I have to admit, in this business you have to go a long way to shock me, but I was just shocked. A few years ago, we started a relationship with a West Coast specialist that collected half dimes and dimes. He contacted us because he heard of our reputation for selling the strictest graded coins with nice eye-appeal.
Boy it’s dry out there and I am not talking about wanting a drink. The recent Baltimore show was an awakening for the lack of material that was or more accurately was not available.
Paul and I arrived on Wednesday morning and made the rounds of the dealers who we usually see before the show starts and sold most of our nicer coins wholesale. Thursday morning the show opened at 8:00 AM and by 10:00 we began hearing complaints from dealers about what a horrible show it was because of the lack of fresh material. I spent the next few hours looking at auction lots which turned out to be a waste of time not because there weren’t any nice coins but because the few coins I found to bid on went for ridiculous prices. A prime example was a beautifully Wayte Raymond toned Bust 50c in PCGS AU-55 that sold for $2260 (not a typo) plus the 17.5% buyers premium, that is MS-63 money!! Nice coins were bringing stupid money both in the auction and on the bourse floor.
A quick CAC update from our latest collector coin submission: Invoice #10100765; 19 for 20 green stickers; no gold stickers. I’ll take 95% any day. And these aren’t cheap coins; an 1856 Flying Eagle Cent; a Proof-65 No Motto Quarter; (5) early US gold pieces including scarcer dates in MS-64 to MS-67 grades; all CAC’s but one. We feel this is significant because the whole premise behind CAC is Premium Quality for grade, which we have advocated since our inception. Now it’s not just us saying we strive for the best, it’s being independently verified.
Between show or ads, I like to send in a mix of our collector inventory coins, with a few of our wholesale coins sprinkled in to CAC. Wholesale coins are pieces we feel are not P.Q. for the grade and not worthy for retail consideration. In the past, when we have sold wholesale pieces to dealers, we have seen many posted as P.Q. in other company inventories. Our technical grading combined with eye-appeal and originality means we ascribe to a higher standard. We’ve been singing this song for decades so CAC verification was a logical service for us to support. Please find our last 3 CAC Invoices and results as follows:
I know the industry average for getting a CAC sticker on coins is pretty low for most dealers. Recently we heard of a 60 coin submission of which only two coins got stickered. CAC will only affix a sticker to a coin if they feel it is at the high end of the grade spectrum. Then they will affix a small green sticker to the right front of the holder. In very rare cases, if they feel a coin is under graded, they will affix a gold sticker to the holder. The gold sticker means that they feel the grade is 1-point higher than on the current holder and will pay the next grade price for the coin. Recently on a slow day, I picked out of our inventory 18 coins to submit. The submission form is for 20 coins so I picked out a couple of our wholesale coins to fill in the gap. Here are the results:
Both wholesale coins did not CAC. 15 of 16 collector coins received a green sticker and two coins received a gold sticker. So our retail coins actually went 17 for 16. Fifteen green stickers and 2 gold stickers which in essence are like two-pointer upgrades. Not bad at all from a percentage standpoint.
Someday we would love an opportunity to sell you some nice original coins. Please call or e-mail to see the RCNH difference.