The biggest news of the week in the coin business was the recent sale of what is now the most expensive coin ever sold, the 1933 $20 PCGS/CAC MS65. Sold by Sotheby’s as an individual item in a sale of just three pieces, the coin re-entered the market for the first time since July 2002. Initially the realized price on the item was recorded as a mind-blowing $19.5 million, but it was later adjusted to $18.9 million, due to an recalculation or confusion in the buyer’s fee. Whatever the final tally was, the number was truly amazing and it has brought about some fantastic publicity for the hobby.
A little closer to home, we continue to see real excitement across the board. It’s always encouraging when we get to talk to new collectors and find out what they are focusing on in their newfound hobby. I’ve had the pleasure to speak with three of these newcomers myself in just the past two days. While many folks have historically commented on the increasing age of collectors, the hobby has continued to grow, especially in the younger categories. While this news isn’t something that’s necessarily shared in broader conversations, it becomes evident when you speak with such a wide swath of collectors. In today’s marketplace I believe it’s becoming increasingly evident as the hobby is growing. In one conversation I had with a national dealer last week, he commented that it was the first time in his 40 years as a coin dealer that when coins are getting sold that they are actually “leaving the marketplace.” In the past, coins have sold, but they seemed to re-enter the trading sphere of dealers and collectors shortly thereafter as the wholesale market was the catalyst of the business. However, in today’s economy, the coins are leaving and not coming back. This is something that we’ve always valued at DLRC as we’re looking to place coins in the hands of collectors and not dealers, but this realization is popping up across the country now and I believe that it’s quiet indicative of the current activity in the market.
Whatever the situation is, it’s continuing to keep us busier than ever and we’re excited to have the activity. As things slowly return to normalcy across the country, we’re also seeing a growing excitement for the upcoming coin shows. We’ll be attending the PCGS Members Only Show next week in Las Vegas, followed by the Summer FUN Show (it has sold out and has a huge waiting list we hear!), and the August ANA closing out the summer. Overall, we’re excited to get back in the swing of things and we hope that we’re able to offer some unique new experiences and offerings in the coming months as we see the hobby start to pick up and run!
John Brush and Your Friends at DLRC
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