Where the he11 are all these coins coming from?

ColonialCoinUnion

There is literally a humungous auction (or 2, or 3 or 4) every couple of weeks. Have you seen the mailman try to cram those giant catalogs into my mailbox? They hardly fit, and when he does get them in there my wife can't get them out and has to wait for me to get hom to extract the mail. Do you have any idea how annoying that is? Doesn't it seem like there are more coins than collectors? Where are they all coming from? Are they new to the market? Have they just been sitting in Whitman coins albums gathering dust for 35 years? Or are they just the same coins continuously shuffling around from dealer inventory to auction catalog to wall safe to new dealer's inventory to new auction catalog etc., etc. ad nauseum with one or two occasionally getting picked off by someone whos new to the hobby and thinks they are NT?

291fifth

I often wonder how many of the lots are the property of the auction houses themselves. I suspect quite a few. This may be a contributing factor to why there seem to be so many unsold lots at recent auctions. The major reason, however, is probably consignments from collectors and dealers who are scrambling to get out before the US market tanks. Especially watch what the dealers are doing because they have a much better feel for the real market on a day-to-day basis. Regardless of their public statements, if you see them starting to dump inventory watch out.

mintluster

What goes up MUST come DOWN......this applies in everything with Supply and Demand (stocks, real estate, COINS...etc.)

Coinosaurus

Yeah, it seems like there is something bulky in the mail every day that has to do with coins.........

dragon

Yes, I have about a 2 foot stack of auction catalogs sitting here from just the past couple of months, it's nuts.

For all the dealers running around telling everyone how hot this market is, there sure seem to be one hell of a lot of sellers out there. I have never seen so much material offered through major auctions in so short a time frame in the past 20 years.

tradedollarnut

Busy Schedule Impacts Coin Market

Of note:

In the dozen major auctions conducted during the 55-day period between the two summer holidays, approximately 31,000 auction lots were offered, realizing $88,857,765, including the usual 15 percent buyers' fees.

Absolutely amazing! Very impressive that much in value can change hands with a minimal hiccup in the market. Yes, it has slowed - but it absorbed close to $100M. I expect things to pick up again in November/December.

magikbilly

Hi,
while not exactly on topic - I like all the catalogs more reference. The DLRC Richmond catalogs were nice, hardcover, color and FREE
I am looking forward to the Richmond Pt 2. - coming soon to a mailbox near you!

Best,
Billy

dragon

<<< I expect things to pick up again in November/December. >>>

It had better, as a few dealers that I talk with recently told me their checkbooks are very strained right now with auction invoices still due, and inventory levels are very high. This was a similar scenario back in the spring of '89 or thereabouts.

mrearlygold

Geeez I'm having the best quarter in more than a decade.



Tom

Coinosaurus

I'm with Billy. The problem is that you start running out of shelf space too darn quickly

Oldnewbie

Sounds like a good problem to have......

If the catalogs are getting in your way, send them to me; I'll pay postage.

silverandvinyl

I have an Uncle that is pretty close to 90 who has about 30 or so albums full of old coins.I also have a friend who has a safe full of rolled I.H , wheat cents,mercs,war nick,silver 25 and 50cent pieces.You will be surprised how many people out there have coins stashed away.Little by little the stashers will be putting these coins on the market.When times are tough the coins will be making it to the market.

wam98

Auction catalogs are great to me. I still look at some of the old ones I have from the early 80's.

I agree with your statement, where are all these coins coming from. In my opinion, some of them are just going from one dealer to the next. Some coins are being offered over and over when they don't sell for the high reserve that has been placed on them. Of the few auction houses that offer auction archives and prices realized, one can find coins being offered more than once, at a substantial increase. This brings up annother subject. A few months back I was in an old coin shop. This guy had been there for years, ever since I can remember. Anyway, I spent about an hour there looking at some coins for my Type set. The prices were good and he had some older stuff that I was looking for. After a few selections, I think he realized that I was cherry picking his shop. I needed a 1913 Type 1 Buffalo nickel. There wasn't one on display, so I asked about one in VF +, he hesitated, then said maybe there's one in the back. He went to the vault and came out with 2, VF original Buffs, making it clear that he could sell only one to me. After finishing my purchase, the coin market was the topic as I was on my way out. Then he says to me, You know a man spends 35 years building a collection and when people pick out all the good stuff, whats left to sell, nothing, and your out of business. I almost felt bad, but got over it when I got home and really realized how nice a seated and a bust half were, that I had purchased from him.
This may be how auction houses see it as well. If all coins are sold to collectors, the coins probably won't be seen again for years. Something to think about and just my opinion.