The major addition this week is the introduction of CAC pricing for MS66 and MS67 classic silver commemoratives. There are numerous idiosyncrasies when it comes to interpreting the prices for this series that if not understood will put a buyer or seller at a disadvantage. First, it is important to explain why we chose to price this series in this way. Much like the other coin series for which we have added CAC pricing, the market placed us in a quandary when it came to trying to establish one price for commems in the upper mint state grades. The disparate spread of realized prices in some cases went beyond what we could accurately report in the Greysheet and Bluesheet. By adding a third tier of pricing, buyers can get a better sense of where their particular coin might fall within with price spread, provided that they are accurately judging the coin’s merits. However, as mentioned above, there are certain aspects of the classic commem series that make its pricing unique. The most important difference is that the percentage of commems that have been CAC-stickered relative to the overall population is higher, sometimes significantly so, in comparison to other series. This means that the price difference between a CAC and non-CAC is smaller than for many other series; there is a difference nonetheless. It does occur that a stickered coin sells for less than a non-stickered piece at auction. This is usually due to toning—a very important consideration in assessing the value of a silver commem. Right now, the market wants bright white untoned coins or exceptionally colorful rainbow toning.
It is also important to note that the MS67+ grade is an important grade level for the classic commem series. Whatever one’s feelings about the legitimacy of Plus grades, the market has borne a premium for commems grading MS67+ to the extent that it behaves like its own grade level with almost no relation to the rest of the MS67 population. While this may sound obvious, coins in other series do not always behave this way. This is because there are few commems graded MS68, and many issues have no coins certified in that grade. Thus, when a coin is CAC approved and Plus graded—making it finest known or tied for finest known—the price it brings can be multiples of the rest. This is important to take into account when referencing our prices. If ten examples of a coin that are MS67 CAC sell in a narrow range and then a MS67+CAC coin sells for significantly above that range, it is both irresponsible and not helpful to the dealer community to report that high number as the price. Like all other U.S. coins, those buying PQ or finest knowns should expect to pay a hefty premium.
If you are an active dealer in CAC-stickered coins we encourage you to post bids on CDN Exchange, so we can most accurately represent market levels. Sign up today at www.cdnExchange.com.