We apologize for this late FUN Show report but we have been extremely busy filling orders and getting caught up from what seems like one never ending snow storm that has inundated us for the last two weeks. The FUN show is always a well attended show by dealers probably because by early January they have had enough of winter and want a warm weather break in sunny Florida but this year’s show was surprisingly well attended by the retail public. Most of the retail people there were lookers not really spending much money and being very selective but we were able to sell a very original 1893-S $1 in PCGS XF CAC for close to $10,000.
Although we did not have a large inventory to bring to the show, our sales were a bit lower than normal but the buying opportunity early on was great! Paul and I arrived a day early just to get a jump on business. It gave us the best chance to find fresh material. Four of our long standing clients came by to ask how things were going. These folks really know coins and they were shocked at the diverse mix of nice coins we were able to find. We had some longtime coin club members that came by the table and were very happy to see and buy original coins.
The auctions as always were impressive. Heritage managed to put together what seemed like an encyclopedia of auction catalogs anchored by the Daniel Partrick collection of 1792 coins. This single collection comprised several multi-million dollar coins and was part of the $70+ million of coins sold during the auctions. While this total sounds very large and it is, you must dig deeper to understand the strengths and weaknesses of the market. Almost every dealer we spoke with about their auction results were disappointed. Many dealers either bought back their coins or sold at a loss. The only dealer that was pleased with their consignment was RCNH! Our understanding of what really happened is that buyers want fresh coins, this cannot be overemphasized. One should not make the mistake of confusing high grade coins with freshness. You could have a gem proof gold piece or proof silver type coins but if they have been to a year’s worth of coin shows and seen by every major dealer over and over then the coin is not fresh it is perceived as stale. This is similar to the real estate market, the saying goes, there is never a bad real estate market just overpriced real estate. In order for these “stale” coins to sell prices must come down. Our coins in the Heritage auction were sold under the Milford II Collection since it seems that buyers target RCNH coins we want them to be able to find them easier in the auction.
With prices for stale coins coming down you have the development of a two tier market. Coins that have been on the market and have been overexposed and fresh coins, the type of coins that RCNH has a reputation for dealing in. You may ask yourself how do they do it. The answer is simple, RCNH has been in business for 25 years and Warren has been a dealer for 36 years and we have a deep client list who bought high quality coins for years. Because of our reputation for fresh coins we have been successful getting very high prices for our client’s coins.
Our new purchases are being posted on our website, RCNH.com, intermittently and we still have some nice selections available so please take a look. As always if we can be of any help whether you are buying, selling or just have a question please feel free to call one of our numismatists for assistance.