Who says we’re in a recession? Actually, plenty of experts are saying exactly that, which, by stark contrast, dramatically magnifies the bullish experience of many in the world of numismatics. Not only have mind-boggling premiums for common, Circulated Gold boosted an already robust market, but high-figure rarities are moving as well. To wit, a Morgan Dollar just sold for over $1 million. Believed to be the highest price ever paid for a Morgan, the coin is much more than an ordinary cartwheel. This specimen is the finest known 1893S, graded MS67 by PCGS. Not surprisingly, a noteworthy pedigree accompanies the treasure, including previous homes in the Vermeule Collection as well as the Jack Lee amassment. Such an outstanding sale alone could infuse an entire industry with confidence, even if enthusiasm were lacking. But this transaction serves more as an exclamation point to a resounding proclamation of strength and success by the rare coin market, especially in the midst of worldwide economic instability over the last several months.

     As you read this newsletter, our nation now has a new leader, and one can’t help but wonder what effect this will have on the economy, and thereby, on rare coins. While no one can predict the future, looking at the past can at least be of some assistance. In the last several years, the numismatic market has been like a freight train, and as such, has been plowing through one of the worst economic climates in American history. Of course some are concerned about the possibility of derailment, especially if precious metals make continuous precipitous falls. Metals have been rather weak of late, though dips have usually been followed by fairly quick recoveries. Uncertainty regarding our new president, regardless of the choice, could very well benefit metals as investors, once again, run to Silver and Gold for safety.

     So much to consider, and so many opportunities are coming up for the rare coin business to prove itself yet again. Santa Clara will feature rarities in its auction by Superior, as well as exciting displays, November 13-16. Stack’s is holding their Keusch, Snow and Del Zorro Collection auction in Maryland, November 18-19. Some of the highlights include a PCGS MS65RB 1797 Large Cent, Rev. ’97, Stems; a 1794 Half Dollar PCGS F15; an 1880 Morgan Dollar graded PR68 Cameo by NGC, CAC; and an NGC PR64 1911 $20 Saint-Gaudens. Following immediately is the big Whitman Baltimore show, November 20-22, which offers some excitement as well. As the final Whitman show of 2008, the convention in Maryland includes a 4,300 lot auction by Bowers & Merena (see preview at left). In addition, Anthony J. Swiatek will discuss collecting and investing in coins and currency in the Professional Numismatists Guild’s “Share the Knowledge” educational seminar.

Reprinted from Issue No. 45   November 7, 2008 of the Coin Dealer Newsletter - the Greysheet
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