THE PRE-SHOW AUCTIONS: A BRIEF SUMMARY
wondercoin
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Of course, we are not even 1/3 of the way through the auctions, so keep that in mind in reading this comment. Also, I do not personally follow the pre-1865 coins all that closely, so nothing in here applies to those particular coins (other than to comment that I spoke with a strong buyer of those type coins attending the auctions and was told the coins performed very well with strong prices for the "must have" coins.
INDIAN CENTS: Lakesamman summed it up nicely on the other board, so I will not repeat it. Bottom line is the "must have" coins sold best i can tell.
LINCOLN CENTS: Amazing market. Coins like a 1934(p) in PCGS-MS68D sells for close to $12k ($200 in the undergrade), 1932(d) in PCGS-MS67RD at around the same! Even coins like the 1971(s) proof in PCGS-PR69DCAM fetched nearly $15k and on and on and on SO LONG AS WE ARE TALKING ABOUT THE "CREAM OF THE CREAM" COINS (and in some case I believe that may only mean what the holder says). Best I can tell, a collector or two may be buying dups of the "cream" coins (expecting even higher prices??) Are these coins worth 60x-100x for the one point jump? That's for another thread
SHIELD AND LIBERTY NICKELS: Best I could tell, ditto on the "cream" coins fetching "moon money". The (2) PCGS-PR68 Liberty nickels fetched around $15,000/coin (again, large multiple jumps for the one point up - but, not like Lincolns). Some PR67CAM coins achieved pricing as high as around $8,000 for coins that were available at least 1/3 less before the auctions in some cases. Lesser grade coins - much tougher to sell.
JEFFERSON NICKELS: There were only a few neat coins in the sales thus far, but, they commanded STRONG money. A spectacular 1940(s) nickel in PCGS-MS67FS sold for nearly $4k! Why? Not only was the coin a true MS67 graded coin, but it had nearly 6 FULL STEPS! Probably the nicest 1940(s) nickel ever to see a holder. Collectors fought for the quality! A monster toned 1943(p) nickel in PCGS-MS67FS brought nearly $2500 while a typical one sold for under $1000 - again, the pursuit of quality.
#2 PCGS MERCURY DIME COLLECTION and other Mercs: OK prices for the quality of the coins it appears to me. But, dealers were buying up coins for inventory at "bargain" prices in some cases (where were all the collectors in all this?) Perhaps a few of the Merc guys on the board can comment here.
SLQ's - Fairly strong market overall. It appeared coins were selling even in the undergrade (a few points off the "pop top"). The highlight coin, a pop 1/0 1918(p) SLQ in PCGS-MS68FH, commanded around $45k - (which is a tad cheaper than say a pop 9 or 10 1926(s) Buffalo nickel in MS65 at $100,000) or a pop 9 or 10 1909svdb in MS67RD at around the same price these days). It appears a few more collectors are considering this series these days.
WASH QUARTERS: Fairly strong market overall. A 32(d) in PCGS-MS64 went for close to $6500 best I could tell. Also, a 34(d) in PCGS-MS66 achieved around a $5500 bid, an average toned 35(s) in PCGS-MS67 still achieved $6500, a pretty 36(s) quarter in PCGS-MS67 with nice color but ample marks sold for close to $5,000, the 1949(p) NGC-MS68* sold for around $11,000 (a true grade coin) BUT (2) NGC-MS68 COINS INCLUDING AN NGC-MS68* DID NOT SELL AT RESERVES OF LESS THAN $6,000 (remember when these were selling at $10k - $15k/coin earlier this year) AND THE PCGS-MS68 COIN DID NOT BREAK THE RESERVE OF $13K. Overall, I believe collectors were carefully examining coins and not holders in this auction and I think the auction prices speak to that.
FRANKLIN HALF DOLLARS: I did not even attend the auction today, as I was only interested in -1- MS65FBL coin and left a bid. There were MANY top grade MS66FBL pieces in the sale and I will be interested in seeing how they perform. I went to Baltimore thinking I might want to pick up a nice quality MS66FBL or two in the better dates - I didn't find any coins I personally wanted to bid on. NOT SPEAKING DIRECTLY ABOUT THE HERITAGE FRANKLINS, it is my personal observation that there are basically (2) markets for Franklins these days - the market for 90% of the offered coins which are typical toned coins and generic "white", including the dipped ones (despite references to "monster toned" and the like) and the other 10% of the coins - the "cream" coins which patient collectors wait to gobble up and will quite possibly be the upgrade candidates of the future. I really am pleased when I see a collector building a Franklin collection from the pool of 10% of the coins - it takes years, but the result is a "work of art" collection.
UPDATE - The key Franklins in PCGS-MS66FBL (e.g. (2) 1950(d) in PCGS-MS66FBL) did not appear to sell (you can check them out when Heritage posts it last chance offerings). The FEW shot upgrade coins did well, as was to be expected (such as the 57(d) in MS66FBL which (2) upgrades though could go MS67FBL and ran up to around $2300). The comment I got from one strong Franklin dealer is that the Franklin collectors were basically no where to be seen (same observation on the Walker collectors as well). Collectors are simply NOT attending these auctions thus far best I can tell. Perhaps this is a tribute to the internet?
PATTERNS: Very strong market right now in anticipation of the new JUDD book and, overall, a feeling that there is probably "good value" in these coins. I only won -1- of the -4- pattern nickels I had interest in (mainly because I had no intention of stretching on my pre-established bids). Most of the patterns in nearly all series I noticed were selling over what I expected them to. I spoke to several key pattern dealers who commented that they bought anywhere from -0- to much fewer pieces than they had hoped to and felt they had a better shot in the upcoming auctions (perhaps as other dealers and collectors go broke ).
BARBER COINAGE: I watched the Barber quarter sale. MS material is ON FIRE for the "cream" coins! Prices stretched nearly beyond belief for decent coins. On the other hand, barber proof coins, luke warm at best. I sat next to a collector who was picking up pop 1 and 2 top grade DCAM material for $3k-$5k/coin. There was mild interest at best for the proofs.
COMMEMS AND OTHER COINS TO BE DISCUSSED AS AUCTIONS CLOSE.
Wondercoin
INDIAN CENTS: Lakesamman summed it up nicely on the other board, so I will not repeat it. Bottom line is the "must have" coins sold best i can tell.
LINCOLN CENTS: Amazing market. Coins like a 1934(p) in PCGS-MS68D sells for close to $12k ($200 in the undergrade), 1932(d) in PCGS-MS67RD at around the same! Even coins like the 1971(s) proof in PCGS-PR69DCAM fetched nearly $15k and on and on and on SO LONG AS WE ARE TALKING ABOUT THE "CREAM OF THE CREAM" COINS (and in some case I believe that may only mean what the holder says). Best I can tell, a collector or two may be buying dups of the "cream" coins (expecting even higher prices??) Are these coins worth 60x-100x for the one point jump? That's for another thread
SHIELD AND LIBERTY NICKELS: Best I could tell, ditto on the "cream" coins fetching "moon money". The (2) PCGS-PR68 Liberty nickels fetched around $15,000/coin (again, large multiple jumps for the one point up - but, not like Lincolns). Some PR67CAM coins achieved pricing as high as around $8,000 for coins that were available at least 1/3 less before the auctions in some cases. Lesser grade coins - much tougher to sell.
JEFFERSON NICKELS: There were only a few neat coins in the sales thus far, but, they commanded STRONG money. A spectacular 1940(s) nickel in PCGS-MS67FS sold for nearly $4k! Why? Not only was the coin a true MS67 graded coin, but it had nearly 6 FULL STEPS! Probably the nicest 1940(s) nickel ever to see a holder. Collectors fought for the quality! A monster toned 1943(p) nickel in PCGS-MS67FS brought nearly $2500 while a typical one sold for under $1000 - again, the pursuit of quality.
#2 PCGS MERCURY DIME COLLECTION and other Mercs: OK prices for the quality of the coins it appears to me. But, dealers were buying up coins for inventory at "bargain" prices in some cases (where were all the collectors in all this?) Perhaps a few of the Merc guys on the board can comment here.
SLQ's - Fairly strong market overall. It appeared coins were selling even in the undergrade (a few points off the "pop top"). The highlight coin, a pop 1/0 1918(p) SLQ in PCGS-MS68FH, commanded around $45k - (which is a tad cheaper than say a pop 9 or 10 1926(s) Buffalo nickel in MS65 at $100,000) or a pop 9 or 10 1909svdb in MS67RD at around the same price these days). It appears a few more collectors are considering this series these days.
WASH QUARTERS: Fairly strong market overall. A 32(d) in PCGS-MS64 went for close to $6500 best I could tell. Also, a 34(d) in PCGS-MS66 achieved around a $5500 bid, an average toned 35(s) in PCGS-MS67 still achieved $6500, a pretty 36(s) quarter in PCGS-MS67 with nice color but ample marks sold for close to $5,000, the 1949(p) NGC-MS68* sold for around $11,000 (a true grade coin) BUT (2) NGC-MS68 COINS INCLUDING AN NGC-MS68* DID NOT SELL AT RESERVES OF LESS THAN $6,000 (remember when these were selling at $10k - $15k/coin earlier this year) AND THE PCGS-MS68 COIN DID NOT BREAK THE RESERVE OF $13K. Overall, I believe collectors were carefully examining coins and not holders in this auction and I think the auction prices speak to that.
FRANKLIN HALF DOLLARS: I did not even attend the auction today, as I was only interested in -1- MS65FBL coin and left a bid. There were MANY top grade MS66FBL pieces in the sale and I will be interested in seeing how they perform. I went to Baltimore thinking I might want to pick up a nice quality MS66FBL or two in the better dates - I didn't find any coins I personally wanted to bid on. NOT SPEAKING DIRECTLY ABOUT THE HERITAGE FRANKLINS, it is my personal observation that there are basically (2) markets for Franklins these days - the market for 90% of the offered coins which are typical toned coins and generic "white", including the dipped ones (despite references to "monster toned" and the like) and the other 10% of the coins - the "cream" coins which patient collectors wait to gobble up and will quite possibly be the upgrade candidates of the future. I really am pleased when I see a collector building a Franklin collection from the pool of 10% of the coins - it takes years, but the result is a "work of art" collection.
UPDATE - The key Franklins in PCGS-MS66FBL (e.g. (2) 1950(d) in PCGS-MS66FBL) did not appear to sell (you can check them out when Heritage posts it last chance offerings). The FEW shot upgrade coins did well, as was to be expected (such as the 57(d) in MS66FBL which (2) upgrades though could go MS67FBL and ran up to around $2300). The comment I got from one strong Franklin dealer is that the Franklin collectors were basically no where to be seen (same observation on the Walker collectors as well). Collectors are simply NOT attending these auctions thus far best I can tell. Perhaps this is a tribute to the internet?
PATTERNS: Very strong market right now in anticipation of the new JUDD book and, overall, a feeling that there is probably "good value" in these coins. I only won -1- of the -4- pattern nickels I had interest in (mainly because I had no intention of stretching on my pre-established bids). Most of the patterns in nearly all series I noticed were selling over what I expected them to. I spoke to several key pattern dealers who commented that they bought anywhere from -0- to much fewer pieces than they had hoped to and felt they had a better shot in the upcoming auctions (perhaps as other dealers and collectors go broke ).
BARBER COINAGE: I watched the Barber quarter sale. MS material is ON FIRE for the "cream" coins! Prices stretched nearly beyond belief for decent coins. On the other hand, barber proof coins, luke warm at best. I sat next to a collector who was picking up pop 1 and 2 top grade DCAM material for $3k-$5k/coin. There was mild interest at best for the proofs.
COMMEMS AND OTHER COINS TO BE DISCUSSED AS AUCTIONS CLOSE.
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Comments
We'll use our hands and hearts and if we must we'll use our heads.
Specializing in 1854 and 1855 large FE patterns
<
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Wondercoin
Rick: I am not sure - no question collectors are involved
Wondercoin
Wondercoin
<< <i> A very good trend may be developing of serious collectors passing on "plastic" or below average quality coins and paying strong money for "all there" coins. >>
thanx for the report, mitch. maybe the plastic frenzie is beginning to die off?
09/07/2006
Really valuable reports. These auctions were anticipated as a bellweather. Most folks here among the posts I read predicted that the really better-quality stuff would draw strong-to-crazy money, and the rest would draw quite moderately, or be underbid. Looks like folks' predictions are holding true.
It makes sense, considering the huge number of coins. Even though Laura recounts "standing room only" at some of these aucitons, I'd imagine people were saving their money to bid on and acquire the special pieces, and not spread it around and dissipate it among stuff you can get on the Bourse floor or off a website.
It seems like too many people were hoping to cash in on auction frenzy. I do hope this experience will result in would-be auction consignors going back to regular selling venues (a number of on-line sellers have been leaving un-updated or empty their online inventory these days, apparently changing their emphases to the big auctions).
I can't speak for other collectors who stayed away. But as for me, I figured the coins I'd want would get lots of attention and would get bid up too high for me in such a scene. So I didn't even bother.
Thanks again!
Here's a warning parable for coin collectors...
Specializing in 1854 and 1855 large FE patterns
<
these reports to keep us up on what is happening in the real world of collecting. Thank you all
for these reports. Especially Wondercoin and those who will follow on with their own reports.
Camelot
As for the Heritage sales - those who have attended can attest to the fact that at most times there was plenty of room for everyone to spread out.
Wondercoin
Example: 1938(p) Boone in PCGS-MS68 at roughly $29,000. Pretty soon "moderns" might look cheap again at current levels
Wondercoin
Les
Wondercoin
Did anyone witness the Heritage 1895 25c MS66 sale? Says it went for $18,975. I know some coins are hot but this coin sold for a fraction of that less than 2 years ago and there are 6 finer.
The Barber Halves in general went for stupid money. Some real marginal Barber coins got hammered for the highest prices in almost 15 years. I could understand if they were unique but these were not and some had terrible strikes.
Will be interesting to see the BM sale.
Wondercoin
Wondercoin
I know I must be missing something. If not I have 3 PCGS/NGC boxes of Barber slabs, all 64-66s I am ready to auction off!
roadrunner
I see you follow Liberty Seated coins pretty closely and was curious to know why the 1859S (MS65) dime is on the market so soon after its recent eyepopping auction appearance?
Wondercoin
Wondercoin, what took them so long to see "good value" there?!!
Dave