$10 Million Sale Shows Strength in Rare Coins

The almost insatiable appetite for truly rare coins was once more demonstrated at the Nov. 16-19 Heritage 2006 Long Beach Signature Auction. Leading the way through the spirited bidding was a 1794 Flowing Hair silver dollar graded Professional Coin Grading Service EF-45 with an additional Certified Acceptance Corporation green “watermelon” sticker. The coin realized $528,000 after having action that included 58 bids for the coin. This specific coin had been off the market since 2006. It realized $264,500 when it crossed Heritage’s auction platform 17 years earlier. The total realized at the November 2023 Heritage auction was $10,522,009.

The demand for the initial sale of new Mint products likewise continues uninterrupted. The secondary market isn’t quite as dynamic, with strong sale prices likely best described as being spotty. Increasingly, the secondary market for collector-only products issued by the U.S. Mint appears to be based more on intrinsic value plus a fixed premium than on any significant increase in demand. Likewise, the market for more generally available yet collectible coins remains spotty – perhaps best described as their prices becoming soft in many areas. The bellwether Morgan silver dollars remain in strong demand, especially for unusually high-grade or semi-key dates.

Most demand for bullion coins appears to be coming from “hard money” advocates and collectors, with investors increasingly sitting on the sidelines despite strong spot prices for gold and silver. Gold remained at more than $2,000 an ounce at the time this was being written. High interest rates rather than collector fatigue are likely a factor in the areas showing some slowdown, with these interest rates impacting both retailers and hobby consumers. 

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