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Baltimore report
Tonelover
Posts: 1,554 ✭
I just got back from Baltimore and thought I'd give a little report based on my experiences. The level of activity seemed slightly subdued. Most of our business is done with dealers who like to rifle through our inventory before the show starts. It seemed that the regular guys only spend maybe a third of what they usually do and that story was repeated to me by other guys makeing the same rounds. Everyone’s aggressive on the sell side but not overly eager to reciprocate.
My main duty was to stay behind the table but whenever there is a break I like to go run around the floor. First I make a quick pass just to service my want lists and to see if any monster rainbows jump out at me. There were none except for the usual assortment of brightly colored Morgan Dollars which I have no real interest in. I saw no monster toned Commems, Mercury Dimes, Washington Quarters, Franklins Halves or Standing Liberty Quarters, the series that I'm most interested in as a collector. I also make quick glances at any Barber Quarters and coins from a few other series that I like for type purposes. Nothing made me take much more than a second look.
THen on my later passes I slow down a little and start looking for any particularly nice coins that we might be able to use in the office. In terms of quality it was the same old story. THe majority of material is very questionable in terms of grade, originality or eye-appeal. To anyone who hasn’t been to a large show it may seem incomprehensible that in a room with thousands and thousands of coins, buying ten that are superb can be difficult. It’s a very real problem if you care about strictness of grade, originality, eye appeal and value. It’s easier for the collector to pay up for a nice coin because they have time on their side and the enjoyment that comes along with pride of ownership. Tough for a dealer though because not only do you have to pay super strong prices but then you have to consider a mark-up which at 10-20% more puts the already high price up in to rarified air. If anyone thinks that dealers cut each other tons of slack think again. A “wholesale” dealer-dealer transaction there can easily be well above Greysheet ask for anything even half-way decent. Nobody sells nice coins cheap to anybody.
I found one coin that I’m mulling over, a 1920-S Standing Quarter PCGS MS-65. Just a white coin, not a toner. I have slowly but surely been working on a MS-65 set for years now with Full Heads when possible. Well this particular date is $2000 in MS-65 and $20,000 in MS-65 FUll Head. I likely won’t be spending $20,000 on a coin any time soon so this may be one of the best chances I get to fill that slot with a nice gem. I just feel that the date will maintain a strong support because like myself, a lot of people wanting MS-65's may not be able to afford a Full Head.
Met a few board members which is always a true pleasure. 1907Quarter who needs a bit of restraining but is on the right track
. Ksteelheader and his grandchildren who are completely adorable. Jrgman who is never stops smiling and is cool as can be, and Toners who sold me a very pretty piece. Also saw TBT and Idahogal both of who are always a pleasure. TomB who doesn’t hang out here any more but always has great coins and stories to tell. Saw a few others, if I forgot your name I apologize but thanks for taking the time to stop by.
Did get some great coins at the Bowers sale but most of that action has been covered so I’ll leave it at that.
My main duty was to stay behind the table but whenever there is a break I like to go run around the floor. First I make a quick pass just to service my want lists and to see if any monster rainbows jump out at me. There were none except for the usual assortment of brightly colored Morgan Dollars which I have no real interest in. I saw no monster toned Commems, Mercury Dimes, Washington Quarters, Franklins Halves or Standing Liberty Quarters, the series that I'm most interested in as a collector. I also make quick glances at any Barber Quarters and coins from a few other series that I like for type purposes. Nothing made me take much more than a second look.
THen on my later passes I slow down a little and start looking for any particularly nice coins that we might be able to use in the office. In terms of quality it was the same old story. THe majority of material is very questionable in terms of grade, originality or eye-appeal. To anyone who hasn’t been to a large show it may seem incomprehensible that in a room with thousands and thousands of coins, buying ten that are superb can be difficult. It’s a very real problem if you care about strictness of grade, originality, eye appeal and value. It’s easier for the collector to pay up for a nice coin because they have time on their side and the enjoyment that comes along with pride of ownership. Tough for a dealer though because not only do you have to pay super strong prices but then you have to consider a mark-up which at 10-20% more puts the already high price up in to rarified air. If anyone thinks that dealers cut each other tons of slack think again. A “wholesale” dealer-dealer transaction there can easily be well above Greysheet ask for anything even half-way decent. Nobody sells nice coins cheap to anybody.
I found one coin that I’m mulling over, a 1920-S Standing Quarter PCGS MS-65. Just a white coin, not a toner. I have slowly but surely been working on a MS-65 set for years now with Full Heads when possible. Well this particular date is $2000 in MS-65 and $20,000 in MS-65 FUll Head. I likely won’t be spending $20,000 on a coin any time soon so this may be one of the best chances I get to fill that slot with a nice gem. I just feel that the date will maintain a strong support because like myself, a lot of people wanting MS-65's may not be able to afford a Full Head.
Met a few board members which is always a true pleasure. 1907Quarter who needs a bit of restraining but is on the right track
. Ksteelheader and his grandchildren who are completely adorable. Jrgman who is never stops smiling and is cool as can be, and Toners who sold me a very pretty piece. Also saw TBT and Idahogal both of who are always a pleasure. TomB who doesn’t hang out here any more but always has great coins and stories to tell. Saw a few others, if I forgot your name I apologize but thanks for taking the time to stop by. Did get some great coins at the Bowers sale but most of that action has been covered so I’ll leave it at that.
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<< <i>TomB who doesn’t hang out here any more but always has great coins and stories to tell >>
I get to bug him at the local show monthly!
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Cameron Kiefer
How were things on the retail side? Did the public turn out, and were they in a buying mood?
Jon - Good report and interesting observation. I also did not miss your point about the great, great majority of the material available at shows these days being the "run of the mill" coins. So, what do you will happen to these "mountains" of mediocre coins? Softer prices in the near to intermediate term in order for the coins to trade at (slightly?) lower levels to find new homes? Or, a surge in the market from here, which may take the mediocre coins along for the ride up? Or?
Wondercoin
I would love to go to one of these shows in Baltimore one day, but just really far from here. Just a note to add to your comment on sales, Teletrade had a large personal collection, with some very nice coins go off yesterday, but it appears that a large majority did not sell. The 1801 NGC AU 58 $10 Gold went to $17,050 with the juice last I looked, but did not sell. A large percent of other gold also did not sell.
I have yet to figure out how to go back and see final prices bid on Teletrade, If that is possible, so I do not have any way to tell if the reserves were not met or what the final prices bid were.
nice candid report, and that explains why you've got no super nice gorgous drool merc's for sooooo long now
Marc
Rgrds
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Saw and ate Dinner with, Ken and his wife and grandkids. JrGMan and his mom and ofcourse Tootawl. Great food at the Wharf Rat (and beer. That Chocolate Covered Cherry was the best)
Found a few Peace dollars and a circ Morgan for Doris.
It seemed really busy on Friday.. Some dealers agreed some said it was slow. Saw lots of gold and bust halves. (That one you showed me Wayne is wonderful) But this is what I was looking at.
George, it was great to meet you and your mom. Now I have a face to put on the handle.
Thanks to all I met and took the time with the hippy this show.
Dave
In Laurel
MD
Just a fist full of Dollars