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Market for Morgan and Peace Dollars Still Soft

The finest known 1855 proof Kellogg $50 gold coin, graded PCGS PR-64 Cameo CAC, sold for a record $1 million by Witter Coin in San Francisco and will be exhibited by its new owner at the store’s grand opening starting Feb. 10, 2020. (Image courtesy Professional Coin Grading Service, www.PCGS.com)

It appears another million-dollar coin purchase has recently taken place, once again illustrating how the high end of the truly rare coin market has kicked into high gear. This time it was the finest known 1855 Kellogg & Co. $50 pioneer gold coin.

The coin sold in a dealer-to-collector transaction during December, however, the sale was only recently made public.

Other good news includes reports that results of the more recent Florida United Numismatists convention are very positive.

The U.S. portion of the Numismatic Stock Index has recovered from its early January dip, rising from 70.7 percent to 75.2 percent of its 52-week trading high, this being in spite of a very volatile precious metals market. (The foreign sector of the NSI declined by 4.9 percent during the same period, much of this being due to an English auction house.)

Investors flocked to gold and silver American eagles, both new issues being purchased directly from the mint and through secondary markets. This, in turn, raises the question of how many non-collector speculators may be involved in the latest round of buying.

The market for collectible yet generally available circulation strike half cent to $20 double eagle coins continues to hold its own, with some modest value increases.

The only surprise is the continuing soft market for Morgan and Peace dollars. Here there are many bargains to be had. Since overall it appears there is room for growth, the business of coins continues to be a buyer’s rather than a seller’s market.

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