This is the last issue of the CCDN for 2009. Have a safe, happy and healthy holiday season. Our next issue will be published January 1, 2010.
     As we prepare to draw the curtain down on a roller-coaster like year, many are taking some well deserved time off to enjoy the holiday season. Yet for those who call this “hobby of kings” their profession and livelihood, only a brief time will be set aside for holiday cheer, and then it’s back to compiling want lists, off-loading stagnant slabs and strategizing for the highly anticipated 2010 kick-off in Florida. Major players and avid collectors have already booked passage for the Sunshine State to attend the 55th Annual FUN Convention. Some arriving in Orlando will take in the “First Show” January 3-5, featuring an auction by Bowers & Merena. Then it’s off to the FUN extravaganza January 7-10. This first major expo along with Heritage’s signature sale is a time-tested barometer for the numismatic market.
     While 2009 saw its fair share of market corrections and ongoing metal mania, there were still enough individual high-powered sales to keep the buzz sustained throughout the year. Several certified numismatic icons roared well into the million dollar club, led by what many refer to as the “King”, the 1804 Dollar. A Class 3 (Adams-Carter) PCGS PR58 specimen met a hammer for $2.3 million at the Central States auction in April. Several of the premier offerings from the 6,545-lot Heritage FUN auction (previewed herein) certainly have the legs to break well into that elite million dollar club, most notably, the famous “Hawaii Five-0” 1913 Liberty Nickel, graded NGC PR64, CAC.
     A bit of a surprise this close to the holidays, trading activity is unexpectedly up-tempo as the electronic networks are buzzing along. A review of CCE reveals that since our last report, total viable listings on the exchange have increased by 19%, and the total value of posted Bids has skyrocketed by nearly $22 million. Buyers seeking Gold coins is the main reason for the up-tick. Perhaps those that are being targeted are not as one would expect: While $20 Saints are experiencing minor escalation in action, Liberty Head Quarter and Half Eagles are stealing the show, responsible for nearly 90% of the new action.
     Turning our attention to Silver Commemoratives, the ever desirable 1928 Hawaiian Sesquicentennial is pushed to $2,700 from $2,350 in PCGS MS64, while a much more modest $20 increase adheres to NGC MS62 examples of the 1922 Grant with Star. Otherwise, this market segment, including Gold Commems, remains stable at current levels.
     Common date Gem Morgan Dollars get another slight boost and are now Bid $114 sight-unseen. Downward adjustments are trivial in dollar amounts, the largest being an $18 slide accruing to PCGS MS64 examples of the 1881O. For the last several weeks, trading levels on the electronic networks have been increasing, especially for Morgan Dollars. Indeed, the trading week 12/7 to 12/11 was the strongest of the year for Generic Morgan Dollars graded MS63 to MS67 on CCE’s Generic Big Market. To put this increased activity into perspective, the amount of MS63 Generic Morgan Dollars traded last week was the highest on record since the inception of the Big Market over two years ago.
     Mint State and Proof Type remain mostly stable overall for Copper, Nickel and Silver. The only noteworthy adjustment was for Capped Bust Quarters, Large Size, which advanced to $6,500 for PCGS examples in MS64. This represents a solid 8% jump from last week. Mint State Gold Type, which has been a predominant driving force in the market since Gold Spot surpassed and stayed above the $1,000 level in early October, shows some mixed results this week. Gold has come off its world record high of $1,217.40. Nevertheless, with Spot back near $1,100, there is still strong interest in select issues. $2.50 Indians move up an impressive 10 percent to $1,210 for PCGS MS64 slabs, while NGC examples scoot up to $1,250 from $1,175. Numerous adjustments to Standing Liberty Quarters have taken place. The sale of a 1916 in PCGS MS63 prompted us to adjust Bid downward by $500 or roughly 4 percent. Perhaps even more significant are the hits suffered by a few other issues like the 1917S TI in PCGS MS67 which dropped to $3,375. Though not nearly as dramatic as in past months, a few Franklins continue down the slippery slope. Dated Saint-Gaudens undergo no substantial changes to any of the high dollar rarities, only a slight tweak to the 1925S in MS63, where an example of this low pop coin persists on the market at ever lower levels in search of a buyer.

Reprinted from Issue No. 51 December 18, 2009 of the Certified Coin Dealer Newsletter - the Bluesheet
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