Just how big was the market in United States coins during 2016? by Paul Gilkes ,
Coin World | December 28, 2016
Even minus the U.S.
Mint, Professional Numismatists Guild projects total in
billions of dollars
Four rare United States coins crossed the auction
block in 2016 for more than $1 million each.
Original images courtesy of PCGS CoinFacts, www.PCGSCoinFacts.com.
The PCGS Proof 66 1894-S Barber dime sold at
public auction by Heritage Auctions in January 2016 for
$1,997,500.
Images courtesy of PCGS CoinFacts, www.PCGSCoinFacts.com.
The second most valuable coin sold in a public
auction in 2016 was this 1879 Quintuple Stella pattern (Judd-1643),
PCGS Proof 64 Deep Cameo, sold by Legend Rare Coin Auctions
for $1,888,000.
Images courtesy of PCGS CoinFacts, www.PCGSCoinFacts.com.
The Professional Numismatists
Guild's annual market survey of major auction firms suggests
auction results and direct sales in 2016 totaled more than
$4 billion.
PNG President Dana Samuelson says that the
total excludes bullion coins, such as gold, silver or platinum
American Eagles, and sales by the United States Mint.
Samuelson said the demand for high-quality,
rare United States coins picked up significantly following
the Nov. 9 presidential election.
The auction firms that responded to the
PNG survey are: Bonhams; Ira & Larry Goldberg Auctioneers;
GreatCollections Coin Auctions; Heritage Auctions; David
Lawrence Rare Coins; Legend Rare Coin Auctions; Scotsman
Coin & Jewelry; and Stack’s Bowers Galleries.
The aggregate prices realized for U.S. coins
sold at major public auctions in 2016 totaled $341,815,542.
The totals were $439 million in 2015; $536 million in 2014;
and $393 million in 2013. One firm, Heritage Auctions, accounted
for $192 million of the 2016 total. All totals include the
buyer’s premiums, to reflect the actual, full prices paid
by winning bidders.
“After several years of higher prices and
the spectacular sales of several legendary coin collections,
the U.S. rare coin market softened in 2016,” Samuelson said.
“But after the November elections, there was a notable increase
in demand for high-quality rare coins, including those priced
at $100,000 or more.”
Added PNG Executive Director Robert Brueggeman,
“Over the decades the U.S. rare coin market moves in cycles,
and the long-term trend is up. We believe 2017 will be an
opportunity for astute collectors to be buying.”
Four coins sold for $1 million or more at
auction in 2016, compared to a record-setting 17 during
2015.
The four million-dollar coins sold at public
auction in 2016 are:
➤ 1894-S Barber dime, graded Professional
Coin Grading Service Proof 66, $1,997,500, sold by Heritage
Auctions.
➤ 1879 Quintuple Stella (pattern $20 denomination
gold coinm Judd 1643), PCGS Proof 64 Deep Cameo, $1,888,000,
sold by Legend Rare Coin Auctions.
➤ 1833 Capped Head Left, Large Date $5 gold
half eagle, PCGS Proof 67, $1,351,250, sold by Stack’s Bowers
Galleries.
➤ 1795 Draped Bust silver dollar, PCGS Specimen
66, $1,057,500, sold by Stack’s Bowers Galleries.
A fifth coin crossed the million-dollar
mark in a private sale in late 2016, and although the purchase
price was not disclosed, it was reported the coin is insured
for $8 million for a planned public display in early 2017.
The coin is a Numismatic Guaranty Corp. Mint State 67 1861
Coronet, Paquet Reverse $20 gold double eagle.
An almost record
Two coins that were expected to break the
$1 million barrier in 2016 failed to meet their reserves.
The expected stars were in the fourth installment of the
D. Brent Pogue Collection on May 24, 2016 — the finest known
1804 Draped Bust silver dollar and the only collectible
1822 Capped Head gold $5 half eagle. The dollar received
a top bid of The prized dollar was ultimately passed at
$9.2 million, which with a 17.5 percent buyer’s fee would
have realized $10.81 million and set a record for a coin
at auction, had the bid been accepted. The half eagle also
failed to sell after reaching bidding of $6.4 million.
The Professional Numismatists Guild was
founded in 1955. PNG member-dealers must adhere to a strict
code of ethics in the buying and selling of numismatic merchandise.
For a copy of "The Pleasure of Numismatics,"
an informative, ten-page illustrated educational booklet
about collecting rare coins, paper money, tokens and medals,
send $1 to: Professional Numismatists Guild, 28441 Rancho
California Road, Suite 106, Temecula, CA 92590.
For additional information about the PNG
and a complete list of member-dealers, visit online at www.PNGdealers.org
or call the PNG headquarters in Temecula at 951-587-8300.