This is the final issue of the Coin Dealer Newsletter for 2009. From all of us, have a happy, safe and healthy holiday season. The next CDN will be published January 1, 2010.
     Our great hobby is often insulated from the outside world. Nevertheless, the US credit crisis, which began to unfold late in 2008, touched off a global event, ultimately resulting in a worldwide recession. It was with profound regret that we learned of the demise of Superior Galleries as an auction house. Then came the failure of a major market-maker, National Gold Exchange, at a time when many dealers were struggling to maintain credit lines. Counterfeits from China loomed large on the radar this year as product emanating from the Orient proved eerily well done, often encapsulated in fake third-party holders that boasted “proper” serial numbers and other trappings that added to these coins’ allure. These frauds were then in play, and only the very best eyes in the hobby were able to detect and finally remove them from the marketplace. Of course, the challenge continues as the counterfeiters improve with each passing year.
     Among the highlights of the year—early January set the stage for a phenomenal run for Early Copper as the finest known 1793 Strawberry Leaf Cent graded NGC F12 reeled in $862,500 at Stack’s Orlando sale, a new record for any Copper coin. That record lasted about eight months as The Dan Holmes Early Large Cent collection presented by the Goldbergs raised the bar to new heights when the finest extant 1795 Reeded Edge Cent graded PCGS VG10 claimed $1.265 million, and a Mint State example of the 1799 Draped Bust Large Cent, NGC MS62BN, raked in $977,500.
     Gold Spot continues to make history, setting all-time record highs 27 times this year and closing over $1,000 per ounce for over 60 trading days. As Gold saw unprecedented demand in 2009, the US Mint was not able to satisfy demand and therefore discontinued several of its products. This included Proof, Gold and American Silver Eagles which have been offered each year to eager collectors since 1986. The Mint even discontinued their new collector favorite Burnished Uncirculated Gold, Platinum and Silver Eagles, introduced in 2006. In addition, the Mint has had to ration on more than one occasion Gold and Silver bullion coins and have announced that delivery of American Silver Eagles dated 2010 will be delayed.
     After the holidays is “The First Show” in Orlando, Florida set for January 3-5 including an auction by Bowers & Merena, with a preview listed herein. Then comes the FUN Show scheduled for January 7-10 also in Orlando, with an auction by Heritage.

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