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Certified Coin Dealer Newsletter (the "Bluesheet") editorial,
12 May 1995
Copyright 1995 by CDN Publications
Posted to the Net by permission of CDN Publications

Steady Market Becoming Strong Market

Plus Signs on All Charts

The market continues to strengthen this week, with a broad-based advance. For the first time in "way too long", the Bluesheet shows more plus signs than declines in every one of the weekly charts. Adding to the good news is the fact that our CMI has now risen for five consecutive weeks (keeping in mind that since the end of 1993, the longest positive streak had been three weeks). The pessimists will look at these advances and note that many of them are for small amounts; the optimists will say "thank you, we'll take the many small advances along with the big ones!". Many dealers are actually grateful for the small advances; a steadily rising market is quite preferable to more volatile increases, in their opinion.

Let's take a quick tour through the charts. Silver Commemoratives were largely steady, with scattered changes; demand here seems to be quite content to trade at these levels. Gold Commems were steady, with a handful of increases in the MS65 and MS66 columns. Morgan Dollars, one of the charts critical to the success of any market rally, continue on the strong side of steady; plus signs are scattered, with determined bidding making its presence known on NGC certified Morgans. Peace Dollars were likewise steady, with upward movement in the MS64/65 generics.

Mint State Type coins, which have been largely quiet this year, remain so; while their steady nature has been much appreciated, dealers are equally glad to finally be seeing a few dozen advances. The plus signs on the Mint State Type chart are largely to be found in the MS65 and MS66 columns, grades that have seen few changes. Mint State Gold Type continues to be a driving force in this "budding rally", with plus signs dominating in the MS61 through MS65 columns.

Activity is picking up a little in the Proof Type chart, which has been steady for a year (actually, over the last 52 weeks, the Proof Type CMI has dropped about 12 points; that is a perfect example of the market's behavior over the last year: "just south of steady"). Unusually, most of the Proof Type advances are to be found in the Pr65 and above charts, the quietest part of this part of a quiet market. Changes in the steady Proof Gold Type chart can be counted on one hand, but they are all advances.

The "good news" continues in the specialty series. The Buffalo Nickels, the source of much of the market's good news for two years, turned in an "OK" week, with most of the advances in the MS63 & MS64 middle-dates. Mercury Dimes were also moderately active, with advances continuing in the MS65 Full Band and MS66 Full Band columns. The good news in Buffalo Nickels and Mercury Dimes goes well with the great news in Walkers. Walking Liberty Half Dollars enjoyed a spectacular week, with plus signs on nearly 10% of the issues. Many of the advances are found in the post-1937 issues. Proof Singles remain steady, with balanced changes indicating the operation of a healthy market.

Certified coins will be found among the highlights of Bowers and Merena's upcoming Kenneth C. Long Collection, being held May 26-27 in Los Angeles. Interest will be strong for the 38 certified Seated Liberty Dollar proofs. High-quality Type slabs will also be in demand:

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