The Morgan dollar series has been very active with common date issues adjusting to current bullion levels and better dates seeking equilibrium in our current economy. I like what I see in the current market. There is movement in both directions where certain previously overpromoted issues are declining and scarcer issues are holding their ground while some are moving up. The 1894 Philly has declined; no shock here as they have been discounted wholesale for months. The 1889-CC after following the same fate has started to dry up and nice coins for the grade are again in demand. The 1893-S is gyrating between the above two scenarios. The 1895-S in F-12 has dropped $50 after being overpromoted and is probably a good buy now. The 1921 trio in Mint State has also declined, again after rising too high too fast.
There has been a lot of activity in the proof set market where two weeks ago the clad sets of the last decade virtually all moved up. The earlier sets of the period gained 10 percent on average while the latter gained about 5 percent. Over the last week clad sets of the prior 20 years all came to life gaining similar percentages. The only thing that overhangs the proof set market is the negative influence of silver sets being discounted on lower melt values. The overpromoted 2007 and 2008 American Legacy sets dropped over $10.
Mint sets are quiet with a slight negative bias based solely on silver values of the SMS sets and 3-piece 1976 set.
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