Musing from the Long Beach Show! 02/16/2010

on 16 February 2010. Posted in News

Alas, the first show in a long time that our buyer came up empty handed.  I know it seems unbelievable!  We are only trying to place the most original nicest coin for the grade we can find.  Our buyer looked at a lot of coins but they just didn’t meet our standards.  We try to be this way so our clients can get the most value for their dollar.


 
The auctions at Long Beach were surprisingly strong with about a 90% sell through rate.  Original coins for grade and true P.Q. CAC pieces did the best.  This is a good sign that buyers want top quality.  However, some are feeling they only are finding it in auctions.  Auctions are a mixed bag of nice coins for grade and poor coins for grade.  We have done many auction previews for clients and saved them from buying high grade mistakes in holders.  Just because you can afford the best, doesn’t mean you get it.

One of our gold registry set clients recently commented about how he is now only ranked 4th highest with his gold set.  We both know that from a technical grade, his pieces including originality and eye-appeal are probably superior to the others above him.  He decided to submit his coins to CAC for John’s opinion on quality.  Every coin he acquired from RCNH CAC’d and not one of the coins he acquired elsewhere did.  We said we would help him replace the others if he wished.  Again, CAC is just another opinion.  We have seen many CAC coins we agree with and many we disagree with.  After the F.U.N. Show we sent in coins for a couple of our more knowledgeable clients.  I thought almost all would CAC with maybe only 1 or 2 misses.  However, only about two thirds got stickered and I could not tell them why!  My guess is as John gets new people working for him they are uncomfortable CACing too many coins.  They dream up questionable color or do not take into consideration diagnostics of certain issues.  Keep in mind, John can’t do it all and even if he could, he’ll have his good and bad days.  If you know what you are doing and the coins are nice, others will feel the same way.   Overall, John and CAC are doing a good job in a tough situation.  I just see a bit of inconsistency.

However, if you put your trust in this new era of pseudo dealer, the ones that just reads labels, you can be heavily compromised.  I bring this up because I heard that one of the top gold registry sets recently had only 2 coins CAC!  What a shame.  If the majority of your coins CAC you know you are in good shape.  Again, it’s just another opinion.  In this case, if you’ve spent 7 figures and virtually none work, learn why!  Find dealers that can educate you about your purchases so you get the most value for your money.

In conclusion, the show itself was a bit soft due to dropping bullion prices.  The right coins always sell but bullion has been a big catalyst for buying for a while so dealers & collectors get nervous on a drop.  Give us a call if you’d like to speak to real numismatists that love coins.
 

Thank you.

Warren Mills

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