The annual Florida United Numismatists (FUN) show wrapped up last week in Tampa, Florida with a solid – but not exceptional – turnout from collectors. Dealers, however, came out in full force looking to start the new year off on the right foot. Most of the booth holders we spoke with reported that the show went better than expected. Dealers admitted that they had been cautious with their expectations for the show due to concerns that the malaise of the final quarter of 2015 would spill over into the new year. Most, however, were pleasantly surprised with the level of activity they maintained in both directions.
CASH IS KING IN THIS MARKET
One thing remains clear in the current market: dealers with large checkbooks can exert their authority in negotiations as many dealers still face cash-flow problems as they start the year. “It’s a great time to be a buyer,” reported one dealer, “but I’m still uncertain of where levels will ultimately settle out. Even CAC coins are showing some weakness right now.”
THIS WEEK’S MARKET
By popular request, we are reinstating “This Week’s Market” section of the weekly report.
Gold Type: A few adjustments this week, most noteworthy is that there is a growing discrepancy between CAC and non-CAC generic gold. We are considering adding Indian gold by date to Bluesheet to monitor the spreads.
Classic Commemoratives: Several silver & gold commems in high grades were hit especially hard in recent auctions. Losers include Isabella quarters in MS67, Lafayette dollars in MS65 and Pan-Pac $2.50 in high grade. There are a few gainers as well, and the 144-piece coin breakdown pricing (introduced in December) has been well received.
Silver Dollars: High grade Peace dollars are a bright spot this week. We will review Morgans in detail on the Jan 22 sheet.
Modern Eagles: Lots of pluses overall thanks to positive movement in gold levels. Also, some tweaks thanks to dealer feedback at the FUN show.
Mercury Dimes: Mercury dimes are an area of short-term growth as this series has been overlooked for too long, and buyers like the values in this series – especially in high grade.
Walking Liberty Halves: Walkers had a good week at FUN holding their recent gains and showing strength in auction. The 1934-S in MS67 increased to $23,500 from a previous bid of $16,000 – possibly our biggest gainer of the week in any series.