Monthly Coin Market Commentary

I was recently scanning a newsletter for some pricing info and the phrase, “not a single + coin was listed”, caught my eye. Then the thought hit me, are they doing double plus grading already? Of course I read that out of context. Where it was actually referring to a major auction that listed several “CAC” stickered coins and the note pertained to no PCGS + graded coins being listed. I chose the following excerpt from the NGC website for a brief explanation of the new plus grading methods applied by these two major grading services and I am sure others will follow. The PCGS excerpt is more complex and too long for this space.
“Beginning Tuesday, May 25, 2010, all eligible coins submitted to NGC for grading will be reviewed for Plus Designation ( ). NGC assigns a to coins at the high end of their assigned grade, approaching the quality requirements for the next grade. In addition to their superior technical merit, coins receiving a must have above-average eye appeal.”
Now I am sure to many of you this sounds like the best thing since they invented Swiss cheese, but I can’t help but wonder. On the surface it sounds like a better mousetrap, but it is perhaps just another way to sell more plastic. On a regular basis I still get asked to explain the difference between an MS60 and MS61 coin from long time collectors. So how in the world will I explain a MS60+ grade which in the past inferred MS61? There are some professional numismatists that have been using grades such as F18 and EF48 for years and I ask is that the real F15+ and EF45+?
I am all for the elimination of altered coins, but the definition of these is getting somewhat wacky! A dipped coin is not considered cleaned unless it is over dipped, but it is cleaned if it shows any sign of cleaning lines i.e. rub. A dipped coin that has retoned naturally may or may not be called artificial color depending on the eye appeal to the graders. If I remove a coin from an old album that contains a natural haze from long term storage and rub it between my fingers to freshen it up, is that cleaning? Some graders say yes and most say it depends. Depends on what? My fingers are what coins were made to be handled by! An artificially toned coin (usually by use of the same substances that normally occur in the atmosphere but in greater concentration) may grade or may not. Again depending on the eye appeal to the graders.
The unfortunate aspects of this situation are the uncertainty created in the marketplace, and the effect on the millions of coins that have not been perfectly handled over the years. Sure there are millions of certified coins to trade, but the great percentages of those were struck in the last 50 years or so. A vast majority of those coins struck prior to 1950, and especially prior to 1920, are un-certifiable by the above standards. So what do we do, put them back in circulation? As Patton said, “NUTS!”

Weekly Coin Market Commentary

Well gold and, in fact, the entire PM sector, is under pressure after breaking the $1200 support level last Friday. However, there is a somewhat different story regarding US Gold Type coins. In the last 2 weeks over 50% of the coins in our US Gold type charts have changed, many several times. It is interesting to note that with bullion under pressure there are still many positive changes, especially on the smaller denominations. Supplies are generally not sufficient to keep up with demand. Proof silver eagles have edged up another buck or so while the gold issues are down a few percent.
There are not many changes in the regular type coin price charts although Mint state Barber coinage in all three denominations has increased 5 to 10% with the exception of the gem quality half dollar. As I have said before these are a good market barometer. Although not in our charts, proof Indian cents are extremely active and have had numerous price increases.
While I was reviewing our pricing early this morning, I listened to a few hours of testimony before the committee on financial services-domestic policy & technology. Several points of interest regarding our hobby were; there are over one billion dollar coins held in reserve that are not being used, the National parks quarters are only being produced at a fraction of the quantities required for the 50 state program (maybe some sleepers here), last year a record $1.7 billion in bullion coins were sold which was an 80% increase over previous years and lastly the cent and nickel have cost more to produce then they are worth since 2006 (big surprise).





Happy Collecting,
Harry


To read more of Harry's commentary click here to visit Numismatic News.

Tennessee Store

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Full service dealership in Coins, Stamps, Currency, Precious Metals and Supplies

Miller's Mint Ltd.
200 E. Broadway Ave.
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Maryville, TN 37804-5755
(865) 982-4420
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Mon - Thurs: 10am - 5pm
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2009 Presidential Dollars

The ninth thru twelfth issue of the 2009-P & D Presidential Dollars featuring William Henry Harrison, John Tyler, James Knox Polk and Zachary Taylor's images on the obverse are now available. These unique coins have "IN GOD WE TRUST", "E PLURIBUS UNUM" and the issue date and mintmark on the rim of the coin, instead of being on the face of the coin. Each year the Mint will issue four (4) Presidential Dollar coins.

We offer both albums and holders for this new era in U.S. Mint Collectibles. Check under supplies for the album that best meets your needs.

The price is $1.95/each or $36.95 for a roll of 25.

Presidential Dollars can be reached by clicking "US COINS" and then "PRESIDENTIAL DOLLARS."

Statehood Quarters

The Statehood Quarter series is now complete with the issuance of the 2009 U.S. Territorial quarters for the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the U. S. Virgin Islands and the Commonwealth of the Northern Mariana Islands. Issued from 1999-2009 there were 56 quarters (i.e. 50 states and the 6 territories) minted.

Please check Statehood Quarters for appropriate single and roll pricing.

2009 Lincoln Bicentennial Cent Program

In 2009 to commemorate the bicentennial of Abraham Lincoln's birth, and centennial of the first issuance of the Lincoln cent, four designs were made to the reverse of the coin. These represented the following periods: Birth and Early Childhood in Kentucky; Formative Years in Indiana; Professional Life in Illinois; and the Presidency in Washington. In 2010 he reverse will revert to "an image emblematic of President Lincoln's preservation of the United States of America as a single and united country."

These coins are available individually or in 50 coin rolls. Please refer to "US COINS" and "LINCOLN CENTS" for ordering.

Bicentennial Medal Sets

We recently acquired a number of limited edition Bicentennial Medal sets, commemorating 50 great events in American Numismatic history. There were only 1,000 of these unique sets minted and at a recent show we came across them quite unexpectedly. So it's first come, first served...and we think they'll go quickly. If you are a numismatic history buff, these are definitely what you are looking for. Take a look at the picture, get 1 or better yet, buy 5 and give them to your collector friends for special occasions. Remember, when they're gone, they're gone.

Our low price is $19.95/ea or 5 for $79.95. The inventory item number are 207518 for the single and 207519 for the lot of 5.

Happy Collecting!

US Spot Prices