Double Eagle Auctions
Numiven
Posts: 382 ✭✭✭
I've noticed that the numismatic market seems a bit soft overall, espeially with gold trading above $3,350 per ounce and Double Eagle market is soft. I see that with vollectoes and dealers across coin shows.
That said, it’s interesting to see that every Double Eagle listed on GreatCollections seems to be achieving strong, often top-tier prices—even for details-graded coins.
I’ve also been hearing that many collectors and dealers are currently less active in the Double Eagle segment.
Given that, I’m curious—how is GreatCollections consistently able to sell virtually every Double Eagle, including common-date coins like 1904 and 1924s across all grades, at or above current market levels?
I am seeking some explanation.
1
Comments
Could it be the convenience of buying at auction rather than attending a coin show or a coin shop?
Still, how are details grades getting well over 9% premiums? MS64s are selling over 15%+ premiums.
The general consensus is that Double Eagles premiums are 3% or less.
My explanation is that it appears you might have mischaracterized the strength of the results.
I checked MS65 1924 saints. The sales prices for April were: $3602, $3275, and $3404. And for March they were $3276, $3187 and $3336.
Next, I checked MS62 1904 $20 Liberty’s. The sales prices for April were $3443 and $3355.
I then looked at detail grade 1904 $20 Liberty’s. I found one of $3156 in April and one for $2925 for March.
I’m sure there are many strong results to be found. But the ones I saw look like normal prices to me - far from “virtually every Double Eagle, including common-date coins like 1904 and 1924s across all grades, at or above current market levels”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I can sell PCGS graded saints in MS-64 between 3-5% depending on quantity. It's not until MS-65 where the premiums would exceed double digits.
As @mfeld noted, I'm not sure how you're calculating your premiums but this past weekends GC results are commensurate with that, considering spot was a bit lower on Sunday. Im seeing final sales between 3300-3450ish.
In fact, anyone selling these coins on GC is leaving quite a bit of money on the table, considering the 10% juice, when the spreads on these coins have been under $100 for some time. With that said, the time it took for these coins to go through the system allowed extra time for spot to rise, but under normal circumstances, generic double eagles are one of the few things that auction format will net the least amount of money out of all sale methods.
Founder- Peak Rarities
Website
Instagram
Facebook
The 1924's and 1904's selling over $3275 are well over 9% premium to melt values as of the date of the auctions and Gold's price.
MS64's from 1915, 1925, 1927 etc are all selling for about $3600+ which is 12.5% premium of melt value.
The best is the local coin shops are buying them back at $2,750 flat rate, saying MS64/MS65 has no meaning to them.
I see lots of asking prices way too high and some coins -- higher-graded MS-66's and 67's -- going without any bids.
Been this way for months...the last year even. The rise in gold still hasn't been enough to hit the seller's minimum.
Paid up 15% above melt value for a 1910 G$20 MS64 CAC in auction - this is way more than the 3%-5% premium everyone is talking about.
1910 G$20 MS64 CAC is a bargain at 15% over melt considering CAC lists its current retail at $5250.
CAC coins usually bring premiums and i910 isn’t a common date.
That aside, regardless of what you’ve seen and experienced, as a number of us have seen and posted, many $20’s have traded at very small premiums to melt recently. There’s a very good reason many of us have mentioned it - reality.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Duplicated post deleted.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.