Dealers have closed up shop at the Central States Numismatic Society’s 70thAnniversary Convention. Next up on the coin show circuit is the Whitman Coin Show in Atlanta, May 14-16, featuring the Eldorado sale by Stack’s. Following the Atlanta stop, dealers will head west to Long Beach for the thrice-yearly installment of the Long Beach Coin, Stamp and Collectible Expo, scheduled for May 28-30. As always, Heritage is the host auctioneer for this PCGS parent owned show. Additionally, the Gold bergs are set to conduct a pre-Long Beach Show sale in Beverly Hills, May 24-26. Reports from the recently concluded CSNS varied, of course, depending upon a dealer’s or collector’s perspective. Fact is that a few of the more visible items offered at the auction brought less than what consignors paid for them in recent years. The sell-through rate at the sale, however, was fantastically high, at over 90%, and $38 million worth of material changed hands. As we have learned from significantly larger markets, the value of an asset is important, but even more important is the constant buying and selling of the asset.
     Silver and Gold Commem Bid levels are refreshingly status quo. The only volatility comes by way of the 1926 $2½ Sesquicentennial with Bid advancing to$950 for an NGC holdered coin at the MS64 level. After weeks and months and years of discounted sales of Commemoratives, it is reassuring that of the many transactions in this market segment in the past week, not one led to a decrease in Bid. The sight-unseen market for certified coins takes an exhilarating turn this week–especially for coins encapsulated by NGC. A prominent, national dealer-ship, and part owner of NGC, has stepped into the fray and Bid up a number of Silver Type issues in Mint State and Proof. And when we say exhilarating, we mean exhilarating. It is one thing when an esoteric issue with a very low population is Bid to a higher level. But in this instance, we are referring to Type coins that are very widely dispersed among dealers and collectors and trade every day. For example, Barber Dimes, Quarters and Halves are higher in PR63through PR67, inclusive. In the case of the Barber Quarters, there are over 4,000examples that have been certified by NGC in this grade range. Also included in the Bidding frenzy are Liberty Seated Dollars with Motto, Trade Dollars and Morgan Dollars. Without exception, Bids have advanced in grades PR63 through PR67 for each issue. Let us point out again that populations here are well into thousands of coins for each Type. Proof Morgan Dollars include well over 4,000pieces certified by NGC for the relevant grade range. Proof Trade Dollars number over 2,000 in NGC holders while the Liberty Seated Dollars contribute another 1,000 or more pieces in Proof. We note that Liberty Seated Dollars with Motto in NGC PR63 are Bid nearly 40 percent higher than PCGS examples in the same grade at $2,500 and $1,800 respectively.
     Gem Uncirculated Trade Dollars, of which there are 158 floating around, are now Bid at $6,750, up $1,500 from $5,250 one week ago. Capped Bust Quarters, Small Size, of which there are roughly 160 in NGC MS63 holders, are Bid at $2,800. Last week, this issue was Bid at $1,880. To conclude, Bids have advanced for all Capped Bust Silver coinage–Half Dimes, Dimes, Quarters and Halves. In the case of the Dimes and Quarters, both the Small and Large Size coins are targeted. All the Barber denominations are also higher, as are Trade Dollars. Even the somewhat esoteric Draped Bust Dollar, Heraldic Eagle, which is Bid higher in MS62 and MS63, involves some 40 coins for the common 1799and 1799/8 varieties. Mercury Dimes are, for the most part, stable with some discounted sales leading to the softening of Bid for a few issues. Many, many Mercs sold well in advance of sight-unseen Bid at the recent retail Heritage auction. The nature of the sight-unseen market is such that if two specimens of a particular issue sell at auction, where one realizes, for example, twice Bid and the other one comes in below Bid, the Bluesheet will reflect the lowest price realized in the Market column, published the fourth week of each month. A few select Walkers have undergone an increase to sight-unseen Bid in MS66. Those issues are the 1941D, 1944 and 1945 with dealers paying $178, regardless of what they look like. Proof Singles is one of those areas always potentially hard hit when a large chunk of material comes up for sale. As is the nature of sight-unseen marketplace, there always seems to be “just one more coin” that no one wants at nearly any price. To that end, a number of issues in NGC PR67 holders are now Bid even lower. With Silver over $14 an ounce, it is interesting to note that a 1959 PCGS PR64 Franklin Half Dollar–a coin that is precisely 50 years old–is Bid at only $8.

Reprinted from Issue No. 19 May 8, 2009 of the Certified Coin Dealer Newsletter - the Bluesheet
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