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Warren Mills April report
tcmitssr
Posts: 1,570 ✭✭✭
From the leader of RCNH.
Musing from the Baltimore Coin Show
04/06/2011
In my opinion, Baltimore Spring & Fall are must attends for active dealers and experienced coin enthusiasts. Everyone that has a decent to great coin inventory usually attends. The show was very well attended by the public: a lot of activity in silver and gold eagles but a more broad based activity in many series. With the overwhelming interest in bullion, many dealers are now switching over and grading bullion coins and selling them for huge premiums. Beware of graded bullion; buy them raw and certify them yourself! The word is that dealers are making so much money selling people graded bullion that they aren’t dealing in rare coins anymore. I’ve heard this said: “I’ve never made so much money in my life,” “Why try to sell real coins to knowledgeable buyers when you can fleece newbies with no effort.” Sad…isn’t it. No interest for the client’s well being or stewardship for the industry.
My favorite area is 19thCentury type coins. I specifically like Seated Halves and Quarters in grades from Fine to MS-67. Stick with only original coins. At some point, if the world holds together, they could be great. They are always few and far between.
Seated coins can be difficult to price. Many dealers collude to keep dated Seated coins low on the Coin Dealer Newsletter. They want to buy them from the public cheap and sell them to make hundreds of percent. The Coin Dealer Newsletter drops the ball totally and by accident contributes to the rise. Please, look at auction results guys and raise those bids so collectors get a fair shake and dealers stop taking advantage of them.
Common date Morgan Dollars are being promoted. Stick with super nice pieces here. Slightly better dates are a great long term play if nice. I like nice Walkers… MS-66’s more than 65’s. Most are dipped white, especially CAC ones. If you are an original nut, stick with original mint frost or nice toned examples. I saw a lot of CAC 65’s & 66’s with dip residue. This can compromise coins in the future. I believe CAC is straining to keep up with submissions and this pressure may cause a wider divergence in their standards. Under pressure, one day can be stricter or looser than the next. I can no longer give as strong an opinion on what should CAC or what shouldn’t. It makes me worry when I see great coins that won’t CAC or commercial coins CACing that shouldn’t. For now, let CAC get over their growing pains. Many things just don’t make sense on what gets stickered and what doesn’t. However, the CAC concept is solid.
Commems are dead….a good buy only when in original condition. Most of the raw coins I saw at the show that the public was buying were horribly cleaned. Remember; ask for the guarantee that it will grade at PCGS the same grade.
I went to the back corner of the show where there were about 100 tables. One of the dealers yelled out my name and said “There is Warren Mills…the guy that sold the nicest 20 Cent Piece I have ever seen and a jewel in my collection.” One guy started clapping. I thanked him and said “I wish the public knew more about us.” Another dealer said “Then we wouldn’t get a shot at truly nice coins for ourselves.” I said “Thanks for the compliment.” Here we are, unfortunately one of the best kept secrets in the industry.
Whitman publishing has a new business offering called “Whitman Compass.” They show great coins on a computer screen with the dealer and table they are at. This sent many people over to view our coins and I want to thank them. It’s a great idea!
Our table was moved a bit closer to the front. We appreciated the extra collector traffic. A parent with 3 boys came over to our table and asked to see an 1857 Seated Quarter in VG condition. I said “Wow, it’s unusual for a young collector to look at earlier coins now. I’m happy to see your interest in these early issues. They are vastly under-rated. The secret is to buy coins” he then interrupted me and said “they have never been dipped.” I was dumb struck and he said “I read your ads.” I thanked him, gave him my card and said to call me anytime. It made my show. I’m so happy to get someone off on the right foot.
I still like nicer gold, MS-64 to MS-67 that has all the freshness. No need to be a slave to the CAC sticker but if you’re not sure, it helps. MS-64 Saints were avidly sought by everyone.
Overall, I’d label the show as strong or good. Our clients know I tell it like it is. Many dealers say every show is great and they sold a billion dollars worth of coins! We try to never embellish the truth. Nice Type from Half Dimes to Seated Dollars are good buys in most grades. Barber coins are so so on the demand scale but a nice fresh coin should always be considered.
If the world economics hold together, this should be a very good year. If not, have some bullion for diversity.
Thank you.
Warren
Musing from the Baltimore Coin Show
04/06/2011
In my opinion, Baltimore Spring & Fall are must attends for active dealers and experienced coin enthusiasts. Everyone that has a decent to great coin inventory usually attends. The show was very well attended by the public: a lot of activity in silver and gold eagles but a more broad based activity in many series. With the overwhelming interest in bullion, many dealers are now switching over and grading bullion coins and selling them for huge premiums. Beware of graded bullion; buy them raw and certify them yourself! The word is that dealers are making so much money selling people graded bullion that they aren’t dealing in rare coins anymore. I’ve heard this said: “I’ve never made so much money in my life,” “Why try to sell real coins to knowledgeable buyers when you can fleece newbies with no effort.” Sad…isn’t it. No interest for the client’s well being or stewardship for the industry.
My favorite area is 19thCentury type coins. I specifically like Seated Halves and Quarters in grades from Fine to MS-67. Stick with only original coins. At some point, if the world holds together, they could be great. They are always few and far between.
Seated coins can be difficult to price. Many dealers collude to keep dated Seated coins low on the Coin Dealer Newsletter. They want to buy them from the public cheap and sell them to make hundreds of percent. The Coin Dealer Newsletter drops the ball totally and by accident contributes to the rise. Please, look at auction results guys and raise those bids so collectors get a fair shake and dealers stop taking advantage of them.
Common date Morgan Dollars are being promoted. Stick with super nice pieces here. Slightly better dates are a great long term play if nice. I like nice Walkers… MS-66’s more than 65’s. Most are dipped white, especially CAC ones. If you are an original nut, stick with original mint frost or nice toned examples. I saw a lot of CAC 65’s & 66’s with dip residue. This can compromise coins in the future. I believe CAC is straining to keep up with submissions and this pressure may cause a wider divergence in their standards. Under pressure, one day can be stricter or looser than the next. I can no longer give as strong an opinion on what should CAC or what shouldn’t. It makes me worry when I see great coins that won’t CAC or commercial coins CACing that shouldn’t. For now, let CAC get over their growing pains. Many things just don’t make sense on what gets stickered and what doesn’t. However, the CAC concept is solid.
Commems are dead….a good buy only when in original condition. Most of the raw coins I saw at the show that the public was buying were horribly cleaned. Remember; ask for the guarantee that it will grade at PCGS the same grade.
I went to the back corner of the show where there were about 100 tables. One of the dealers yelled out my name and said “There is Warren Mills…the guy that sold the nicest 20 Cent Piece I have ever seen and a jewel in my collection.” One guy started clapping. I thanked him and said “I wish the public knew more about us.” Another dealer said “Then we wouldn’t get a shot at truly nice coins for ourselves.” I said “Thanks for the compliment.” Here we are, unfortunately one of the best kept secrets in the industry.
Whitman publishing has a new business offering called “Whitman Compass.” They show great coins on a computer screen with the dealer and table they are at. This sent many people over to view our coins and I want to thank them. It’s a great idea!
Our table was moved a bit closer to the front. We appreciated the extra collector traffic. A parent with 3 boys came over to our table and asked to see an 1857 Seated Quarter in VG condition. I said “Wow, it’s unusual for a young collector to look at earlier coins now. I’m happy to see your interest in these early issues. They are vastly under-rated. The secret is to buy coins” he then interrupted me and said “they have never been dipped.” I was dumb struck and he said “I read your ads.” I thanked him, gave him my card and said to call me anytime. It made my show. I’m so happy to get someone off on the right foot.
I still like nicer gold, MS-64 to MS-67 that has all the freshness. No need to be a slave to the CAC sticker but if you’re not sure, it helps. MS-64 Saints were avidly sought by everyone.
Overall, I’d label the show as strong or good. Our clients know I tell it like it is. Many dealers say every show is great and they sold a billion dollars worth of coins! We try to never embellish the truth. Nice Type from Half Dimes to Seated Dollars are good buys in most grades. Barber coins are so so on the demand scale but a nice fresh coin should always be considered.
If the world economics hold together, this should be a very good year. If not, have some bullion for diversity.
Thank you.
Warren
0
Comments
Camelot
The only problem with Warren's report is I have spent the last 17 years buying Classic Commems. The good thing is 90% of them were from Warren's company.
Ron
Tom
<< <i>Mr Bear Sir, good to see you out of your cave.
The only problem with Warren's report is I have spent the last 17 years buying Classic Commems. The good thing is 90% of them were from Warren's company.
Ron >>
As have I, Ron.
If you speak with Warren though, it's apparent that there is a difference between quality commems and what he is referring to in his article.
I've submitted all of my Registry Type set now for Secure Plus and I'm averaging a good number of pluses and upgrades. It's because of the quality of the commems that I've bought from Warren and Jon, over the years.
The upgrades aren't just in the more common commens at the lower costs. I got one in a 65 Missouri 2x4 that made a plus. Same with a MS65 Monroe that made a plus. My favorite though....an Antietam in 67 that got a plus.
Warren has been very happy to hear how his commems have been doing with Secure Plus upgrades. That's what happens when you buy quality from someone who knows quality.
<< <i>It's considered bad form to break copyright and post something in its entirety. Use a snippet and link the rest. >>
Warren doesn't have a problem with me posting his comments. I'll be happy though to post a link, as well, in the future.
<< <i>I was under the impression that only market reports containing the misused word, dreck, were permitted on this forum... >>
They get primary billing and have the largest group of lemmings following them into the sea.
That almost sounds like the apparently original, nearly white PCGS MS66 coin I sold them a couple years ago.
Always fun and informative to talk with Warren at the shows we he gets a chance to get out. One of the best minds and eyes in the business.
roadrunner
I received a check in the mail for about $70 about 10 days later with a note from Warren that they had overcharged me.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>Whitman publishing has a new business offering called “Whitman Compass.” They show great coins on a computer screen with the dealer and table they are at. This sent many people over to view our coins and I want to thank them. It’s a great idea! >>
great idea.
a searchable index would be a plus as well.
Link to Warren's musings
I have a great deal of respect for RCNH.
<< <i>I went to the back corner of the show where there were about 100 tables. One of the dealers yelled out my name and said “There is Warren Mills…the guy that sold the nicest 20 Cent Piece I have ever seen and a jewel in my collection.” One guy started clapping. I thanked him and said “I wish the public knew more about us.” Another dealer said “Then we wouldn’t get a shot at truly nice coins for ourselves.” I said “Thanks for the compliment.” Here we are, unfortunately one of the best kept secrets in the industry
That almost sounds like the apparently original, nearly white PCGS MS66 coin I sold them a couple years ago.
Always fun and informative to talk with Warren at the shows we he gets a chance to get out. One of the best minds and eyes in the business.
roadrunner >>
Personally, I think the best mind and eyes in the business. He doesn't toot his own horn, like others. He just is committed to only selling solid coins for a fair price and being open to talk and educate anyone who wants his help on any coin related issue.
I met warren this first time when I used to help steve elwood at the Larger national shows few years back .
Even gem graded ones often leave much to be desired. I look at a 1000 examples or more, before I find
even one example that meets my own standards. The strike, color, originality, overall appearance
grade and luster, all play important parts in my evaluation. The apparent low prices one sees in the
price guides, are really for the dregs of the market place. The true stellar examples have values, many
times the official prices. It has always been my hope, that the mountains of washed out, scrubbed up
dipped to death and lifeless examples would be all tossed into the silver melting pot. This would leave only
the really nice ones on the trading floor. I guess that this will remain a hopeless dream, at least until silver
reaches 100 dollars an ounce, or more.
Camelot