At the last minute, I decided to take a trip to the Baltimore Summer show. It’s about 2/3’s the size of the spring and fall show but we needed to shore up our inventory so I took a shot that I might find some nice coins. Since we handle soup to nuts in coins, from nice collector circulated pieces to high grade specialized issues, but only if they are solid exceptional coins for the grade so I jumped on a plane. I’m glad I did! Some of the dealers went with no inventory for sale but many did set up and I managed to acquire a few cream of the crop coins. The attendance was better than I expected. Most of the dealers I spoke to were disappointed with their sales. I am fortunate that some of the dealers know our demand for top quality and when I came by their table, they showed me the secret stash. In many instances the stash changed hands to RCNH. There was very little in CAC coins available, especially in gold and type coins. In the end, I was extremely happy with my purchases and I will do it again. Overall, I’d recommend the show. It was a huge surprise and very pleasant.
Please be aware that there are a lot of potentially volatile situations going on all over the world, this could impact the gold and silver markets dramatically. If you need to reposition your bullion holdings, we are happy to help. Our normal 1% mark-up on gold and 2% on silver over cost is always a good opportunity for our clients. Recent comments on inflation may also fuel the fires. My thoughts are to not be too late to the party. Price averaging on bullion with fund allocations at different times is a great strategy.
The coin market is moving along. It's the same old story, not enough nice coins for those that know the difference. Our inventory is getting wiped out and we are doing our best to find the nicest coins possible.
New dealer strategy at auctions;
Since there is a noted lack of fresh material on the market, dealers now at auctions are extending themselves and paying large premiums. The hope is that they will have more hits than misses at grading and the coins that are hits will offset the misses price-wise. The grading services recognize original deals and more often than not you may get the benefit of the doubt on a finer coin.
The Pogue collection will enter the coin market in auctions starting in 2015. If there is a good strategy used for these sales, it could gain huge exposure for coins. The auction of this collection could bring over a half a billion dollars. Look for interesting times ahead.
Yes, I went there, I invoked Shakespeare to get your attention. This article is going to deal with how unrealistic it is to attempt to purchase coins sight unseen, even graded coins, via auction. Then, hopefully next month I will address selling coins via auction.
We took off for Baltimore on the tail end of a snow storm and bounced around from start to finish. Thankfully, that was the only problem we encountered. I started the day before the show opened, viewing auction lots for customers. We offer this service to our clients to prevent them from buying anything that is not the cream of the crop. When I was done, I could not recommend bids on any lot. To me, it was a conglomeration of recycled stale inventory coins thrown in the auction along with the odd decent piece. I was shocked at the overall dismal quality of the lots. This was a sale that the price conscious could buy a coin on the cheap thinking they got a bargain, until they try to resell.
Rare Coins of New Hampshire is proud to announce that it has been selected by The Heritage Institute as The Strategic Resource of the Year. Donald W. Dee, Director of the Financial Services Division and Rare Coins of New Hampshire were selected for their long standing partnership with The Heritage Institute and their "adherence to the highest professional standards of excellence."