Latest Auctions Tell State of the Market
Market uncertainty meets major milestones as cent production halts, precious metals stabilize, and rare-coin prices surge — signaling a pivotal moment for collectors at every level.
These are exciting times to be in the market for coins. Production of the cent has ceased. Some specially minted examples are to be auctioned by the U.S. government. The numbers the government hopes will be realized may not be realistic, but we shall see. We also don’t know if this will be a pause in production or if it will be final. Congress, not the president, has the final say.
Perhaps some cheaper metal cent is yet in our future? The spot price of gold and silver appears to have settled, at least for the moment, at the lofty figures of about $4,000 an ounce (gold) and $50 an ounce (silver). While these values are a bonus for anyone who already owns precious metal coins, the fact that a trading range appears to be established will be good for the overall business and hobby of coins. The temperature of the truly rare coin market was taken on November 13-14 via the Heritage U.S. Coins Signature® Auction.
There were two lots of particular significance. A Professional Coin Grading Service Mint State 67 1910-S Saint Gaudens double eagle sold for $168,000, the previous high for that being $88,125. The price realized of $216,000 for an 1879 Flowing Hair $4 Stella in Numismatic Guaranty Corporation Proof 66 Cameo was important, but more important was that the coin drew 93 bids. Crypto coins are on the other end of the scale, performing poorly. Pseudonymous crypto sleuth Ogle recently reminded us that “As long as one person believes in the coin, it is not dead yet and could spread virally again at any moment.” An interesting observation, but we shall see.
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