Howdy Folks -

Well with the FUN Long Beach shows behind us it's been kind of quiet in the coin collecting community. Many dealers reported that while active, Long Beach was more subdued than the FUN show. Coins still sold and some new record prices were achieved, but there was not quite the usual level of excitement and energy prevalent. Many claimed that it was because the two major shows came so close together this year and that dealers and collectors alike simply did not have the available funds for additional buying. Others claimed it was because the market is reaching its peak or has perhaps topped out. Whether this is true or not - only time will tell.

One thing is certain, there are still some hefty prices being paid for specific coins and sets. For example, I recently witnessed a 1995-W American Gold and Silver Eagle 10th Anniversary set sell for $4,150.05 !! And no it was not a fluke bid. The next three closest bids were all over $4,000.00. Now I don't know if that's a record or not - but it certainly made me consider selling mine - for about 10 seconds ;-}

Some other coins that have recently sold for notable prices -

1792 silver half disme, PCGS Mint State 64, $299,000

1838 Gobrecht silver dollar, Judd 84 PCGS Proof 63, $46,000

1866 Coronet gold $20 double eagle, PCGS Proof 64 DCAM, $120,750

1867 Shield, With Rays 5-cent, NGC, Proof 66 CAM, $132,250

1889-CC Morgan silver dollar, NGC MS-64, $39,100

1921 Peace silver dollar, NGC Matte Proof 65, $40,250

1921 Peace silver dollar, NGC Satin Proof 64, $40,250

1921 Peace, Low Relief silver dollar, NGC Matte Proof 65, $74,750

1922 Peace, High Relief silver dollar, NGC Matte Proof 65, $86,250

1911-D Indian Head eagle, PCGS MS-64, $66,125

1912-S Indian Head eagle, PCGS MS-65, $66,125

1921 Saint-Gaudens double eagle, NGC MS-62, $81,075

1932 Saint-Gaudens double eagle, PCGS MS-65, $75,900

The precious metals markets have been volatile to say the least - perhaps silver more so than gold. Gold has stayed in a range from $395 to $416 - not that much of a percentage move. But silver has dropped to as low as $6 only to rocket back up to a high it has not seen since 1999 - $6.80. Both have started moving back down in recent days.

In other news it seems that Collector's Universe has decided to get entirely out of the auction business. A few months ago they sold Lyn Knight Currency Auctions, Inc. On Feb. 19th they announced the sale of Kingswood Coin Auctions and Superior Sports Auction Divisions and Bowers and Merena to Spectrum Numismatics International, Inc. They also plan to sell their remaining assets in Odyssey Auctions.

David Hall, President of CU, is quoted as saying, "We have successfully developed our brand names in the grading and authentication businesses, beginning with the original brand, PCGS. By focusing our attention on these brands and the possible future expansion of our authentication business into vertical and horizontal markets, we believe that we can best leverage our successful experience in managing and creating these brands and direct our capital for a maximum return on investment."

Of course it's only a coincidence for this sale to happen at almost the same time as the announcement that Q. David Bowers has joined American Numismatic Rarities as its Numismatic Director. Mr. Bowers has for the past year been unaffiliated, at least officially, with any numismatic business interest. It is assumed that was because of an alledged non-compete clause that he had with Bowers and Merena, previously owned by CU.

One has to wonder just why Collector's Universe waited this long to sell a company, Bowers and Merena, after Mr. Bowers and most of his staff left the company last year. A name is not enough, it is the people who make the company - not the name. Of course one has to also wonder - why anyone else would wish to buy it ?

Well that's it folks - until next time ;-}

Doug