Eagles are Strong
By Harry Miller
Long Beach came early
this year. and after weakness at the Florida
United Numismatists convention in January, this
had everyone in the hobby very concerned. I felt
that this timing could be a market breaker since
auction bills from the FUN auctions would be due
and there could be a serious liquidity crunch
among the major dealers.
Now what happened is interesting. Many dealers
anticipated a slowdown and were prepared. Others
marked down scarce items that were in inventory
too long or items that were just so-so for the
grade and moved them out.
There are items such as the 1895-O Morgan that
were overpromoted in circulated condition
several years ago that are now down to more
realistic levels. Another one that has traded
lower is the 1894 in Extremely Fine and About
Uncirculated; ironically they are not weak in
Good to Very Fine because they are rare in
grades lower than EF uncleaned.
The more common proof and mint sets continue to
be weak on collector/accumulator need to sell
and dealers attempting to maintain liquidity.
When dealers need cash the easily replaceable
stuff goes first and modern Mint product is at
the top of that list.
Another area of the market where weakness is
prevalent and associated with the above is the
super high grade modern issues. One of the most
used pricing references on these issues is now
generally 30-50 percent higher than actual
American Eagles and Buffalo issues are showing
remarkable activity and strength across the
board again with the exception of a few
It is obvious that bullion values have a great
effect here, but many issues are also up on
their own merits.
Traditional collector series remain strong with
a few minor adjustments. Positive changes
outnumber negatives by a factor of 5 or 10 to 1
depending on the series.
Last month there were some sellers of 1877
Indian Head cents in Very Good and Fine. I did
not lower them in our database because I knew it
was an isolated instance.
In the latest dealer bid sheets they are up
again. I noticed this month there seems to be
some sellers of 1921 and -D dimes in F and VF.
They will be up again.
Precious metals have done nicely.
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