RCNH Market Alert 6-9-20
We are slowly working our way back to normal. Clients are allowed into our office by appointment only and are required to wear a mask. Our employees will be wearing masks too. It’s different but a small price to pay. I feel for those poor folks that are still out of work and are having a hard time feeding their families. These are trying times!
Some collectors are selling dups to make ends meet. Please remember there are steps that should be taken to ensure that you receive strong prices. At RCNH we examine all coins free of charge to maximize value for the customer. On raw coins, it may mean submitting them or removing PVC to get the highest price. On certified coins, it may mean resubmitting for a higher grade or sending coins to CAC. If a customer cannot wait, we pay them a fair price. Then if we deem the coins worthy of regrading or CAC, we submit them and send the customer a check for any difference. So far, no one has been desperate enough where they couldn’t wait for the regrade results. These are your coins! We are happy to help you receive as much as possible for them.
This virus has allowed us an opportunity to contact some of our older customers and inform them about CAC. For a nominal grading fee, a substantial amount of value can be added to the price of a coin. It also gives us a chance to remind customers that we are still here! It sickens me when a dealer tells me that they made $10,000+ by buying an old collection of RCNH coins and CACing the coins for themselves.
Another important consideration for collectors is to remember to inform your family about the value of your collection. I have multiple examples where clients have put that off and they pass away unexpectedly, then the family sells the collection for a fraction of its true value. Don’t let that happen!
Watch out for every crook in the world slithering out from the cracks of the rocks to sell gold, silver and coins. Every time there’s a run up in the market these snakes come out. They talk about how they’ve written books or self-praise themselves up for you to buy into their schemes. Please be careful. Remember Hannes Tulving, he ripped people off, went to prison, got out and did it again! We had a few customers that said, “Oh your prices are very similar, so I’m going to buy from him.” They knew the track record, but still let themselves be taken. I know I’ve only been in business for 41 years, but there’s something to be said about longevity.
Summer FUN and Long Beach have been cancelled. The ANA Board is now meeting about whether to hold the ANA in Pittsburgh. The PNG sent out a notice to all members about the deliberations on the ANA Show. I sent back a response to cancel! I don’t know what will happen, but until a better handle, prevention or vaccine is developed, I think we are playing with fire. Better safe than sorry. We need the show no doubt, but the health of our aging dealer community is more valuable! Not to mention our aging customers.
Please remember to be diligent and safe. If we can help with anything, please let us know. Dave is back from his 5-6 week absence and Lou is back from his 3-4 weeks out. We are all hands-on deck.