News Article

2021 Fall Baltimore Show Report

So nice to get to a Baltimore show again.  It’s been since November of 2019 that I have been able to attend a Baltimore show due to Covid restrictions.  Alas, Baltimore like any large city has its challenges but it’s sad to see how badly the economy has been affected.  Restaurants weren’t even open in many of the show hotels.  Many of the sections of the city where dealers would travel to eat after a day at the convention only had a handful of places to eat that were not completely out of business.  It’s sad to see the hidden toll that has been taken by Covid, particularly in the restaurant and hotel industries.
I arrived at the convention center early to try and catch dealers and view coins as quickly as possible.  First shot to view a dealer’s coins can make a big difference between a good and bad show.  There were two showrooms of about 20 dealers each with coins for sale.  Before the show even opened, I spent over $150,000!  Whitman, the show promoter, did something different this year and opened the show for early trading at 5:00 P.M.  on Wednesday.  Normally, you could only lock your coins away for the night on Wednesday and gear up for the 8:00 A.M. opening on Thursday.  I noticed about 20-25% of the dealers did not show up.  I would attribute that to Covid fears.  I wore a mask for the entire time I was on the bourse floor.
The show itself was shockingly strong and with very broad-based strength too!  Nice CAC coins that were not priced to the next grade range sold well.  Non-CAC coins with nice eye appeal were being sold at a frenzied pace.  Everything from circulated coins to junk silver was selling.  The market is healthy and looks to be setting up well for 2022.  I can’t wait for the F.U.N. Show.  I was hoping to find some nice Walkers and any original Seater type coins in circ. To any uncirculated grades.  The were no Walkers to be had and whatever type coins I found were priced very high if they were fresh and original.  I like nice type coins but the line has to be drawn somewhere.  Mint state 65 pieces at MS-66 prices just don’t make sense.  I feel nice 19th century type is really undervalued.  Eighteenth century coins are out there in limited quantities but it is never original.  CAC gold is strong compared to gold that is not stickered by CAC.  Nice commemoratives in both gold and silver were very hard to find as was original copper.  Dollars seem to be the most available to but be picky!
However, I still want to recommend caution.  Some of the largest market makers are still sitting on the sidelines and dabbling but not fully committed.  It’s still not a full blown upcycle yet.  I will say though, if you see the coin you like, grab it now.
For the first time ever at a major coin show I did not see one MS-65 or MS-66 $5 Liberty with a CAC sticker.  I only saw one MS-65 CAC $5 Indian and I bought it.  By the time the show wound up, I spent $400,000.  It was right on the edge of a great show for us.  I turned over every rock to find anything that would qualify to be put into our inventory.  You will notice that our new purchases will be very small.  Thankfully, our reputation for uncompromised quality precedes us.  Most of the coins we purchased will be presold to want list customers.  Please let us know if you have any coins, you want us to try and locate for you.  As usual, we never settle, a coin from us will be thoroughly scrutinized to be of absolute top quality.
Allow me to wish you all the happiest of Thanksgiving.  If we do not have a winter Rare Coin Enthusiast out before Christmas, we will have one after the F.U.N. Show.
Keep in mind, the Rosen Advisory will be out soon.  Maurice told me he really appreciated my thoughts and honesty with my answers.  As soon as I am allowed to print the questions and answers, I will put them in the Enthusiast for you to read.
Have a blessed Christmas,

Warren Mills.