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Market Report – 09/11/12

We’ve just returned from Long Beach, California for what was our third show of the year in sunny, Southern California.  In what’s an encouraging trend, we had our best Long Beach show in nearly five years.  We did a remarkable volume of both sales and purchases at the final show of 2012 in Long Beach.  While the public attendance was sporadic, with strong turnout on both Thursday and Saturday, Friday was on the quiet side.  On the whole, Long Beach remains one of the premier numismatic trade shows in the country.

The most exciting purchase of the show was an amazing collection of extremely high-end pattern coinage, some of which we’ll have available on our website very soon!  These coins came from a very serious, long-time collector who compiled these coins over many decades.  We also purchased an amazing Barber quarter in PF69 that is easily one of the most beautiful coins of this type we’ve ever handled.  We also purchased some high-end gold coins as well.  A gem 1911-D $2.5 and a ridiculously fresh $5 half eagle in MS67 come to mind. 

Selling coins came quite easily at this show.  Dealers were quickly gobbling up coins in all price ranges.  From circulated collector coins to a gem specimen striking of a Hibernia half pence, it was clear that dealers needed coins.   The rare coin market is definitely gaining strength as we march through 2012. 

As I write this we’re only a few days away from the Fed possibly announcing another round of quantitative easing (or QE3).   Gold has advanced cautiously upwards in the last few weeks as many speculate another printing of money by the U.S. government is imminent.  Whatever decision is announced will undoubtedly affect the spot price of gold.  A swing of 10% in either direction is certainly possible once Fed chief Ben Bernanke announces his plan.  We feel that the rare coin market has done a good job of separating itself from the swings of the gold bullion market of late and certainly has better “legs” to stand on than it has over the past several years.  We’re optimistic that regardless of where the spot price of gold lands that the rare coin industry continues to strengthen.