One dealer told us that retail buying was stronger than expected, with the belief that collectors feel prices are attractive buys at current levels. On the other hand, it is clear that many solid coins have been taken off the market in the past two years and have gone into long term holdings. This has created somewhat of a temporary shortage of coins for dealers to buy. Fortunately, there are always old time collections out there lurking waiting to come to market.
The Heritage U.S. coins auction has thus far garnered $18.5 million, including their noted Platinum night session. 17 lots reached the six figure mark, with the top mark going to the ex:Partrick 1792 Birch cent pattern, graded MS61 by NGC which hammered for $517,000. This was a respectable performance, as this same coin brought $564,000 in a more frothy market. Usually, when an esoteric item such as this
comes to market in this close of a time span there is a large loss realized. Overall, auction activity for both Heritage and Stacks Bowers is below previous Summer ANA.