Baltimore Show Report for March 2017
Thankfully, I made it back from harm, I mean charm city! It was a nice flight into Baltimore but I had to return in a snow storm. Overall, it was a show of promise. Many more dealers than usual were looking to aggressively buy coins! That’s a complete change of attitude from the last few years. The show itself didn’t start until Thursday but right out of the chute on Tuesday, dealers started buying…and I mean heavy. It carried over to Wednesday and by the time the show started on Thursday, everything fresh was gone!
If I may give our clients a tip, usually dealers start to buy and store up nice inventory months in advance before the average retail customer. So if you see a coin you want or need, get it now. Chances are it will be more expensive later.
We didn’t light the world on fire but we did buy some nice pieces. Our inventory will probably be updated on Monday. If you are looking for something specific, call us ASAP. We may have it and it may not make it to Monday to list in inventory. I was able to buy a handful of nice “want list” pieces and I did help a few clients by grading their collections for them at the show. I am always happy to help anyone that needs it at a show. Please ask ahead of time and if I’m attending the show you are going to, I’ll be happy to meet with you. There was a fairly good attendance at the show but most customers kept their hands in their pockets. The majority of business was dealer to dealer and it was strong! I bought about 20 non-CAC coins and sent them to CAC.
The Blue Moon Collection was sold in Baltimore at auction and did very well. Once again, the focus on original coins from that collection proved that untampered with, strictly graded coins rule the day. It’s been that way for a long time. However, many original coins that dealers buy don’t stay that way for long! If it’s a clean coin, it will be dipped and resubbed. I wish CAC would change their stance of stickering dipped coins. It just encourages the practice and hurts the stewardship in the industry.
I was looking at a dealer’s inventory and a retail dealer sat down beside me and asked if the dealer whose inventory I was viewing brought any boxes of off-quality over-graded slabs that he could buy cheap and sell expensively! Unfortunately, many dealers have that attitude. We, at RCNH, would rather buy and sell top quality right off the bat. We want to appeal to the most knowledgeable buyers in the industry so our clients, upon liquidating, have the best chance at making money. Not educating or fooling a customer is not right but it’s a common practice.
It would be nice to see an uptick in prices. It’s been a long time. I’m hoping that with the last Pogue sale being finished in Baltimore, that there will be discretionary income entering the market and not being saved for a big auction event. Great auctions are few and far between usually, but the last few years have seen some of the greatest collections ever assembled enter the marketplace. Now may be the time when collectors re-liquefy themselves and a market uptick follows.
Our new newsletter is on our site. Please check it out and let me know if there is anything you’d like me to address. We will have a new Coin World and Numismatic News ad in the Central States editions.