Thirty Percent of Vegas Auction’s Winning Bids Submitted by Rare Coin Wholesalers

Coinresource.com
Wednesday November 3, 2004

Confidence in Coin Market Strength November 3, 2004 (Dana Point, CA) – Emphasizing confidence in the current numismatic market, Rare Coin Wholesalers of Dana Point, California (www.rcw1.com) made nearly $1.6 million of the winning bids, virtually 30 percent of the total, in the $5.3 million Bowers and Merena Auction sale in Las Vegas, October 29. 

Even though he did not have immediate buyers for them, Rare Coin Wholesalers President Steven L. Contursi’s purchases at the auction included five coins that sold for over $100,000 each and a dozen others over $25,000 each. 

"I believe coin market values have a long way to go up," said Contursi. 

"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 convention." 

Contursi purchased almost all of the coins that brought $100,000 or more: 

* 1907 Rolled Edge Indian Eagle in NGC MS-67;

* Two 1907 High Relief Double Eagles, one graded NGC Proof-67, the other NGC MS-67; 

* 1879 Flowing Hair Four-Dollar Gold Piece NGC Proof-65; and 

* 1879 Flowing Hair Four-Dollar Gold Piece NGC Proof-64 Cameo. 

"Rare Coin Wholesalers specializes in the rare and the unusual.  We also sell some pretty good coins!  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," said Contursi.