Paul and I were off to Charm City, or is that Harm City? We arrived on Wednesday…the day before the show and were treated to glorious weather and temps in the low 70’s. From the airport, we went to dealer setups outside of the convention center to buy and sell coins. Both buying and selling were slow. It seems that there are a number of factors that are contributing to a lack of nice material in the market; and also a lack of liquidity. The Pogue and Gardner sales are taking a lot of money out of the market place. These Super Sales have many great coins and collectors in some instances are spending a year or more of their allowance to coins in these sales. Factor in the weakness for gold and silver and this is contributing to sluggish sales. Many dealers are waiting for something to act as a catalyst to get the coin market back in gear. It also acts as a Catch 22. If you have nice coins for the grade and the demand is off, you don’t want to sell premium quality for commercial grade prices. As a result, many dealers are holding back nicer coins for better times. So you should be able to deduce by now that pickings were slim. This also affects dealer liquidity. If someone is holding their good material back and not spending money to preserve some cash, the market and the show gets stagnant. Some of the larger dealers did not even show up! Many of the dealers that have a diverse mix of soup to nuts were selling generics just to raise cash. So overall, it was a quiet show. I’m thankful for the dealers that held a few choice examples aside for me or it would have been a bad show. We will be putting up new inventory soon but it will be spread out over a couple of weeks while waiting for some of the coins that weren’t CAC’d to come back with stickers, I hope?
The auctions were conducted by Stack’s Bowers and appeared to go well. The material we had in the sale was very well received and some of the prices we received for our lots were shockingly high. There were also a couple of lots that we were disappointed with but overall, our results were great!
Attendance was low with no real buzz in the room. Many collectors and a couple of dealers came up to our table and said they really enjoy our newsletter. I was happy to hear that. We try to mix education and market awareness along with past experiences to give everyone our perspective. If you aren’t familiar with our letter, go to the website and check it out. Any feedback or questions you would like answered would be appreciated.
Please feel free to offer us any coins you are thinking of selling. I am happy to look at them with no obligation. Last month I recommended to a couple of our clients that they resubmit one coin each. Both upgraded 1 point which added an extra $14,000 to one and $4,000 to another.
I really love the concept of CAC coins. It offers a layer of protection and the possibility for increased liquidity. In Baltimore, I examined coins for dealers and collectors in both the auction and the bourse floor that shocked me? Remember, CAC is run by people. You still must grade the coin…not the holder or sticker. Coins sometimes get stickered that shouldn’t, plain & simple, and vice versa. Give me a nice original coin for the grade every time, PCGS, NGC or CAC, knowledge is power.