Reports from last week’s Long Beach show came in mixed. Bourse activity was reported as generally sluggish as several major national dealers failed to attend in person. PCGS also offered a special show cross-over rate for submitters which, we were told, diverted some attention from the other attending dealers who were concentrating on their submission activity, rather than trading on the bourse floor.
The trend of coin shows is that activity continues to wane at even the biggest events. Many national dealers simply do not view coin shows as the must-attend events in the past so shows are transforming much like the rest of world commerce. With the hassles of travel and security worries, it may even be time for the numismatic community to reconsider this ritual in favor of better ideas for smaller, more specialized numismatic gatherings.
At CDN we are curious what matters to you, our reader, in regards to attending coin shows. Would you prefer to see smaller events with specific programming (i.e. lectures and education) by prolific numismatists? This is a hot topic which we will pursue in 2016.
HERITAGE & GOLDBERG COME IN STRONG
It was nice to see that both Goldberg and Heritage Auctions posted strong performances before and during the show. Goldberg featured the Tom Reynolds Collection of U.S. Large Cents, which continued to show strength in the marketplace. In total the Goldberg Sale realized approximately $9.8 million (all figures include 17.5% buyer’s fee). The Reynolds’ portion of the sale totalled an impressive $6.48 million, or an average of $19,400 per coin for 334 lots. One highlight was the 1793 Wreath Cent, Vine & Bars Edge PCGS MS65 (S-3), which rang the bell at $193,875. This figure is right in line with recent auction activity for similar MS65-graded coins which have sold between $258,500 (Heritage: April 2014) and $176,250 (Heritage: June 2015). If anything, one can derive positive market strength for this great type coin.
The Heritage Auction was equally impressive, especially for a sale without a major anchor
collection. Our favorite highlight was the 1943-S 1C Struck on a Bronze Planchet AU58 PCGS Secure/CAC. The second-finest of a handful of known examples, the price realization of $282,000 comes in right where we’d expect given that a PCGS AU55 just sold at the Heritage FUN Sale last month for $211,500. This is impressive depth for such a specialized market. The second-highest sales price in the auction went to the beautiful 1856 proof set, which came in at $199,750. Rounding out the top three was a 1909 $5 PR67+ PCGS/CAC which sold for $105,750. It has not escaped our notice that all three top lots were CAC-approved.
POGUE THIS WEEK
As we write this column, many dealers and collectors alike are turning their focus to the third installment of the famous Pogue Collection, offered by Stack’s-Bowers Galleries, in conjunction with Sotheby’s in New York City. Three major auctions in two weeks is a large amount to digest for the current coin market, but we expect that the Pogue sale will do quite well thanks to the superb quality and rarity of coins offered. After this, the market settles (a little) as many dealers prepare for the Central States, Mid-Winter ANA and Baltimore coin shows on deck.