This article was originally printed in Numismatic News.
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A quiet setup at the Long Beach Expo turned out to be a misleading indication. Thursday was busy all day. Friday, a normally quieter day, was a little busier than recent shows and Saturday was brisk.
Although premiums were weaker on bullion-related gold type, business was brisk for those willing to trade at or near current market levels. The main complaint on both sides of the table was, “I can’t find enough of what I am looking for.”
Morgan and Peace dollars were very strong in circulated grades. Better issues were mostly positive. Even though some dates have declined, those being offered are not particularly nice for the grade or are in relatively thin supply. One buyer purportedly purchased seven bags of circulated dollars at what many would consider retail. I had a couple of non-dealers offering to buy our circulated dollars at $1.50 under what this guy was paying. When I responded with, “Gee, I guess I would pay that, too,” they looked at me like I had two heads. Yet they were able to find some from dealers who did not keep up with the market. Did they walk across the floor and take a profit? There are strong dealer buy lists for later dated gold, primarily scarcer P-mint Saints and S-mint Indian Heads. Indians are sought in both circulated and Mint State while the Saints are required in MS-63 and above.