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Troubled Times but Coin Market Stays Strong
 | By Harry Miller, Coins
November 21, 2008 |
There is no doubt the financial world is in big trouble and yet the coin market keeps trucking along. Let me repeat that coins are real money that cannot be controlled by governments and their bureaucrats. Yes, they can attempt to confiscate or manipulate the market, but it will never work. People from before ancient Rome have been burying, hiding and stashing value in coins just like the Roman soldiers who often buried their pay in leather pouches.
On Sept. 17 gold had its biggest one-day move ever and silver was up over 10 percent and there is a strong demand for silver and gold such that silver Eagles are purportedly trading at a $5 premium over spot when about a $2 premium is more normal.
All the premiums are up on one-ounce gold or silver bullion items because there is a definite shortage of physical material. This has had little positive effect on the rarest silver American Eagle (1995-W), which is down nearly $500 in value. The most recent rarity, the 2008 with reverse of 2007, has increased nearly 20 percent since last month. I believe that these have dried up and we are finding that fewer exist than was thought.
Seated Liberty dollars have been ignored for many years. There are many dramatic increases.
Lincoln cents continue strong in circulated grades with many price increases from the lowly 1923-S to the very popular 1909-S V.D.B. Nice original uncirculated Lincolns prior to 1935 are nearly impossible to find and often bring very hefty premiums.
Barber material is very active where available. The 1913-S dime seems to be on most want lists and the 1896-S quarter along with the 1901-S and 1913-S are moving up in price. Many believe that the 1913-S is underrated as compared to the 1901-S at two to three times the price.
And the best just goes on and on with early U.S. type issues prior to 1840. I recently had a very nice early quarter in Extremely Fine-45 that was not yet priced and I was thinking it was worth about $12,000. I showed it to a dealer friend in a kind of show-and-tell game. He asked, "How much are you going to list it for?" I said in jest, $16,000! He said, "Will you take $15k?" I now miss my coin.
Modern mint and proof sets are in the doldrums. There should be some increased activity with the Christmas season. E-mail harrymkrause@optonline.net or write to P.O. Box 100579, Cape Coral, Fl 33910-0579.
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