Gold traded over $1,150 April 7 and silver closed over $18 an ounce. Big U.S. gold type has continued under pressure in the higher grades, while the lower grades are firm to higher. The trend appears to have turned positive.
Insufficient supply is leading to higher levels on circulated generic Morgan dollars. While supplies continue to come in over the counter at local coin and pawn shops, there seems to be less of this as time goes by. I remember in the late 1960s selling Morgan dollars at EF $1.75, AU $1.95, BU $2.95, Ch. BU $3.95 and Gem at $4.95. Now they are 12 to 30 times those prices.
Peace dollars are following the trend but more of the action on them seems to be in the high Mint State grade range, with the 1921 and the 1928 leading the pack. The 1921 issue has been a promoted date and one particular old-time investor accumulated over 10,000 pieces during a 40-50 year period. The market has returned to a normal level of trading a year or two after dispersal of the hoard.
I was asked about the new PQ designations on certified coins. My answer; “the grading services have an obligation to their shareholders, which is to sell as much plastic and other services to their customers as possible.”