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Warren Mills (RCNH) Baltimore Observations
Barndog
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Baltimore Coin Show Observations
03/30/2009
How about that CAC Service! We have zero political alliances in the coin dealer community by design. Our allegiances are only to our clients to provide top quality to meet their objectives. This way, I can look at everything that transpires in the industry with no bias. CAC has done an excellent job of catching on to re-colored and altered surface gold. Early on, they were stickering a lot of that stuff. When CAC graders asked me my opinion on the product I said the amount of re-colored and artificial surface alterations on US gold will be CAC’s downfall, no matter how deep the owners pockets are. Guess what, they listened and made great strides, even going overboard to err on the side of caution. This brings me great relief because there are so few retail people and dealers anymore that know the surface qualities of original coins. Why worry about that? Because as altering continues to show up more blatantly on the coin, your liquid market is cut. And your retort is “but CAC will buy it.” My answer, “the jury is still out on CAC.” What if it is not viable as a business and it ceases to exist? Answer, buy the coin first, grading service and CAC sticker are all secondary. Find a good dealer that will teach you the difference.
The first 2 CAC coins I saw were both early Walkers. I was anxious to examine them. Alas, both with spots removed. Again, I am pleased with the strides CAC has made to catch these alterations. However, I am very disappointed that there are a lot of commercial eye-appeal CAC stickered coins. Stop trying to bow down to the pressure of dipped and stripped white coins to please the unknowledgeable. You say why bend to the commercialism. My answer: 90% of dealers nowadays don’t know anything about coins anyway. The questions I am asked by dealers about coins is Numismatics 101 stuff. It’s sad but there are so few that can educate buyers anymore. So you can easily load up on any 19th Century and 20th Century dipped out Proof type with CAC stickers. Alas, another bow down.
The show itself was more active than anything since last October. People want to buy. Dealers are still only buying to fill orders; not for inventory. I was speaking with a long time dealer friend when one of the most high exposure dealers in the country walked up to the table not to buy a coin! But, to take it on approval! Another dealer and one of the oldest in the business said to me, “I’ve always bought the nicest coin for the grade I could find, I’m not doing it anymore. Buyers have no idea what they are doing and don’t care so why should I. I’ll just sell the commercial junk.” I said, “that’s a shame. Guys like us that care about preserving the hobby can’t just give up. If the grading services run out of coins to grade and the plastic doesn’t mean anything, the coin itself is all they can fall back on.”
Check any of the larger auctions since F.U.N. You will see many high grade commercially graded coins going for ½ of bid, but the technical all-there coins still bring all the money. I hope more clients learn to see through hype and smoke to find dealers that place coins on technical merit and value. Then you will find numismatics to be much more rewarding. Yes, it’s much harder to find true nice coins.
Best Wishes,
Warren Mills
Baltimore Coin Show Observations
03/30/2009
How about that CAC Service! We have zero political alliances in the coin dealer community by design. Our allegiances are only to our clients to provide top quality to meet their objectives. This way, I can look at everything that transpires in the industry with no bias. CAC has done an excellent job of catching on to re-colored and altered surface gold. Early on, they were stickering a lot of that stuff. When CAC graders asked me my opinion on the product I said the amount of re-colored and artificial surface alterations on US gold will be CAC’s downfall, no matter how deep the owners pockets are. Guess what, they listened and made great strides, even going overboard to err on the side of caution. This brings me great relief because there are so few retail people and dealers anymore that know the surface qualities of original coins. Why worry about that? Because as altering continues to show up more blatantly on the coin, your liquid market is cut. And your retort is “but CAC will buy it.” My answer, “the jury is still out on CAC.” What if it is not viable as a business and it ceases to exist? Answer, buy the coin first, grading service and CAC sticker are all secondary. Find a good dealer that will teach you the difference.
The first 2 CAC coins I saw were both early Walkers. I was anxious to examine them. Alas, both with spots removed. Again, I am pleased with the strides CAC has made to catch these alterations. However, I am very disappointed that there are a lot of commercial eye-appeal CAC stickered coins. Stop trying to bow down to the pressure of dipped and stripped white coins to please the unknowledgeable. You say why bend to the commercialism. My answer: 90% of dealers nowadays don’t know anything about coins anyway. The questions I am asked by dealers about coins is Numismatics 101 stuff. It’s sad but there are so few that can educate buyers anymore. So you can easily load up on any 19th Century and 20th Century dipped out Proof type with CAC stickers. Alas, another bow down.
The show itself was more active than anything since last October. People want to buy. Dealers are still only buying to fill orders; not for inventory. I was speaking with a long time dealer friend when one of the most high exposure dealers in the country walked up to the table not to buy a coin! But, to take it on approval! Another dealer and one of the oldest in the business said to me, “I’ve always bought the nicest coin for the grade I could find, I’m not doing it anymore. Buyers have no idea what they are doing and don’t care so why should I. I’ll just sell the commercial junk.” I said, “that’s a shame. Guys like us that care about preserving the hobby can’t just give up. If the grading services run out of coins to grade and the plastic doesn’t mean anything, the coin itself is all they can fall back on.”
Check any of the larger auctions since F.U.N. You will see many high grade commercially graded coins going for ½ of bid, but the technical all-there coins still bring all the money. I hope more clients learn to see through hype and smoke to find dealers that place coins on technical merit and value. Then you will find numismatics to be much more rewarding. Yes, it’s much harder to find true nice coins.
Best Wishes,
Warren Mills
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Comments
Assuming that nobody will pay for quality? Good question.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>The first 2 CAC coins I saw were both early Walkers. I was anxious to examine them. Alas, both with spots removed. Again, I am pleased with the strides CAC has made to catch these alterations. However, I am very disappointed that there are a lot of commercial eye-appeal CAC stickered coins. Stop trying to bow down to the pressure of dipped and stripped white coins to please the unknowledgeable. >>
Oh my.