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PAN show report
kranky
Posts: 8,709 ✭✭✭
I got to help PTVETTER and his wife at their table at the PAN show Thursday-Saturday. I have attended this twice-yearly show without fail for at least 7 years and this was probably the slowest I have seen. Weather was a mix of overcast/rain so that should have helped things. Didn't even see board members holeinone1972 or ram1946 who I thought would be there at some point (Where were you guys? 
). Met a couple board members for the first time (raybob15239 and mar327) - nice to meet you both. Also want to say hello to long-time board lurkers Bob and Judy. Nice people. Cameo CC was walking the floor and got to say hello to him. A couple of the regular larger dealers weren't there. The dealers felt the sag in bullion prices was a factor in the show being slow.
There was more currency than I had ever seen at a PAN show, probably twice as much. Heard a story about dealers who will buy up ratty Nationals for "parts" so they can use pieces to repair better notes which have flaws. The 2008-W ASE with '07 reverse was being offered for $235. Saw a 1854-O $5 in a SGS slab graded 62. Is that the lowest grade ever given to an SGS coin? Also saw a junk box of loose Ikes being sold for $1.25 each. That was a first.
I picked up a circ "shoot him on the spot" CWT and a 1976 Silver Kennedy in NGC PR69DCAM.
The anecdotes:
1. Heard a story about a local auction (probably an estate auction that had coins). Two dealers there were competing heatedly on a lot of SLQs. The bidding reached the point where they were going for too much money, and after the lot is hammered, one person says to the high bidder "Did you look at those? They were only AUs." The high bidder says, "Well, they're Unc now!"
2. A middle-aged guy comes up to the table with a little box of coins to sell. He had a mile-a-minute way of talking, and in the span of about 3 seconds he said that he was sick and going to die before very long, he needed to sell these coins and he wasn't going to get screwed on the deal. Out of the box comes a PCI gold label Morgan with a VAM notation. He asks what the VAM thing means. Before anyone can explain, he says someone told him the coin was worth $1200 and that's what he was looking for. He is told the coin is worth a tiny fraction of that, maybe a couple hundred at most. "GOODBYE!" he shouts, and throws the coin back in the box. "Next!" and pulls out another PCI coin. Again, his asking price is multiples of what is realistic. Back in the box it goes, while he says he probably should send the coins "to that place in California whatever it is" and get the coins "re-rated" and repeats his story of dying shortly and that he has to get a fair deal out of those coins. As soon as he finished repeating his introduction, he left the table. I wonder how he made out.
3. During setup time, two dealers are working a deal and the one loudly says jokingly "Man, you have to work with me a little. I'm trying to buy something but you have to be reasonable. Why are you always so hard to work with? Trying to buy coins from you reminds me of a TV show - you're Dealer No Deal!"
It was a treat to work with Pat and his wife as always. They have opened a shop in Monroeville (a suburb of Pittsburgh) and gone into coins full-time, and I'm sure they'll be successful.
). Met a couple board members for the first time (raybob15239 and mar327) - nice to meet you both. Also want to say hello to long-time board lurkers Bob and Judy. Nice people. Cameo CC was walking the floor and got to say hello to him. A couple of the regular larger dealers weren't there. The dealers felt the sag in bullion prices was a factor in the show being slow.There was more currency than I had ever seen at a PAN show, probably twice as much. Heard a story about dealers who will buy up ratty Nationals for "parts" so they can use pieces to repair better notes which have flaws. The 2008-W ASE with '07 reverse was being offered for $235. Saw a 1854-O $5 in a SGS slab graded 62. Is that the lowest grade ever given to an SGS coin? Also saw a junk box of loose Ikes being sold for $1.25 each. That was a first.
I picked up a circ "shoot him on the spot" CWT and a 1976 Silver Kennedy in NGC PR69DCAM.
The anecdotes:
1. Heard a story about a local auction (probably an estate auction that had coins). Two dealers there were competing heatedly on a lot of SLQs. The bidding reached the point where they were going for too much money, and after the lot is hammered, one person says to the high bidder "Did you look at those? They were only AUs." The high bidder says, "Well, they're Unc now!"
2. A middle-aged guy comes up to the table with a little box of coins to sell. He had a mile-a-minute way of talking, and in the span of about 3 seconds he said that he was sick and going to die before very long, he needed to sell these coins and he wasn't going to get screwed on the deal. Out of the box comes a PCI gold label Morgan with a VAM notation. He asks what the VAM thing means. Before anyone can explain, he says someone told him the coin was worth $1200 and that's what he was looking for. He is told the coin is worth a tiny fraction of that, maybe a couple hundred at most. "GOODBYE!" he shouts, and throws the coin back in the box. "Next!" and pulls out another PCI coin. Again, his asking price is multiples of what is realistic. Back in the box it goes, while he says he probably should send the coins "to that place in California whatever it is" and get the coins "re-rated" and repeats his story of dying shortly and that he has to get a fair deal out of those coins. As soon as he finished repeating his introduction, he left the table. I wonder how he made out.
3. During setup time, two dealers are working a deal and the one loudly says jokingly "Man, you have to work with me a little. I'm trying to buy something but you have to be reasonable. Why are you always so hard to work with? Trying to buy coins from you reminds me of a TV show - you're Dealer No Deal!"
It was a treat to work with Pat and his wife as always. They have opened a shop in Monroeville (a suburb of Pittsburgh) and gone into coins full-time, and I'm sure they'll be successful.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
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hence "COINFEST" was born last year..... if you missed last year.... and 2,000 people did attend... then wait til you seen this year.....
We have doubled the size in a brand new location to 45,000 sq ft with 150 tables.... Coinfest is a different kind of show.... It is the largest show of its kind in the NY, NJ, CT area... and the quality of the experience speaks for it!
I invite you to make your plans now Nov. 7,8,9 and see for yourself!
Coinfest Link
That was the slowest PAN show I've seen since I started going in 1999... I thought they forgot to open the doors. I felt bad for the dealers. I did hear of a few good 4 figure sales that were made. When you see someone grinning ear to ear, you just know they are relieved not to go home totally busted.
I upgraded 2 coins in my type set - went from a 1926-S Peace Dollar in a lowly 63 to a 1923 in a 65; also found an affordable 1930 MS64FH SLQ to replace another in MS64. Those didn't change my registry points much but always glad to improve - they're both much prettier. Found a decent 1865 3 CN in MS 63, disappointing luster but very nice 64-65 details. I really wanted a 64 but got impatient, will still keep my eyes open for one. Tried to add it to my registry but someone already has it in theirs; hopefully the email sent out will get that fixed soon.
I only get to those 2 coin shows each year and look forward to them. Even though it was slow, I found a lot of friends to talk to all weekend and enjoyed it.
I believe the gas prices, the economy, and the low spots did keep several dealers away, also a lot of customers.
As for you, Kranky, you're a very un-Cranky guy - nice talking to you guys!
<< <i>and after the lot is hammered, one person says to the high bidder "Did you look at those? They were only AUs." The high bidder says, "Well, they're Unc now!" >>
and what were the dates again?
thanks
Harry
hlrc.com
Full Time Coin Dealer
since 1980.
Harry Laibstain Rare Coins
Check out my PQ selection of Morgan & Peace Dollars, and more at:
WWW.PQDOLLARS.COM or WWW.GILBERTCOINS.COM
Was good to meet you on Friday. I only spent a couple of hours there Friday. Did not find much, but then I went in with too narrow a focus and too few dollars. Found a couple AU 78P VAMs and a lowly 78p7tf that either had a great unlisted die gouge or some post mint doctoring. I only spent $16 on it so it was worth the gamble.