LONG BEACH SHOW REPORT

Posted on February 7, 2010 by

The Long Beach show was very active. Dealers had pretty good sales and there was a lot of activity. Look, it’s not 1979 or 1989 or even 2007, but considering the current economy, rare coins are doing extremely well.

The thing I noticed about Long Beach was a significant lack of quality material…not just the really rare stuff, but some of the more generic items. For example, slightly better date to better date Peace dollars in nice MS65 or better…very, very few coins available and dealer inventories extremely low on even crappy looking 65s. Silver commems…the classic era, 1892-1954…very few coins available. Van and I have been buying these for two years now. The prices keep going down (shows you how smart we are?!?!?!) but we keep buying. We have a huge appetite and would take a large six figure deal with pleasure. Our Long Beach purchases: less than $20k and it was one and two coins at a time. Silver commems may be the most underpriced major area of the coin market…but you can’t buy very many coins at current levels.

Auction action was good. We tried to buy the 1892 proof $20 Lib in the Goldberg auction and didn’t even get close. The 1875 gold dollar PCGS MS66 brought $109,250 against a PCGS price guide price of $45,000. One coin did sell at a much lower level than the price guide was the 1849-C Open Wreath gold dollar (NGC EF45) which brought $218,500. Probably would have brought $300,000 to $400,000 in 2007. The interesting thing about the Heritage auction was that there were much fewer top quality coins than usual. So the cupboard was pretty bare at the show and the auctions.

The one area of the market that does look soft to me is generic gold coins…like commonest dates in MS62,63,64. There seems to be a lot of coins around and prices are soft.

But all in all the rare coin market is doing extremely well and I think we’re going to have a great year.

Filed Under: News

Comments (2)

 

  1. Michael Z says:

    Interesting post, you mentioned both series that I particularly like. I just found the last coin for my Peace Dollar collection, although I will always be looking for upgrades. I just started a collection of early silver half dollars, and have been making some slow progress.

  2. I walked the floor at Long Beach looking for nice Peace Dollars in MS65 and above…I found zero of the tough dates like 24s,25s,27s, and 28s ,except for 2 25s coins that were so bad,they were barking at me. Lots of common 66 coins,but there isn’t much demand for those,as most collectors already have their 22-25’s in 66.
    Nice peace dollars are very difficult to find,and always will be.
    I probably had the best inventory of Peace Dollars at Long Beach,but not enough people know that I have them,including 4 pcgs ms67 coins…that will change soon !
    In the Heritage auction,I didn’t even bid on one peace dollar..Maybe next time.
    Peace dollars are very under rated,and I am doing everything I can to change that.
    Thanks for the blog !
    Larry

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