Atlanta Gold & Coin periodically updated readers about coins and sets with strong demand and those with weak demand, calling them stellars and stinkers in this article. Not much had changed since its last update, although it wanted to highlight several specific coins and sets. Summer was typically a slower period for the coin and bullion business, which could make items at both ends of the demand range easier to identify. The article began with strong sellers, moved to lower-demand material, and ended with its view of where the coin industry was heading as the second half of that year approached.
Stellars
- At the time of original publication, the article described the following: Chinese silver pandas – The Chinese silver panda market had lost considerable momentum in 2014 and earlier that year, but the article said it had recently shown renewed strength. A Chinese-coin specialist had commented that a new investment product had recently formed in China, enabling investors to gain indirect exposure to silver pandas. The article said this had revived the market and pushed prices higher. In general, earlier-minted silver pandas sold at higher levels than more recently issued coins because production was lower. Coins still in original government-sealed plastic also had more demand than coins in hard plastic capsules. At publication, Atlanta Gold & Coin said it watched this market closely and paid competitive rates, inviting readers then to check with it before selling your Chinese silver pandas at bullion prices.
- At the time of original publication, the article described the following: Carson City coins – Although most customers thought first of silver dollars upon hearing “Carson City,” the article noted many other Carson City coins had value and strong demand. Some dealers focused almost entirely on Carson City issues, primarily Nevada coins, and sought every denomination issued there: half dimes, dimes, quarters, 20 cent pieces, half dollars, and silver dollars. A search of Certified Coin Exchange during the seven days before publication, described as the nation’s leading dealer network, showed 62 posts from people interested in buying or selling these coins. The article viewed that as clear evidence of strong interest. As at its prior writing, Carson City silver dollars in GSA holders were described as hot sellers, especially those from 1878, 1879, 1880 and 1885. High-grade coins graded, or “banded”, by NGC were selling especially competitively then.
- Platinum coins – At the time of publication, platinum coins had experienced a recent return of demand, particularly American platinum eagles and Canadian platinum maple leaf coins. The article suggested that platinum’s relatively low price then likely contributed. When written, platinum was below $1,100 per ounce, roughly $80 below gold. In the preceding years, platinum had fallen below gold only a few times, so the article inferred that some people were bargain hunting. It reported that every platinum denomination was doing well then, rather than only one-ounce coins.
Stinkers
- Modern Commemorative Uncirculated Silver Dollars – When this article was published, Atlanta Gold & Coin described modern commemorative uncirculated silver dollars as its hardest coins to sell. These were 90% silver dollars first minted in 1983. Modern commemorative proof dollars were also struggling, but the author did not recall demand ever being so low for uncirculated modern commemorative dollars. As often happens, a few coins performed better than others, yet most were described as sitting on the shelf collecting dust. The article said a greysheet could be disregarded when pricing them because it did not come close to their fair market value then. Collectors holding modern commemorative uncirculated dollars were advised at publication to retain them until demand improved. Those shopping for them then were advised to wait for a bargain.
- At the time of original publication, the article described the following: Cull silver dollars – Cull silver dollars are Morgan and Peace dollars that are off quality and, more recently, dollars grading VG or lower. Demand for them had once been fairly strong, but the article said that buyers and dealers had become more selective about the cull dollars they purchased. At one time, any Morgan or Peace dollar with a date and no hole was in demand. By publication, buyers and dealers commonly rejected pieces that had been polished, scratched, or had rim problems. The article added that pre-1921 cull Morgan dollars had held up fairly well, while demand for 1921 Morgan dollars and Peace dollars had fallen away.
- Low Quality Type Material – At publication, demand for low-quality type coins remained weak. Type coins are common-date nickel, copper, or silver issues made in 1916 or earlier. Examples include large cents, two-cent pieces, three-cent pieces, five-cent pieces, Seated Liberty coins, and similar material. Although many are old, they are relatively plentiful. Serious numismatists generally preferred higher-condition examples, leaving lower-grade coins primarily to collectors filling open spots in albums. Atlanta Gold & Coin said it had been seeing many such coins lately and found them difficult to move. Holes were not unusual because coin jewelry had once been popular. Unfortunately, the article stated, holed type coins were nearly impossible to sell except at very low prices.
Future Demand
As noted above, summer was usually slower in the coin industry, so the article did not expect demand for many of the “stinkers” to rise soon. It also saw a broad malaise in the industry, with collectors and investors waiting anxiously for gold, silver, and platinum to break through. Unfortunately, it said, whenever metals moved one step forward, they tended to move two steps back. Like the broader economy, the coin business was described as cyclical, and the article expected demand to increase as the economy improved and precious metals moved beyond tight trading ranges. Fall and winter were also generally better seasons for coins, which might lift prices for weaker-demand items. It suggested that a contrarian investor at that time might buy the off-demand items discussed above at discounted rates, hoping for a profit if their market changed.
Summary
In closing, the article identified several coin types and sets it considered stellar and several it considered stinkers. At the time of publication, demand appeared strong for Chinese silver pandas, Carson City coins—especially silver dollars—and platinum coins. Platinum was then priced below gold, which the article said made it especially appealing. At the other end, modern commemorative uncirculated silver dollars were having difficulty gaining traction, along with low-quality 1921 Morgan dollars and Peace dollars. Some dealers were even calling any coin grading below “fine” a cull coin. Finally, low-quality type coins were described as plentiful and mainly bought by collectors filling gaps in collections. Although the article’s crystal ball was described as cloudy, it predicted renewed interest in many then-out-of-favor pieces after the summer lull, higher precious-metals prices, and broader economic improvement.
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