Market Maintains Mixed Character
Monday, September 18, 2006
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The Long Beach Coin Expo just completed a whirlwind week of activity that revealed a very strange behavior. Many dealers are trading at new, lower levels, especially for generic coins. The metals have really hurt the bottom-line for dealers normally carrying a large inventory of bullion related gold, silver, and platinum. However, if they participate in the current levels, dealers are able to market coins to ready buyers who are taking advantage of the discounted levels.
We found many areas of the market where the most common issues have drifted lower as discounts are necessary to entice buyers. Yet, on a positive note, we continue to see the “cream of the crop” coins commanding major premiums. We are definitely in a buyers’ market. This has a twofold meaning. For common coins the buyer can dictate the prices and be a little selective and still buy plenty of coins at the new FMV levels. For true rarities where the census reports indicate very low availability, the buyer with the ready cash can locate and buy these coins; however, there is still plenty of competition for these types of coins and they will still bring premiums.
We found numerous rarities that brought significant premiums to previous levels; we will surely have to adjust FMV so that it is closer to today’s reality. One example we found was an area that is quite popular but is still generally misunderstood. The market for Deep Mirror Prooflike Dollars is wide open to judgment calls. It all depends on how deep the coin is and how clean the surfaces are for the specific grade. When dealers and collectors find coins that fit their priorities, they are willing to pay very strong premiums.
The metals were down all last week and are trying to make a strong surge this morning. Gold is $586, which is up $8.70. Silver is $11.15, up $.43. Platinum is up mildly at $1156.
-What's Hot?
BU Rolls – Dollars, Walkers, Franklins
Gold Commems – MS64 and Higher
Silver Commems – MS64 and Higher
Early Gold -- $2 ½, $5, & $10 XF & higher
Battle Creek Dollars – Lovely Toned Morgan’s
Carson City Dollars – NGC Certified
Walkers – 1916 to 1934 MS63 and higher
Indian Cents – Red & Red/Brown MS & Proof
Early Lincoln Cents – Red; MS64 & higher
Key Dates in all series
-What’s Not?
State Quarters – PR issues under 69 require discounts. Low-end quality coins require discounts
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