialize in the series, attracted to it by the lack of extremely expensive examples to serve as completion barriers.

The key for the series is the Proof-only 1877 coin, with a mintage of 510 pieces. A Proof 65 cameo example sold at a January 2010 auction for $3,105. The Proof 1878 3-cent coin is next in line with just 2,350 pieces.

Circulated business strike examples from 1883 to 1887 are among the toughest coins to find in the series, although their Proof counterparts can be located without much trouble. Mint State 65 and MS-66 examples have recently shown price increases.

Robust attendance, declining gold + bad weather creates mixed Long Beach coin show

By Steve Roach
First published in Coin World

Robust public attendance at the Feb. 4 to 6 Long Beach Coin, Stamp & Expo, in California fueled by the $10 million Ship of Gold display blended with rapidly declining bullion markets and winter weather that affected the travel plans of many participants, to create a mixed show.
By all accounts, public attendance was strong, with registration lines circling the convention center at several times during the convention. By Friday's end, collectors had eagerly snatched up all of the copies of the Feb. 8 Coin World Special Editions featuring the Ship of Gold distributed from Coin World's table at the show

If only the gold market had cooperated. While gold reached a high price of $1,158 an ounce Jan. 11, and approached that on Feb. 2 at $1,118.50 an ounce, it tumbled on Feb. 5 to $1,052.25 while silver fell $1.62 an ounce during the same period, reaching a low of $15.14 on Feb. 8.
Such volatility does not make for comfortable buyers at either the wholesale or retail level.

The wholesale buy-prices for both certified and uncertified gold coins have shown dramatic drops over the past week, and even at those reduced bids there was a reluctance to buy at the Long Beach Expo.

Another factor that surely affected the show was harsh winter weather on the East Coast, which dumped as much as several feet of snow into major metropolitan areas. This wreaked havoc on flight patterns, forcing dealers to leave early, or in some cases, stay in Long Beach a bit longer than expected.

The cool market for generic gold coins had little impact on the numismatic gold material in the Heritage Long Beach auction, with its four large gold ingots from the SS Central America finding buyers. Also sold in the auction was an example of the "near-mythic" 1849-C Coronet, Open Wreath gold dollar, graded Extremely Fine 45 by Numismatic Guaranty Corp., one of just five confirmed examples, which realized a healthy $218,500.

Another gold dollar, dated 1875 and graded Mint State 66 by Professional Coin Grading Service (pictured above), brought $109,250, showing that the market's appetite for rare gold is not just limited to the rare Saint-Gaudens double eagles that have occupied headlines of late.