Fall's Busy Coin Show Schedule

By Steve Roach
First published in Oct 11, 2010, Coin World

When gold hits record levels, coin shows get a bit more press and attendance than they normally do, and in the next two months four major shows and hundreds of local shows will cater to a public curious about how they can buy into or cash out of gold at $1,300 an ounce.

After the American Numismatic Association World's Fair of Money in August, there is a typical lull in the market and an absence of major shows until the Long Beach (Calif.) Coin, Stamp & Collectibles Expo in September, this year held Sept. 23 to 25 with an official auction by Heritage Auction Galleries and a pre-Long Beach auction by Ira and Larry Goldberg.

Then, the following weekend on the East Coast is the Whitman Coin and Collectibles Philadelphia Expo, Sept. 30 to Oct. 2, with an official auction by Stack's and an official pre-auction by Bowers and Merena Auctions.

While the three-times-a-year Long Beach Expo is well established, the Philadelphia Expo (held just once before) has provided an alternative to dealers who wanted a major early-fall show but did not want to set up business in California for tax nexus issues.

Next on the big show calendar is Coinfest, in Stamford, Conn., from Oct. 28 to 30. With a New York City area location, the show has quickly grown in influence, perhaps evidenced by Heritage Auctions' sale there.

Following Coinfest is the Whitman Baltimore Expo, Nov. 4 to 7, which like the Long Beach Expo is also held three times annually. It has an official sale by Bowers and Merena Auctions.

The continued vitality of these shows is a sign that they are viewed as useful by both dealers and collectors, and continue to be profitable for the sponsors.

On the auction results front, at Bonhams and Butterfields Sept. 20 coin auction, an uncertified 1889-CC Morgan dollar sold for $87,750 against an estimate of $27,000 to $30,000 (pictured above).

It was cataloged as "Brilliant Uncirculated," but the price realized suggested a coin between Mint State 64 and MS-65. With MS-64 coins bringing $60,000 and an MS-65 possibly worth as much as $350,000, it will be interesting to see where the coin ends up.

Another gold record set; but generics still lag

By Steve Roach
First published in the October 4, 2010, issue of Coin World

Gold hit a record high Sept. 15, with a London P.M. fix of $1,267 an ounce. During intra-day trading on Sept. 15, it reached $1,272.70.

With all this interest in gold and the mainstream attention it is getting, one would think that generic gold coins would be blazing hot. Yet, many of the most popular issues trade at heavy discounts to earlier in the year when gold was trading at the $1,100 an ounce level.

The coins that investors typically flock to during bullion run-ups, Saint Gaudens $20 double eagles and Coronet double eagles, are trading at substantial discounts to what they were trading for at the start of the year.

For example, one major wholesale market maker at the close of 2009 was selling certified Saint Gaudens double eagles for $1,660 in Mint State 62, $1,820 in MS-63, $2,070 in MS-64 and $2,580 in MS-65. Today, that same dealer is selling the coins at $1,550, $1,590, $1,660 and $2,080 in the same grades respectively.

Other gold series are experiencing declines at the wholesale generic level, as market makers are not taking large positions in these coins, but $10 eagles and double eagles have suffered the worst declines.

Earlier this year one dealer was selling Indian Head eagles in MS-64 for $2,470; today the same dealer is selling them at $1,580.

In general, the only generic gold coins that have gained value this year are circulated coins, which are dependent on bullion prices for value.

In light of rapidly increasing gold values, one wonders how much longer these discounts will persist.

The recent announcement that the Mint intends to release Proof 2010-W American Eagle gold coins has put a further chill on the market for earlier Proof American Eagle gold coins.

In the Aug. 30 Market Analysis, I reported that major market-maker buy prices for the earlier coins with original Mint packaging had fallen to $1,750 an ounce, down from $2,000 an ounce.

As of Sept. 16, many of the market-makers have dropped out of the market and the few who remain are buying the earlier coins for as low as $1,575 an ounce, with the highest price being a small order at $1,600 an ounce.

Full band Roosevelt dimes

By Steve Roach
First published in the Sept. 27, 2010, issue of Coin World

The market for full bands Roosevelt dimes is one dominated by a handful of specialists who are willing to spend big for the right coin.

Numismatic Guaranty Corp. calls circulation-strike Roosevelt dimes with both the upper and lower pair of bands on the torch showing full separation, having a complete and unbroken line dividing the bands, "full torch" (abbreviated as FT), while Professional Coin Grading Service calls them "full bands" (FB).

Both services began to recognize the designation in 2003 and the popularity of registry sets has fueled four-figure prices for condition rarities.

For example, on Sept. 6, a 1953-S Roosevelt dime graded Mint State 68 full torch by NGC realized $2,600 during an auction conducted by Teletrade.

Earlier this year, a 1951-D Roosevelt dime graded MS-68 full bands by PCGS (pictured above) sold for a very strong $4,600 while a stunning and beautifully toned 1949-D PCGS MS-68 full bands from the same consignor realized $3,105 at a Heritage Auction Galleries sale.

The market for high-end Roosevelt dimes is not entirely dependent on a full bands/torch designation.

At a Sept. 9, 2009, Heritage auction, a 1963-D Roosevelt dime graded MS-68 (without a full bands designation) realized a whopping $5,175.

The market for full bands Roosevelt dimes is the most robust for the series' silver issues, produced from 1949 to 1964, although the occasional copper-nickel clad issue can soar, such as a NGC MS-68 full torch 1965 dime that brought $805 at a March 25 Heritage auction.

In the PCGS Registry, 137 registered sets are listed, consisting of the 48 Roosevelt dime circulation strikes from 1949 to 1964, with the top four sets 100 percent complete.

Many of the issues are unknown in grades finer than MS-67 full bands and the current No. 1 set contains each issue in MS-67 full bands and finer, with several MS-67+ full bands and a single MS-68 FB.

The owner of the No. 1 set has posted pictures of all but two of the coins in his set, named "close to perfect," online. Browsing through them gives an introduction to the many different looks that Mint State Roosevelt dimes can have.

2010-W Proof Platinum American Eagles Enter Market

By Steve Roach
First published in the Sept. 20, 2010, issue of Coin World

The fast sellout of the Proof 2010-W American Eagle 1-ounce platinum coin has led to a robust secondary market for the issue and easy profits for some collectors.

The continued absence of Proof 2010-W American Eagle gold and silver coins has created a void in the market that the platinum coins seem to have filled, at least for the time being.

As reported in the Sept. 9 issue of Coin World, the Proof American Eagle platinum coin went on sale Aug. 12 with a mintage limit of 10,000 coins and an ordering limit of five coins per household. New orders went to wait-list on Aug. 19.

The initial issue price was $1,892, but dropped to $1,792 a week later due to the U.S. Mint's precious metals coins pricing schedule, which is based on precious metal spot prices.

Prescient buyers could immediately sell the coins for a profit, with several wholesalers paying $2,000 for the coins, although requiring overnight shipment as soon as the coins arrive.

So, someone who placed the maximum order of five coins could make $1,000 quickly.

The situation resembles what happened in the first months following the release of the 2009 Saint-Gaudens, Ultra High Relief gold $20 coin, when examples were selling for $400 premiums over issue price due to the limited availability.

Completed sales on the Internet auction site eBay can also be a good source of immediate pricing for new issues.

On eBay, a Proof 2010-W American Eagle 1-ounce platinum coin in original Mint packaging sold for $2,047 on Aug. 30, and the going range seems to be between $2,025 and $2,150, the upper end reserved for coins described by the seller as "in hand" – meaning that they have been received by the seller.

Some certified examples are selling for even more, led by a Professional Coin Grading Service Proof 70 deep cameo example in a First Strike holder that realized $2,749.75.

An example in the same grade (though designated Early Release) by Numismatic Guaranty Corp. realized $2,575. In contrast, an NGC Proof 69 deep cameo Early Release example realized $2,195.