Paul and I flew into Baltimore on the morning of October 29th, the day before the show opened. I didn’t anticipate strong sales because our inventory was lower than usual. I was hoping that I could find some nice inventory coins but as usual we were not willing to compromise and buy marginal material to offer to our clients. My observations are as follows:
Large size type and high grade CAC coins were virtually non-existent. The few coins in the market were priced at very high uncomfortable levels. I had a few dealers that hold coins for me to see and thankfully they held some nice coins that I was able to acquire. Attendance was very poor and the dropping metal prices were of concern to many dealers. Dealer liquidity appears to be a problem right now and my guess is that since there is not a catalyst to buy tangibles, people are allocating funds elsewhere. This means that dealer foot traffic in their offices or stores is much lower than normal. The best thing to do in most areas for good potential is to price average. If you bought high, think of buying low to average out costs. The auction was strong for accurately graded and P.Q. coins and weak on over graded pieces. We sold about 20% of our normal volume and acquired about 50% of what we normally buy. The Gardner Sale was very strong and many of the coins we sold to Gene did very well. This confirms that the market is strong for nice quality high grade pieces.
Our next major show is F.U.N. Please get your want list to us before we leave in early January. We want to wish you all a blessed Thanksgiving and Christmas. And as always, feel free to call or e-mail us anytime.
P.S. The grading services were busy with decent submission results. We sent in a very expensive coin to PCGS to cross a few weeks before the show that didn’t cross. I took it to the show and walked it through and it did cross. This shows that you have to believe in nice coins.