LONG BEACH EXPO PRODUCES MORE BELIEVERS

Wednesday, June 11, 1998

        The latest Long Beach Expo served to justify the multitude of dealers believing in this current coin market. There is so much activity that many dealers cannot even keep up with their customer want lists. They definitely cannot find enough material to fill the needs of all their customers. Therefore, the collectors who are willing to pay the most for quality coins are having their needs filled first. Those customers who are not as serious, go without, or, settle for inferior quality coins at lesser money. Most dealers we spoke with were very excited about this market. They feel that prices are moving higher in an orderly fashion and most competitive buyers are trying to remain within certain parameters that helps maintain a steadily rising market.

        Unless you are in the mainstream of trading, you may not be aware that all sorts of coins are selling at this time. Just about anything from $10 up to over $100,000 is liable to sell to an anxious buyer if the quality is commensurate with the price. The astute buyers who may have interest in high value coins are well aware of the fact that they may have to outbid other competitive collectors. It seems like the more knowledgeable a collector is, makes him/her appreciate this current market even more. If they have the discretionary funds available, they are that much more aggressive. We did notice several coins change hands in the $100,000+ range.

        Several dealers reported that they are carefully buying specific coins for their own accounts. If the quality is there and the mintage warrants the asking price, they will consider placing the coin in their private inventory for future sales. The problem many dealers have encountered of late is that the previous marketmakers (those who typically lead the market) are being out bid for the high-end, rare material that has come available. This was the case at the recent Pittman Sale and it continues at major shows and auctions.

        Heritage Numismatic Auctions, Inc., presented their Long Beach Signature Sale, which realized well over $4 million. As you might guess, active bidding participation was very aggressive. It is difficult to choose from all the highlights; nevertheless, we have selected the following:

Denomination	Grade	Price Realized
1776 Continental Dollar	MS65	$71,250
1867 W/Rays Shield Nickel	PR 62	$18,975
1829 Bust Dime	MS67	$16,675
1854 Arrows L. S. Quarter	MS66	$47,150
1868 L.S. Half Dollar	PR 68	$26,450
1915 S Pan Pac $50 Round	MS64	$49,450
1915 S Pan Pac $50 Octagonal	MS64	$49,450
1796 No Stars Quarter Eagle	XF 40	$34,500
1808 Quarter Eagle	AU 58	$35,650
1863 Three Dollar Gold	MS66	$49,450
1879 Fl. Hair Stella	PR 64	$61,900
1799 Ten Dollar Gold	MS62	$81,700
1907 High Relief $20 Wire Rim	MS65	$76,200