This article was originally printed in the latest issue of Numismatic News.
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The Morgan and Peace dollar market has had anything but a correction. Demand continues to soar along with generic prices. While published dealer bids are up a few percent, there are numerous buyers who are quietly paying 10 percent or more higher and they want bags. While in Boston at the Bay State Show I was approached by one dealer friend and offered to sell circulated Peace dollars for $22.50. He wanted 14 bags. That’s wholesale. Don’t expect to get that if you have a roll or two. The middle man needs to eat, too.
The really interesting thing about the dollar market is that there is a slow steady increase in activity of higher grade and non-generic coins. The famous Redfield dollar group is showing nice activity in MS-63 with increased prices on the 1885-S, 1886-S and 1889-S dates. They are joined by a strong move in generic MS-64 coins and some quieter action in MS-65 coins, which many feel are cheap at today’s levels.
Common silver proof sets are being liquidated, a good idea if the packaging is not fresh. The Prestige group fell over the past two weeks. These sets always seem to go through promotional cycles where they drop 10-20 percent, get accumulated and then the next promo comes along and prices get driven up.