A Weekly Column by Greg Reynolds

While the Summer ANA Convention includes a wide variety of items of interest to collectors of U.S. coins, paper money, tokens and medals, plus some coins of the world, the Winter FUN Convention is the leading event of the year in the field of rare U.S. coins. Today’s discussion will be a little shorter than usual as I am busy in Tampa viewing coins, witnessing events and gathering information during FUN week. Yes, the winter FUN Convention formally begins on Thursday, at the Tampa Convention center. Coin related events, however, have already occurred.

I. B&M Pre-FUN Auction

I attended the Bowers & Merena pre-FUN auction on Tuesday at the Grand Hyatt Hotel, which is near the Tampa Airport. In last week’s column, I discussed the fact that Bowers & Merena and Stack’s are in the process of merging. The new Stack’s-Bowers president, Chris Napolitano, was in attendance. It was made clear that QDB and Chris Karstedt would continue to play roles in Stack’s-Bowers. Brad Karoleff, the longtime auctioneer for B&M, and Melissa Karstedt, an auctioneer at Stack’s, served as auctioneers during Tuesday night. Unfortunately, as this auction did not finish until well into Tuesday night, there was not time for me to thoroughly analyze this event.

On Tuesday, the lot viewing room for the B&M auction was packed. There were, at times, people waiting for seats in a fairly large room on the main floor of a very large hotel. My sources tell me that lot viewing attendance was excellent on Sunday and Monday as well, and that there were many collectors and dealers viewing at Heritage’s lot viewing room at the Tampa Convention center on Monday and Tuesday. So far, there seems to be even more interest in the FUN auctions than there was last year. It is too early, however, to draw a conclusion on the topic of collector interest in FUN week auctions.

In my column of Dec. 8, I raised the topic of FUN auctions, and I then provided explanations as to the general importance of January FUN auctions. My column of Dec. 8 is primarily about Jim O’Neal’s landmark set of Indian Head Half Eagles ($5 gold coins) and I remind readers that I wrote a two part series on O’Neal’s Eagles ($10 gold coins) in 2009. Please also read my article about the Jan. 7, 2010 Platinum Night event. (As usual, clickable links are in blue.)

In my column of Dec. 22, I focused upon the Henry Miller collection, the core of which Heritage will auction on Thursday, during Platinum Night. On Dec. 15, I wrote about the Malibu set of Proof Liberty Seated Quarters. The collector known as ‘Malibu’ also consigned Proof Liberty Seated halves and silver dollars to Tuesday night’s event, plus a few other coins. As I earlier suggested, his set of Proof Liberty Seated Quarters is far more spectacular than his respective sets of halves and dollars. I was delighted to finally have the opportunity to view all of his Liberty Seated Quarters, Half Dollars and Dollars.

It is not practical to write here about the whole auction or even about all of the coins from the consignment of the second part of the Malibu collection, As the Proof Liberty Seated Quarters from the 1860s were really special, perhaps the best ever collection of these, I will discuss several of them here.

II. 1860s Proof Liberty Seated Quarters

I like the Malibu Proof 1865 quarter, though not nearly as much as I expected to like it. I agree with its ‘Proof-66 Cameo’ certification, and I respect its CAC sticker, though I have seen better Pr-66 Liberty Seated Quarters including other coins in the Malibu collection. The price realized of $12,650 is certainly a retail level price and a successful auction result.

Actually, the next lot, #511, another Proof 1865 quarter, though not part of the Malibu collection, was probably a better value. It is PCGS certified Proof-64 Cameo, and, like the Malibu 1865 Quarter, has a CAC sticker of approval. In my view, it is just beautiful and may be undergraded. This coin’s toning, which is definitely natural, is stunning, especially when this coin is tilted under a light. It realized $2415, I believe.

I really like the Malibu 1866, which is PCGS certified ‘Pr-64 Cameo,’ and is CAC approved. About it, Jeff Ambio says, “very colorful, quite smooth for the grade and” Jeff regards its toning as likely to be “original.” In my (this writer’s) view, the Malibu 1866 was dipped decades ago, and then naturally retoned, probably while in a coin album. It sold for $2186. (Keep in mind that these are preliminary auction results and will occasionally include errors. The auction house will post final, audited prices realized in the near future.).

The Malibu 1867 is exceptional. It is also PCGS certified ‘Pr-66 Cameo’ and it has a CAC sticker of approval. It was not one of Ambio’s favorite coins in the set, but it is one of mine. The wonderful natural toning is more than very attractive and this coin is technically impressive as well in that it has few surface imperfections. If my memory serves correctly, Laura Sperber was the successful bidder and the price was $8050, which is a good value.

Jeff Ambio and I are strongly in agreement in relation to the Malibu 1869 quarter. “This one is definitely original,” Ambio declares, “no worries here, just a lovely and solidly graded Gem.” Indeed, the Malibu 1869 is more than very attractive and the toning is definitely natural. It is PCGS certified Proof-66 and CAC approved. The reported price for this coin, as lot #516, is $4543.

The price realized of $11,500 for the Malibu 1870 was extremely strong. It is NGC certified PF-67 and it has a CAC sticker. Though the obverse (front of the coin) has an absolutely stunning look, it has some imperfections as well. The reverse (tail) has really neat steel blue toning, but it is not spectacular. In my opinion, this coin should not be worth a premium, though I admit that I like it. I would hope that non one figures that it should grade 68, though a casual glance at the obverse, without a magnifying glass, may give the impression that it should grade 68.

III. Barber Quarters

Though not particularly rare, and not candidates for finest known status, three Proof Barber Quarters in this auction captured my attention, largely because of their wonderful natural toning. I am referring to two 1892s and an 1894.

The first, lot #553, is PCGS certified Proof-66 Cameo. The variety, blend, and evenness of its natural toning are incredibly pleasant. The orange-russet, brownish-russet, green and other shades cannot be described in words. It sold for $2415, a high price for a poor person, though hardly a vast sum in the field of rare U.S. coins. This coin would be a good value for a connoisseur of U.S. coinage.

A second 1892, this one NGC certified PF-66, and CAC approved, has heartwarming tones of russet, green and gray. It has probably never been dipped or significantly cleaned. Plus, I suggest that it grades in the high end of the 66 range. This coin, as lot #554, garnered $2990. Lot #557, a PCGS certified Pr-66 1894 is terrific, too, and was reasonable at $2140.

As an aside, I note that a 1901-S quarter, a representative of the key date in the series, realized $20,987.50. It is PCGS graded Very Fine-20.

IV. Malibu Halves

The Malibu set of Proof Liberty Seated Half Dollars was nowhere near as nice, overall or in terms of the respective certified grades of the individual coins, as his corresponding set of quarters. Even so, there were many very attractive coins in the set and there was intense bidding for some of these at the auction.

There was a long bidding contest for the Malibu 1876, lot #738, which seemed to start at around $10,000 and ended at $16,100. The two ‘with arrows’ issues of the 1870s caused the most commotion. Both are PCGS certified ‘Pr-65 Cameo.’

It seemed that at least four people bid on the Malibu 1873 ‘With Arrows’ half before it sold for $18,400. My tentative impression is that the successful bidder was a Southern California dealer, who is almost always very active at B&M auctions. The 1874, lot #734, went to Laura Sperber for $16,100.

The Malibu 1879 half is really cool, though I could not get quite as excited about it as did the cataloguer. It is PCGC certified ‘Pr-67 Cameo’ and it is CAC approved. To some extent, it has a traditional ‘black and white Proof’ look. It does, though, exhibit even russet toning on and around the outer devices and periphery. It is sharply struck and has minimal imperfections. It is lighter in actuality than it appears to be in the online catalogue images. There is certainly no doubt about the assigned 67 grade and it may be the finest known Proof 1879 half. It sold for $18,400. The next lot, #747, another 1879 half that is PCGS certified ‘Pr-63′ went for $1092.50.

One of my favorite Malibu Liberty Seated Halves is the 1885. It is PCGS graded 67 and is CAC approved. It just has to be seen to be appreciated. The toning is incredibly pleasing and well balanced. A telephone bidder captured this prize for $12,650.

One of the reasons why I am focusing upon the Malibu collection is that many of the other coins are dealer-consignments or miscellaneous anonymous consignments rather than carefully assembled collections. There were a wide variety of coins in this auction.

One of the most important coins in this auction was an 1875 Quarter Eagle ($2½ gold coin), sold as lot #1350. Fewer than fifty 1875 business strikes survive, hardly any in high grades. This one is NGC graded AU-58 and I like it. It is an appealing coin. While it has some imperfections, it may be very difficult to find an 1875 business strike Quarter Eagle that is of higher quality than this one. Although the reported price of $18,975 seems high, this amount is a sound value from a logical perspective.

Next week, I will be writing about coins in the Heritage auction. I am very much looking forward to viewing them. I will also walk around the bourse floor and see rare coins that are available or on display for other reasons. The rest of the week will be even more fun.

©2011 Greg Reynolds

Related posts:

1. Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors
2. Coin Rarities & Related Topics: The B&M Auction of the Malibu Collection of Standing Liberty Quarters
3. Coin Rarities & Related Topics: The Henry Miller Collection

What’s happening on the rare coin show circuit?

The Whitman Baltimore Coin Exposition was really ‘cooking’! In my opinion the Baltimore Coin Expo is the hottest show on the rare coin show circuit. The folks at Whitman know how to run a show. The Fall show is the best of the three shows that Whitman Publishing holds in Baltimore each year. Attendance is always heavy and the Bowers and Merena Auction is a big draw. Business was brisk and gold was the major culprit.

I will talk more about the Baltimore Coin Exposition, but first let me tell you why I write the Rare Coin Road Warrior Column each month.

My name is Vic Bozarth and I am the Rare Coin Road Warrior. My wife Sherri and I travel over 200 days a year to buy rare coins for our customers. We attend all the major shows as well as most of the larger regional and state numismatic society shows. We own and operate Bozarth Numismatics Inc. and our website is bozarthcoins.com. I have attended coin shows since the age of 13 and set up as a dealer at my first show at the age of fifteen. Of course, I love coins, but shows are where the action is! Because many of you don’t have the luxury of attending many coin shows, I like to share with you the news and market trends I have witnessed while attending and working the ‘bourse’.

The October Show schedule was grueling. Although the only major show was the Silver Dollar Show in St. Louis we actually attended four shows in total flying coast to coast twice. After the stellar Philadelphia Whitman Coin Expo in late September/early October we flew to Manchester, NH for the NH Coin Show. Although bracketed by the bigger Philly Show and St. Louis Silver Dollar Show, the NH Show was both well attended and well run. Ernie Botte does an excellent job with this show. The show itself is growing and we are among many who really enjoy visiting the Northeast during the Fall.

The Silver Dollar Show in St. Charles, MO, a suburb of St. Louis, is well run in an excellent facility, but there are several problems with the show. Maybe it is the economy, maybe it is the city, but the show just isn’t what it once was in years past. The Silver Dollar Show also faces some major hurdles next year. The new Pittsburgh ANA Fall Show is scheduled the week prior to the Silver Dollar Show next October. The ANA is like the 800 pound gorilla in the room-they stomp around with no regard for anyone else.

The problem with the ANA Fall Show and the St. Louis Show comes down to proximity of dates. Like the Whitman Philadelphia Show and the Long Beach September Show this year, the grading services will with all likelihood opt out of one of the other shows. The ANA, the 800 pound gorilla, will probably win the grading war. The ANA Fall Show is the week prior to the St. Louis Show. In my opinion it is doubtful that both grading services will grade at both shows.

Logistically the grading services can move their equipment from Pittsburgh to St. Louis, but will dealers and collectors have material to submit for grading at St. Louis? Will the auction at the new ANA show overshadow the Scotsman Auction held in conjunction with the Silver Dollar Show? We will attend both shows, but on a personal note, I grew up in Missouri and my family still live there. I have attended shows in St. Louis since 1976 when the Central States Numismatic Society held a show there. I will continue to support and attend the show, but the ‘draw’ just isn’t there as it has been in the past.

This year we tried something new and attended the Willamette Club Show in Portland, OR instead of the PAN Show in Pittsburgh, PA. Why? you ask. Both of these shows are good shows, but some scheduling issues led us to try this show for the first time. I was pleasantly surprised with both the large number of dealers and the attendance of the show itself, but there were some problems with the set-up and the host hotel was completely sold out early. We will try this show again in the future. The show coordinator Scott Loos and his wife really work hard making this show work. We enjoyed meeting them both.

The Coinfest Show held in Stamford, CT is one of the best retail coin shows in the country but……the show itself probably won’t exist next year. The news from the show was really odd. The Coinfest advertising campaign has been one of the most effective show promotions I have ever seen. Stamford, CT is convenient to New York City, the upper Northeast and Mid-Atlantic states. The hosts for the show tried to make people comfortable and the security was top notch. MOST IMPORTANTLY there are customers there who want to buy coins!

So what is the problem? The show has been moved twice. The facility used in years two and three was bigger and in my opinion nicer. The new facility in a Marriott in downtown Stamford was just too small. Because of the new facility many smaller dealers who attended in the first three years weren’t even sent contracts for the show? Table prices were also increased. Unfortunately this is one of the best shows in the country that is probably doomed. I fervently hope this show can survive, because the concept is sound, the advertising is good, and most importantly the customers are there.

One of the problems with the Coinfest Show is scheduling itself. So many people want to have their shows during the Autumn months. The Baltimore Show is the ‘King of the Hill’, so to speak. The Baltimore Show is both very well attended and well run. When Whitman bought the show a couple of years ago, there were some doubts that the show would continue to flourish. Not only has the show continued to flourish, but table space is very much in demand and there is often a waiting list for at least the Autumn Baltimore Show.

The Baltimore Show features a Bowers and Merena Auction. The location is fun and convenient with lots of lodging and dining choices. One tip: book your hotel room early, because we have heard rumors room availability will be limited in the Spring due to competing conventions. There are hundreds of dealers including virtually all the big dealers in the country. Whitman does an excellent job of advertising the show also.

The Boston Bay State Show followed the Baltimore Show during the second full weekend of November. Ed Aleo runs a good show and you should try and attend. We didn’t attend this year’s Autumn show due to a scheduling conflict, but we always enjoy Boston. There are lots of good coins that come out of the ‘woodwork’ in the Northeast.

The Santa Clara Coin Show is currently the second biggest show in November. Santa Clara has been shrinking. The attendance has really fallen in recent years. Dealers have cancelled their table contracts and many leave early. What is the problem? The overall economy has hurt this show. The Silicon Valley has felt the recession and that has spilled over into both slow sales and attendance. The loss of the Superior Coin Auction didn’t help either.

Ron Gillio, the show sponsor, is trying to entice new dealers into the ‘bourse’. He changed the show schedule roughly a year ago to set-up on Thursday versus Wednesday to encourage dealers to stay longer. He has also lowered some table prices. This year’s show was better than any we have attended in the last couple of years. There are still some ‘holes’ in the bourse floor, but the Bay area is one of the venues for a coin show in the country and we did notice some improvement in attendance.

There are two larger state shows on Thanksgiving weekend. The first is the very well attended Michigan State Show in Dearborn at what was once the Hyatt Hotel. Evidently the hotel ownership is changing, but the show location should remain in the same location. I have had good shows in Dearborn, but I decided several years ago that I won’t set up at a show on Thanksgiving weekend-family is just too important. You will enjoy the Michigan State/Dearborn show if you attend.

Fortunately we have an alternative for Thanksgiving weekend. There is a good show in Pasadena, TX held Friday through Sunday. Although this is smaller than Dearborn and it is not listed in Numismatic News Coin Show Calendar, there are lots of dealers who attend, parking is plentiful, and the location is conveniently located in a suburb of Houston. Although I drive in for the show on Friday, I don’t set-up. The only shortcoming for this show is that it is currently held the week before the Houston Money Show.

The Houston Money Show is growing. Of course, everything is bigger in Texas-right! Yes, I have some regional bias. We live in the Houston area. Karl Schwenker has done an extraordinary job in both promoting this show and scheduling a Heritage Auction and a PNG-Professional Numismatists Day prior to normal dealer set-up. We had an excellent Houston Show last year. Attendance is growing. The hotels and restaurants in Houston are.

excellent.December is a lovely time of year to visit Houston and indeed we have another dealer couple staying with us for a couple of days after the show. The first PNG day at Houston started last year and although it was relatively small, we were pleasantly surprised. This show is growing and you would enjoy attending.

What else is going on in December? We will be attending the Ontario, CA coin show during the third week of the month. There is also a PCGS invitational in Las Vegas. Frankly, I send coins to the PCGS invitational for grading, but I have found attendance at the PCGS Trade and Grade shows to be a waste of time-don’t make a special trip.

Last but not least, I wanted to mention the FUN Show being held in Tampa, FL this January. The Florida United Numismatists Show is the biggest show of the year. It eclipsed the annual ANA Summer Show in attendance several years ago. The move from Orlando to Tampa this year has been explained as scheduling conflicts with the Orange County Convention Center in Orlando. Cindy Wibker, the show coordinator, does a fabulous job running this huge show.

The problem with the FUN Show is Orlando itself. The venue is dangerous. Robberies are a major problem. Yes, Orlando is a desirable venue for many dealers and collectors to bring their families, but this ‘place’ scares me. Take advantage of the show security facility. If you aren’t doing any business before the show, go directly to the security room, secure your coins, and go have some FUN.

I attend coin shows to buy coins for my customers. When we started our website bozarthcoins.com several months ago we wanted to offer our new and fresh coin purchases to the general public. We currently list approximately 500 coins on eBay at any given time, but we wanted to list our best coins AVAILABLE TO ANYONE in a venue without the ridiculous eBay fees. Recently we have started to ‘batch’ our best new purchases to appear on our website twice a month. Most often our new listings will be ‘up’ roughly three days after a major show. Check us out.

Best Regards, Vic Bozarth,

The Rare Coin Road Warrior.

Upcoming Show Schedule:
Houston Money Show, Houston, TX: George Brown Convention Center
PNG Day: December 1st
Show: December 2nd to the 4th

SoCal/Ontario Coin and Currency Show, Ontario, CA: Ontario Convention Center
Show: December 16th to 18th

FUN/Florida United Numismatists Show, Tampa, FL: Tampa Convention Center
Show: January 6th to 9th

Related posts:

1. Rare Coin Road Warrior: Tales From The Road – September 2010
2. Rare Coin Road Warrior – October 2010
3. Legend Numismatics Mid October Rare Coin Market Report

Among the most important annual coin shows held in China, the Beijing International Coin Expo provides an ideal opportunity to look at the previous year’s coinage and look ahead to the next year. It is an event focused on modern coinage, with mints from Asia and around the world showcasing their coinage. NGC was present with its Guangzhou-based submission center, both accepting coins and providing information about certification. Additionally, NGC hosted an educational numismatic seminar conducted during the show.

The Expo, jointly hosted by China Gold Coin Corporation, the China Banknote Printing and Minting Corporation, and the China Numismatic Museum, was held on November 7 to 10, 2010, in the China World Trade Center. Nearly 250 exhibitors from 27 countries were present at the 15th annual Expo. This event is very popular with the public. On opening day, large bustling crowds made it difficult to maneuver down the aisles. As in previous years, a special-edition commemorative coin was issued in celebration of the event. Owing to its popularity, the opportunity to purchase this coin is awarded in a lottery.

The Chinese coin market itself is extremely vibrant, with many scarce modern commemorative issues trading at record price levels. Collectors identify strongly with commemorative issues from the past 30 years that celebrate Chinese cultural heritage. In particular, large-format coins that are five ounces and larger are highly coveted, as many have small mintages. The NGC Oversize Holder is especially popular for these coins because of the inherent challenges of storing and transporting large coins.

It is also evident that certification is gaining a greater foothold in the Chinese market, as NGC-certified coins could be seen throughout the exposition area. During the official auction of the Expo, nearly a dozen of the 110 lots were NGC-certified. Once again this year, NGC was the only certification company represented in the auction.

NGC also hosted an educational symposium to discuss certification with prominent members of the Chinese numismatic community. A detailed discussion of the grading process and grading terminology was followed by an open question-and-answer session. “Certification is attractive to collectors in China for three major reasons: first, collectors appreciate the protection it affords against counterfeits, which are of concern even in the Chinese modern coin market; second, collectors value the standardization of grade, which makes it easier for them to identify superior condition coins; and, third, collectors love NGC’s holder, which provides incredible long-term protection for their coins,” said Scott Schechter, NGC vice president, sales & marketing, who presented at the symposium.

Related posts:

1. Coins Mark 2008 Beijing Olympics
2. Panama-Pacific Expo 5 Coin Set on exhibit at Santa Clara Expo
3. PCGS Establishes Groundbreaking International Program With Polish Mint

The Nov. 4 to 7 Whitman Coin and Collectibles Baltimore Expo was characterized by both a strong bourse floor and well-performing auctions with interesting and fresh material.

The Baltimore show, held three times a year, has become one of the most robust on the circuit, with dealers and collectors alike praising Whitman for being responsive and Baltimore for being a good convention city, characterized by inexpensive flights, reasonably priced hotels and good local restaurants.

A walk around the bourse floor on Friday revealed healthy dealer-to-collector business being done.

Prior to the show’s start, Stack’s presented its 75th anniversary auction, which realized nearly $4.6 million across 2,500 lots.

It was anchored by the W.L. Carson Collection of U.S. Proof sets, a remarkable and large fresh-to-market collection put together decades ago consisting of more than 500 lots of Proof coins from 1837 to 1964.

The quality was characteristic of many old collections put together prior to third-party grading: some coins were amazing high-grade beauties while others were harshly cleaned or displayed artificial toning and were in Professional Coin Grading Service “Genuine” holders. The market absorbed the collection at strong prices.

Bowers and Merena Auctions hosted the official expo auction with more than 3,500 lots, anchored by the No. 2 collection of Standing Liberty quarter dollars with full head designation.

A toned 1916 Standing Liberty quarter dollar graded Mint State 67+ full head sold for $195,500 (pictured left, image courtesy of bowersandmerena.com), while a more brilliant example in the same grade without the “+” brought $115,000. A 1927-S quarter dollar graded MS-65+ full head brought $149,500. All three were graded by PCGS and carried Certified Acceptance Corp. stickers.

In total the auction saw 12 separate Standing Liberty quarter dollars realize more than $25,000 each.

The sum of the auction results shows continued health for a wide range of issues including gold, especially at the $20,000 to $200,000 level, as collectors continue to seek objects of lasting and proven value during times of economic uncertainty.

Related posts:

1. Superior Galleries Realizes Strong Prices in July 26, 2008 Baltimore Elite Auction
2. True Rarities Brighten Gloomy Baltimore – Pinnacle Rarities Market Report
3. Bowers and Merena and Ponterio Realize More than $8.5 Million at Rare Coin and Currency Auctions in Baltimore

Hidden GEM at the show: there is a full time massage therapist in the lobby. With all the stress on the bourse, taking a break for 10 minutes and getting a massage was so relaxing and helpful.

LEGEND SPENDS $2,000,000.00

We did not realize how much we spent until we got home and added it up. This figure includes The Stacks and Bowers Sales, and the spending damage we did on the bourse floor. Keep in mind, this is real money. Legend would not put up its own money or endanger our customers monies if we felt the market was weak or had issues.

At the Stacks sale there was an interesting group of fresh proof coins. Legend by far did the most buying. We proudly purchased (and saved them from the coin doctors) the $10 1913 PCSG PR66 CAC ($80,500.00)+$20 1913 PCGS PR65 CAC ($103,500.00). One day we would LOVE to tell you where they went as it would PROVE the depth and reach of the US coin market all over the world! Other highlight purchases: the $10 1888 PCGS PR65 Cameo and the $20 1906 PCGS PR65 Cameo. All these went to different collectors.

Prices were very strong at the Stacks sale. The nicer the coins, the stronger the premiums went. We saw some coins sell for prices as much as 3 grades higher! The marketplace is starved for fresh coins.

The Bowers Sale was crazy. We had sold many of the MS Seated Half Dollars to the collector who formed the Malibu Collection. We figured there might be a little softness and we could get some good deals. NOT! We bought ONLY about 3 halves-and the 43O PCGS MS65 CAC we sold to a collector at lot pick up! The prices were “moon” money and beyond. You had two clear cut collectors competing, us (we were buying for collectors NOT building sets), another high end dealer representing a collector, and at least one party who LOVES rare CAC stickered coins and is not specifically a Seated Half Collector (we did confirm this individual was bidding). It is interesting to note that a NON Seated half Collector would pay such strong prices. This party thinks “outside the box”. His coin purchases from this sale over the years will be as astute just as if he were building one of the finest collections of Seated Halves. He understands, you can’t be scared to stretch when great coins with low to no pops are available.

Our highlight purchases from Bowers included the monster 1851 PCGS MS62 Slug (ex Amon carter) $316,250.00. Of all of our auction purchases, this was the ONLY coin we really stole. We had been prepared to pay up to $400,000.00 hammer! We also purchased the ultra rare and grossly undervalued $3 1877 PCGS PR65 DCameo CAC. We’re helping build a PR $3 collection that is now only 4 coins short of completion! We had to pay up, but we bought just about ALL the CAC MS 64 Seated Dollars for addition to a collection we are exclusively building. The gorgeous 25C 1916 PCGS MS67+ CAC was one we lost on. It sold for $195,500.00 in Bowers. The same coin at the 2010 ANA Boston auction (less than 3 months ago) brought $149,500.00. It was simply a coin that fell thought the cracks at ANA (everyone thought it would go for crazy money, so why bother bidding). At BOTH auctions, Legend was the under-bidder! We still regret not buying the coin-for inventory!

A note about Bowers, they have a new, young, and VERY aggressive staff. They attended to the smallest details for us and even tolerated our diva like behavior (we needed plenty of caffeine to last thru a 1600 lot session) and did what ever we needed to be comfortable. We do believe they will be true powerhouse in the next year (especially if they keep getting killer fresh collections like Malibu).

One thing we feel is extremely important to note about our auction purchases: all the coins mentioned went to different people. There were many more coins purchased buy us that will never make our web site. When FRESH material that’s nice come around, we are there. We only represent people who understand and are willing to do what it takes to secure these types of coins. Paying 10-20, even 30% too much today, is nothing as compared to seeing these items return 200-1000% in years to come! Plus, the like the 1877 $3, when will you ever see another true GEM that is also CAC’d? There still are plenty of buyers out there!

Dealers inventories were still drab and really full of dreck. Had you asked us before the show if we expected to buy well, we’d have told you no. The stars all aligned and we even had some absolute killer coins walk up to the table from collectors. We were very aggressive and ended up buying coins that ranged from a pop 1 fantastic Gold rarity to a six figure GEM! You will see the difference between what we will be offering this week and next vs the “stuff” other dealers have.

THE BALTIMORE SHOW-SELLING

Upfront and honest: we did extremely well WHOLESALE. We had our stealth team of 3 out on the floor and our associate Julie at the table and on the floor. Combined they sold well into six figures. Also, many of the coins sold brought strong money. However our sales to collectors at the show were weak. At no time did we have a crowd at the table. We know it was hit or miss for others too. If you had collector oriented coins, you did awesome. If you had high end rare coins like us, the results were the same according to others we spoke too. Can’t really explain it. The auctions certainly did not show any weakness. We do realize not every show will be a home-run.

CONSUMER CONFIDENCE

There seems to be a funny thing happening to the market. Consumer confidence is growing MUCH stronger. Its not just that collectors like hearing the coin doctors are on the run, gradeflation is being dealt with, or that CAC exists. What we are seeing all of the sudden are collectors (yes, real collectors) who are moving outside their typical areas and buying better coins. They are doing this because they do not want to be sitting on cash. They want tangible items. Not fully trusting stocks or even real estate, many are turning to buying more and better coins. Its a very important and interesting phenomena that we’ll have to monitor. No, it is NOT the return of the dreaded investors.

We were worried that Want Lists for collectors were so long and not being filled that they would get tired and walk away. NOT! In fact, its making more people switch to areas they can complete or at least build forever (like Type sets). Some people are finally doing what we have been suggesting forever, simply buying nice cool coins-without a theme.

In the upper tier or more expensive items (over $25,000.00), we can tell you consumer confidence and buying is strong as ever. No one we have encountered is thinking short term buying or looking for quick profits. We can not stress enough how important that is.

GOLD

Gold is still going up. Of course there are many geniuses who believe gold will hit $2-$5,000.00. Us, we do not know. If we did, we’d be writing this from our yacht off Hawaii! We do think gold will keep rising a bit more. The correction we predicted was short and small. We think there could be another, but now that the elections are over, people are not really liking what they see.

We still recommend MS66 Saints. They are the best “bang” if the price of gold really pops (meaning the premium will rise). The next thing we like-a simple gold Type set. The beauty of that-it can be loaded with common dates or rarities. MS 62 or MS67 coins. And if numismatic coins scare you, buy American Gold Eagles. There are plenty of ways to play the gold market.

Right now the premiums on generic gold are ridiculously low. There is a serious over supply of dreck, but at some point you expect it to be absorbed. Last November and December gold and the rare gold coin market were strong. We fully expect the price of gold to stay up and no question, the rare gold market WILL get even stronger this year!

WHATS HOT

HIGH GRADE Commems! Finally! The B+M sale has a collection of decent coins. MS Seated Halves and Dollars-just check the B+M Auction. ORIGINAL GEM PR Gold. ALL Bust coins. Walking Liberty Half Dollars. Patterns, we should know, every day we have been selling a decent amount (plus is you follow auctions, they prices are definitely firming).

WHATS NOT HOT

MS Indian cents in high grade. Morgan Dollars seem to be a bit quiet. dreck or average coins. To quote a major dealer ” if its not fresh and cool, nobody wants it”. 3C Nickels have quieted down too.

Related posts:

1. Legend Numismatics Baltimore Coin Show Market Report
2. Legend Numismatics Baltimore Spring Show 2008 Market Report
3. Legend Numismatics Market Report: The Fun Show