Specific pieces within the rare coin market are showing signs of strength, leaving the balance of the collectible and the bullion-impacted coins in the lurch.
The record-setting $517,000 realized for one of 10 known 1866 $20 double eagles, this example in Numismatic Guaranty Corporation Proof-65 Cameo with CAC sticker, led the way at a recent Heritage auction.
Dwelling on the long-winded description of the NGC evaluation accompanying the coin you can see it still takes an unusually scarce to rare coin to command such a price. This is one of a handful of select coins that can be considered to be an investment.
A nicely circulated set of silver Washington quarters, as an example, will still be impacted by the spot price of silver. The only exceptions are the mintmarked 1932 issues.
Gold and silver bullion continued their decline this past week, driving much of the collectible but reasonably common material down with them. Morgan silver dollars don’t appear to be impacted as much, with few price changes. Proof and mint sets lost their luster a long time ago and don’t appear to be making a comeback anytime soon. Dealers are reporting more people selling than buying, which is an irony since the dip in precious metal prices should encourage just the opposite. I will repeat: this is the buying opportunity. Most silver is selling at a zero premium above spot price. Gold is a bargain. So is platinum. The time is now.
This article was originally printed in Numismatic News. >> Subscribe today.
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