DAVID HALL’S MARKET UPDATE • • •

MARKET SEGMENT	TEMP	PRICES	ACTION	DAVID'S COMMENTS
				06-25-2010:The rare coin market is picking up across-the-board, and prices are starting to move up again in selected areas after adjusting a little bit in 2009. Right now, the big difference is the lack of really good coins in the market place. Dealer inventories are relatively low. Coin shows and auctions have been very dry. One major auction firm even had to cancel an auction because they couldn’t get enough consignments. Coins are basically in strong hands. Anyone who needed to sell in the past 18 months has already sold. The financial markets are turbulent, but rare coins are still bullish. As far as specific areas…Generic gold moves in tandem with gold bullion prices. Better gold coins (rarity and/or quality) are doing very well and demand remains very high. Proof gold is extremely difficult to find and remains the “beach front property” of the rare coin market, and currently supplies are extremely thin. Nineteenth Century coins are mixed, with the better dates are doing very well. Early coins (pre-1840 copper, silver, and gold) are very strong. Early copper coins are extremely strong. The specialized areas, such as Territorial gold and Early American coins, are very strong. The 20th Century series had been soft but are now picking up. Morgan dollars are doing well and supplies of better dates are relatively thin. Peace dollars are starting to heat up and this market looks great. Silver commemoratives are now starting to see some upside action with prices edging forward. This area is now the major bargain of the rare coin market. Rare coins are still in a massive, long term bull market. It’s tough when supplies get thin. You can spend your money if you’re willing to compromise on quality, but that’s usually not the best strategy. Wait and buy the right coins!!!!! And grading is very important. If someone tells you that coins graded by grading services other than PCGS are just as good as PCGS graded coins, they are probably lying to you about other things as well. Bottom line…buy PCGS graded coins exclusively. Long term, the market looks very healthy, and the outside influences remain very bullish for coins…to say the least! Gold bullion has obviously been very bullish and now inflation fears are rearing their ugly head. The government’s response to the collapsing value of the US dollar and renewed inflation…lower interest rates, bail-outs, higher taxes, and of course…print more money…lots of it!!!! Bail out the banks and mortgage companies…spend more “money.” It’s crazy. The coin market looks very bullish to me and should stay strong for several years. My recommendation for the short term is a BUY, and for the long term is a STRONG BUY.
				05-24-2010: The market for Ultra Rarities is very strong. Ultra Rarities have huge demand and are bringing good prices. Prices levels are still quite “reasonable,” a little bit of a strange word when talking about six and seven figure coins…but the price levels are really “only” stable to slightly higher. As I’m writing this (May 24), it is about to be announced that the finest 1794 silver dollar (PCGS graded SP66) has just sold for $7.85 million, a new record for a rare coin…so maybe prices are so “steady.” This is an opportune time for Ultra Rarities. If you ever wanted to own an Ultra Rarity…NOW IS THE TIME! The financial world remains a very strange place. But one thing is certain, the dollar will decline in purchasing power. This fact is strongly reflected in what coin prices are doing and one of the strongest areas is Ultra Rarities. Most million dollar coins have doubled in the past few years and some have done even better. And there are a lot of coins that used to be $400,000, or $300,000, or even $200,000 that now bring a million or more. The market for Ultra Rarities is absolutely nuclear. In my entire numismatic career I have never seen ultra rarities this hot. Prices for 1913 Liberty nickels, 1804 dollars, and all the great Ultra Rarities are up from 150% to 300% in the past 5 to 10 years. Some Ultra Rarities have gone up more than others in the past 5 years, but they all have gone up a lot. Actually, the demand for ultra rarities is not limited to the rare coin market as ultra rarities in most collectibles markets have been experiencing this type of buyer demand and hot upward price action. This is really an indictment of the U.S. dollar and smart money is betting that the dollar will continue its decline in value. This is an incredible time for Ultra Rarities. While price records are being set, the way the world's going, I feel this is a great place to put your money. My recommendation...if you can afford them...is a STRONG BUY!
				06-23-2010: This market now looks extremely attractive. Premiums are at low levels and gold bullion looks strong. Gem quality gold is now relatively underpriced. It seems to me that the $2.5 and $5’s are the best value, but all Gem quality gold coins are a great place to put your money. Bottom line; gold is front and center as the refuge from the economic crisis and the destruction of the U.S. dollars value. It goes back to the basics of the deteriorating purchasing power of the dollar and the almost certain inflation we have coming down the pipe. And there is nothing Obama or anyone else is capable of doing to change the inevitable long term deterioration of the value of the US dollar. Gold coins have done very well in the past few years, but this market still has a long way to go. My recommendation is a STRONG BUY.
				08-26-2010: This market is now really interesting. At current prices this great group of coins is now one of my top picks. This is one of the best areas of the market and it’s really hard to buy coins now…really, really hard. Dealer inventories are extremely thin and very few coins are appearing at auction. While prices seem steady, that’s a little deceptive because there is virtually no PCGS graded proof gold on the market. The number of proof gold coins coming onto the market is close to zero. Availability remains the big issue in this market. What’s really happening is that there is so little proof gold available that price reporting has ground to a halt. The “cupboard” is bare!!!! It’s as dry as I’ve ever seen in my 35 plus years of dealing in proof gold. This is the “beach front property” area of numismatics and the market really looks fantastic now. This is a classic area and the coins are very rare. I see much higher prices for proof gold over the next few years. PCGS Matte Proof gold is now virtually impossible to buy. And take a look at 1860 to 1880 Liberty gold. Many of these dates have original mintages of only 20 to 30 coins. Amazing rarity in this entire area! These great rare coins are one of the best things you can buy for the long term. My recommendation is a STRONG BUY!...make that a SUPER STRONG BUY!!!!!!!!!!!!!!
				07-26-2010: The market for early gold is very strong in all grades. Prices are starting to edge higher and buyer demand is extremely strong. The problem is there aren’t many problem free coins to buy. Look at any auction catalog and you’ll see most of the early gold is in PCGS “Genuine” i.e. not gradable, ANACS “net graded” or NCS “conserved” holders. These are all problem coins. There fresh real deal coins are very hard to buy now. Early (pre-1840) gold coins are one of the “beach front properties” of the rare coin market and this market is on fire. The rare coin market is in the midst of a major long term move and I feel that this is one of the highest potential areas of the coin market. My recommendation is a STRONG BUY.
				06-28-2010: Rare date Liberty gold is doing very well and this is one of the current highest potential areas of the coin market. There is good demand for the high grade Philadelphia and San Francisco issues. The Carson City, Charlotte, and Dahlonega issues are in demand as usual. The focus is on rarity and condition. There are many sleepers and underrated issues in this area and those coins….when they do appear…are bringing pretty good prices. This market is front and center in the rare coin market’s focus on two important issues, namely rarity and gold itself. In the world of finance, gold is now starting to be on most people’s minds. Rare U.S. gold coins are a great story. I think this is now the most attractive area of the market. Recent price action has been very bullish for rare date Liberty gold. There are a limited number of people who can collect rare gold by the date…these coins are relatively expensive…but these coins are so rare that even relatively small demand soaks up supply easily. These coins are perhaps the rarest of all coins as a group. Auction action is very strong and buyer demand is high. There is a coin collecting renaissance going on right now and truly rare coins have a lot of demand. I like the rare dates… if they are truly rare. So take a look at high grade Carson City, Charlotte, and Dahlonega gold coins. Take a very long look at high grade, low mintage, low pop Philadelphia and San Francisco gold. My recommendation is a STRONG BUY
				06-24-2010: This area is starting to look very attractive. The regular issues are now very reasonably priced. Price action has been good, some issues a little higher, some issues a little lower. High end coins bring good prices. The proofs are on another planet and are one of the best areas of the coin market and they are way underpriced (if you can find them). The four 20th century gold series have been avidly collected by a significant group of collectors for the past four decades. The $2.5 Indian, $5 Indian, $10 Indian and $20 St. Gaudens are among the most beautiful coins ever made. I give these great coins a HOLD for the short term and a BUY for the long term. The 20th century proofs are great values at today’s levels and they are in extreme short supply. They are one of the best coins in the entire rare coin market and I give them a BUY for the long term. What should you do? If you’re a serious collector, now is a great time to pick up some dates you need. Otherwise, you should buy these coins if you like them and hold them if you have them already.
				08-02-2010: Premiums have shrunk on the generic gold issues. This happens every now and again for various reasons. Smart buyers watch premiums and buy when they are low…get the picture????? Because the generic gold follows the bullion market closely, prices can change daily with the ups and downs of gold bullion prices. I like all the generic gold right now. Right now I think the real bargains are the MS65 grades…PCGS graded of course…the prices are just great relative values. Note that premiums usually lag when bullion moves up sharply. It takes a little time for the premiums to “catch up.” I think everyone should own gold, and these coins are a good place to start. The world is interested in gold. Note that most commodities, including oil and even more telling platinum, have come down in price but gold bullion prices have remained strong. So at this point, owning generic gold is certainly not a bad idea, in fact, today it’s a great idea!
				06-22-2010: This is a great market with fantastic coins. Top quality large cents (and half cents) in all price ranges are bringing very strong prices. Early copper coins have been one of the strongest area of the rare coin market for the past five years or so. The market has slowed down a little, but demand is great for all grades of early copper and I especially like both full Red, Red & Brown, and Brown Gem quality (MS65 or better) coins. But nice VF and EF 1793 Chain cents, Wreath cents and half cents are all-time classics. They are all great coins!!!!! Try to buy some Gem quality early copper. Buy them if you can find them! There is big collector demand for these coins and they are truly rare in Gem condition. My recommendation is a BUY!
				04-29-2010: Indian cents look very healthy at new price levels. Prices are now steady at current levels. But this is an important coin series and sales are good at the new lower levels, and there is a shortage of coins available in this market. Original full red Gems of all dates, rare and not-so-rare, are really hard to find now. This is a great market and while this series has been widely collected for decades, the past ten years has been off-the-charts fantastic for Indian Cents. There’s good collector demand and very little top quality material around. In fact, in all my years in the coin market, I have never seen the common date Indian cents so hard to find in Gem condition. I like this market long term and my recommendation is a BUY for spot free true Gems.
				08-03-2010: Lincoln cents have now settled into a trading zone after prices came down sharply in the past six months. I’m starting to like this market and Van and I have been selectively buying some coins. The price adjustment was probably to be expected as Lincolns went up in price consistently over the past 10 to 15 years. If any series needed to slow down and have a correction it was Lincolns and now they’ve done that. These remain great coins. This is one of the classic areas of the U.S. coin market and the coins are both important and rare in high (Gem quality) grades. My recommendation is to HOLD them if you like them, and BUY them if you really like them. Be picky on quality, but Lincoln cents are a dependable long tem coin series.
				04-28-2010: While market attention had recently been elsewhere, this market, i.e. three cent nickels, Shield nickels, and Liberty nickels, kind of just sat there. Now, prices have come down a bit and these great coins are selling at very cheap levels. Prices are very cheap relative to rarity and these important coins are now great relative values. Nobody seems to care at the moment, but that won’t be the case forever. I really like this entire market at current prices and my recommendation is to BUY.
				06-23-2010: This market is taking a back seat to the action in gold and elsewhere. I think this is a good time to get involved in Buffalos if you like them. For better date Buffalos, there seems to be a lot less coins around. I think you’d be hard pressed to buy more than two or three good dates at any show or auction. This is a great market…and it’s a true classic. The 1934-1938 issues are very reasonably priced at current levels and represent incredible long-term value. This market has performed very well over the past 10 years. This series has great long term value. The best approach…put together a complete set, if your budget allows. If you have a limited budget and you like Buffalo nickels, buy a few MS65 or better 1934-1938 issues, they are tremendous bargains. My recommendation is a BUY.
				04-30-2010: The big story in this market is the lack of coins available. You just cannot buy any meaningful quantity of high end 19th century silver type coins. There are very few MS/PR65 or better coins available today. This market has lagged the gold coin market and other areas for several years and it has some “catching up” to do. And all major areas of the rare coin market always “catch up” price-wise after periods of lagging. Prices have come down a little, but there is very, very little high quality material available. When I say that prices are “moving down” I do mean slightly as in a coin that was $2500 two months ago, for example, is now $2400. The rare dates are doing well in all grades and prices are strong. Coins are selling very well at the new, slightly lower levels. The entire rare coin market has been moving its focus towards rarity in the past few years. The Liberty Seated series in particular seems to be one of the centers of this focus. There is now a severe shortage of top quality silver type coins. These classic coins are a true bargain. I like this entire market at current prices and my recommendation is a STRONG BUY.
				09-07-2010: Mercury dimes are doing OK. They aren’t getting a lot of attention, but there are very few coins on the market. If you want to buy a better date in Gem condition you won’t find any bargains…and that’s if you can find the coins at all! At the recent ANA auction, some ultra grades/finest known specimens from one of the best collections ever assembled were sold and the prices were astronomical! Mercury dimes, like other 20th century series, have taken somewhat of a back seat to the heavy action in gold coins and 19th century coins. These are great coins so until things change I recommend the following approach: If you have them, you should HOLD them. It’s not exactly a great time to sell these coins. If you really like them, it is a buyer’s market and you could do very well long term. Building a complete set at today’s prices is a great idea.
				04-27-2010: In this market, the big issue is availability. There just aren’t a lot of coins around now for some reason. Standing Liberty quarters are a great value, but there’s not a lot of attention on this series. Standing Liberty quarters were only made for 15 years (1816-1930) so it’s a short series and they are much rarer than their early 20th Century coin contemporaries. There are a lot of condition rarities in this series. This is one of my all-time favorite series and this is one of the great coins of the 20th century. The problem is that there are not a lot of coins available, it is a one or two at a time situation. This is a short, highly collectible series and the coins are very beautiful. These great coins are tremendous values. There are not a lot of coins around to buy, but my recommendation for these great coins is a STRONG BUY.
				07-28-2010: I’ve changed my recommendation to a strong buy for these coins. I like all 1932 to 1964 issues in MS65 or better condition. I especially like the “new” grades of 65+, 66+, and 67+. I’ve always liked the 1932-1964 silver issues and I’ve put together several spectacular sets over the years as a personal project. While I put together a couple of sets just for the fun of it…since the coins are relatively inexpensive…I’ve always made good money with the sets. Currently, prices are pretty cheap and these coins are somewhat off the radar screen. There is a lot of value in the Washington series at today’s prices. This is a classic series with good long term collector demand. This is a great set and I like the long term potential. My recommendation is to STRONG BUY them if you like, and this would be a great set (the 1932 to 1964 silver issues) to put together.
				04-06-2010: Walking Liberty half dollars are doing ok, and I’m starting to like what I see… i.e. not a lot of coins around and good sales. The 20th century series have recently been taking a back seat to all the action in the gold coin market. This is a classic market and it may be a very good time to get involved. Proof Walkers look especially tantalizing. This is a great coin series and prices are now very reasonable. My recommendation is a BUY.
				07-27-2010: The Morgan dollar market is getting stronger. Prices have been edging a little higher and dealer inventories are very low. This is one of the most important areas of the coin market. Gem quality examples are in demand and dealer inventories are slim. Some of the easier dates are available at current price levels, but the better dates and truly rare dates are doing very well at auction. DMPLs are also doing really well. My recommendation is to BUY for the long haul.
				08-31-2010: Peace dollars are definitely heating up. Prices are edging higher and very little PCGS graded MS65 or better quality material is available (very low dealer inventories). Peace dollars haven’t done a lot in the past couple of years, but they now look like outstanding values to me. This is a great series, short and sweet and widely collected. This series has common dates and significant condition rarities. The Peace dollar market now looks very attractive. Prices are starting to edge up in this series and dealer inventories are low. I would not be surprised to see Peace dollars posted big gains in the next couple of years. My recommendation is a STRONG BUY.
				06-02-2010: This market is starting to show some strength. There’s not very many coins available and demand is getting stronger. Prices are steady to slightly higher at current levels and this remains the most underpriced area of the rare coin market. Makes sense as prices are now extremely cheap. I do know something that makes me sure we’re right to buy these coins…there are very few coins available for sale. It’s hard to buy at today’s cheap prices. So any increase in demand at all will start prices moving higher. Bottom line…if you like these coins, now is a great time to get involved and this is a great long term play. Buy PCGS graded coins only and look for pricing at today’s newer cheaper levels. Some dealers are reluctant to lower prices. Not your problem! If the prices are right and you like these coins, now is the time to start building a position. That’s what Van and I are doing. My recommendation is a very STRONG BUY!TD>
				06-16-2010: The gold commem market is still soft, but prices are very cheap, and are somewhat stable. These are great coins…US gold coins in Gem condition from 1903 to 1926…a great era for coins. Think about it! And of course this area also includes two of the great gold coins of the 20th century, the massive 1915 Panama Pacific $50 gold “slugs.” I like these gold commems a lot. I’d almost give them a BUY if I was a sure about where the world was going…instead, I’m giving them a HOLD. Even though prices are drifting lower I just wouldn’t sell them at these levels as they are simply way too cheap now. This is now a good contrarian play. Put a set together if you like them!!!