Paul and I arrived as the show opened on Tuesday, August 11th. We had to wait in line to get our dealer badge but it went smoothly and the ANA staff was very cordial and helpful.
We go to the show to try and buy coins for our inventory: this is our number one objective. I also like to bring some of our inventory coins for Paul to offer for sale to give us a barometer of the over-all market. I go one way and Paul goes another.
I was thankful that we did not have a repeat of last year. The mint release of the JFK gold & silver issues at the show turned the ANA into a fiasco. Dealers felt unsafe with the busloads of individuals brought in by a handful of promoters to stand in line to buy these coins. This type of speculative selling is bad for our business and reeks of promoting modern issues that could be to the detriment of the client. How good does the buyer feel that bought the first JFK gold at the ANA sold by the mint for $100,000?
Attendance was decent but not great. The people that did come to the show were serious about coins and did buy when they found the right piece. I helped find a couple of “want list” coins for clients that asked me at the show to locate them and they paid immediately. Of course, our reputation of not settling for marginal material precedes us and when a collector knows enough to recognize top quality for the grade, we make a customer very happy.
Buying was a tough row to hoe. I was happy with my purchases; I just wish that more coins met our criteria for quality. We try to acquire strict original coins across the board whether the coins are circulated or MS-65 to 67 pieces. When we logged in our new coins, many went off the website as fast as they went on. I will try to find new material as fast as I can.
Selling was good for us. Dealers were receptive to see what Paul brought to the show and we did well with our mix of soup to nuts coins. Unfortunately, now we have to try and replace them. Dealers seemed much more aggressive in their buying and desire for coins. This was probably the best ANA show we’ve had in the last 4 years. The overall mood was good.
We only consigned 5 coins to auction this time and 4 of them brought a huge amount more than we expected. People are learning that if you have a trained eye or a good dealer representative acting as your agent, top quality coins are where to focus your attention. Just because you can outspend everyone does not mean that you are getting a good coin or a great value. You need to know the attributes of what makes a coin worthy of acquisition. The Pogue collection has some amazing coins in it, but it doesn’t mean the coins yielded a great return.
I want to thank everyone that came by to say hi and thank us for our coins. We have always ascribed to “Quality doesn’t cost, it pays.”
Before I left the ANA, I examined one of the worse type sets I’ve ever seen; every coin was damaged, cleaned or both to varying degrees. When you compromise your grading for price, you can only sell to an unknowledgeable buyer. That’s a bad position to be in.