MS-66 Walkers, thoughts...

ElmerFusterpuck · September 24, 2012 1:47PM

The Legend thread is very interesting and has legs (as usual), but one of the responses on there by Roadrunner did get my attention:

"It's a similar situation to the limited TPG product that was available from 1986 to 1989 that helped to drive rare coin prices so high. Today there are 10X to 25X the number of coins graded than were available during the 1989-90 market peak. Too many people buying "quality" back then only saw their rare coins become much more common over 20 yrs."

On top of that I'd add beware of anyone that tells no more of those coins are being minted, so they can only go up in value for the top grades.

That quote made me think about MS-66 Walkers and some crazy prices back in the the 1990's. I distinctly remember a 1946 MS-66 Walker being priced at $1100 in the PCGS guide at one time, because the population was so "low". Of course more have come out over the years and you can get a very nice one for a fraction of that price now. During this time I mostly stuck with MS-64's, which were far less pricey. While these haven't taken off in any big way, at least I didn't lose my shirt either. The Ironic thing is that I'm looking at upgrading some of my later dates to well struck, lustrous MS-66's now, which are more plentiful, cheaper and just a tad more beautiful than the MS-64's.

Anyone else out there notice this with other series (like MS-66 Lincolns) and has that made you think more about upgrading your collection?

Oh, and here's a recent PCGS MS-66 Walker I picked up:

WTCG · September 24, 2012 3:55PM

At current market levels PCGS graded MS66 common date Walkers can be had for around $140. Despite those coins being hardly scarce, at those price levels in my opinion they are a bargain.

stealer · September 24, 2012 4:20PM

I can't speak from experience of an earlier market since I am relatively green but I can't help but have the said worries about the market being flooded by new coins from some unknown hoards for the newer series such as Mercs, WLHs, Roosies, Washingtons, Peace and even Morgans. Just too many are constantly being graded in the UNC levels across the board, especially Morgans. However, the existing supply for these series is so large that these new coins make negligible impact to the market but that also means the prices probably won't be rising anywhere either. That said, the stability of the prices makes these pieces fun to collect without having to worry about the prices going south in a short period of time.

Jcarney · September 24, 2012 6:41PM

I noticed there was a huge amount of gem+ short set Walkers on Teletrade last night.

mkman123 · September 24, 2012 6:55PM

beautiful and I hope to one day have a 66 walker for a type set!

Jcarney · September 24, 2012 7:37PM

<< 

<< I noticed there was a huge amount of gem+ short set Walkers on Teletrade last night. >>

Aren't they always everywhere at anytime? >>

Sure. Go to any major coin show and virtually every dealer will have at least a couple. I noticed the unusual amount on TT because I had to scroll through them to get to the Franklins. Some of the forties dates had a few dozen '66s in both NGC and PCGS holders. I don't recall ever seeing that many on TT at once like that, and I've been on TT a long time.

Walkerguy21D · September 24, 2012 9:34PM

Good thread and good points!
Many years ago I opted for date scarcity over grade scarcity with the walkers, like the OP being content with MS64's for the later dates, and spending the lionshare on the early dates in XF/AU, where I thought there was better value......likewise, as prices have dropped, I have replaced some later dates with MS65 and 66 coins at a fraction of their former prices.

georgiacop50 · September 24, 2012 10:32PM

They are beautiful and fun to collect... but pretty bad investments so far.

But at todays prices, and the current HUGE oversupply, it is like a dream come true for collectors... being able to pick that coin that is just right for you.

Coppercolor · September 25, 2012 12:25PM

<< 

<< 

<< I noticed there was a huge amount of gem+ short set Walkers on Teletrade last night. >>

Aren't they always everywhere at anytime? >>

Sure. Go to any major coin show and virtually every dealer will have at least a couple. I noticed the unusual amount on TT because I had to scroll through them to get to the Franklins. Some of the forties dates had a few dozen '66s in both NGC and PCGS holders. I don't recall ever seeing that many on TT at once like that, and I've been on TT a long time. >>

This glut is undoubtedly related to the huge hoard that came out during what..... wasn't it this summer's Baltimore show auctions? Thousands and thousands of high grade walkers flooded the market if my memore serves me, though only a passive memory because I don't collect walkers.

breakdown · September 25, 2012 1:10PM

The Spanish hoard of later date Walkers is going to take a long while to be fully dispersed into the market. Most of these were graded between 64 and 66, so if you want to load up, now's the time. Wei may be right -- at some level, these things are cheap.

coinsarefun · September 25, 2012 1:35PM

I still have not seen that many really nice 1944-S MS66 that are accurately graded as
strike weakness is so prominent for this year and mint mark.

jimbux61 · September 25, 2012 2:49PM

Here's mine.

Thanks for looking.

Jcarney · September 25, 2012 9:02PM

<< I still have not seen that many really nice 1944-S MS66 that are accurately graded as
strike weakness is so prominent for this year and mint mark.

>>

Wow. Beautiful, but that is one weakly struck coin. Are the TPGs really slabbing coins that weakly struck as gem+? It reminds me of a 41s I saw years ago at a Baltimore show. I was working on a gem short set at the time and saw the coin in a dealer's case. It caught my eye because of the perfect, screaming luster and mark-free surfaces. It was slabbed by PCGS as MS63. The strike was so bad, Liberty was missing her entire left hand and the Eagle had no breast feathers.

Walkerguy21D · September 25, 2012 9:36PM

Maybe it was bumped for the toning....I have a 44S with a better strike than that, blazing white from an original roll, virtually mark free, that
was graded a 64 some years back. I always assumed it was the strike that kept it back from a 5 holder.....

MS-66 Walkers, thoughts...

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