In the generic end of the U.S. coin market, the collectors who are looking for a splendid example are willing to pay strong prices for the right example. But, in cases where supply exceeds demand, great bargains are available.

In total approximately $45 million in numismatic property changed hands at the recent Central States Numismatic Society Heritage auctions – an impressive number in any market. While Platinum Night, which I discussed last week, contains the glitziest and priciest coins, the nonfloor sessions, held immediately after the convention ends, illustrate a different sector of the market.

These sessions, which contain coins primarily in the $200 to $1,000 range, achieved a remarkable 92 percent sell-through rate by lot. That multiple examples of the same issue in the same grade are offered in a single auction allows for interesting comparisons.

The dominant trend was that generic coins sold generally well below established retail levels, sometimes falling even below wholesale sight-unseen bids. Perhaps the quintessential generic coin is the 1881-S Morgan dollar – a coin that "comes nice" and is widely available in all grades.

For example, two 1881-S Morgan dollars graded Mint State 67 by Numismatic Guaranty Corp. were offered at the Heritage nonfloor session after CSNS. One sold for $661.25, another for $1,092.50, and a non-star MS-67 example realized $633.65. The last price is below the sight-unseen wholesale bid, but the results are not inconsistent with prices realized at the last several major auctions.

Those with the patience to look through these large auctions will be rewarded with bargains and the ability to buy coins at wholesale levels. However, exceptional examples for the grade, and those coins that exhibit beautiful toning continue to bring strong prices. The rest seem to have found some stability.

The auction format is still attractive to consignors because it lets coins that are extraordinary soar past expectations. But, collectors aren’t bidding up nonexceptional coins because they know that the next large auction will likely offer another large selection.