FUN Show Report June 7th - 10th
By Warren Mills
Alas, I have to give a third person report on the Summer FUN Show. I was scheduled to fly into Orlando the afternoon of Tuesday July 6th, a full day before the Wednesday dealer set up. I set up customer appointments prior to the opening on Wednesday morning too!
So, just before I’m ready to head to the airport, I get an email from the airline that says my flight has been cancelled! The backlog from cancellations just made it awful to reschedule. They put me on an early morning flight to Columbus, Ohio with a five-hour layover the next day. Plus, I had no guarantee that if they cancelled the flight, I would be able to get back to New Hampshire that same day. I asked if I could fly out of Boston, but the backlog made it such that I would miss the most important time for buying coins. I finally gave up the ghost and asked for a refund. That’s one of the drawbacks of living in a more rural state.
I heard from trusted sources that the show was very active for dealer-to-dealer business. Public attendance was so-so and very slow on Saturday. Dealers that sell to uneducated holder buyers did well. By that, I mean those that have no idea or the wrong ideas about certified coins, will buy any slab to fill a hole. I can’t tell you how often I’ve heard the phrase, “Well it’s slabbed, isn’t it?” Yes, you can read, but I prefer to look at the coin! There are so many circulated coins in slabs, that would not have graded from cleaning or damage 20 years ago, it’s sickening. There are unc and proof coins that are one to two points over-graded, just because they are dipped out. Oh well, money trumps educating the consumer every time.
I then spoke with a long-time colleague that is a true expert in his specialty. The first thing he told me was that I would have had a hard time buying, because there wasn’t much there that was technically graded with nice appeal. He purchased a large group of certified gold that was abysmally graded, but because the coins were certified, he could sell them quickly. I like that word abysmal, and that was his description, not mine.
And so it went, many dealers buy anything in a slab because they sell to internet buyers that don’t know anything. Many dealers sell to boiler rooms that make up stories and sell sizzle instead of steak, for hundreds of percent mark-ups. I think something is going to give. I’m disappointed that I missed the show, but my standards for quality won’t change. I’ll do my best to find nice coins where I can!
Keep an eye out for our next newsletter. My last warnings on P/L and DMP/L dollars educated a lot of collectors. My next warnings I believe will do the same. The next newsletter will be available before I leave for the ANA in August.