The first event to kick off the summer months each year is the Long Beach Expo, being held this week. Summer certainly brings about a change in the rare coin business, as dealers take some time off to spend with family or go on vacation. Collectors, likewise, are drawn to other activities, although some mix in a coin show or two as part of their vacation.
GOLDBERGS OFFER LARGE CENT COLLECTIONS
As usual, Goldberg Coins & Collectibles will hold an auction prior to the start of the expo itself. This firm continues to have a majority of the market share when it comes to offering collections of early copper, and the June auction contains two named large cent collections: the Manuel Ahumada Collection of Large Cents 1816-1839 and the Gene Heard Collection of Red Book Large Cents. As we have mentioned in the past the early copper market does not lack eager and enthusiastic devotees, and these series do not move in price with the rest of the coin market. While certain areas of U.S. coinage have fallen, early copper has not only held steady but has grown in many cases. The conservative Early American Coppers (EAC) grading system has helped this segment sustain this level of demand, as it provides a common language for those who choose to abide by its principles. Put another way, the EAC grading standard affords collectors and dealers a much greater depth of information than a single grade value can provide about the condition of the coin. This affords the collectors of this area the granular detail they require for early copper issues which are often complicated by uneven surface conditions, planchet issues, and the like. Over time, this has led to a higher level of confidence among aficionados and a strong-performance in their market. Interestingly we see a number of non-EAC collectors of certified coins who appreciate the additional information.
KEY MINT STATE 1893-S MORGAN HIGHLIGHTS AUCTION
Heritage auctions will conduct a U.S. coin auction throughout the course of the expo, with more than 3,600 lots to hit the auction block. One of the many highlights is an uncirculated example of the always-popular 1893-S Morgan dollar. This particular coin is graded MS61 by PCGS. There are only a handful of this key date known in the uncirculated grades, and the most recent auction sale was a PCGS MS63 which sold in July of 2015 for $282,000. The last MS61 to sell was a PCGS certified coin way back in 2003 for $69,000.
THIS WEEK’S MARKET
Show some weakness in MS63-64 grades, while common dates drop a bit in MS65 and MS66. We see a lot of value for the keys in this series, especially if one is picky for quality and price.