on Wednesday, 07 November 2018 15:45. Posted in News

by Warren Mills

The Baltimore Show was a little early this year, hosted in October instead of November.  The spring and fall shows usually attract more dealers to the convention than the summer.  So I was hoping for an influx of many fresh coins than the June show due to the larger bourse.  The amount of coins was not the problem; it was the lack of high-end, nice pieces for the grade that gets tiring to see.  It’s never easy to find great material unless a collection drops into your lap.  So you put your head down and go on the hunt. 

I was able to fill coins for some of our trusting want list friends.  As for finding regular inventory coins, I came home with a yawning total of 20 pieces.  I hope I never get to the point where I compromise my standards just to sell something.  There were the scattered offerings of CAC pieces here and there, but they were few and far between.  Unfortunately many of the larger collectors are holding CAC coins for themselves and not offering them for sale at the shows.  I feel that if you are acquiring coins worth $1,000 on up, it makes no sense to settle for a marginal piece when a CAC sticker will afford you more liquidity and desirability.   I know human nature dictates to find the bargain basement deal, but the compromise may cost a lot more in the long run.  However, choose all of your coins wisely.  I’ve seen many CAC coins that are undeserving of the sticker. 

Prior to the show a dealer ordered 3 coins from our inventory to hopefully sell in Baltimore.  I asked him how our coins did for him and he said on the first day that dealers came around to the tables, they sold first thing.  Keep in mind, these knowledgeable dealers were willing to pay more than our retail price to acquire these coins for their customers!  That right there is a statement about RCNH.

A few dealers came up to me at the show and asked for my opinion on coins they either bought or were considering.  I am always happy to help dealers or collectors in any way I can.  So if you see me at a show or would like to bring in or send something to our office, please always feel free to.

A very knowledgeable and longtime dealer approached me at the show with an interesting concept.  He said that he thought that PCGS and NGC should do away with the Pop reports!  The average buyer does not realize that resubmissions could throw off the ability to determine true value.  One coin he mentioned to me was a piece with a PCGS Pop of 8.  A scarce coin, but he knows that that coin was resubmitted at least 6 times, so it is rarer than people really know.  His feeling was that why should information be disclosed that a novice could use when it’s taken him 40 years to learn what he knows now.  I understand his thoughts, but a truly knowledgeable buyer is always the best buyer in my book.  It is great if they pursue the hobby and learn that high-end coins command nice premiums, and that strike, toning, luster and minimal abrasion along with eye-appeal can greatly influence pricing.  Seeing numbers in print is helpful, but having a truly superb coin in hand can have a large influence on the price.

Attendance was marginal with no real buzz to the floor but, I left on Friday.  Others told me that the public made a good showing on Saturday and some excellent coins found new homes.  This is a period of getting while the getting is good.  If this market can get off the mat and move up, prices could escalate in a hurry.


Good hunting,

Warren

on Wednesday, 10 October 2018 13:38. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  October 2018 Issue


93% and I’m Still Disappointed
by Warren Mills

Welcome to the fall issue of The Rare Coin Enthusiast.  It was a very busy summer for us.  We were fortunate to buy a few really nice collections and collector coins.  Many were very wholesome and submissions have been filtering in all summer and will continue into the fall.  Be aware that I recently acquired a very nice Bust half collection in circulated grades, no high-grade examples, but perfect coins for specialized collectors.  They went in for submission and will be filtering back this month and next.  Keep an eye open if you are a Bust half nut!

Every now and then one of our older longtime buyers will contact us about selling their collection.  The first step is to send the coins to CAC for maximum value and liquidity.  This particular customer acquired his coins between 1990 and 2005.  Long before CAC was in business.  Yes, I know most dealers don’t even want to think about informing clients about sending coins to CAC.  Two reasons come to mind.  First, most dealers are not very discriminating about what coins they sell.  If it’s slabbed, it’s good to sell and many just can’t tell the difference!  Secondly, they can buy non-CAC coins and send them to CAC to get all or any juice for themselves.  Well that’s not the RCNH way.  We always look out for our client’s well-being, period. 

on Thursday, 09 August 2018 14:02. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  August 2018 Issue

The Summer Baltimore Show
By Warren Mills


WOW, the summer has been very busy for us!  I am thankful for being in continual catch up mode and apologetic for not getting an Enthusiast up on our site!

I went to the summer Baltimore show and it was a surprisingly good show for us.  Keep in mind that only about 2/3rds of the dealers that attend the spring and fall show come to the summer show.  Since there are fewer dealers, I can cover the show in fewer days.

I arrived in Baltimore at about 9:00 on Wednesday morning, the day before the show opened.  I hit the dealer set up at the hotel immediately.  The show came on the heels of Long Beach, so there was a lack of anything fresh.  I spent a woeful amount of money before the show and that had me worried. 
When the show opened on Thursday, I went right to my dealer friends that hold nice fresh coins for me and thankfully, I lucked out!  A few of my dealer friends saved the excellent, fresh, original, high-end coins for me.  You have to pay, but I’m happy to get the opportunity. 

on Thursday, 05 July 2018 13:36. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

  June 2018 Issue

Central States Numismatic Show
By Warren Mills

Welcome to the summer edition of The Rare Coin Enthusiast.  I’ve been remiss in putting together an issue due to planned trips and overwhelming business.  Just recently, we’ve acquired a collection with 13 large bins of mixed coinage that has taken hours just to break down a single box.  We are always thankful for any opportunity that we get, but sometimes things can get a bit frantic.

In May, I decided to take a trip out to Illinois for the Central States Numismatic Show.  I haven’t attended the Central States Show for over ten years.  My hope was to find a group of dealers from the Midwest that I may not have a relationship with and maybe find some new fresh material.  I’m glad I went, but it was the old tried and true dealers that I saw early that had the best material.  I spent more money at this show than even the F.U.N. Show!  Unfortunately, it sold very fast a
nd most of it never even made our inventory list.  Considering how hard it is to find nice fresh material, I was elated.  With diligence, the odd nice pieces are out there, just don’t expect to look at a Greysheet and figure you are going to buy primo coins without stretching.  By stretching, I mean like Gumby.

on Monday, 16 April 2018 16:11. Posted in News

Over 200 Years Of Combined Numismatic Experience At Your Disposal.

The 2018 Baltimore Show
By Warren Mills

Welcome to the April issue of The Rare Coin Enthusiast.  I recently attended the Whitman Coin Show in Baltimore.  Many flights were cancelled due to inclement weather, but I was lucky enough to make it to the show.  About 15% of the dealers weren’t able to fly in, so the tables weren’t full.  I’m not sure why, but it worked as a plus it seems, because we were able to pick up a fair amount of coins.  Activity was brisk with many aggressive buyers.  If sellers were realistic with their prices, coins sold.  We filled many want lists and anything really expensive sold immediately.
 
I had about twenty-five auction lots to check for customers, to see if the coins were worthy of placing bids on.  About half of the coins were fine, with a couple of very P.Q. examples.  The coins we labeled as the choicest pieces brought incredibly strong prices.  One example that comes to mind was a very fresh, lustrous and original 1925-D Saint Gaudens in MS-64 PCGS CAC.  My bid was $23,000 plus the 20% buyer’s fee which would mean that the price to me would be $27,600.  I did not label the coin as an upgrade, but it was a very fresh and lustrous example.  Could it 64+ on its attributes?  I guess so, but it really was just a very nice 64.  I felt it was worthy of a premium bid due to the fact that a knowledgeable buyer would recognize the true value of the coin.  The Greysheet bid is $13,500, CCE high bid is $11,500, the high CAC bid is $18,000 and the PCGS Retail Price Guide is $17,000.  When you look at the numbers, it seems that $27,600 is absurd.  Then look at the CAC wholesale bid and compare it to the PCGS Retail Price Guide!  Why the discrepancy?  For the most part, the price guide reflects a coin that may be low end to average for the grade at best!  Also, certain denominations may have price guide numbers that are way too low, way too high or close to accurate numbers.  At best, you have a rough retail price for a low end coin to mid range coin.  On rarer issues, which seldom come onto the market, you have to go by your gut.  This coin was so fresh and original, but not an upgrade in my opinion, that I felt was worthy of a premium bid.  It finally sold, including the buyer’s premium, for over $32,000.  The CCE bid in MS-65 is $50,000 and the CAC bid in MS-65 is $100,000.  In this business, the most knowledgeable buyers are setting the prices.  Also, look at the differences between CAC and non-CAC issues for the same coin in the same grade!  It really is astonishing.

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