BLUESHEET: PEACE DOLLARS SHOWING STRENGTH AT BLUESHEET LEVELS

Pricing updates this week consist of a review of the Peace dollar series, changes to common date Morgan dollars, and gold commemoratives. Peace dollars are showing some strength in comparison to prior Bluesheet levels. PCGS-certified coins in the MS66 and MS67 grades show increases, and better dates such as the 1927-S, 1928-S, and 1934-S show improvement across multiple mint state grades. One standout in the series is the 1922- S in MS66, as the last three PCGS graded pieces to sell in auction all brought home $30,000 or more.

GENERIC MORGANS SLIP A LITTLE

Sight-unseen bids for common date Morgan dollars have been adjusted down slightly this week, with generic MS64 coins now bidding at $54. Gem dollars (MS65) had been holding steady at $122 for both PCGS and NGC but are now bid at $111 and $109, respectively. For MS67 pieces, of which there are only a handful of common dates PCGS coins drop from a previous bid of $525 to $515 while NGC examples are raised to $510.

CLASSIC GOLD COMMEMS SHOWING SIGNS OF LIFE

It is a welcome sign to observe some sight-unseen bidding for PCGS classic gold commems, as this series has been in need of support recently. In gold type we have observed lower bids on gold dollars as market makers are not willing to take a position in these types at the moment. Unseen bids on double eagles have also come down in line with the gold spot price. For example, at current levels market makers are paying only $35 over melt for MS62 Saints, and MS63 coins can be purchased for at or less than $100 over melt. $5 and $10 Indian gold coinage remains steady.

One news item that caught some attention this past week was the drop in sales of bullion from the United States Mint, particularly silver eagles. Silver eagle sales exploded from 2013 through last year, with average sales of 17.4 million ounces from January to April. Compared to the prior five years of 2008 to 2011, the average sales over the same time period was 10.7 million ounce. This year, however, sales stood at 8,792,500 ounces at the end of April, the lowest since 2008 which was in the midst of the financial crisis. As for gold eagles, the Mint sold just 6,000 ounces in the month of April, one-twentieth of what was sold in the same month in 2016. The Mint relies on bullion sales as a major source of income, and the impact of falling sales may be felt in other areas of their operation. A few short years ago many buyers would have jumped at the opportunity to buy silver eagles for around $18.50, especially during those times when they were selling for $4 to $5 over spot because of supply shortages. It seems that a herd mentality is at work here, with few willing to take the contrarian approach to buy in a down market.