All major stock indexes have traded in negative territory since the Fed rate decision, indicating broad uncertainty in the market. This sparked a modest rally in gold last week as the spot price trended towards $1,150.
Investors seeking a return on their equity are significantly challenged in the current zero-yield environment, with many being forced to take on risk that is disproportionate to potential returns. Thus a stable, long-term market made up of tangible assets, such as rare coins, becomes an attractive alternate investment. This concept seems to not yet be fully understood or explained to a broad base of middle to upper middle class Americans, who often take a passive approach to investing. With coin prices lower than a few years ago, there is plenty of opportunity for dealers who take the time to explain this to their customers, especially newcomers. Additionally, the availability of interesting and desirable U.S. collector coinage on the market truly makes this a buyer’s market.
The final official tally for the Heritage Long Beach auctions – across all four categories that were offered – was over $23 million. This is an impressive figure no matter how you look at it.
In other auction news, the Regency XIV sale conducted by Legend Rare Coin Auctions is now open for pre-bidding, with the live auction taking place on October 15th in Las Vegas. This sale is highlighted by the second half of the Coronet Collection of Morgan Dollars, featuring outstanding condition rarities such as a gem 1895-O, a proof-like 1896-S graded MS66, and the finest known MS66 1901. In addition, there is a large selection of colorfully toned Morgan dollars, a mint state 1794 half dollar, and a gem 1919 Walking Liberty half dollar.
The Pogue Collection, Part II will be sold this Wednesday, September 30, in New York City by Stacks-Bowers Galleries in conjunction with Sothebys. This sale is followed by a Rarities Auction the following evening. The highlight of Pogue II is a 1794 Silver dollar graded PCGS MS66+which is bid up to $2.6 million hammer on the internet in the days prior to the live event.
New Variety Discovery at NGC
On the numismatic front, NGC has announced the discovery of a previously-unknown obverse doubled-die variety of the 1873, Open 3, Shield Nickel. As stated in the news release, the doubling is most prominent at the cross and annulet at the top of the shield and in the leaves of the wreath. The discovery coin is graded MS61, and proves that, despite the amount of research that has been done on U.S. coinage, new discoveries are out there to be found.