As we return refreshed after the holiday season, our full attention lands on the upcoming FUN show. Many market participants have a positive outlook for this annual seminal event, as it is hoped that the momentum which started to build in the final quarter of 2016 continues into the new year.
The Heritage Platinum Night auction session contains a plethora of U.S. coin rarities, led by one of our nation’s earliest designs, the 1792 half disme. The example being sold in this session is certified PCGS MS66, tied with two other coins at PCGS and trailing only three others graded higher-one being certified as a Specimen strike. Any fledgling student of early American coinage would do well to read the detailed catalog description of this coin. Another small denomination silver coin is amongst the top lots: the finest known 1871-CC Liberty Seated dime, PCGS MS65. This coin set a new record when sold in October of 2014 as part of Gardner collection for $270,250. The coin is reserved at $300,000, guaranteeing a new record price if sold. While it is not possible to judge a whole market on one transaction, this coin selling will be a good sign for the Liberty Seated market.
There is little argument that early U.S. gold was the best performing segment during 2016, and there are numerous opportunities in the FUN auction for this to continue. A rarely seen gem 1909-O Indian half eagle, a PR67 1886 double eagle, an 1870-CC double eagle in XF40, and multiple $50 Pan-Pac slugs are amongst the top gold coins. While not coins, six different gold ingots recovered from the S.S. Central America are for sale, the largest being a staggering Justh & Hunter bar weighing in at 327.97 ounces.
For silver dollars, one of the ten existing examples of the 1884 proof Trade dollar, this one PCGS PR63 from the Norweb collection, leads the way. For Morgan dollars, we have the perfect case of “common date, uncommon grade”: an 1880-S graded PCGS MS69PL. As the Heritage catalog states, PCGS has certified well over 3 million Morgan dollars in its time and a total of just nine at this grade level. There are not many collectors who can claim to have a Morgan dollar and a silver eagle in this same lofty same grade!
THIS WEEK’S MARKET
Gold Type: As the spot gold price continues to trade well below the $1,200 level, market makers continue to pare back their bid levels. However, things may be looking up as asset managers conduct year-end rebalancing of their portfolios by rotating out of stocks and into precious metals and bonds.
Classic Commems: A handful of higher bids are found in this series this week.