Monday November 29, 2004
The rare coin market is poised for a climb, Steven L. Contursi indicated as he made nearly $1.6 million of the total $5.3 million winning bids in an Oct. 29 auction in Las Vegas, Nev., by Bowers and Merena Galleries.
Buying them for Rare Coin Wholesalers, Dana Point, Calif., of which he is president, Contursi said he did not have immediate buyers for the coins.
His purchases at the auction included five coins that sold for more than $100,000 each and a dozen others more than $25,000 each.
"I believe coin market values have a long way to go up," he said.
Contursi added: "More people than ever before are interested in the coin market and the collector-investor base is still growing. While the buying frenzy has calmed as we head toward the end of the year, there is no evidence of dealers dumping inventory. I am confident that after the New Year the market upswing will continue where it left off at the August 2004 ANA [American Numismatic Association] convention."
At the auction, Contursi purchased almost all the coins that brought $100,000 or more. Included were:
1907 Indian Head, Rounded Rim gold $10 eagle, Numismatic Guaranty Corporation of America Mint State 67.
Two 1907 Saint-Gaudens, High Relief gold $20 double eagles, one graded NGC Proof 67, the other NGC MS-67.
1879 Flowing Hair gold $4 Stella, NGC Proof 65.
1879 Flowing Hair gold $4 Stella, NGC Proof 64 cameo.
"Rare Coin Wholesalers specializes in the rare and the unusual," Contursi said. Our approach has been to take positions and make markets in desirable, expensive coins. The air is rather thin in this arena, but we find that dealers, collectors and investors are willing to pay for the best." CW