Well, another Central States show has come to pass and for lack of a better word it was more of the same. Nice coins were in high demand, same old material went begging, blah, blah, blah, but in all seriousness that is the truth.
One dealer we know said that he was almost reluctant to sell his coins because he knew he would not be able to replace them any time soon. Almost anything nice and original was an easy sell whether it was type, gold or silver commemoratives. That’s right the lonely silver commem. is in demand only if it is strictly original. The dipped out white no pizzazz coin is not selling. Gold must have its’ original skin and type coins cannot be ugly. Of course ugly is in the eye of the beholder, for type that means that what was a beautiful original coin in 1985 may not be a beautiful coin today. It seems that tastes have changed over the years and PCGS + and CAC have proven this.
Once again the auction that coincided with the Central States show seemed to be the source for nice material. Yes there is plenty of marginal material but there are also an ample number of nice coins but don’t interpret that statement to mean that you can indiscriminately bid on anything in an auction catalog and think it is a nice coin. You still must look at each lot like you would when buying a coin from a dealer since our clients know that there are high end and low end coins for the grade.
It also seems that the collector is still in control of this market. We heard of one collector buying early Draped Bust material for his collection. This collector was offered a decent coin that he had been looking for but decided against buying it because it was not “all there.” The coin had a couple of minor issues but was perfectly acceptable but the collector’s attitude was that he would rather wait and pay 30% more for exactly what he was looking for than to settle for something that was not completely up to his standards. That attitude is exactly what we have been trying to instill in our clients for years, don’t settle for anything because it may be a good buy, wait until the right coin comes along.