Bluesheet: PRECIOUS METALS RALLY INTO LONG BEACH EXPO
Precious metals are rallying as the coin dealer community gathers for the three-day Long Beach Expo. After falling into the low $1,200s gold has climbed up past the $1,260 level as of this writing. Likewise, silver has risen by nearly $1.25 in the past eight trading days to over $17 per ounce. As Heritage gears up for their Long Beach auction of over 3,700 lots of United States coins, featuring the expansive McClure Collection, we can take a look at some of the results of the recently concluded Goldberg sale.
One of the many stars in the gold coin collection in the auction was the PCGS/CAC MS65+ 1910-S $5 Indian. This coin is a population one at PCGS, with one finer, a PCGS MS66 which has been off the market for over 20 years, making the Goldberg offering a significant one. Not surprisingly, the coin set a new auction record for the date,
selling for $123,375. Other highlights included an MS64+ 1911-D $5 Indian which sold for $152,750 – solidly in the gem range for this date – and a 1907 Rolled Edge $10 Indian. The Goldberg example of this famous rarity was graded PCGS/CAC MS65+ and brought $376,000, a price bested only by three sales of coins graded MS67.
Getting back to the Heritage Long Beach auction, the centerpiece of the sale is the Rev. Dr. James G. K. McClure collection of more than 1,200 coins and medals. A true “old time” collection, it spans the full breadth of U.S. coinage from Colonials to gold. The assemblage is heaviest in quarters, half dollars, and silver dollars, but there are two mint state 1795 half cents present, an 1856 Flying Eagle cent, and three very high grade proof Shield nickels to name but a few of the minor coinage highlights. Interesting also is a run of 26 early dollars, mostly all in the solid collector grades of Very Fine and Extra Fine. A final note about this collection is that every coin is able to be viewed in a special hi-resolution gallery on the NGC website (www.ngccoin.com).
THIS WEEK’S ACTIVITY
The bulk of this week’s price activity can be found in the Classic Commems series, with many sight-unseen bids from Certified Coin Exchange being reflected. As mentioned in this week’s Greysheet, there is ample opportunity in this series to pick up very low mintage issues at today’s prices. Lastly, to illustrate the buyer selection present in today’s market is this from a recent Stacks Bowers internet only auction session: a pair of PCGS MS64 Isabella quarters – sold in consecutive lots – with the first coin selling for $5,405 and the second coin at $564, nearly a tenfold difference. The combination of colorful toning and old holder prompted a bidding war, and clearly the winning buyer was comfortable paying up for a premium example. Collectors wishing to build collections for long term appreciation should take note.