A Rambling Summer FUN Show Report
Walkerguy21D
Posts: 11,150 ✭✭✭✭✭
Hello Forum -
I wasn't going to post one, but so far no one else has.
If you attended, but don't want to post your own, please feel free to add in your own
commentary and observations to this one, if you want.
Friday was the only day I attended, which was the second day that it was open to the public.
I didn't take any photos of my travels, etc.
The one hour drive from my house in my Infinity was uneventful, with the traffic cruising at around 80 mph, playing the The Wind album by Warren Zevon (my musical tastes are nearly as diverse as my taste in coins)
in my CD player (yep I'm old school - I wish it had a cassette deck!).
Arrived at the Orange County Convention center, and ran into two dealer friends in the parking lot, so I followed them, as they knew the way. This may sound strange to those who haven't been here, but the convention grounds are enormous, with many different halls on the campus, and very little 'direct access' to any of them from the parking lots.
They are a husband/wife team, and they said they were not really set up, just manning a club table. But their commentary from others was nonetheless insightful - the show was a little slow, nothing new is showing up, and prices for anything nice are high. For those who wish to quit reading now, this seemed to be spot on.
Doors opened at 10am, I arrived a few minutes after, and there was still a considerable crowd signing in to get name tags, etc despite the 4-5 lines they had open.
Entered the bourse area, and was surprised at the size. Yes, it's nothing compared to Winter FUN, but this is still a very large show, with many dealers in attendance, lectures and auctions going on, many displays, and all the TPGs set up, etc. I spent a full 6.5 hours looking at dealer coin inventories, plus a 10 min health break to drink a bottle of water, eat a snack, and hit the restroom. And I didn't even see all the tables, and none of the displays, etc.
The floor was decent but not crowded, with usually one or two people at each table, so I could see most of the cases pretty easily. I carry a large held held mag, which allows me to scan inventories pretty quickly. This is handy, as I'm seeking want list items, as well as my own collecting interests, so I look at a LOT of coins when I'm at a show. I heard the crowd on Thur was heavier. None of the dealers that I talked to said they were having a great show, most responded that it was "meh", or "Ok".
Prices indeed were high, I thought. I assume most of the 'bargains' were scooped up either on dealer day, or Thur. I found a few coins that I 'needed' for my large cent collection, and was quoted 2.5x what comparable auction records were on one - hard pass. Some others that I 'wanted' for upgrades were likewise quite high. The lowest priced Chain was in a genny holder, rim damage filed, and it was $6k. It had a partial date, so that was a plus, but I still passed - the dealer said it was the nicest on the floor for the price, and he was absolutely right about that. A dealer friend had a 1799 that straight graded PCGS Good. When I looked at the obverse, I thought I'm going to buy this coin!, but the reverse was heavily corroded with two old but significant scratches - and it was priced firm at $5500 - Ugh.
Early walkers in nicer grades were few and far between, with most pre-33 dates altogether absent above VF. The few I looked (none were needed) were priced at moon money.
Things noticed - dealers were saying gold is trading at spot now, for just about anything other than better dates. I saw a vest pocket dealer I know trying to sell foreign numismatic gold and modern bullion pieces to another dealer I know. He was pricing BELOW spot, and the other dealer still was not interested; it had to be WELL below spot, in this market, apparently.
Another part time dealer friend had a 93S morgan old ANACS F15, and a raw but nice XF 89CC, that he was selling from his personal holdings. He was getting NO interest, even well under Bid - the other dealers wouldn't even counter, and he was very frustrated.
Raw collector coins seemed to be selling. Heard this and observed the same - people are filling albums - very refreshing! There were also some, but not a lot, of YNs on the floor.
There were a lot of very cool coins on the floor - early gold, early type, lots of toned bust halves - but everything was fully priced, and as such, I think supply outweighs demand.
Did not run into many forum members. 1798Collector was set up there (David), but he is likely off the radar to most members here. Met Insider2 at the ICG table and talked with him for a bit, he is actually very nice and pleasant in person, for those who may have gotten sideways with him. I was thrilled when he asked me to give my opinion on authenticating a 1799 large cent that had been submitted to them (including Randy Campbell), as they were unsure themselves.
Had a nice sit down chat with Liz Coggan, formerly with JJTeaparty - I've always admired her, as do many others - see the thread posted awhile back when she launched off on her own.
Here's a few of the NEWPs for want lists that I picked up - sorry nothing fancy, and dinner was back in Melbourne with friends and family at a small Italian place (the Stromboli is among the best anywhere!), and $2 pint drafts.
Listened to Herb Albert's greatest hits on the uneventful drive home.
Comments
I like your ramble. As LZep says, Ramble On!
Thanks Catbert , gotta a whole lotta luv for Ledzep myself -
added a 'boli pic LOL
@Walkerguy21D thanks for your report and enjoyed your ramblings.
The pic of the ‘boli has my stomach a rumbling, hunger.
Great show report... Interesting about gold not selling, even below spot...sounds like people are planning for the price to drop....Nice acquisitions, I like your pictures. Cheers, RickO
Thank you. Nice informative report.
what does spot even mean if dealers will only buy below spot??
@Gazes....Coin dealers are not the gold market.....Gold coins are a minuscule portion and would not make a ripple in the big picture. Cheers, RickO
It sounds like the "choice" material is now firmly overpriced and ready for a decline. It is probably a good time for potential buyers to step away from the market for awhile and let nature takes its course. A few bad shows in a row and down the prices will come.
The ordinary collectors seem to be returning to ordinary collecting. That is a good sign for the future.
Great report. Sounds like a pretty normal Summer Show.
Thank you for your thoughts. It was an interesting read and sounds like you had a fun time. You looked at a lot of items and got a couple newps, even if you didn't get exactly what you were looking for. It sounds like the dealers were optimistic but the demand is pessimistic. Not a good combination LOL I'm glad you followed it with a good meal....I always do the same thing. And $2 pints sound good right about now.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Liz Coggan had one case full of raw NEWPs that I estimate were all in the $200+/- range, including the 92O quarter I bought. She said she is not going to slab them, as it's not worth it, and they will sell raw just fine. She's been in the business for ~35 years (that I know of, LOL), and on the national circuit, so she clearly knows something. Of course she had her share of power coins slabbed & CAC'd, too. Just found it interesting that she is handling a fair amount of raw coins also.
Excellent report on your FUN experience. Great read. P.S. Love the 92-O quarter.
Dave
Thank you for the nice show report. I see it in my head and feel like I am right there on the bourse with you.
Thanks for your excellent show report.
I usually attend 2-3 Long Beach shows a year and I find that a lot of dealers have their nicer coins priced at crazy money and that’s why they don’t sell. This is a hypothetical but illustrative scenario. If a coin has 3 transactions over the last few years in the $3000 range and the seller is asking $4500 for an average example I’ll politely thank him and walk. There’s no point countering when his asking price is ridiculous.
Great report, no pictures needed
Warren Zevon, Herb Alpert, Stromboli and coins....can't get much better than that! Thanks for the report Greg!
Ditto on the great show report. One has to see in person how massive the venues are there with as many as a dozen conventions going on at the same time.
Agreed. It feels like gold has been down for so long (2011) that even when it is going up, it feels like down.
I enjoyed your report........it reminds me of many of my experiences at coin shows. I buy very few coins at shows, but I do meet dealers who will follow up ;ater with a coin of interest.OINK
Thanks for the report
Some nice lookin' coins!
Enjoyed the report very much!
WS
Most excellent report. I also enjoyed the lack of pictures of the show itself. If you have seen one picture of a room of coin dealers you have seen enough.
Thanks for sharing.
Thanks for the report, that was fun fun to read.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Thanks also, for the report. The Excitable Boy album is on my permanent rotation.
Well done!
Your report was refreshing and I felt like I was there.
What a wholesome Barber quarter @Walkerguy21D
I loved your concise observations and thanks for your post, the halfway pole on the way to Winter F.U.N.😎
Great report Greg. Thanks for sharing, I found it odd that gold wouldn't sell below spot. They must know something to pass the offer. Would have loved to been with you and met Liz in person, as I have bought and sold to her for many years at JJT, but never met her in person. Great lady.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Bought a few toned coins
rainbowroosie April 1, 2003
Nice report, thanks for posting.
it's crackers to slip a rozzer the dropsy in snide
@rainbowroosie nice toners!!
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
There were a lot of very cool coins on the floor - early gold, early type, lots of toned bust halves - but everything was fully priced, and as such, I think supply outweighs demand.
When are very cool coins not fully priced?
Nice report thank you.
"Listened to Herb Albert's greatest hits on the uneventful drive home."
I think I would have enjoyed sharing that ride home.
By the way, thanks for a most informative and insightful report on the show itself.
the food looks terrific
Nice report.....
Sounds like some good tunes too !
Great show report, I felt I was there.
Thanks for sharing. Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Enjoy the sandwich.