Parsippany, NJ Coin Show Report
DaveG
Posts: 3,535 ✭
Well, after yesterday's excitement (see my White Plains report), it was time to head to the monthly 80-dealer show in Parsippany, NJ. Most of the dealers who usually do both Parsippany and White Plains were back in Parsippany today, with the notable exception of Tom Stepanski of Dart Coins. However, his 2 or 3 table spot was filled today, so there was only one empty table at today's show. The supply dealer was at Parsippany today, but I didn't get a chance to ask why they skipped White Plains.
Floor traffic was heavy, as usual, although it might have been marginally less heavy than last month.
I heard several dealers 'buzzing' about the higher price of silver and their expectations of continued higher prices. There was a lot of 'junk' silver being sold to dealers and I heard two dealers talking about how the higher silver prices would be putting pressure on the lower-grade Mercuries, Walkers and early Washingtons. 5x face value seemed to be the average buy price. (Heck at $8/oz., even the 40% Kennedy halves melt at about $23/roll! I remember when dealers were reluctant to pay the $11 or $12 they melted at because they didn't want to have to haul all that weight around!)
Most of the usual material was out in force - slabbed Unc. Morgans, etc. Surprisingly, I saw a fair amount of raw VF and better pre-Civil War Liberty Seated quarters and halves - not too much, but perhaps two or three coins per dealer. Many of the coins look original and attractive - perhaps I should stock up while the coins are available?
As for myself, I picked up a raw 1821 large date Bust Dime. The 2x2 was marked "VF-30". I'm no expert on these coins, but I thought it was an attractive, original VF. I showed the coin to TomB, who said "My first impression was this is an attractive VF. Can I buy it?" Airplanenut, when he saw it, said "Nice coin, is it for sale?" (Many would say that there is no higher praise for a coin than "Can I buy it?") I would argue that "attractive VF" equals VF-30, so I'm pretty happy with my purchase. Frankly, I rarely see the pre-1829 Bust Dimes in grades better than Good anyway, so I was glad of the chance to buy it. I first saw the coin yesterday at White Plains, where I held off on buying it until I could check the Red Book and Photograde. I was a bit worried that it had been sold to someone else, so I went to it as soon as I walked in the door this morning, and was gratified (and somewhat surprised) that it was still available. On the way out of the show today, I saw another 1821 for sale, also marked "VF+" that was more expensive and less attractive than the coin I bought, so I feel validated in my purchase!
I spent a lot of time talking to TomB and Jeremy (Airplanenut). I saw njcoincrank leaving as I was coming in - he said that he had just flown in on the red-eye from California - poor guy!
Unlike last month, Tom actually sold some coins this month (3 by the time I left), although he said he sold them at a cumulative break-even or less. When I commented that perhaps he didn't quite understand the whole coin dealer "concept", he assured me that he did make money on other coins but found it hard to make a profit on people he liked or who really appreciated the coin they were purchasing - clearly, we should all hustle over to Tom's table and find some coins we like!
Once again, Tom tantalized me by showing me his PCGS F-12 1796 quarter - a very attractive coin with original surfaces and no dings, just even wear, what a beauty! In a moment of low cunning and in the spirit of revenge, I said "I remember the coin being more attractive." Well, Tom was crushed! Unfortunately, he wasn't so crushed or out of love with the coin that he neglected to reject out of hand my offer to take the "ugly" coin off his hands. (Darn, now I'll have to think of something else!)
Floor traffic was heavy, as usual, although it might have been marginally less heavy than last month.
I heard several dealers 'buzzing' about the higher price of silver and their expectations of continued higher prices. There was a lot of 'junk' silver being sold to dealers and I heard two dealers talking about how the higher silver prices would be putting pressure on the lower-grade Mercuries, Walkers and early Washingtons. 5x face value seemed to be the average buy price. (Heck at $8/oz., even the 40% Kennedy halves melt at about $23/roll! I remember when dealers were reluctant to pay the $11 or $12 they melted at because they didn't want to have to haul all that weight around!)
Most of the usual material was out in force - slabbed Unc. Morgans, etc. Surprisingly, I saw a fair amount of raw VF and better pre-Civil War Liberty Seated quarters and halves - not too much, but perhaps two or three coins per dealer. Many of the coins look original and attractive - perhaps I should stock up while the coins are available?
As for myself, I picked up a raw 1821 large date Bust Dime. The 2x2 was marked "VF-30". I'm no expert on these coins, but I thought it was an attractive, original VF. I showed the coin to TomB, who said "My first impression was this is an attractive VF. Can I buy it?" Airplanenut, when he saw it, said "Nice coin, is it for sale?" (Many would say that there is no higher praise for a coin than "Can I buy it?") I would argue that "attractive VF" equals VF-30, so I'm pretty happy with my purchase. Frankly, I rarely see the pre-1829 Bust Dimes in grades better than Good anyway, so I was glad of the chance to buy it. I first saw the coin yesterday at White Plains, where I held off on buying it until I could check the Red Book and Photograde. I was a bit worried that it had been sold to someone else, so I went to it as soon as I walked in the door this morning, and was gratified (and somewhat surprised) that it was still available. On the way out of the show today, I saw another 1821 for sale, also marked "VF+" that was more expensive and less attractive than the coin I bought, so I feel validated in my purchase!
I spent a lot of time talking to TomB and Jeremy (Airplanenut). I saw njcoincrank leaving as I was coming in - he said that he had just flown in on the red-eye from California - poor guy!
Unlike last month, Tom actually sold some coins this month (3 by the time I left), although he said he sold them at a cumulative break-even or less. When I commented that perhaps he didn't quite understand the whole coin dealer "concept", he assured me that he did make money on other coins but found it hard to make a profit on people he liked or who really appreciated the coin they were purchasing - clearly, we should all hustle over to Tom's table and find some coins we like!
Once again, Tom tantalized me by showing me his PCGS F-12 1796 quarter - a very attractive coin with original surfaces and no dings, just even wear, what a beauty! In a moment of low cunning and in the spirit of revenge, I said "I remember the coin being more attractive." Well, Tom was crushed! Unfortunately, he wasn't so crushed or out of love with the coin that he neglected to reject out of hand my offer to take the "ugly" coin off his hands. (Darn, now I'll have to think of something else!)
Check out the Southern Gold Society
0
Comments
42/92
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
<< <i>Unlike last month, Tom actually sold some coins this month (3 by the time I left), >>
More than 3... he sold me a mostly complete set of Roosies
I also picked up a truly original 1877-S VF Trade Dollar... I never thought I'd be able to afford one for a while, so I'm very happy that I got it... it will go great with the other coins in the album
Jeremy