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Coin Market Report: August First 2003
Hello all, hope all is well. We at US Rare Coin Investments would like to congratulate Dr Rick Bagg, John Pack and the entire crew at American Numismatic Rarities for creating such an incredibly good auction this week where ANR was successful in hammering down over 5 and a half million dollars in rare coins, with many highlights of which in the case of the 1879 Stella gold coins which broke all previous records realizing a quarter of a million dollars!
This has been quite an interesting week in the rare coin and metals business. We're settling in after the American Numismatic Association Convention in Baltimore and dealers and private buyers and sellers have all experienced quite a bit of anxiety with regards to the buying end of the business.
And now as they say let's get right to some specifics:
Dated St Gaudens: Week after week, many of us are beginning to wonder what happened to these coins. Have they just disappeared? Is someone like Bill Gates hoarding these coins? Seriously folks, we've tried to buy these coins to fill numerous want lists and can't find a single St G that's considered rare for under 25,000.00! Not one! The coins available are either coins that do not meet our grading/eye appeal, or are so pricey, we just haven't been able to buy a single specimen in weeks. Please, if you have any of these coins tucked away somewhere would you please call us and allow us to make you an offer to buy them from you?
Early ( Pre-1838) Gold: We lucked out here in the last few weeks and were able to purchase several early eagles to which they were just as quickly bought by a smart businessman in the northeast, a doctor in the wild west and an investor in Canada. These coins are also realizing nose bleed high money on the bourse and in some cases, dealers are asking almost a 50+% premium "over" what we feel comfortable in paying. Rumor has it ( _ ) that a small collection of half eagles and early eagles will be coming on the market in September. To those of you who are looking to start or build on that important collection of rare gold, please contact us immediately so you can be offered the next ones that become available at fair prices. The prices on these coins are going up.
Commemoratives: There is growing demand for the early commems. We knew this had to happen eventually and we are privy to several large buyers who will buy quantities of specific coins in specific grades. It is impossible to fill the want lists at the current price levels. This applies to silver commemorative half dollars. If you haven't already contacted us about putting your name on a want list, please visit the website and fill out the want list form or call us. Serious demand is just starting for these coins and with prices at essentially 25% of their all time highs, there would appear to be a huge upwards potential on these affordable gems in MS-65, MS-66 and higher.
Silver Dollars: At the time of writing the famed 1804 Dollar has not yet been offered at auction. This coin is graded 58 and was previously in a 55 holder (?). The owners apparently paid over $800,000.00 for it (fairly recent), and the bidding we understand is supposed to "start" at a "Million Dollars"! We personally think there are better buys but the market will tell us who's right in a couple days no doubt. Morgan Dollars are strong with a growing base of investors actively pursuing Carson City and higher end proof like and Deep mirror proof like coins. Bust dollars are bringing crazy money at auctions and in our opinion, you may want to consider taking a profit here, re-evaluating your current positions and re-focusing on higher growth potential coins.
Patterns: There are several large consignments in the marketplace all of a sudden (are people reading this newsletter?). We took in several high-end coins and there's numerous specimens being offered at high high prices at the show. Be careful. There are several areas in patterns we think will bring the kind of frenetic activity in the market down the road, but there are many that in our opinion are topped out and need to be sold. Call us for specifics.
Metals: US Rare Coin Investments has changed course after so many years and has taken a long position in gold and silver and is brokering metals now. We think the trend is up. Please call or see the website for particulars.
That's all folks for this update. Please be sure to read the many new information pages on specific rare coins and also note that we will be publishing something soon that will surely bring a spirited debate in the industry. " Be on the look out!"
That's the way we see it from here.
Cordially,
Thomas M. Pilitowski
U.S. Rare Coin Investments
P.O. Box 496607
Port Charlotte, Florida 33949
Tel: 941-629-4765
Fax: 941-629-6532
Toll Free: 1-800-624-1870
Email: tompilitowski@yahoo.com



US Rare Coin Investments 2003 - 2015 U.S. Rare Coin Investments
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