Three Numismatic Groups Admonish Facebook About Ads Offering Counterfeits

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

PNG Now Accepting 2021 Awards Nominations

(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.

PNG Expels Member Jason Bradford

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.

PNG President comments on ANA Dealer Day

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.

Strong 2020 Rare Coin & Banknote Market Despite Pandemic, Reports Professional Numismatists Guild

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.

1804 U.S. silver dollar

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.

1863 U.S. $100 banknote

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.

Enjoy 2020 “Gold Rush” Prudently, Advises Accredited Precious Metals Dealers

PNG-APMD(Temecula, California) July 31, 2020 – Buyers of physical gold and silver during the 2020 “Gold Rush” should be wary of potential counterfeits in the marketplace, mistaking plated “gold coins” for bullion products, and avoid overpaying for any purchases, cautions the Accredited Precious Metals Dealers (APMD www.APMDdealers.org) division of the nonprofit Professional Numismatists Guild (PNG www.PNGdealers.org).

“Adding gold, silver or platinum bullion coins or ingots to an investment portfolio can be a smart choice, but knowing your seller can be a crucial choice,” advises PNG-APMD President Richard Weaver. “If you don’t know gold, you’d better know your gold dealer.”

Buyers should be cautious of an increase in counterfeit gold coins offered in the marketplace by unscrupulous sellers, and also beware of scam artists trying to lure investors with urgent claims of too-good-to-be-true low prices and quick, guaranteed bullion market profits.

“Since the onset of the COVID-19 pandemic, the Anti-Counterfeiting Educational Foundation (www.ACEFonline.org) has identified over 100 websites selling counterfeit precious metals coins and ingots. Information about the suspected spurious sellers has been given to the U.S. Treasury Office of Inspector General, but buyers should always be prudent before making any purchases from unknown sellers,” cautions Weaver.

He also advises investors seeking bullion to know that base metal replicas in the marketplace, often advertised as “tribute coins,” may be merely plated or layered with just a microscopically thin coating of gold — only about $1 worth of actual precious metal.

“They may have limited secondary market value and should not be confused with genuine, legal tender gold bullion coins, such as the popular American Eagle or Canadian Maple Leaf,” explains Weaver.

“To avoid potential scams, investors must know the credentials of the bullion dealer, not just what the dealer may tout in TV advertisements or on a fancy website,” added Weaver.

All members of the Accredited Precious Metals Dealer program must adhere to a strict Code of Ethics (https://APMDdealers.org/apmd-code-of-ethics/) in the buying and selling of precious metals. A list of APMD member-dealers is online at www.APMDddealers.org/apmd-dealers or call the Professional Numismatists Guild at 951-587-8300.

U.S. Rare Coin Market Quite Active Despite Pandemic, Reports Professional Numismatists Guild

Auction houses set records with over $167 million in winning bids during the first six months of 2020

(Temecula, CA) July 6, 2020 – The market for high-quality, rare United States coins remained active during the first six months of 2020 despite pandemic-related closures of many retail locations and cancelation of dozens of coin shows and numismatic conventions around the country, 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 experts.

“Even with economic uncertainty and the lack of face-to-face transactions and in-person floor bidding, major auction firms reported selling more than $167 million of U.S. rare coins in online public auctions during the first half of the year. Dozens of record prices were established for coins selling for five, six and even seven figures,” said PNG President Richard Weaver.

One of the many examples of superb quality rare coins commanding record prices was the $101,251 winning bid for the finest known 1905 Barber design silver quarter-dollar graded PCGS MS68 CAC offered by GreatCollections Coin Auctions. It sold for four times its price guide value.

Over a half dozen coins brought $1 million or more. The two most valuable U.S. coins sold at auction so far in 2020 were a record $2,160,000 for a 1927-D Saint-Gaudens gold $20 (Double Eagle) graded PCGS Mint State 65+ CAC sold by Heritage Auctions, and $1,920,000 for an 1854-S gold $5 (Half Eagle) graded PCGS About Uncirculated 58 CAC sold by Stack’s Bowers Galleries.

With a winning bid of $2,160,000, this 1927-D Saint-Gaudens Double Eagle was the most valuable U.S. rare coin sold at auction during the first half of 2020. (Image courtesy of Professional Coin Grading Service www.PCGS.com.)

In addition to the reported auction results, PNG conservatively estimates that least another $150 million of U.S. coins were sold by these auction firms in private transactions in the first half of the year.

“Sales of precious metal bullion coins, such as gold and silver American Eagles, also have been active and premiums over their intrinsic value have risen as supplies dwindled due to pandemic-related interruptions of coin production at the United States Mint,” said Weaver.

“As always, to avoid counterfeits we recommend that buyers of rare coins or bullion coins should only purchase from reputable, knowledgeable dealers, such as members of the Professional Numismatists Guild and its Accredited Precious Metals Dealer program (www.APMDdealers.org),” he emphasized.

Auction firms responding to a PNG request for information were Bonhams (www.bonhams.com): Ira & Larry Goldberg Auctioneers (www.GoldbergCoins.com): GreatCollections Coin Auctions (www.GreatCollections.com); Heritage Auctions (www.HA.com): Kagin’s (www.Kagins.com): David Lawrence Rare Coins (www.DavidLawrence.com): Scotsman Coin & Jewelry (www.scoins.com): and Stack’s Bowers Galleries (www.StacksBowers.com).

Additional information also was obtained through online auction archives at Christie’s (www.Christies.com); Legend Rare Coin Auctions (www.LegendAuctions.com); Sotheby’s (www.Sothebys.com); and Spink (www.Spink.com).

Professional Numismatists Guild members must adhere to a strict code of ethics in the buying and selling of numismatic merchandise. For additional information, visit www.PNGdealers.org or contact the PNG by phone at 951-587-8300 or email at info@pngdealers.org.

Taking Advantage of Gold & Silver Prices But Some Inventories Are Low

Accredited Precious Metals Dealers Urge Caution Against Market Scams

PNG-APMD(Temecula, California) April 2, 2020 — The recent jump in the price of gold due to stock market decreases and fear of the coronavirus has attracted new retail customers. The financial and public health concerns have also lured a return of many previous gold and silver bullion customers, but some inventories of physical bullion are low, according to members of the Accredited Precious Metals Dealer program (www.APMDdealers.org), a division of the nonprofit Professional Numismatists Guild (www.PNGdealers.org).

“The ‘Gold Rush’ of significantly higher prices that started almost a year ago for gold continues with more new customers entering the market as well as current or former customers now adding more precious metals to their investments. We’ve had reports of increases of 10 to 20 percent in recent business,” said PNG-APMD President Richard Weaver.

“Some elderly investors are taking advantage of the price increase to sell their bullion coins and ingots to raise cash for paying taxes, medical expenses and buying food,” added Weaver. “We are also hearing from bullion dealers facing dwindling inventory, such as silver American Eagles, because of delivery delays from the United States Mint and private mints that produce silver rounds. The premiums charged over the spot price of the bullion have risen significantly, double in some cases from a few weeks ago.”

An informal survey of APMD member-dealers indicates some bullion coin and ingot buyers are focusing on silver because of the approximately 110 to 1 price ratio with gold.

“Buyers should be wary of counterfeit gold coins in the marketplace, many of them apparently made in China, and also be cautious of scam artists trying to lure them with urgent claims of too-good-to-be-true low prices and quick, guaranteed bullion market profits,” warned Weaver.

He also cautioned that investors should not confuse so-called tribute coins with actual bullion items.

“Many of the privately created tribute coins are made of base metal and merely coated with a microscopically thin layer of gold worth only about a dollar. Genuine American Eagle and Canadian Maple Leaf legal tender bullion coins are over 99 percent gold,” he explained.

“If you don’t know precious metals coins, you’d better know your precious metals coins dealer! You don’t want to pay too much or unwittingly purchase counterfeits when you buy, receive too little when you sell or send money to an unscrupulous seller who completely fails to deliver ordered merchandise,” he cautioned.

There are 51 Accredited Precious Metals Dealer members across the United States and each must adhere to a strict code of ethics (https://APMDdealers.org/apmd-code-of-ethics/) in the buying and selling of numismatic bullion items and guarantee the authenticity of the merchandise they sell.

A directory of APMD members can be found at www.APMDdealers.org/apmd-dealers. For additional information, contact the Professional Numismatists Guild at 951-587-8300 or by email at info@PNGdealers.org.

PNG Now Accepting 2020 Awards Nominations

(Temecula, California) March 19, 2020 – The Professional Numismatists Guild (www.PNGdealers.org) is now accepting nominations for its 2020 awards, according to PNG Executive Director Robert Brueggeman.

“Each year 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 29, 2020, and should be sent directly to the appropriate 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 in an attempt to rid the profession of fraud and thievery. The award is jointly presented by the PNG and the Lewis M. Reagan Foundation. It 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 30, 2020 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 award winners will be announced at the annual PNG Day banquet scheduled for August 3, 2020 following the planned PNG Day show (www.PNGdealers.org/png-events). The PNG Day show, at the David L. Lawrence Convention in Pittsburgh, Pennsylvania, will be open to the public and conducted the day before the start of the planned American Numismatic Association’s World’s Fair of Money® (www.WorldsFairofMoney.com) at the convention center.

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.

Hundreds of Rare Coin Record Prices In 2019, Reports PNG

(Temecula, California) December 30, 2019 — The emphasis in the United States rare coin market in 2019 was again on superb quality and exceptional rarity with hundreds of record prices reached at major public auctions, according to a year-end tabulation by 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 U.S. rare coins sold at major public auctions in 2019 totaled more than $325 million, compared to $345 million in 2018 and $316 million in 2017.

Six U.S. coins sold for $1 million or more during the year, five at auction and one by private transaction. Although sales of paper money were not included in the aggregate auction total, three rare U.S. bank notes also sold at public auction in 2019 for $1 million or more.

“The coin market overall seems very healthy,” stated PNG President Richard Weaver.

“As in past years, fresh ‘quality’ coins coming back on the market or appearing for the first time are very easy to sell. One of the main purchasing criteria for us is ‘eye appeal’ versus simply a ‘coin in a holder.’ On the other hand, common generic coins are plentiful, and values for some continue to slide. The market for coins not independently certified for authenticity and grade also appears to be sliding on non-bullion-based items such as semi-key Lincoln cents, Liberty Head nickels in fine/very fine and others,” explained Weaver.

“Bullion-related coins such as silver Washington quarters and Franklin half dollars in circulated condition also seem to be only staying at or very slightly above bullion value. One of the highlights of bullion value related numismatic items seems to be the increased interest in circulated, pre-1933 US gold coins. We saw steady sales in this market sector throughout the year. The bullion market is obviously stronger dollar-wise with the spot prices increasing led by palladium at roughly 50%, platinum 18%, gold 15% and silver at 8%,” he noted.

“There seems to be an accumulation of precious metals taking place which hopefully can spill over into the numismatic marketplace. Also, we cannot overlook the United States Mint’s release of the 2019 Enhanced Reverse Proof Silver Eagle. We saw some renewed interest in collectors buying older date American Eagle bullion coins to start or complete their sets by date,” said Weaver.

While prices declined during 2019 for some U.S. coins in easily available lower grades, hundreds of noteworthy coins that are among the finest known of their kind from early American to modern set price records at auctions. For example, a silver 1964 Kennedy half dollar from a previously unreported United States Mint special mint set, graded PCGS SP68, established a record price for any modern, non-error U.S. coin, $156,000, in an auction conducted by Stack’s Bowers Galleries which sold an aggregate total of $59.7 million of rare coins at auctions in 2019.

The most valuable U.S. rare coin sold in 2019 was a proof 1885 silver Trade dollar, graded NGC PR66, for a record $3,960,000 at an auction by Heritage Auctions which sold a total of $181.3 million of U.S. rare coins at auctions in 2019.

The auction firms that responded to the PNG year-end questionnaire are: Bonhams (www.Bonhams.com); Ira and Larry Goldberg Auctioneers (www.GoldbergCoins.com): GreatCollections Coin Auctions (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); 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.

Pin It on Pinterest