Auction Report…Are Coins Really Hard to Buy?

Posted on July 12, 2010 by

It’s really hard to buy good coins right now. OK, you’ve heard it before. It is the oldest coin dealer line in the book. However, sometimes it’s true. Right now it is true…and here are some facts that show the situation as it really is.

Let’s talk about last week’s Heritage auction. And remember we’re talking Heritage…THE Heritage. I did an auction survey and Heritage’s market share used to be enormous…now it’s even larger. Heritage…I buy coins in every one of their auctions. Heritage…I look at the results of every single lot sold by them at auction and their results have a tremendous impact on the PCGS Price Guide.

So what kind of coins were offered in last week’s Heritage auction? I looked at every lot. I wanted to buy coins…a lot of them. I was disappointed…big time disappointed…in how few of the kind of coins I want were in the auction. And it wasn’t Heritage’s fault at all. Fact is…there simply aren’t a lot of great coins for sale right now…and not even Heritage can change the course of that river.

In the past Heritage auction there was not one single PR65 or better proof gold. Zero…Nada…Zip. There was not even a single Matte Proof Gold coin in any grade! There was not one PCGS graded early $10. Not one PCGS graded MS65 or better $3 gold piece. Not one PCGS graded PR65 or better Morgan dollar. For key dates in MS65 or better condition, there were no 1932-D or 1932-S quarters, no 1916-D dimes (highest grade on that one was AU55), no 1916 SL quarters (in any mint state grade) , no 1896-S, 1901-S, or 1913-S quarter in any grade above Good 6, and no 1877 Indian penny in any grade above VF35.

I’m telling you, the cupboard is pretty bare. I believe that everyone that needed to sell in the past 24 months has already sold and coins are in strong hands now. I’m not saying coin prices are going up or down, I’m just telling you from an insider’s point of view, great rare coins are currently in short supply.

Good luck with your purchasing. I’m looking forward to the ANA show in August. Hopefully there will be more coins available to buy at that show.

Filed Under: News

Leave a Reply