PCGS Las Vegas Invitational

Christine and I just returned from latest PCGS Invitational held at the wonderful Venetian & Palazzo in Las Vegas, and now it is time for our take on the show.

Held earlier in the week than normal, Tuesday through Friday, but that did not stop the die hard group of dealers and collectors who regularly attend. It may have affected the occasional attendee, as there was no Saturday venue, and most dealers were gone by Thursday afternoon.

Those that did come were there to do business. Wholesale was brisk, and the collectors that came were armed with want list and CHECKBOOKS! It is always great to see such collectors who are as passionate as we are about coins. Seeing their enthusiasm when they find that elusive coin is what makes this business/hobby so great.

As I said earlier, the attendance was slightly down from the previous Invitational shows, but there was a bright side to this. It allowed us more time to get to know you, our customers, better. Sitting down and talking coins with our customers is the biggest, non monetary, benefit that this industry provides. It stirs the collecting fire in all of us.

A lot of what happens at a show takes place on back-up tables and sometimes never make it out to the show cases. So don’t be afraid to ask what is new the next time you stop by our table. You just never know.

A few of the “deals” that we bought were:

1846 $1 PCGS PR 65 GOLD CAC sticker: A phenomenal piece that caused quite a commotion at the show.

A complete set of Buffalo nickels in GEM. It will take a little time to process them all, but they will be posted in batches after our want list customers are called.

1874 $3 PCGS PR 65 DCAM

While this report might make it seem like this show was less than spectacular, it wasn’t. We were able to have some wonderful coins graded, as well as purchase some from other dealers. Christine is busy photographing them and getting them ready for the web and our new purchase email. So look them over and I am sure you’ll agree with us when we say that this show was a “hit”.

Long Beach & Parsippany Show Report

The February Long Beach is one of those shows that dealers and collectors alike look forward to attending. And while it took me almost a full day of canceled flights and delays, it appears that I was luckier than most. There was no doubt that many of those who planned on attending the show couldn’t get out there or just decided to bag it. The weather sure it taking is toll on the shows this year.

I arrived late Wednesday, well after the show started. Christine kept busy looking at auction lots as well as looking at other dealer inventory before I got there. Once I showed up, with our inventory, it was a different story. Many of the other dealers had been waiting for us, and our usual (unusual?) inventory. After a flurry of activity on Wednesday, it was a little different on Thursday. I noticed that, like me, many other dealers had had a difficult time getting to “The Beach”. Bad weather, not just in the Northeast, but throughout the Midwest and South, had prohibited many dealers from attending. This in turn left many of the tables at the show unmanned, making the show look weaker than it is. Or isn’t. Empty tables do not look good no matter what.

The interesting thing about the Long Beach show is that it has a loyal following in the Southwest. There are many collectors who only attend this show and it made up for the lack of dealers not present. We had our share of those “die-hards” come to our table. Many bought for their collections, while others were looking for VERY specific coins, the kind of coins that sell quickly when they come to the market, the tougher than tough to locate coins.

Midway through the show something dawned on me. We were selling coins faster than we could buy them. In fact we sold 6 coins for every 1 that we bought. Short term that makes for a good show, long term is a totally different story. Great coins simply are not available like they used to be. This can mean only one thing. Prices must go up for the better coins in order to get their owners to sell them.

While our offering of new purchases isn’t as large as we’d like, I am sure you will see that Christine and I did work hard to find pieces for you, our loyal customers. Look over our NEWPS and then give Christine a call.

Numismatic Americana Announces Purchase of Finest Known
1896-O Barber Quarter

Numismatic Americana Incorporated has recently acquired the finest known 1896-O Barber quarter. Graded MS 67 by the Professional Coin Grading Service (PCGS) and displaying the coveted seal of approval by Certified Acceptance Corporation (CAC), this lightly toned unusually sharply struck specimen is without a doubt the finest available specimen on the market today.

Long considered to be an extreme rarity in high grade by both collectors of the series and dealers alike, it stands amongst the top four dates in terms of scarcity and desirability.
There are three areas of information that should be used to evaluate this date. They are as follow;

PCGS’ Population Report:

The 1896-O, along with the 1896-S, 1901-S, and 1913-S are the most sought after dates in the series (in high grade). An analysis is below:

1896-O has a population of 7 MS 65, 3 MS 66 and this the sole MS 67, for a total of 11 Gems known.

1896-S has a population of 9 MS 65 and 1 MS 66, for a total of 10 Gems known.

1901-S has a population of 7 MS 65, 3 MS 66, 3 MS 67, and a lone MS 68+ (a coin we sold earlier in 2010 for excess of $400,000), for a total of 14 Gems known.

1913-S has a population of 18 MS 65, 11 MS 66, 1 MS 66+, 3 MS 67, and 1 MS 68 for a total of 34 Gems known.

With the above information, it is clear that the 1896-O is as rare, or rarer, than any of the other big 3.

PCGS Set Registry:

Looking at the set registry we find the following:

Experts at PCGS list the 1896-O in the top 6 most difficult dates to acquire. In fact, John Feigenbaum, specialist in the series and son of well respected author David Lawence (who wrote THE book on Barber quarters) had this to say about the 1896-O:

“The 1896-O is one of our favorite dates in the entire Barber quarter series and especially rare (and underrated!) in the highest of grades, owing in large part to the dearth of high quality manufacturing at the New Orleans Mint in that era. Coins are typically found with below-average strike and high grade specimens were clearly not saved. Ironically, I now find that it can often be harder to find a high grade 1896-O that the more celebrated key issues (like 96-S, 01-S and 13-S).

The All Time Finest Registry sets had the following grades for an 1896-O:

The Sunnywood Collection ( #1 set): MS 66
Louis Eliasberg (#2 set): MS 65 (estimated grade)
Allen Harriman ( #3 set): MS 65 (estimated grade)
Michael Hayes (#4 set): AU 58
Dr. and Mrs. Steven Duckor (#5 set): MS 66 (this is also the Eliasberg coin listed above as an estimated MS 65)

Even the current set with the highest grade point average, doesn’t have an 1896-O. Clearly finding a true GEM example of this date was and still remains a challenge for students of the series.

Auction records:

The last auction appearance for a high grade GEM was an MS 66 in July of 2009, in the mist of uncertain economic times. It still brought $20,700. The last appearance before then was 7 years ago, in May of 2003.

Comparatively the following examples of the other tough dates have sold at auction as follows:

1896-S: The last time an MS 66 sold was 13 years ago, and it brought $25,300. More importantly in MS 65 an example sold for $40,250 in April of 2009, prior to that another MS 65 example sold for $56,925 in May 2008. There are no MS 67′s graded to compare auction records with.

1901-S: An MS 67 example sold in January, 2005, for $149,500, and we (Numismatic Americana) sold the lone MS 68+ privately in excess of $400,000.

1913-S: At the top of the population, an MS 68 sold in April of 2009 for $86,250. Earlier in January, 2005, the same specimen sold for an astounding $172,500. The second finest graded specimen (MS 67) sold for $60,375 in July, 2009; again in a softer market. And remember, there are 34 specimens in MS 65 or better for collectors to choose from.

Using the above information, we can clearly see that this 1896-O is a special coin, and that the opportunity to own it is unprecedented.

We your inquiries about this piece, or any other coin on our web site, and look forward to talking with you.

FUN 2011 Show Report

It seems as if the Holiday season of 2010 was six months ago. Not because it wasn’t eventful, but because Christine and I have just returned from TAMPA (not Orlando) and the first major show of the year. When you get back from a show, especially one like FUN, you’re still running on adrenaline for a few days and anything that happened before then is ancient history by the time you get back.

First I would like to thank the board members of FUN for putting on a great show. While there are a few things that could have been improved upon, all in all they did a wonderful job. Tampa isn’t quite the town Orlando is for a coin show. After all, when most people think of the FUN show, they think of Orlando. I am glad to see it going back there for the next few years.

Before I get into the meat of this report, I would like to personally thank all of our customers, those that attended FUN and those that did not. I thank you for your business and friendship, your conversation and camaraderie. It is because of you that Christine and I get to do what we do. Thank you.

In Florida we had the opportunity to meet some of our newer, or should I say “faceless”, customers in person. As usual it is always great to put a face with a name. And to those of you who have been following our website for the past year and finally introduced yourself at FUN, it was an equal pleasure to meet you there as well. Christine and I look forward to building a long lasting relationship with you.

Speaking of relationships, I would like to thank Stewart Blay for asking Christine and me to help him sell some of his Barber dimes. The coins are really special! When I asked Stewart why he was selling his Barbers, he told me he wasn’t. These were coins that he had recently replaced with higher grade ones! If these are any indication, then the Barber dime set Mr. Blay is assembling is world class and will fit nicely with his monumental set of copper coins.

Sales in Tampa were about what we expected. The really cool coins sold quickly to collectors, and the dealers took what they could get. Purchasing? That is a totally different story. The FUN show is one where many collectors and dealers wait to sell their special coins. Christine and I took advantage of that as much as possible. While I write this, Christine is busy imaging and cataloging our new purchases for the web site. Check back often though out this week, and then give her a call.

In addition to our new purchases we had the pleasure of buying, and subsequently selling, some pretty cool items at the show. Many of you stopped by our table numerous times, hoping, some successfully, some not, that we had found something for you. I personally think that relationships are the most important aspect of our hobby, but it doesn’t hurt to be lucky either. One never knows what we will find on the bourse floor from one hour to the next. A few of the coins that we bought and sold at FUN are:

1917 50c PCGS MS 67 CAC

1920-S Walking Liberty Half PCGS MS65 CAC

1915-S $50 Pan Pac Round NGC MS 65 CAC

A very Gemmy 1865 Proof set with original box

1905 Assay Medal presented to W. A. Blair

Again, thank you for your patronage in 2010 and we look forward to hearing from you though out 2011

Happy Holiday’s to all and a little Vegas on the side!

During this Holiday Season we would like to thank you all and wish you a wonderful Holiday and a very Happy New Year. It has been a great year for us, thanks to all of you that have been supportive in our transition. New friends have been made and old friends have stood by our side. Thank you again and as this New Year approaches we look forward to being here for you as you have us.

We just returned from Las Vegas last night for the PCGS Invitational show and there are quite a few new pieces for you to peruse. Let us know if there is something you would like to view in person. We will be checking our email throughout the next few weeks and look forward to hearing from you.

Houston Money Show

Another Texas size show is in the history books. The 54th Money Show of the Southwest held last week in Houston was a fitting tribute to the saying “They do everything BIG in Texas”. Carl and his team of volunteers definitely did Texas proud.

Arriving late Wednesday evening after spending the day in Newark’s Liberty Airport, Christine and I were there on the bourse first thing (read 9 a.m.), Thursday morning ready for business. After submitting our coins to PCGS, we did a little wholesale business and then set up for the public who were let in around 1 p.m.

As most shows have been lately, it was a mixed bag. We did plenty of business earlier on, and then it started to slow a little by that afternoon. We saw quite a bit of business being conducted, but I got the feeling that most of that was bullion oriented (generic gold coins, circ dollars etc). That is not to say that the “true” collectors did not attend. They did. And a great deal of them bought coins for their collections. But as usual, they were picky. Great coins sold quickly while “so-so” pieces remained in the dealer’s showcases.

Friday brought in a larger crowd than I expected. Many were new to the hobby, and many were seasoned veterans to the show circuit. Looking back, it seems that we were busy all day long answering questions and showing individual pieces. All in all another good day!

It seems that most of our readers want to know two things: What was selling and what did we buy? Well I can say that without a doubt Gem type coins were the top seller for us. Three cent silvers to Trade dollars, and everything in between, the common denominator? Quality! Sorry to repeat myself every week, but it is true. Quality rules!

Purchases? First off, both Christine and I looked on the floor. Then we looked at every dealer’s inventory that walked up to our table. With that said, it was tough. Really neat, high quality, and reasonably priced coins are drying up. It doesn’t appear that the current economic environment has scared many collectors into unloading their holdings. The only thing that I can think of that will shake them loose is higher prices. I guess time will tell.

Christine and I will be attending the PCGS Invitational next week in Las Vegas. If you plan on attending stop by and say hello. As usual we’d love to talk coins.

Happy Holidays!

November Baltimore Show Report

I can figure a coin deal as quick as anyone. In fact I can sometimes just look at a deal and know that I am going to buy it. That is because I am a coin dealer and have been my entire adult life.

But writing…that’s a whole other story. I’ve had trouble all my life writing papers from grade school all the way though college. Hence my tardiness in getting this show report to you, our loyal readers.

Christine and I made the trip down to Baltimore on Wednesday afternoon. We had a few appointments set up and promptly got down to business. After looking at a few dealer’s inventory (and finding the same old “tired” pieces), I went to submit our numerous coins for grading to PCGS. (At the end of this show report, and up on our web site shortly, you will find the fruits of this.)

With an opening bell of 8:00 a.m. on Thursday, Christine and I were there bright and early and literally minutes after the doors opened we arrived at our table only to find a client waiting for us. While that was a great way to start the show, sadly it wasn’t going to last. We did some wholesale business from our inventory early on and then proceeded to set up our booth for the “early birds” at 10 and the public at noon. One of the best things about having a client base is that other dealers figure out quickly that you need to buy coins for them, so while neither Christine or I really got to spend a lot of time walking the floor looking for coin to buy, it was nice that there was a steady flow of dealers coming to us, wanting to show us their wares.

Getting to the meat of this report, I will tell you that Baltimore was definitely better than CoinFest, and way better than the Silver Dollar Expo a few weeks earlier. There are many more “collectors” in Baltimore than the aforementioned shows, and while they didn’t spend money like sailors on shore leave, they did spend. As I write this gold has broken the $1400 barrier, yet in Baltimore we didn’t have one person come up to us and ask for bullion, quasi bullion, or generic gold coins. Not one. Gem gold was in demand, stronger than it has ever been in recent history. And we sold virtually all that we brought with us.

Another observation that I came back with is how focused today’s buyers are. No longer do they settle for a lesser coin, they don’t buy something just to fill a hole. They will wait until that special coin, the one with the look that they have been longing for, appears. The collectors in the market place today don’t just have a want list with a denomination, date, and grade on it, there is also the “look” on their list. And some coins, no matter the grade, just won’t make the grade (no pun intended). They are fussy and they should be. I’ve always had the opinion that coin collecting should be fun. It should release the endorphins in your brain and not cause stress. It seems that the collectors I have met recently have learned from the common mistakes that one would make early on in a hobby. They have paid their dues and will wait it out until they get exactly what they want. While I generally agree with that philosophy, it can be a very dangerous double edged sword. Passing up on a truly rare coin, in anticipation of a finer piece showing up, can be, and usually is, a bad deal. If the coin in question is that tough to locate, then there will usually be another collector lined up behind you to buy it. How many time have you looked at a coin, walked away to think about, and then returned only to find it sold?

So what, besides Gem gold, was selling? Nice commems, MONSTER commems, and type coins, both proof and mint state were selling. MONSTER type coins that sold there went for numbers off the charts. Better date walkers, and yes, even proof walkers were also in demand.

Before you start to look over our new purchases, I’d like to remind you that the next show Christine and I will be doing will be the Money Show of the Southwest in Houston the first week of December. Don’t worry, we will still be buying coins and putting them up on the web before then. So while we won’t have any of show reports until next month, there will be plenty of new coins showing up on our site.

COINFEST 2010

After much anticipation, this years CoinFest has come and gone. In its third location in four years, I must say that this should be the permanent home for this show. Located in the recently renovated Marriott in Stamford, CT, the bourse itself was held in a “ballroom” atmosphere. With carpeted floors this gives a “warmer” environment to conduct business. Parking was plentiful for the attendees, and there are numerous quality restaurants within walking distance. My vote is to do whatever it takes to keep the show there.

Inside the bourse area there were, and are, many opinions as to how the show was. The local demographics, on paper, have all the making for a great show. For some it was, but for most it wasn’t. Let me explain. Unfortunately most dealers suffer from the “immediate gratification” syndrome. Not unlike most of America I suppose. If sales weren’t consummated there, and for large numbers, then some dealers look at the show as a bust. Many of the dealers don’t cater to retail on a full time basis. They set up at shows, looking for that big sale, and when it doesn’t happen then and there, they become disappointed. They don’t maintain websites, advertise in trade publications, have dedicated phone lines, or employ numismatists to handle questions. They live in the here and now.

Other dealers on the other hand look at contacts made as a possible client in the future. They follow up with emails, inquire about want lists, and basically cultivate the collector. Now I’m not looking at this through rose colored glasses, I realize that quite a few contacts made don’t pan out. In fact most don’t. Thing is you just don’t know which ones will and which ones won’t. At CoinFest we spent a lot of our time talking with collectors, some who bought something, some who didn’t. But I came away with a very positive feeling about the show. As I write this, I have numerous emails to return from people who I just met at CoinFest. I guess time will tell.

Sales: From a retailer view, they were somewhat dismal. The collector sales that were done were well thought out by the buyer. No impulse buying here. But that is good. At least the collector feels confident enough with what is going on in the world to continue their pursuit of numismatics. Polite negotiations, trades, and lay-a-ways were all done there. That’s okay. We try very hard to put coins in collector hands. Thank you.

From a wholesale point of view it was mixed. We did sell quite a bit to other dealers, mostly to retailers. No wholesalers and very little producers. That leads me to this thought. Other dealers, retailers in particular, don’t just buy coins to be buying coins. They have a thought process, perhaps another retail consumer (one that hasn’t found us yet). What I am trying to say is that when a coin trade hands wholesale it is done for a reason. Someone, somewhere, is selling the coin to a collector, that my friend is good it shows confidence in the market.

Buying: Here is where it gets interesting. None, and I mean none, of our usual contacts had anything special for us. But…there were a few deals (collections) that came to the show. And while we didn’t buy all of them directly from the original sellers, they found there way to us anyway. Most all of the coins we bought there were raw. That is they haven’t seen the inside of a grading room, ever, or a least until next week in Baltimore where we will submit them. Stay tuned, or shall I say check our web site often after Baltimore for these coins. These pieces along with our new purchases from Baltimore will make for a very special offering of coins.

Christine and I will be attending Baltimore this week starting on Thursday. If you are attending, please stop by and say hello, we are at table 1851. We’d love to chat and talk coins. And maybe even sell some…

St. Louis Silver Dollar & Rare Coin Exposition

Last week I promised to get this week’s show report done sooner. And I did. The only problem is that I didn’t like it. So here it is again. Take two.

First I’d like to say what a great job Julie Woodside has done with this show. She, along with her trusty staff, have made this a “must do” on the show circuit. Held in the Embassy Suites, St. Charles, Missouri, this is with out a doubt my favorite facility that I attend. The hotel is attached to the convention center. It has, as its name implies, all suites for the guests. The restaurant is good. All the things I look for in a show.

There is a lot of space in the convention center. More so than I think most people believe. And while there were many tables at the show, it did at times feel not so busy. Having attended shows in eastern Missouri for over 30 years I have seen the droves of collectors that come to them. Not so much this week. I don’t know if it was the local economy or the fact that the weather was beautiful and people just wanted another weekend outside. Don’t get me wrong…there were plenty of people there. Just not as many of the locals that I’d expected.

Sales were brisk, about what we’d expect for this show. And although the ratio of collector to dealer sales was a little off, it was promising. On the flip side of the coin, Christine and I were able to buy some pretty cool pieces there. A few of them are listed below:

1972 Double Die Obverse 1c PCGS MS 66+

1868 3cs PCGS PR 66 CAC

1898 5c PCGS PR 66 DCAM CAC

1889 25c NGC PR 67 CAC

1864 S$1 PCGS MS 65+

1923-S Monroe 50c PCGS MS 66

Again, as I write this Christine is busy getting them imaged and up on the web. Check them out and then give her a call.

I won’t be able to attend the PAN show this weekend in Pittsburgh, so the next event we will be setting up at is Coin Fest in Stamford, CT. If you go, and have a chance, stop by and say hello. We’d love to “talk coins”.

Philadelphia and Parsippany Show Report

I admit it. I am not a writer. I am a coin dealer.

And I sure as heck don’t know much about computers.

So when the computer ate my last show report, it didn’t sit well with me.

But I decided to try it again. So here it goes…

Philadelphia

Whitman’s sophomore year in Philadelphia is over, and I give it high markings. After a three hour commute into the city on Thursday (due to torrential rains), I promptly went to my booth. And stayed there. Literally. I left my booth only once the whole day. That is unheard of for me. It wasn’t that the show was on fire. It was just steady. Really steady.

There were a lot of east coast dealers, who didn’t attend Long Beach the week before, that did show up here. In fact, the bourse floor looked like there was more activity here than in LB. And while I did see many of the regular east coast retail customers, there were a few who did not make an appearance here. But as usual, those that did show up, came to buy. Sorry for sounding like a broken record (or scratched CD), but it is true. The collectors who showed up, came with the intent to buy coins they need. Not just any coin. Coins that have been on their want list for a long time. Or even that spectacular piece that prompted an impulse buy. I saw coins sell at record prices. Not just a 10-15% increase. I mean a HUGE increase. That is BIG money. And real money.

As with Long Beach, many of the attendees talked of gold. Not the coins, but the metal. And although we sold a fair amount of generics (remember we do buy and sell them in addition to our usual rare coins), they were sold wholesale. Not one retail customer bought generic gold. Not one.

It is always nice to sell high priced items, but I like to see my reasonably priced coins sell. Coins in the $250-$2,500 price range. And that is just what the crowd in Philly wanted. We did sell several 5 figure priced coins, but the vast majority were around $1,500-$3,500. Examples of what was selling include some of the tougher classic commems, better date Morgans, earlier type coins, and…PROOF WALKERS. There. It has been confirmed. Demand for proof walkers has spread from coast to coast.

As I type this, Christine is busy getting the new purchases ready for our web site. Check them out and then give Christine a call.

After leaving Philly on Saturday afternoon, I was up at 6 a.m. on Sunday to attend the monthly Parsippany show. Why? Because there were a few of our customers that couldn’t attend Philly and Parsippany was the next best thing. It also doesn’t hurt that it is at the smaller, local and regional, shows that Christine and I buy some of our inventory.

So I apologize again for the delay in getting this show report up. I’m technologically challenged. I admit it.

Christine and I will be attending the Silver Dollar Show next week in St. Louis. If you get the chance to attend, please stop by and say hello. We always like to put a face with the name.

Oh, and I’ll try and get that show report up sooner.

Long Beach

Everyone wants to know: So how was Long Beach? In one word: HOT!

OH…you meant how was the coin show? Well if you’re an optimist, it was partly sunny; if you’re a pessimist, it was partly cloudy. Confused? So was I.

I’ve been going to Long Beach for almost 30 years now. And it never ceases to amaze me. This year’s fall show didn’t suffer the Long Beach curse of falling precious metal prices as most have. In fact gold is at an all time high. And? And generic gold was dead. No demand that I could see. While Christine and I don’t really make a market in bullion or generic gold, we do get some in deals at times, or from customers that are changing their collecting strategy. So we sort of deal in it I guess. Anyways, I would have thought that generics would have shown some sort of surge in demand. But alas, they didn’t. In fact we sold MS 62 Saint Gauden $20 pieces for $1,500. And that was with gold just shy of $1,300!

There was definitely a larger amount of no-show dealers this time. I blame that on the fact that as I write this, I am getting ready to leave for Whitman’s Philadelphia show. I heard that many of the East Coast dealers just didn’t want to do back to back major shows. I can’t say that I blame them.

Retail customers – There were several people that I expected to be there that were also no-shows. Maybe they are saving their money for this week. I guess next weeks show report will tell if I was correct or not.

So from what I am writing, you’d think that Long Beach was a bust, right? Wrong. While not as heavily attended as usual, those that were there, came to buy. Most of the customers we saw there were again (I’m seeing a trend here) carrying want list and would wait for just the right piece. Quality was paramount and price was secondary. Today’s collector wants quality, with no excuses. And they are willing to pay for it. Slightly off quality, and low quality weren’t really sought out. At least from what I could see. That’s not to say that they aren’t selling because we saw a lot of coins trade hands at some very attractive prices. Oh wait, that was wholesale.

So what was selling? Ready? Drum roll please…Proof Walkers and Mercury Dimes. Yes, it surprised me too. But then again, they are dirt cheap in comparison to some other series. And they can be downright pretty. Sound inviting?

Commemoratives – This series has a somewhat “cult” like following. Those that collect them never stop. Maybe they slow down, but they never stop. They just graduate to the “top pops”. Even seasoned veteran commem people were buying duplicates, and even triplicates, but only if the coins were “all there”. Don’t rush out and buy all the commems you can get your hands on though. Be picky, like our customers, and wait. When that special coin presents itself, then, and only then, do you pull the trigger.

Gem Gold – While the lower grade, i.e. MS 61-64, pieces weren’t as in demand as one would think, Gem specimens, were. We sold many at the show, and while we bought some to take home for customers there just are not that many around. Whether a collector is building a set of Gem $3 pieces, or just looking for a few MS 66 $5 Liberties, it can be a daunting task.

Confused? I understand.

Like I said earlier, I will be attending the Whitman Show in Philadelphia this week. If you go, and have a chance, stop by the table and say hello.

Boston ANA Show Report

After months of anticipation and preparation, the ANA’s annual World’s Fair of Money in Boston is over. And while there are always little details that could use a little more attention, I must say that the staff of the ANA produced a convention that blew me away. Many show reports have been written about this year’s ANA, and I sure many more are to come, so let me get to the “meat” of this one:

Bourse floor:

Held on the second floor, actually third if you count the street level, it was set up into two rooms. I have never been a fan of spitting up the bourse floor of a show for many reasons; yet this year’s show seemed to work. Christine’s and my table was in the “main” room, centrally located. We picked this table for a reason. And it worked. Most collectors had no problem finding us (especially if they use the great program the ANA put together). It didn’t hurt that it was on a major thorough-fair into the next room either. Many collectors/dealers stopped at our table, and it was great to see many familiar faces and finally meet so many of our customers in person. The aisles were wide enough so that there weren’t any major traffic jams. This is great, especially in a room where most if not all the attendees had briefcases or rolling carts in tow. I’m sure that the ANA took this into consideration when they decided to use two rooms. I personally think it was a smart move. The only downside to this that I saw was that many of the collectors/dealers never made it into the other room! Seriously! There was more than enough quality material in either room to have a stand alone show in itself.

Bourse floor sales:

Collectors
After 30+ years of attending ANA summer shows, I can say without a doubt that this was our (my) best one to date for collector sales. I can attribute this to many factors, but one stands at the top. Christine Monk. She has been in the business for nearly twenty years and has met many, many collectors during that time. Collectors I knew by sight, but had never met in person. They came up and congratulated her on her new position, chatted like old friends, sat down, looked at coins, talked coins, and walked away with many new purchases. That was what drew me to this hobby as a child, and has kept me in it throughout my adult life. In Boston, Christine reminded me of this. Thanks Chris!

At the top of the list of what was selling was U.S. Commemoratives. I always knew that this series had a great following, and in Boston I saw it in person. Don’t be fooled though. Not all commems, or any coin for that matter, are equal (no matter what the label in the holders says). The coins we sold had that little something special that I always talk about going for them. Abundant luster, wild color, or outstanding eye appeal is and was needed. This doesn’t apply only to Commems though. Every coin we sold had to have it.

Gem type coins, both mint state and proof, were also in demand. Many collectors choose this way of type collecting. I like it. By collecting an example of every coin, whether copper, nickel, silver, gold, or all of them, collectors increase their chance of finding that special piece.

Better date coins within a series also sold. If a dealer had an exceptional example of a tougher date in a widely collected series, it sold. One particular piece we had, and out of respect to the collector’s privacy, I won’t say which piece, only it is tougher than nails to find. The collector saw ours, looked at it, wanted it, and then told us his problem. There were coins in that night session of the auction that he had come to buy, and if he didn’t get them, he would be back for our piece. The next day he came back. And while he was successful in the auction, he knew he couldn’t pass up our coin. Advanced collectors know that the opportunity to purchase certain coins can be scarcer than the coins themselves. I can’t stress enough that collectors need to learn how to “pull the trigger”. Not just with me and Christine, but with any dealer who has the “right coin”.

In addition to sales, we were able to acquire many want lists from our customers. Keep in mind that a great many of the coins we sell are done through want lists. So if you are looking for any thing in particular, give us a shout.

Dealers;

This is where it got dicey. As you may, or may not, already know, I was a wholesaler for over 30 years. My “customers” included EVERY major retailer in the business. They got used to coming to me to replenish their stock, and find that “special” coin. That has all changed now. The best coins we have are now held back for you, our customers. Some dealers didn’t like that, while others took the approach that they would take what they could get.

Bourse floor purchases:

Collectors;

As many of the attendee were buying from us they sometimes asked if we would take coins in trade or buy them outright. We were always happy to look. And while doing so I noticed a trend. Most of the coins offered to us were a little off in quality or eye appeal. I can’t help but think that the sellers knew this. They were save enough to get rid of “C” quality coins, in exchange for “A” and “B” ones. Today’s collectors are demanding more “eye appeal” of their purchases. Good job!

Dealers;
After decades of building relationships with virtually ever major, and semi-pro, dealer in the business, I am happy to say that we were able to use these alliances to acquire some great coins and Americana. Chris is busy, as I write this, sorting, imaging, and listing them on the web. So make sure to set your alarm for every few hours, and check our web site often. We bought some wild coins this past week, and look forward to talking with you about them.
I’ve listed a few highlights below:

1835 Capped Bust Dime PCGS MS65

1869 Seated Dime PCGS PR67

1884 Gold Dollar NGC MS67

1904-O Eagle NGC MS65

2000-P SAC$1 PCGS MS 68 “Cheerios” Dollar FS-401. An unusual piece that come with some VERY interesting paperwork. All I can say is it is a true example of “Numismatic Americana”. More information to follow.

2000-P SAC$1 Ungraded (at this time). Again, a special piece. One of the first coins to be struck during a special ceremony at the Philadelphia mint. Official documents accompany this piece. More information to come.

Personal archives of John F. Tillman, Register of the Treasury from 1893 to 1897. Including pay for the last two days he was in office. That encompasses:

1 1896 $1 Silver Certificate FR 224, PMG graded 64.
2 1891 $10 Silver Certificates, Fr 299, PMG graded 64 and 66!

It will take a little time to sort through all of the Tillman material, so be patient.

ANA Exhibits:
Okay, I’m embarrassed. I am a true numismatist. I love coins. Their history, beauty, you name it. From what I am told there were some outstanding exhibits in Boston. Unfortunately, or fortunately, I wasn’t able to see them. We were just too busy at the table. I know, that isn’t a good excuse. I’m sorry. Not just for my excuse, but for not taking the time and looking at them.

Boston Itself:
Not exactly an easy town to drive in. Maybe that is why it is probably one of, if not the best, towns I’ve seen to walk in. Everything you could imagine was within walking distance. Outstanding dinning, shopping, and history were only minutes away on foot. Truly a great city! If you couldn’t make it to the show itself, you owe it to yourself to make a trip up there. You won’t regret it

Another Winner in Las Vegas!

Christine and I just returned home from the PCGS Member’s Only Show and what an experience it was. Vegas is a great venue to have a coin show. Couple that with first class accommodations, on site grading, and entertainment second to non and you’ve got a “Must Do” show.

We were able to purchase more coins than normal there. Maybe it is because of the small, intimate bourse floor. I don’t know. All I know is I am glad we went. We also had many of the coins we have bought from deals graded there. And as usual, PCGS did a great job. Holding the line tight, and taking a firm stand against questionable coins.

So sit back, relax, and check out our new purchases. If you see something of interest, give Christine or myself a call. We can have “your” coins to you within 48 hours.

Baltimore Show Report

The second of Whitman’s three Baltimore shows is history. Even though the bourse floor was packed from Thursday through early Saturday, one couldn’t help but notice that the show was smaller than usual. The newer, expanded hall C, was not utilized this past week, as is the tradition for the “summer” show. This doesn’t constitute a turn down in the market, but rather a reflection of the fact that many dealers scale back their show schedule during the summer months. Also, the annual “Paper Money Show” was held the same weekend in Memphis. And as expected, most of the usual “rag pickers” made the pilgrimage to Tennessee.

Baltimore has become the show to attend on the east coast. The team Whitman has put together is nothing but spectacular. They think of everything. And do it with efficiency unparalleled in any service industry. Baltimore, Philadelphia, and Nashville, They’ve got it covered. Many a show promoter could learn a thing or two from Whitman. My kudos go out to them.

So what was going on in the convention center? Quite a bit! Stack’s had a sale just prior to the opening bell, as well as Bowers and Merena conducting the “official” auction during the show. Both PCGS and NGC had staff there to accommodate dealer “on site” grading, in addition to fielding questions from the public while assisting them with their own submissions. While we only submitted to PCGS, from what we heard on the floor, along with our own observations, it appears that both services are continuing their stance of “no tolerance” while grading. If a coin appears to have been altered, – NO GRADE. Tired coins aren’t getting the benefit of the doubt. Only truly “fresh” coins are being rewarded; as they should be.

One of the most frequently asked questions we get is: So what was selling? In a word, everything; let me explain. Many dealers have a business model that allows collectors to visit a website, point, click, and buy. There is no doubt in my mind that many collectors like to buy coins this way. They don’t have to talk to anyone and can do their shopping at their own pace, on their own time frame. Unfortunately the collector does not get the benefit of a dealers years of experience, or lack there of. That being said, many of our sales were to other dealers.

On the other hand, we find that most of our customers, those with specific want lists, prefer to deal face to face. They like to look at the piece in question, get that ever important “first impression”, and ask questions. Then they pull the trigger. And as I’ve said before, most of these “retail” sales had to have something special going for it. Exceptional eye appeal, wild color, or blazing luster, they got to have it.

Specifics? Gold and silver commems. Gem (MS 65 and above) gold and silver type coins. Proof and mint state examples alike. Proof three cent nickels (?) and…ready…Three cent silver pieces were in demand. (About time in my opinion) Both of these series have been overlooked for too long and represent a challenging, yet possible, task.

So there you have it. Our next venue will be there annual show in Colorado Springs held the weekend of the 4th of July, in between the first and second sessions of “Summer Seminar”. Then it will be a week long session of looking at coins and learning. How cool is that?

Long Beach Show Report

Writing a show report can be a daunting task, especially from the President’s Club at LAX airport. While the show was really good (I’ll get to that in a minute), sometimes traveling for a living can be trying. Flight delays, this time four (FOUR !) hours, are always a risk. The only thing a person can do after covering all the bases for these types of SNAFUs is to relax and get back to work. Hence this show report.

We arrived in Long Beach on Wednesday morning. No longer do we get in on Tuesday and try and shake loose some coins from the arriving dealers. It just hasn’t been worth it the last few times. Fewer and fewer coins, coins that we want to purchase for our customers, are showing up in the market place. Work smarter, not harder, is our motto. Tuesday was better spent in our offices than in the lobby of the Hyatt Long Beach.

So Wednesday afternoon we went to the show and set up. Both Christine and I scoured the bourse floor looking for coins to buy. Even with two people looking it was difficult, but not impossible. The first coin we bought was found by Christine, gem PCGS MS 66 Isabella quarter. And that’s how the show continued. Our purchases were made one coin at a time or sometimes two, never five or six. Those days are gone. But we did manage to buy quite a few by the time the show was over. It will take a little time to image them and get them up on the web, so check back OFTEN this week. Most, if not all of the coins will be up by Wednesday.

Several of the items we bought at the show were sold at the show, either via email or phone, or to clients that were in attendance. These include a gem 1896 proof set (1c-$1.00), an amazing 1849 seated dollar in PCGS PR 63 CAC, and a wonderful 1926-D 5c in PCGS MS 66 CAC. Christine and I take customer want lists seriously. Not every coin that has a label corresponding to a want list works for us, or our customers. So when you get an email from us, rest assured that the piece we have found for you will be “all there”.

As I said, Wednesday was mostly spent looking for new coins, with a little selling in between. Many of the other attending dealers were constantly asking to see our inventory, as well as our new purchases. As a wholesaler for over thirty years, I was inclined to show our “NEWPS”, but Christine reminded me that it is you, our customers, that deserve first shot at them. Not some other dealer. And so we didn’t show them wholesale, but decided to hold them back until you have had an opportunity to view them, either in person on the web.

While Wednesday was basically dealer to dealer only, Thursday is when the collecting crowd came in. I do realize that the show was a little smaller this time in terms of tables, so maybe the crowd appeared larger than it was. I’m not sure. I do know that the people that did come were there to buy. Selectively, and very picky, but they did pull the trigger. Without a doubt the most sought after coins were gem quality gold pieces, followed by silver commemoratives, and then gem type coins. Special coins, high grade or very rare, were also in demand. Keep in mind that all of the above mentioned had to have that little something extra to sell. Thick, flowing luster, beautiful toning, and outstanding eye appeal. They got to have it to sell.

Both Christine and I saw many old friends, met some new ones, and got to put a face to the voice on the other end of the phone. Your reception to Christine and her new position here at Numismatic Americana was warm and sincere. I for one appreciate that. I am sure Christine does too.

Our next show will be in Baltimore in two weeks. As usual, I am sure that the fine folks at Whitman will do an outstanding job. If you have the opportunity to attend, please stop by. We’d love to see you.

Nashville Show

The inauguration is over, now it is time to get down to work and attend to the things that need fixing. No, I am not talking about the political state of our country (and I never will), I am talking about the first annual Nashville show produced by the good folks at Whitman Coin and Expo.

We’ve all seen and heard of the devastating floods that ravaged the area a few weeks ago, and while I didn’t see any standing water, the aftermath was evident everywhere. Coming in from the airport I could see where the river had crested fifty feet (50 feet!) above its banks. That’s pretty impressive, even for a Missouri boy who is use to floods of Biblical proportions. Disaster clean-up crews were working in the downtown area around the clock. Apparently a lot of the older building there with basements had serious water damage. Even with this disaster, everyone we spoke with was in good spirits. Tennesseans are a hearty lot; they rolled up their sleeves and got to work. No complaining, no blaming. I was impressed. Whitman expressed concern for the unfortunate timing, but realized (as I did) that there was nothing they could do. The show must go on. And it did.

The show itself was held in the adjoining convention center to the Renaissance Hotel where we stayed. This is good. I’ve always liked a show where you don’t have to walk outside to get from the hotel to the bourse floor. It just makes sense from a security point of view, as well as not having to haul your inventory around outside and possibly getting caught out in the elements (like the heavy rain present on Thursday). The show/hotel was held just one block off the “main” street in downtown Nashville, so dealers and attendees alike could enjoy the nightlife “Music City” is known for. This is a big “plus” as many dealers and collectors like to see the sights of the towns they attend. The nickname “Music City” says it all.

Set up for the show was at 9:00 a.m. on Wednesday. In my opinion this might have been a little early. This meant that most “National” dealers had to come to town on Tuesday evening and incur the added expense of an extra night’s hotel room. We also noticed that many of the local and regional dealers didn’t make it to the show until later that day, or even Thursday. Perhaps a set-up time in the afternoon would be better. Something for Whitman to think about.

We had bought a few deals in the past weeks that we brought to the show to wholesale out. This we did with little effort. While these coins weren’t exactly the kind we like to offer our clients, it seems that demand for coins of all levels is somewhat strong right now. And while this is good news, we didn’t need to travel to Nashville to find that out. Retail collectors are why we came here. There hadn’t been a “National” or even a regional coin show here in 35 years so we were interested to see what kind of collector base this area had. On Thursday and Friday we found out. There are serious collectors here, as we met some of them. But I can’t help but wonder if the above mentioned flood didn’t keep some away (cleaning up their homes, as well as helping their neighbors).

What about our buying you ask? Well, as I’ve said over and over, quality coins aren’t as easy to find as most people think. Large inventories of original quality pieces are virtually non existent. We had to look at hundreds of coins to find one we wanted to purchase. At a show this size this can be a daunting task, but that’s what we do. We look so you don’t have to. Check back later this week and see what we were able to find. I’m sure you’ll like them.

Now for the two biggest drawbacks for this show:

1) It conflicted with a long-running local show just 30 miles away. This can never be good for retailers competing for collector’s dollars. Unfortunately many collectors hold out on buying a coin thinking that there just might be a better one, at a better price, at the other show. This hurts the dealers and collectors alike.

2) This was the “killer” for the show. 9.25 % sales tax on coins. At the present time there isn’t anything that can be done about this. Whitman does a show right, every aspect of it. Including finding out what the local requirements for visiting dealers are. Licenses and taxes not excluded. We had to register with the State of Tennessee, and we aren’t about to break the law just to sell a coin. Every time we were about to close a deal to a collector, and mentioned the “sales tax”, it killed the sale. In fact, several of the locals mentioned that they had never paid sales tax on coins before and asked if this was something new. In order for this show to flourish, this issue must be addressed.

So there you have it. A new show with all the attributes to make a “great show:” as well as a few issues to “kill” it. If Whitman’s past performance is any indication, I’ll be back. I’m sure that as I write this, they are working on the issues that need it, and will do everything they can to insure that the “Music City” gets another chance. I look forward to it.

Our next major show is the Long Beach Coin & Collectibles Show held the first week of June. We will be there with our usual (unusual?) inventory, as well as an exciting announcement. You will not want to miss this. We look forward to seeing you there.

Oh, by the way, there is no sales tax on coin transactions in California over $1,500.00.

Central States 2010 Show Report

I just returned home after a short 1 1/2 flight from Milwaukee, and thought I’d write about the Central States Numismatic Society’s show that was just held. First off let me say that this year marks my 30th year as a Life Member of the CSNS. And I’ve attended at least that many shows of theirs. But this one was different.

I arrived on Tuesday to look at the inventory of some of my contacts, as I usually do. Not much to report there. I know it sounds like a broken record, but really nice coins aren’t available like one would think. Basically a wasted day. On to Wednesday, PNG day. I was able to find a few morsels, but I sold at least two coins for every one that I bought. For the first time in a long time, every time I sold a coin I asked myself when (and how) was I going to replace it. Let’s give PNG day a B-. But it ended on a good note at a great restaurant: STANFORDS.

Thursday was the “official” set-up day for Central States. All dealers. All day. Unless of course the collectors wanted to pay a ridiculous fee of $75.00 for a “professional pre-view” badge. Which in my opinion was a bad move on the show management’s part. Serious collectors may have, or may not have, been at the PNG day and expected to attend the “show” the next day, only to find this arrangement. Every dealer we spoke with thought this was a horrible idea. I must say I agree with them. First off, no where was this publicized. Nobody knew of this move until they got to Milwaukee. Hopefully the board of Central States will learn a lesson from this blunder and NEVER do something like this again.

So…how was the show after the public got in? Good. No, really good. We saw many familiar faces, met some new ones, and sold coins. Gem type coins and Commemoratives (both silver and gold) were in demand. Several collectors looked at pieces, said they might come back (and they did) only to find their items of interest already in the hands of another. I have always said, and will continue to say, that the time to buy the “right” coin is when you see it. I’m not talking about an impulse buy, or maybe a coin you have a passing interest in, but that special one. The one that you’ve been looking for for a long time. I know that when I see a great coin, I know that I will be buying it. It is just a matter of negotiating price. Collectors should learn that trait. Good coins sell themselves, and quickly.

The membership of the Central States Numismatic Society is a diverse one. Coins, paper money, medals and tokens, and Americana. There were collectors at this show looking for it all. In addition to our rare coin sales, we sold quite a bit of Numismatic Americana. Original memorabilia for U.S. Commemorative coinage was in “big” demand. In fact, we sold all that we brought. Items from the 1896/1900 election between William McKinley and William Jennings Bryan were also sought out. It’s great to speak with collectors and hear the “passion” in their voice when they talk. It reminds me of why I do what I do.

We will be attending the monthly show in Parsippany, NJ tomorrow for half a day. Then it’s back here to describe coins and get them up on the website. So check back often and give us a call if you see anything of interest.

Baltimore Does Not Disappoint

Another successful show in historic Baltimore has passed. I know there are many reports, and opinions, of what happened and what was hot, on the internet. From the chat rooms to dealer’s websites, it seems that everyone has an opinion. I am no different.

From the beginning it was a hit. The people from Whitman Publishing did a great job organizing it and making it easy to navigate. From dealer check-in to public registration is was smooth sailing. I didn’t hear of one complaint. And the coin collecting crowd can be a tough one..

Inside the bourse was a treat as well. Wide aisles made for pleasant viewing. I might add that our table was located in the newly expanded area, section C. Normally I wouldn’t have been pleased with such a location, but at this show I was. With Whitman’s superb show program it made table locating a breeze. All of our regular customers made it to our table, along with many new ones. Even the fast and furious dealer “sharks” circled around us. It seems if you have the right coins, people will find you.

So what was hot? Well at our table the coins that caused the most commotion were the superb GEMS that we “cherry picked” from the incredible Brian Sonnier collection. We had the opportunity and pleasure to acquire what we thought were some of the most beautiful coins from this group. Veteran dealers and aficionados of colored coins came to view them in droves. While we sold a few at the show, it was the following Monday and Tuesday that we really sold them. Many prospective buyers went home only to dream of them, and then make the decision that they needed to be bought.

Commemorative Coinage of the “classic” era was also on many collectors’ want lists. Again, in order to sell these pieces they needed something extra. Original rim toning, thick frosty luster, and that little “oomph” were just a few of the characteristics wanted. A new customer came back three times before buying a particular piece. But it was what he wanted, and there just weren’t any others on the floor that compared to ours.

Key date, and better date, coins of collectible series were also in demand. I get the feeling that most of the numismatist on the floor were seasoned, and need only certain pieces for their sets. When the right coin, and the opportunity to buy it, present themselves most of the attendees pulled the trigger.

Gem type coins were also inquired about. And many found new homes. I know that many of you are tired of hearing about Quality-Quality-Quality. But it is true. Collectors want coins with no excuses. Gone are the days when any high grade certified coin would sell. Today, the coin must be all there. This mantra is only going to continue. As a whole, this generation of collectors is much savvier than those of the past.

What about our buying you say? Well all I can say is that it is getting harder and harder to acquire original, un-tampered with, coins. Our contacts in this business are wide and varied, and we still had a tougher than usual time buying coins for our customers. But buy we did. As I write this most of our new purchases are ready to be posted on our web site. Check back throughout the week.

We received many, many emails and phone calls the days immediately after the show asking about new purchases, luck in filling want lists, and the general tone of the show. Thank you.

Like last month, we left one show only to travel to another the next day. And again it was the one day show in Parsippany, NJ. We got there early to find a few empty tables. That didn’t last long. Within a few hours every table was manned, and the public crowded the PAL building. We didn’t set up there. We went to buy. And like Baltimore it wasn’t easy. But we found a few item, including a really nice 1886 Liberty nickel in PCGS MS64 CAC. Look for it and others on our site shortly

Our next show is the ANA’s spring show, held this month in Fort Worth, Texas. Stop by and say hi. And if you have coins for sale, please offer them to us.

Now that the Copper Auctions are over …….

So now the big “Copper” auctions are over. We’ve all heard about the first $1,000,000.00 Large cent and the high prices the rest of the collections brought. I had an interesting situation happen and was wanting to hear your take on it.

So here it is:

I have a client who is putting together a type set of GEM United States coins. He wants high quality pieces with exceptional eye appeal. Usually MS 65 and above, preferably CAC stickered. So I saw an ad in Coin World with a late date large cent, PCGS MS 65 RD CAC in it. I called the company (who I know very well and do business with), and inquired about the coin. The person on the other end of the phone told me somebody would get back to me shortly. At this time I should tell you that this was on the Friday before the big “copper” auction was to be held. So I waited. And waited. Four days later, after the auction, I received a call. The coin I had asked about was now “on hold” for another customer, and the dealer who had the coin proceeded to tell me how “crazy” the past weekend’s prices had been. If, and I say “if”, the customer passed on the coin, then the dealer would let me know. But he wasn’t sure about the price. You see he had been at the auction the past weekend and was still hung over from the intoxicating results. He wasn’t sure if the copper market had gone up 50% or what.

What would you do?
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