The rare coin market continues to expand globally, while closer to
home the fall coin show season is in full swing.
For sure, it’s been a busy month for the coin market. The Long Beach
Coin, Stamp and Collectibles Expo was held Sept. 8 to 10, and the next
weekend the Whitman Philadelphia Coin and Collectibles Expo took place.
Just a few weeks later is the inaugural American Numismatic
Association fall National Money Show, set in Pittsburgh Oct. 13 to 15.
The coin market then gets a much-needed breather until the Whitman
Baltimore Expo, Nov. 17 to 20.
It’s been a huge few weeks for coin auctions with more than $115
million being sold at auction in the past six weeks, including $71
million sold at the summer ANA auctions in August, $34 million at the
Heritage Long Beach auctions, nearly $6 million at Larry and Ira
Goldberg Auctions pre-Long Beach sales and $4.5 million at the Stack’s
Bowers Galleries Whitman Philadelphia auctions.
The Stack’s Bowers auction saw strong prices for numerous early
American pieces that saw bidding that went beyond the realm of the
specialists, including a rare 1781 Nathanael Greene at Eutaw Springs
medal with documents from the Continental Congress on its presentation
that sold for $86,250. Its strong price again confirmed the importance
of provenance to today’s collectors.
Also noteworthy, the Heritage world and ancient coin auctions at
Long Beach realized $20.4 million, showing the increasing
globalization of the rare coin market and the ability of U.S. based
coin firms to reach beyond U.S. coins to expand their bidder pool.
Equally impressive is that Heritage noted a 97.74 percent
sell-through rate by value — meaning that the top lots found buyers.
Among the rarities changing hands was a legendary Marcus Junius
Brutus Ides of March silver denarius, which sold for $546,250. It is
undoubtedly among the most famous ancient coins, with a recognizable
design that transcends the rare coin market.
As bidders continue to compete for a finite number of rarities, the
most logical way for the coin market to expand and for prices to
increase is by enlarging the pool of bidders. The global expansion of
the coin market will hopefully bring more deep-pocketed international
buyers into the U.S. coin market. ■