May 10, 2022 | News, PNG
(Temecula, California) May 10, 2022 – Second generation numismatist Wayde Milas, President of Rare Coin Company of America (RARCOA) in Willowbrook, Illinois, has been selected as the new President of the Professional Numismatists Guild (www.PNGdealers.org) for the 2022-2024 term.
Milas’ father, Ed Milas, served as PNG President from 1983 to 1985.
“Our respected, long-time PNG Executive Director, Robert Bruggeman, will be retiring next year, so my primary first goal as PNG President is to reach out to our members about the best candidates to succeed him,” said Milas who joined PNG in 2005.
“My other goals and projects as PNG President will be looking at ways to revamp and revitalize the experience of in-person shows for dealers and collectors as well as the future of PNG Days and the dealer-to-dealer PNG Trading Rooms. Another goal is to increase the number of younger dealers in the PNG ranks and how we can increase the cost/benefit ratio for them as well as all PNG members,” Milas continued.
All officers of the PNG Board of Directors also serve pro bono as officers of the non-profit Anti-Counterfeiting Educational Foundation (www.ACEFonline.org) and oversee the ACEF’s Anti-Counterfeiting Task Force. The volunteer task force works with local, state and federal law enforcement agencies to combat counterfeit coins, banknotes and precious metals products.
“We need to find permanent funding for ACEF and ACTF. The anti-counterfeiting work and PNG’s Code of Ethics binding arbitration to mediate any disputes involving our dealer-members are the two most important activities for PNG. ACEF’s partnership with law enforcement across the country has helped remove millions of dollars in counterfeits from the marketplace and resulted in shutting down dozens of fraudulent websites selling fakes,” explained Milas.
“The Anti-Counterfeiting Educational Foundation is a 501(c)(3) corporation and separate from PNG. All donations to ACEF are tax deductible.
Also selected as PNG officers for the 2022-2024 term are Vice President Don Rinkor of Rinkor Rare Coins in Santa Rosa, California; Secretary Dustin Johnston of Heritage Auctions in Dallas, Texas; and Treasurer John Brush of David Lawrence Rare Coins in Virginia Beach, Virginia.
Other members of the PNG Board are William Gale of Asset Marketing Service in Eagan, Minnesota; Jeff Garrett of Mid-American Rare Coin Galleries in Lexington, Kentucky; James Sego of JMS Coins in Coeur d’Alene, Idaho; Vincent Wade of Pinehurst Coins in Pinehurst, North Carolina; and Immediate Past President Richard Weaver of Delaware Valley Rare Coin in Broomall, Pennsylvania.
“Under PNG Bylaws, member-dealers of the organization elect the board members at large, and then the elected board members select the officers from within their group. During their April 26, 2022 meeting, the nine-member board chose the President, Vice President, Treasurer and Secretary,” explained PNG Executive Director Brueggeman.
Founded in 1955, the Professional Numismatists Guild is a nonprofit organization composed of many of the country’s top rare coin and paper money experts who undergo a background check, must adhere to a strict code of ethics in the buying and selling of numismatic items and who guarantee the authenticity of the numismatic merchandise they sell. The PNG mission statement is: Ensuring integrity, instilling confidence, and promoting professionalism for the benefit of all numismatic collectors and professionals.
A directory of PNG member-dealers is online at https://png.memberclicks.net/find-a-png-dealer and a directory of PNG-Accredited Precious Metals Dealers can be found at https://apmddealers.org/apmd-dealers.
For additional information, visit online at www.PNGdealers.org or call the PNG headquarters in Temecula, California at 951-587-8300.
Apr 28, 2022 | Announcements, PNG
The Professional Numismatists Guild announced its 2022 awards on PNG Day, April 27, in conjunction with the Central States Numismatic Society convention
(Schaumburg, Illinois) April 28, 2022 – The Professional Numismatists Guild (www.PNGdealers.org) has named its annual Lifetime Achievement Award in honor of former PNG President Harvey G. Stack of New York City who passed away earlier this year at the age of 93. The 2022 recipient of the newly-named award is veteran California dealer Jack H. Beymer.
“Harvey Stack was an icon of the numismatic world, a respected dealer who emphasized the educational importance as well as enjoyment of collecting. He joined PNG in 1978 and served as our President from 1989 to 1991. The PNG Board voted unanimously to recognize his outstanding achievements by adding his name to one of our most important annual awards,” explained PNG Executive Director Robert Brueggeman.
The Harvey G. Stack Lifetime Achievement Award is presented by PNG to a numismatist for his or her extraordinary devotion to numismatics and who, over their lifetime, significantly contributed to the hobby or profession. This year’s recipient, Jack Beymer, has operated Big Oak Plaza Coins in Santa Rosa, California since 1971 and is known nationwide for his passion for the hobby and profession. He joined PNG in 1975.
That award and other 2022 PNG honors were announced at the organization’s awards reception held in conjunction with PNG Day, April 27, at the Central States Numismatic Society convention in the Chicago suburb of Schaumburg, Illinois.
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PNG Executive Director Robert Brueggeman (left) presented the prestigious Sol Kaplan Award to Jack D. Young (right) for his efforts to combat crimes against the numismatic community. (Photo credit: Donn Pearlman.)
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PNG Secretary Dustin Johnston (left) presented immediate past Secretary James A. Simek (right) the Significant Contribution Award for his 12 years of service as a PNG Board member. (Photo credit: Donn Pearlman.)
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PNG Executive Director Robert Brueggeman (right) and ACEF Director of Anti-Counterfeiting Doug Davis (left) hold the Alan Kreuzer Memorial Award medal that will be sent to Treasury Department Senior Special Agent Chris Hersey. (Photo credit: Donn Pearlman.)
The Robert Friedberg Award, presented to an author in recognition for an outstanding book or other literature, was given to Rusty Goe of Southgate Coins in Reno, Nevada, author of The Confident Carson City Coin Collector. This acclaimed three-volume, 2,500-page reference work is about the historic Nevada branch mint and coins struck there from 1870 to 1893.
The Significant Contribution Award was presented to James A. Simek of NumisGraphic Enterprises in Westchester, Illinois for his exceptional, beneficial efforts over the years on behalf of PNG as well as the profession and the hobby. Simek joined PNG in 1980, has been a member of the PNG Board since 2009, and has served as PNG Secretary since 2015.
The Sol Kaplan Award that recognizes efforts and contributions to combat crimes against the numismatic community was presented to Jack D. Young of Dayton, Ohio for his help to fight fraud and thievery. Young has extensively assisted researchers, third-party grading services, online shopping platforms, and law enforcement in the identification of deceptive fakes offered in the marketplace and is the founder of the Facebook counterfeit watch group, “The Dark Side.”
In a related honor, the Anti-Counterfeiting Educational Foundation (www.ACEFonline.org) presented its annual Alan Kreuzer Memorial Award to Chris Hersey, Senior Special Agent for the United States Department of the Treasury Office of Inspector General. ACEF Director of Anti-Counterfeiting Doug Davis said that Agent Hersey has been instrumental in assisting ACEF in coordinating cases with the different levels of federal agencies responsible for the investigation of counterfeit coins and precious metals. He also assisted ACEF in conducting anti-counterfeiting and numismatic crimes educational seminars for law enforcement in California and Texas.
The PNG also recognized three dealers for 50 years of membership by presenting them with complimentary Lifetime Memberships: Harlan J. Berk of Harlan J. Berk, Ltd., Chicago, Illinois; Lyn F. Knight of Lyn F. Knight, Overland Park, Kansas; and Julian M. Leidman of Bonanza Coins in Silver Spring, Maryland.
Berk, who served as PNG President from 2001 to 2003, joined PNG 51 years ago in 1971, however, last year’s awards ceremony was not held because of the pandemic, so the formal recognition was delayed until this year’s event.
The Professional Numismatists Guild is a nonprofit trade association composed of the country’s top rare coin and paper money dealers who must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise. The organization also has an Accredited Precious Metals Dealer program (www.APMDdealers.org).
For additional information, contact Robert Brueggeman, PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590. Phone: (951) 587-8300. Email: info@PNGdealers.org. Online: www.PNGdealers.org.
Feb 9, 2022 | News, PNG
If you don’t know coins or precious metals, you’d better know your dealer
(Temecula, California) February 8, 2022 — The rare coin market in early 2022 continues to soar following a record-breaking marketplace in 2021. However, veteran dealers in the Professional Numismatists Guild (www.PNGdealers.org) urge collectors and investors to be cautious about the continuing proliferation of fraudulent, online advertisements selling counterfeit coins and fake gold, silver, and platinum bullion items or grossly overpriced genuine gold and silver coins.
“Last year, a record 22 U.S. coins sold at auction for $1 million or more and hundreds of other historic coins and banknotes priced from $1,000 and up set new records when more than $551 million of U.S. rare coins were sold at major public auctions,” said PNG President Richard Weaver. “The market boom continues as during the first month of 2022, there were reports of nearly $70 million of U.S. coins already sold at major auctions in January.”
Weaver cautions consumers and investors that social media platforms have become the predominant choice of counterfeit coins and bullion market fraudsters.
“In addition to outright fakes, some unscrupulous sellers offer illegal ‘replicas’ of historic coins that are not marked ‘COPY’ as required by federal law. The Anti-Counterfeiting Educational Foundation (www.ACEFonline.org) estimates the cost to unsuspecting victims is in the millions of dollars in lost investments,” he stated.
According to the Foundation’s Director of Anti-Counterfeiting, former Texas Police Chief Doug Davis, in one recent case, an unwary buyer unsuspectingly purchased $27,000 of counterfeit one-ounce “silver” coins from a pop-up ad that appeared on Facebook.
There are red flags to help identify suspected bad actors (https://acefonline.org/anatomy-of-fraudulent-facebook-pop-up-ads).
First, beware of offers too good to be true, such as prices well under the actual market value for genuine items. For example, one advertiser offered Morgan silver dollars (struck between 1878 and 1921) for only $8 per “coin,” but genuine examples of these types of popular U.S. silver dollars each contain about $17 worth of silver, and most have a higher numismatic/collector value.
The Commodities Futures Trading Commission and more than two dozen individual states recently filed a lawsuit against a California company alleging the firm “fraudulently solicited approximately $68 million from more than 450 members of the public to purchase precious metals” and that “customers significantly overpaid for silver coins,” according to the complaint filed in federal court. The defendants named in the lawsuit are not members of the Professional Numismatists Guild.
“Remember, if you don’t know rare coins or precious metals, you’d better know your dealer,” Weaver emphasized.
Members of the Professional Numismatists Guild and their Accredited Precious Metals Dealers program (www.APMDdealers.org) must adhere to a strict code of ethics in the buying and selling of numismatic and bullion merchandise. For a list of member-dealers, visit www.PNGdealers.org or call PNG headquarters in Temecula, California at (951) 587-8300.
Dec 30, 2021 | News, PNG
(Temecula, California) December 30, 2021 – The market for high-grade, rare United States coins soared in 2021. A record 22 U.S. coins sold at auction for $1 million or more and hundreds of other historic coins and banknotes priced from $1,000 and up set new records, according to the Professional Numismatists Guild (www.PNGdealers.org). The PNG is a nonprofit organization composed of many of the country’s top rare coin and paper money dealers.
Based on responses to a year-end PNG questionnaire, the aggregate prices realized for all U.S. rare coins sold at major public auctions in 2021 totaled more than $551 million, compared to nearly $369 million in 2020. Public auctions of U.S. banknotes in 2021 totaled more than $50.5 compared to $50.6 million in 2020, bringing the combined aggregate auction sales of rare U.S. coins and paper money in 2021 to nearly $602 million.
“Spectacular prices were realized for superb quality, historic, rare coins and banknotes as the numismatic market soared online and as collectors and dealers began to return to in-person shows and conventions across the country,” said PNG President Richard Weaver.
This U.S. 1933 Double Eagle gold coin sold for a record $18.9 million in 2021. (Photo credit: Sotheby’s.)
The most valuable rare coin sold in 2021 was a 1933 Double Eagle (U.S. $20 denomination gold coin) owned by shoe designer Stuart Weitzman. It brought $18.9 million at a Sotheby’s auction, setting a record price for any rare coin.
Heritage Auctions reported the largest dollar total of U.S. coins and banknotes sold at auction, $295.9 million, followed by GreatCollections Coin Auctions with $141 million, and Stack’s Bowers Galleries with $92.3 million in auctions of U.S. coins and banknotes.
“In addition to the 22 U.S. coins that sold for $1 million each or more at auction, about a dozen others reportedly changed hands in private transactions. The previous record year for million-dollar U.S. coin sales was 17 in 2015,” said Weaver. “Also, at least ten rare coins from other countries were sold for $1 million or more by U.S.-based auction houses in 2021.”
Participating auction firms were Alex Cooper Auctioneers, Bonhams, Early Cents Auctions, Ira & Larry Goldberg Auctioneers, GreatCollections Coin Auctions, Heritage Auctions, David Lawrence Rare Coins, Legend Rare Coin Auctions, Scotsman Coin & Jewelry, Sotheby’s, and Stack’s Bowers Galleries.
Professional Numismatists Guild members must adhere to a strict code of ethics in the buying and selling of numismatic merchandise. For a list of member-dealers, visit www.PNGdealers.org or call PNG headquarters in Temecula, California at (951) 587-8300.
Nov 15, 2021 | Announcements, PNG
(Temecula, California) November 15, 2021 – The Professional Numismatists Guild (www.PNGdealers.org) is now accepting nominations for its 2022 awards, according to PNG Executive Director Robert Brueggeman.
“The PNG publicly recognizes outstanding achievements in the hobby and the profession by honoring deserving recipients with prestigious awards. We cordially welcome and strongly encourage nominations from all collectors and dealers,” said Brueggeman.
The award winners will be announced during the 2022 PNG Day banquet on April 27, 2022 to be held in conjunction with the Central States Numismatic Society convention in the Chicago suburb of Schaumburg, Illinois.
Award nominations must be submitted by February 15, 2022 and should be sent directly to the appropriate PNG award category officials. The categories and contacts are:
Abe Kosoff Founders Award: Presented to a PNG member-dealer with steadfast dedication to the entire numismatic community and who has made a significant contribution to the Guild or to the numismatic fraternity in general the past year. The award is named after PNG’s Founding President who spearheaded the 1953 launch of the organization. Committee Chairs: Richard Weaver and Wayde Milas. Emails: RWeaver@dvrcc.com and WMilas@rarecoa.com.
Sol Kaplan Award: To recognize efforts and contributions in combatting crimes against the numismatic community, this award is presented to someone who has given their time to rid the profession of fraud and thievery. The Kaplan Award is named after a former PNG President and Ohio dealer who was personally responsible for the apprehension of several people suspected of committing numismatic-related crimes. Committee Chair: Robert Brueggeman. Email: Bob@ppius.com.
Significant Contribution Award: Given to those who have made exceptional, beneficial efforts over the years on behalf of PNG and the profession, and also added to the hobby. Committee Co-Chairs: Barry Stuppler and Duston Johnston. Emails: Barry@Stuppler.com and Dustin@ha.com.
Art Kagin Ambassador Award: This award is named after a former PNG President and nationally-known Iowa dealer who provided distinguished service as an advocate of numismatic goodwill. Committee Co-Chairs: Don Ketterling and Don Rinkor. Emails: DHKconsulting@verizon.net and Don@rinkor.com.
Founded in 1955, the Professional Numismatists Guild is a nonprofit trade association composed of the country’s top rare coin and paper money dealers who must adhere to a strict Code of Ethics (www.PNGdealers.org/code-of-ethics) in the buying and selling of numismatic merchandise.
For additional information about the PNG awards, contact Robert Brueggeman, PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590. Phone: 951-587-8300. Email: info@PNGdealers.org. Online: www.PNGdealers.org.
Sep 20, 2021 | ACEF/ACTF, News, PNG
Social media giant has not responded to warnings that the “platform continues to be used to lure gullible buyers of counterfeits”
September 20, 2021 — Three major numismatic organizations that sent a letter to Facebook executives to complain that the social media platform “has become the predominant choice of some fraudsters” are disappointed with the lack of a response by Facebook and the continuing appearance of pop-up advertisements selling counterfeit coins. No response has been received in the month since the letter was sent.
The Anti-Counterfeiting Educational Foundation (www.ACEFonline.org), Numismatic Guaranty Company (www.NGCcoin.com) and the Professional Numismatists Guild (www.PNGdealers.org) sent their joint letter on August 19, 2021 to Mark Zuckerberg, Facebook’s founder, chairman & chief executive officer. Copies were also sent to Facebook chief operating officer Sheryl Kara Sandberg and chief revenue officer at the time David Fischer.
“We are disappointed and frustrated that Facebook, for whatever reason, has failed to even acknowledge our important letter while hundreds of pop-up ads selling counterfeits or touting inaccurately or misleadingly described replicas continue to appear on their platform,” said Bob Brueggeman, PNG executive director. “ACEF, NGC and PNG jointly offered to assist Facebook to detect and help prevent these kinds of fraudulent ads, but there’s been no response.”
Mark Salzberg, Numismatic Guaranty Company chairman, stated: “NGC was founded, in part, to combat counterfeit coins in the marketplace. The coin collecting hobby is safer now than ever before, but we unfortunately face a new and serious threat from counterfeiters who are using social media to take advantage of unsuspecting buyers. NGC hopes to have the opportunity to work with Facebook to help banish these unscrupulous sellers from its platform.”
Doug Davis, ACEF Director of Anti-Counterfeiting and a former Texas police chief, stated: “The Anti-Counterfeiting Task Force has identified Facebook as a major platform utilized by counterfeiters and criminal organizations to sell counterfeit coins and precious metals. It is critical that Facebook executives recognize the criminal abuse of their platform by crooks who are preying on unsuspecting and uneducated victims who have lost hundreds of thousands of dollars. But most importantly, the misuse of the Facebook platform undermines the integrity of the U.S. monetary system.”
Here is the full text of the joint letter signed by Davis, Salzberg and Brueggeman.
Facebook Joint Letter
Apr 12, 2021 | Announcements, PNG
(Temecula, California) April 12, 2021 – The Professional Numismatists Guild (www.PNGdealers.org) is now accepting nominations for its 2021 awards, according to PNG Executive Director Robert Brueggeman.
“The PNG publicly recognizes outstanding achievements in the hobby and the profession by honoring deserving recipients with awards in a half-dozen categories. We cordially welcome and strongly encourage nominations from all collectors and dealers,” said Brueggeman.
Award nominations must be made by May 28, 2021 and should be sent directly to the appropriate PNG award category officials. The categories and contacts are:
- Abe Kosoff Founders Award: Presented to a PNG member-dealer with steadfast dedication to the entire numismatic community and who has made a significant contribution to the Guild or to the numismatic fraternity in general the past year. The award is named after PNG’s Founding President who spearheaded the 1953 launch of the organization. Committee Chairs: Richard Weaver and Wayde Milas. Emails: RWeaver@dvrcc.com and WMilas@rarecoa.com.
- Sol Kaplan Award: To recognize efforts and contributions in combatting crimes against the numismatic community, this award is presented to someone who has given their time to rid the profession of fraud and thievery. The Kaplan Award is named after a former PNG President and Ohio dealer who was personally responsible for the apprehension of several people suspected of committing numismatic-related crimes. Committee Chair: Robert Brueggeman. Email: Bob@ppius.com.
- Robert Friedberg Award: Presented to an author in recognition for an outstanding book or other literature. Named in honor of a publisher and author of numismatic reference books, this award is not automatically given each year. It is only given when there is deemed to be a worthy recipient or recipients. Committee Chair: James A. Simek. Email: nge3@comcast.net. Note: A copy of each book nominated for this year’s award must be submitted for delivery no later than May 28, 2021 to James A. Simek, P.O. Box 7157, Westchester, IL 60154-7157.
- Lifetime Achievement Award: Presented to a numismatist for his/her extraordinary devotion to numismatics and who, over their lifetime, significantly contributed to the hobby or profession. Committee Co-Chairs: John Brush and James Sego. Emails: John@DavidLawrence.com and JSego@JMScoins.com.
- Significant Contribution Award: Given to those who have made exceptional, beneficial efforts over the years on behalf of PNG and the profession, and also added to the hobby. Committee Co-Chairs: Barry Stuppler and Duston Johnston. Emails: Barry@Stuppler.com and Dustin@ha.com.
- Art Kagin Ambassador Award: This award is named after a former PNG President and nationally-known Iowa dealer who provided distinguished service as an advocate of numismatic goodwill. Committee Co-Chairs: Don Ketterling and Don Rinkor. Emails: DHKconsulting@verizon.net and Don@rinkor.com.
The Professional Numismatists Guild is a nonprofit trade association composed of the country’s top rare coin and paper money dealers who must adhere to a strict Code of Ethics (www.PNGdealers.org/code-of-ethics) in the buying and selling of numismatic merchandise.
For additional information about the PNG awards, contact Robert Brueggeman, PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590. Phone: 951-587-8300. Email: info@PNGdealers.org. Online: www.PNGdealers.org.
Apr 9, 2021 | News, PNG
Temecula, California) April 9, 2021 – The Professional Numismatists Guild (www.PNGdealers.org) voted on April 8, 2021 to expel member Jason Bradford for conduct prejudicial to the PNG.
Bradford, of Legacy Currency Grading, joined the PNG in 2015 as member #765, and his membership was suspended in July 2019. PNG Executive Director Robert Brueggeman said that in accordance with PNG Bylaws, after an ongoing review of the matter the Board of Directors voted to expel him rather than reinstate his membership in the organization or accept his resignation.
The Professional Numismatists Guild is a nonprofit trade association composed of the country’s top rare coin and paper money dealers who must adhere to a strict Code of Ethics (www.PNGdealers.org/code-of-ethics) in the buying and selling of numismatic merchandise.
For additional information about the PNG, contact Robert Brueggeman, PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590. Phone: 951-587-8300. Email: info@PNGdealers.org. Online: www.PNGdealers.org.
Mar 16, 2021 | Announcements, News, PNG, Shows & Conventions
Statement about ANA Dealer Day
by Richard Weaver
Professional Numismatists Guild President
As you may be aware, the current leadership at the American Numismatic Association declined to renew our contract for PNG Day this year for the first time in over 40 years. This was incredibly surprising, given that the Professional Numismatists Guild (www.PNGdealers.org) and its members have always supported the ANA and its endeavors, including giving up the PNG Day format to support ANA’s request for a PNG/ANA Trade Show to prevent competition to the World’s Fair of Money®.
The recent move by the ANA to host a “Dealer Day” was made without any prior discussion or consultation with PNG. Not only were we not given the opportunity to negotiate, we were not even afforded the common courtesy of an explanation.
We feel strongly that this is a slap in the face to PNG and its members.
We need to remind the ANA that dealers and collectors – including PNG dealers and their customers — are a large part of what makes ANA events successful. Remember, the public could attend the PNG Day events on the eve of the ANA summer conventions, but the public will not be permitted to attend the August 9 ANA Dealer Day.
Fortunately, we have the perfect venue for our members to preview and trade the best inventory prior to the ANA Dealer Day: the PNG50, to be held at the Hyatt Regency DFW Hotel in Dallas, Texas, July 28 – 29. Bourse tables have been reduced to a special introductory rate of $199.00 per dealer. Lunch will be served on the trading floor, and non-table holders can enter the show with a $50 donation to ACEF. NGC will have representatives on-site to accept submissions, and Heritage Auctions will have complimentary shuttles to and from their new, nearby DFW offices to facilitate lot viewing.
PNG has negotiated a special discounted room rate of $129 per night for single or double occupancy. The hotel also provides complimentary 24-hour airport shuttle service. Reservations can be made at hyatt.com/en-us/group-booking/dfwap/g-png1, or by phone at 877-803-7534 (ask for the PNG50 Group rate).
New applicants to the PNG will receive a bourse table free of charge, as long as their membership application is received prior to the show dates. For additional information, or to download the bourse application, visit the PNG website, www.PNGdealers.org.
Jan 8, 2021 | News, PNG
Over $419 million of historic U.S. rare coins and paper money sold at major public auctions in 2020
(Temecula, California) January 6, 2021 – It was the year of pandemic-related cancelled coin shows, but 2020 still resulted in one of the strongest U.S. rare coin and paper money markets in recent years, according to a year-end survey of major auction houses conducted by the Professional Numismatists Guild (www.PNGdealers.org), a nonprofit organization composed of many of the country’s top rare coin and paper money dealers.
Based on responses to a PNG questionnaire, the aggregate prices realized for U.S. rare coins sold at major public auctions in 2020 totaled nearly $369 million. The aggregate total was $325 million in 2019; $345 million in 2018; and $316 million in 2017.
Major auction sales of U.S. banknotes in 2020 totaled $50.6 million bringing the combined aggregate auction sales of rare U.S. coins and paper money the past year to over $419 million. This was the first year PNG included banknotes in its annual survey.
“With most of the scheduled coin shows and conventions canceled after early March, much of the auction sales activity successfully moved online which already was a growing trend the past decade. Several major collections of high-quality coins and banknotes started coming to market in 2020 as previously planned, and as the pandemic intensified the market also provided liquidity for some collectors who needed cash,” said PNG President Richard Weaver. “This is the strongest rare coin market we’ve seen in years.”
Eight individual rare coins were purchased at auctions for $1 million or more in 2020. The top two were an 1804-dated Draped Bust Class I silver dollar graded by Professional Coin Grading Service (PCGS) Proof-65 sold by Stack’s Bowers Galleries for $3,360,000 and a 1927-D Saint-Gaudens Double Eagle ($20 denomination gold coin) graded PCGS Mint State-65+ sold by Heritage Auctions for $2,160,000.
The most valuable U.S. rare coin sold at auction in 2020 was this 1804-dated silver dollar for $3,360,000. Photo courtesy of Stack’s Bowers Galleries.
“While prices held steady or slightly declined during 2020 for some U.S. coins in easily available lower grades, more than 600 noteworthy coins that are among the finest known of their kind from early American to modern set price records at auctions. The emphasis was on historical significance and finest quality,” said PNG Executive Director Robert Brueggeman.
Among the many notable examples of record-setters and price increases in the market was a 1907 High Relief, Wire Rim Saint-Gaudens Double Eagle graded Numismatic Guaranty Corporation (NGC) Proof-69 sold by Heritage for $660,000. That same coin brought $573,300 in a 2013 auction.
Other noteworthy records included a Draped Bust 1796 quarter-dollar graded PCGS MS-64 sold by GreatCollections for $303,750, about 20% higher than its price guide value. A similarly graded one sold for $141,000 in 2015. An 1896 Morgan silver dollar graded PCGS MS-68 sold by Legend Rare Coin Auctions in 2020 for a record $30,550; $5,550 higher than its price guide value at the time.
The two most valuable individual U.S. banknotes sold at auction in 2020 were an 1863 $100 Legal Tender Note graded by Paper Money Guaranty (PMG) Gem Uncirculated 65 EPQ (Exceptional Paper Quality) sold by Stack’s Bowers for $432,000 and a 1934 $10,000 Federal Reserve $10,000 Note graded PMG Gem Uncirculated 66 EPQ sold by Heritage for $384,000.
The most valuable individual U.S. paper money sold at auction in 2020 was this Civil War-era 1863 $100 Legal Tender Note for $432,000. Photo courtesy of Stack’s Bowers Galleries.
Heritage sold a total of $183 million of U.S. rare coins and $33.5 million of U.S. banknotes at auctions in 2020, and Stack’s Bowers had $88.1 million in auctions of U.S. coins and $14.9 million in U.S. banknotes.
“The markets for collectibles have not merely survived the COVID-19 crisis, they have thrived. There is no doubt: collectibles are an asset class. A broad range of collectibles, including rare coins, banknotes, comic books and trading cards, have become highly liquid and fungible,” said Mark Salzberg, Chairman of Certified Collectibles Group, parent company of NGC (www.NGCcoin.com), the PNG’s official authentication and grading service.
In alphabetical order, the auction firms that responded to the PNG 2020 year-end questionnaire are: Bonhams (www.Bonhams.com); Early Cents Auctions (www.EarlyCentsAuctions.com); Fox Valley Coins (www.FoxValleyCoins.com); Ira and Larry Goldberg Auctioneers (www.GoldbergCoins.com): GreatCollections (www.GreatCollections.com); Heritage Auctions (www.HA.com); Kagin’s (www.Kagins.com); David Lawrence Rare Coins (www.DavidLawrence.com); Legend Rare Coin Auctions (www.LegendAuctions.com); Scotsman Coin & Jewelry (www.scoin.com); Sotheby’s (www.Sothebys.com): and Stack’s Bowers Galleries (www.StacksBowers.com).
The Professional Numismatists Guild was founded in 1955, and its member-dealers must adhere to a strict code of ethics in the buying and selling of numismatic merchandise.
For additional information and a list of PNG member-dealers, visit online at www.PNGdealers.org or call the PNG headquarters in Temecula, California at 951-587-8300.