Competitive Bidding Shows True Market Value

Truly rare coins are exciting to read about. The prices they command are also attention-grabbing. What is sometimes overlooked but is an important factor in the interest in rare coins is just how many bids are received when one crosses the auction block. This demonstrates the true interest in the coin rather than simply the price it may achieve. As an example, the Heritage Sept. 12-15 Long Beach Expo U.S. Coins Signature Auction realized a whopping $22 million plus. The auction was an obvious success, but get down into the weeds, and you learn one of only 963 1796 Capped Bust Right, No Stars $2.50 quarter eagle in Professional Coin Grading Service About Uncirculated 50 realized $152,400. Yes, as Ron Guth called it, the coin is “one of the most historic and important U.S. gold coins.” 

I’m not putting the coin down, but consider the additional interest among bidders for a Proof 67+ Deep Cameo graded 1895 Morgan silver dollar that realized $324,000 after more than 30 bids for the coin were received. Likewise, the Major General Alexander Macomb Congressional Gold Medal was hammered down at $240,000—following 55 bids for the medal! I will add that part of the same auction totaled more than $10.5 million for U.S. currency, a reminder that this, too, is a significant area of U.S. currency to collect. The conclusion is that while there were many rare coins, and the consignors realized the market for this material is still hot, it is the sheer preponderance of bids for some of these lots that demonstrates the true enthusiasm among collectors and possibly investors to win these prizes.

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