By Kathleen Duncan - Pinnacle Rarities
Monday, August 15th was not only dealer set-up day for the largest coin show of the year, but marked the exact 40th anniversary of the collapse of the Bretton Woods agreement. Under this contract, the dollar was tied to gold at $35/oz. In 1971, Richard Nixon took us off this "gold standard," a decisive moment in the creation of the global debt crisis confronting the world today. As if to celebrate, gold soared 6% last week to a new high of $1877 and is on track for its biggest one-month rise in nearly 12 years. Although the ANA is primarily a venue for rare coins, not bullion, the elevated price of gold couldn't help but instill a bit of added euphoria.
Both in auction and on the bourse, great coins fetched equally impressive prices. We didn't hesitate to purchase anything we thought was special, as it likely wouldn't have been available for long. Truly rare coins are continuing to be absorbed by deep pocketed collectors, some of whom are likely looking for the inflationary haven offered by tangible assets. Perhaps the biggest surprise of the show was prices brought by the Guttag collection of Silver Commemoratives in the Stacks Bowers sale. Pluses, stickers and even the grades themselves mattered little as evidenced by a sample of the prices realized below. Some non-Guttag lots are referenced for comparison.
- Alabama 2x2 PCGS MS65 - $28,750
- 1893 Columbian MS66 (lot 8521) - $4,888
- 1893 Columbian MS66 (lot 8522) - $748
- Hawaiian PCGS MS64 CAC (lot 8530) - $2,875
- Hawaiian PCGS MS64 (lot 8531) - $7,475
- Huguenot PCGS MS67 - $29,900
- Huguenot PCGS MS66 - $34,500
- Lincoln PCGS MS66+ (lot 8541) - $8,625
- Lincoln PCGS MS66 (lot 8542) - $728
- Lincoln PCCGS MS65 (lot 8543) - $8,625
- Missouri 2x4 PCGS MS65 CAC (lot 8546) - $3,163
- Missouri 2x4 PCGS MS65 (lot 8547) - $2,588
- Missouri 2x4 PCGS MS64+ (lot 8548) - $18,400
- Stone Mountain PCGS MS67 - $10,925
We will be adding well over 100 wonderful items to our inventory this week. Perhaps the most exciting is a group of phenomenal 1796 material assembled by an astute collector. The assemblage contains fabulous examples of the Large Cent, Half Dime, Dime, Quarter, Half Dollar, Dollar, Eagle and Continental Dollar. We acquired from this same collector a fantastic array of superb Silver Commemoratives. There are over 50 examples in the collection, which contains a Sesqui in PCGS MS66, a lovely Wisconsin MS68, a gorgeous 1893 Columbian MS67 and stunning Isabella MS67 to name just a few highlights. We spent a solid six days behind the table and scouring the bourse for great coins, resulting in plenty of great purchases representing a bit of something for everyone.
Thank You to all of you who stopped by to do business or just say hello. We enjoyed seeing the familiar faces as well as many new ones. The World's Fair of Money in Rosemont was a fantastic show and one of our best in recent memory. But it's good to be back home in the office, and as always, we look forward to hearing from you.