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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 recordable transactions.

American Eagles and Buffalo issues are showing remarkable activity and strength across the board again with the exception of a few overpromoted items.

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.

E-mail harrymkrause@optonline.net, or write P.O. Box 100579, Cape Coral FL 33910-0579.


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