The Fairmont "hoard" doesn't seem to be scaring buyers. Supply of these half eagles, as well as other sources like European auctions, only seems to drive demand. I realize some of this has to do with the perception (maybe even reality) that Fairmont coins tend to be very nice and unmessed with. But a number are also ending up in dealer inventories (see Flower Hill, etc.) so it can't all be attributed directly to hyper-bidding collectors.
"Look up, old boy, and see what you get." -William Bonney.
The market does seem to continue to show a lot of strength. This proof cent on dime planchet posted earlier this week looks really strong at $6,300.00 now. Will this be setting a record for a proof cent on dime planchet error?
It looks very eye appealing to me, exceptionally clean and well-centered.
Zions- this is an amazing proof Cent on Dime blank. In a way it has already set a record!!
The highest price publicly for a proof Cent on a Dime blank was by Heritage Auctions in 2003. A 2002-S proof Cent on a Dime blank sold for $6,612.50 SEALED inside an officially issued U.S. proof set.
At the time, a proof Cent on a Dime blank in a PCGS or NGC holder would sell from $1500. to 3000. depending on grade, look, etc.
So in my professional opinion, being in the proof set added at least $3000. In value.
My point is that 19 years later... a proof Cent on a Dime blank, certified by NGC, NOT in the original proof set... is already at $6300.
It’s an exceptional mint error, but clearly shows the strength of the error coin market for dramatic high grade proof errors!
mikebyers.com Dealer in Major Mint Errors, Die Trials & Patterns - Author of NLG Best World Coin Book World's Greatest Mint Errors - Publisher & Editor of minterrornews.com.
@Byers said:
Zions- this is an amazing proof Cent on Dime blank. In a way it has already set a record!!
The highest price publicly for a proof Cent on a Dime blank was by Heritage Auctions in 2003. A 2002-S proof Cent on a Dime blank sold for $6,612.50 SEALED inside an officially issued U.S. proof set.
At the time, a proof Cent on a Dime blank in a PCGS or NGC holder would sell from $1500. to 3000. depending on grade, look, etc.
So in my professional opinion, being in the proof set added at least $3000. In value.
My point is that 19 years later... a proof Cent on a Dime blank, certified by NGC, NOT in the original proof set... is already at $6300.
It’s an exceptional mint error, but clearly shows the strength of the error coin market for dramatic high grade proof errors!
So, discounting the original proof set, this is basically double any other coin?
Zions- Yes. This visually amazing proof Lincoln Cent struck on a clad dime blank, at $6300. so far, is twice/ three times what an average one would bring!
mikebyers.com Dealer in Major Mint Errors, Die Trials & Patterns - Author of NLG Best World Coin Book World's Greatest Mint Errors - Publisher & Editor of minterrornews.com.
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
On the bright side, it’s a great opportunity to unload coins that don’t fit in with your collection. I’ve been using this run up over the last year or unload most of my lower end stuff to focus on my gold collection. My overall collection is about 1/3 to 1/4 of what it was 2 years ago.
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
Yes and there are a lot of others who think the same way. It's a form of collecting "downward". Each collector has their own definition of it and their personal limit, but it exists.
If prices go up 25%, 50% or more, it's not like most buyer's resources suddenly went up an equivalent amount.
I don't collect US coinage but it's happening to some extent with what I buy or have bought in the past. As one example, a Latin America crown I own in MS-64, four in 63 to 64 sold for $700 to $900 last week. It's a common coin which I do not think should remotely be worth these prices. As soon as I can retrieve it from my SDB, it's gone.
“ The weeks after the ANA World’s Fair of Money are a bit tricky. We have a ton to catch up from in the office and there are always issues that need to be taken care of yesterday. So, once you get past the first week and a half of catch-up, you sit back and things seem to get quiet for a day or two. Today we’re in the lull, and that’s quite alright. We’re still selling coins left and right, we still have packages arriving, but the “lull” just means that we feel back to normal. The market continues to be incredibly active, coin values continue to increase for the most part, and we’re still seeing new collectors buying everything from $20 coins to $75,000 coins. It really is an interesting time to sit back and try to take the pulse of the market from the high over-arching view.
One question that I keep getting asked, but I really hate answering, has been posed to me several times this week. The inquiry is, simply put, “What coins are hot right now?” Frankly, I avoid answering this as there’s not a 100% truthful answer. However, my initial response and thought to this question this week really seems to hold true. I’ve worked at pricing about 500 coins this week (give or take 100 or so) and I tend to take a rabbit-hole approach when researching pricing trends, etc. My initial response this week is that if I had a collection of Morgan Dollars that were averaging $200-$2000 per coin, I’d be a seller. The demand of the market has definitely gone up on these as the supply has dwindled. These have long been the most popular U.S. numismatic items for collectors, so they ALWAYS sell…but I haven’t seen such a lack of supply and such a high demand on these large round objects ever before. It doesn’t mean that I’m right. The prices could easily continue to skyrocket, but that was my initial feel. Also, collector coins under $500 have become far more difficult to locate. Things like better date Buffalo Nickels, Barber Dimes, Seated coinage, Lincoln Cents, etc. Heck, our Mercury Dime inventory is lower than it has ever been…and the question is why? Well, it’s a COVID shortage is what I’ve told people. I can’t get fresh corn at my grocery store either. Maybe Mercury Dimes are the corn of my local supermarket? I can speak for DLRC on this, but we are getting far less coins under $500 offered to us in collections and through coin shows than ever before. And when we do, they are selling all over the place. I had another retailer tell me the exact same thing. He’d never dealt in lower value coins before the pandemic began and he started seeing that coins under $300 have a wide collector base. So, there’s my answer for this week. I tend to think that these trends will continue as we still deal with the affects of a pandemic, but please don’t take my words to say that other parts of the market aren’t just as active. They really are across the board, but I picked these two segments of the market as I was dealing with those types of coins in my research. Next week, maybe I’ll talk about gold. Our better date gold inventory has certainly grown over the past few months and that’s not a coincidence. But, I have to leave something to talk about in the future as I haven’t even had a chance to review the yellowish pieces that have returned from the show just yet!
Thanks again for reading…we hope that you find something of interest below and that you enjoy this week’s Coins We Love and the highlights that we were able to bring back to you from the Suburb of the Second City!
Numismatically Yours,
John Brush”
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
@Gazes said:
Nice post. I have posted a thread or two a few months ago stating that I believed five figure coins and up would have a surge in prices over the next 5 years. Nothing since then has changed my mind.
People seem to crave hard assets and placing their money in them (rather than getting .25% interest in the bank or in some countries negative interest rates). Mix that with the beauty and history of coins along with the rather long "stable" history of numismatics compared to other hard assets and it is not surprising to see the rise. The final piece of the puzzle in my opinion was CAC which helps the upper end market (and apparently didnt hurt non CAC coins in the recent auctions).
I expect prices in the 5 figure coins to continue to rise. Although at some point they may drop a bit again, I dont think they will ever see the price levels that were available a year ago.
Hard money has been going into equities and real estate for quite some time. Coins are a hobby to me. I'd never put what for me is serious money into any coin / coins that I couldn't afford to lose.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
Frankly I have not been much of a buyer of US material for sometime and reduced that inventory taking profits along the way. It seems way expensive for my taste compared to graded world single digit pop or top pop material I have acquired for less than $100-$200 or in many instances even less for what it would take 2 people to go out to dinner for. Can’t get enough of it plus at shows have something competition doesn’t have.
The US market is still way down vs 89 and has not moved much since 94 (PCGS 3000, 1970 to date view). As far as rich people paying 3x price guide on coins over $1000 let them bid war fight it out lol. Hope they enjoy their coins…..
@Byers said:
Zions- Yes. This visually amazing proof Lincoln Cent struck on a clad dime blank, at $6300. so far, is twice/ three times what an average one would bring!
Closed even higher at $7,500. Many other proof errors show the market is very strong in this area, so it mirrors what people are saying about other areas such as CAC gold. Good coins seem to be up overall.
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
Yes and there are a lot of others who think the same way. It's a form of collecting "downward". Each collector has their own definition of it and their personal limit, but it exists.
If prices go up 25%, 50% or more, it's not like most buyer's resources suddenly went up an equivalent amount.
I don't collect US coinage but it's happening to some extent with what I buy or have bought in the past. As one example, a Latin America crown I own in MS-64, four in 63 to 64 sold for $700 to $900 last week. It's a common coin which I do not think should remotely be worth these prices. As soon as I can retrieve it from my SDB, it's gone.
It's a good time to sell. Buy low, sell high as they say
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
Yes and there are a lot of others who think the same way. It's a form of collecting "downward". Each collector has their own definition of it and their personal limit, but it exists.
If prices go up 25%, 50% or more, it's not like most buyer's resources suddenly went up an equivalent amount.
I don't collect US coinage but it's happening to some extent with what I buy or have bought in the past. As one example, a Latin America crown I own in MS-64, four in 63 to 64 sold for $700 to $900 last week. It's a common coin which I do not think should remotely be worth these prices. As soon as I can retrieve it from my SDB, it's gone.
It's a good time to sell. Buy low, sell high as they say
@pcgscacgold said:
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
Yes and there are a lot of others who think the same way. It's a form of collecting "downward". Each collector has their own definition of it and their personal limit, but it exists.
If prices go up 25%, 50% or more, it's not like most buyer's resources suddenly went up an equivalent amount.
I don't collect US coinage but it's happening to some extent with what I buy or have bought in the past. As one example, a Latin America crown I own in MS-64, four in 63 to 64 sold for $700 to $900 last week. It's a common coin which I do not think should remotely be worth these prices. As soon as I can retrieve it from my SDB, it's gone.
It's a good time to sell. Buy low, sell high as they say
I thought should be buy high sell higher.
It certainly can be but when I buy some times, I find it was bought low and sold high!
I love how people tend to complain about the stagnant price of coins, basically you have to hold for 10 years to break even. Prices rise and everyone complains that they are priced out and the market is irrational.
If you are plowing your money into generic Morgans which are now +30%, the value probably isn’t going to last. If you have rare CAC gold which has also appreciated 30%, I’d take the bet that values hold though don’t show appreciate near the same rate over the next few years.
Comments
The Fairmont "hoard" doesn't seem to be scaring buyers. Supply of these half eagles, as well as other sources like European auctions, only seems to drive demand. I realize some of this has to do with the perception (maybe even reality) that Fairmont coins tend to be very nice and unmessed with. But a number are also ending up in dealer inventories (see Flower Hill, etc.) so it can't all be attributed directly to hyper-bidding collectors.
"Look up, old boy, and see what you get." -William Bonney.
The market does seem to continue to show a lot of strength. This proof cent on dime planchet posted earlier this week looks really strong at $6,300.00 now. Will this be setting a record for a proof cent on dime planchet error?
It looks very eye appealing to me, exceptionally clean and well-centered.
Zions- this is an amazing proof Cent on Dime blank. In a way it has already set a record!!
The highest price publicly for a proof Cent on a Dime blank was by Heritage Auctions in 2003. A 2002-S proof Cent on a Dime blank sold for $6,612.50 SEALED inside an officially issued U.S. proof set.
At the time, a proof Cent on a Dime blank in a PCGS or NGC holder would sell from $1500. to 3000. depending on grade, look, etc.
So in my professional opinion, being in the proof set added at least $3000. In value.
My point is that 19 years later... a proof Cent on a Dime blank, certified by NGC, NOT in the original proof set... is already at $6300.
It’s an exceptional mint error, but clearly shows the strength of the error coin market for dramatic high grade proof errors!
So, discounting the original proof set, this is basically double any other coin?
It's getting to be too expensive to be a collector. I am on the sideline for many of the coins I have been looking to get.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Zions- Yes. This visually amazing proof Lincoln Cent struck on a clad dime blank, at $6300. so far, is twice/ three times what an average one would bring!
On the bright side, it’s a great opportunity to unload coins that don’t fit in with your collection. I’ve been using this run up over the last year or unload most of my lower end stuff to focus on my gold collection. My overall collection is about 1/3 to 1/4 of what it was 2 years ago.
You're not going to be alone.
I am just not willing to move down from AU55 to EF45 to pay the same price and I won't pay MS money for an AU55 coin. Many others will so have at it. In some cases it feels like it is Dealers buying at those prices.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Yes and there are a lot of others who think the same way. It's a form of collecting "downward". Each collector has their own definition of it and their personal limit, but it exists.
If prices go up 25%, 50% or more, it's not like most buyer's resources suddenly went up an equivalent amount.
I don't collect US coinage but it's happening to some extent with what I buy or have bought in the past. As one example, a Latin America crown I own in MS-64, four in 63 to 64 sold for $700 to $900 last week. It's a common coin which I do not think should remotely be worth these prices. As soon as I can retrieve it from my SDB, it's gone.
Email from DLRC
Pertinent to the topic at hand
“ The weeks after the ANA World’s Fair of Money are a bit tricky. We have a ton to catch up from in the office and there are always issues that need to be taken care of yesterday. So, once you get past the first week and a half of catch-up, you sit back and things seem to get quiet for a day or two. Today we’re in the lull, and that’s quite alright. We’re still selling coins left and right, we still have packages arriving, but the “lull” just means that we feel back to normal. The market continues to be incredibly active, coin values continue to increase for the most part, and we’re still seeing new collectors buying everything from $20 coins to $75,000 coins. It really is an interesting time to sit back and try to take the pulse of the market from the high over-arching view.
One question that I keep getting asked, but I really hate answering, has been posed to me several times this week. The inquiry is, simply put, “What coins are hot right now?” Frankly, I avoid answering this as there’s not a 100% truthful answer. However, my initial response and thought to this question this week really seems to hold true. I’ve worked at pricing about 500 coins this week (give or take 100 or so) and I tend to take a rabbit-hole approach when researching pricing trends, etc. My initial response this week is that if I had a collection of Morgan Dollars that were averaging $200-$2000 per coin, I’d be a seller. The demand of the market has definitely gone up on these as the supply has dwindled. These have long been the most popular U.S. numismatic items for collectors, so they ALWAYS sell…but I haven’t seen such a lack of supply and such a high demand on these large round objects ever before. It doesn’t mean that I’m right. The prices could easily continue to skyrocket, but that was my initial feel. Also, collector coins under $500 have become far more difficult to locate. Things like better date Buffalo Nickels, Barber Dimes, Seated coinage, Lincoln Cents, etc. Heck, our Mercury Dime inventory is lower than it has ever been…and the question is why? Well, it’s a COVID shortage is what I’ve told people. I can’t get fresh corn at my grocery store either. Maybe Mercury Dimes are the corn of my local supermarket? I can speak for DLRC on this, but we are getting far less coins under $500 offered to us in collections and through coin shows than ever before. And when we do, they are selling all over the place. I had another retailer tell me the exact same thing. He’d never dealt in lower value coins before the pandemic began and he started seeing that coins under $300 have a wide collector base. So, there’s my answer for this week. I tend to think that these trends will continue as we still deal with the affects of a pandemic, but please don’t take my words to say that other parts of the market aren’t just as active. They really are across the board, but I picked these two segments of the market as I was dealing with those types of coins in my research. Next week, maybe I’ll talk about gold. Our better date gold inventory has certainly grown over the past few months and that’s not a coincidence. But, I have to leave something to talk about in the future as I haven’t even had a chance to review the yellowish pieces that have returned from the show just yet!
Thanks again for reading…we hope that you find something of interest below and that you enjoy this week’s Coins We Love and the highlights that we were able to bring back to you from the Suburb of the Second City!
Numismatically Yours,
John Brush”
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Hard money has been going into equities and real estate for quite some time. Coins are a hobby to me. I'd never put what for me is serious money into any coin / coins that I couldn't afford to lose.
"Seu cabra da peste,
"Sou Mangueira......."
Frankly I have not been much of a buyer of US material for sometime and reduced that inventory taking profits along the way. It seems way expensive for my taste compared to graded world single digit pop or top pop material I have acquired for less than $100-$200 or in many instances even less for what it would take 2 people to go out to dinner for. Can’t get enough of it plus at shows have something competition doesn’t have.
The US market is still way down vs 89 and has not moved much since 94 (PCGS 3000, 1970 to date view). As far as rich people paying 3x price guide on coins over $1000 let them bid war fight it out lol. Hope they enjoy their coins…..
Closed even higher at $7,500. Many other proof errors show the market is very strong in this area, so it mirrors what people are saying about other areas such as CAC gold. Good coins seem to be up overall.
It's a good time to sell. Buy low, sell high as they say
I thought should be buy high sell higher.
It certainly can be but when I buy some times, I find it was bought low and sold high!
I love how people tend to complain about the stagnant price of coins, basically you have to hold for 10 years to break even. Prices rise and everyone complains that they are priced out and the market is irrational.
If you are plowing your money into generic Morgans which are now +30%, the value probably isn’t going to last. If you have rare CAC gold which has also appreciated 30%, I’d take the bet that values hold though don’t show appreciate near the same rate over the next few years.
Latin American Collection