Legend Pittsburgh ANA Market Report

Justacommeman

RYK with the heads up

My favorite part---- 1

<We're probably going to read about several hundred or thousand collectors attending. That count is probably just dealers going in and out or pages getting food>

My favorite part---- 1A

<We went because we are too stupid and have the dumb dealer mindset of being in fear of missing something at major show>

It's the same in my line of work. Hard to break the chain.

MJ

RYK

Well played!

blu62vette

She makes great points. People had to make the show work. Many dealers were walking around looking for coins/deals/stuff instead of waiting at the table for business. I don't know if I saw it at worst ever but it was not good.

roadrunner

Wow, even Legend finally had a less then heart-pounding show. Good to know that any $1 MILL dollar coin could easily find a new home.

One has to remember that we're still not back to boom times. The last Pittsburgh show I attended was the August 1989 summer ANA.
It was starting to become clear at that show that the 1980's coin party was ending. I don't have very fond memories of that show either.

roadrunner

291fifth

<< <i>Wow, even Legend finally had a less then heart-pounding show. Good to know that any $1 MILL dollar coin could easily find a new home.

One has to remember that we're still not back to boom times. The last Pittsburgh show I attended was the August 1989 summer ANA.
It was starting to become clear at that show that the 1980's coin party was ending. I don't have very fond memories of that show either.

roadrunner >>



I remember the 1989 Pittsburgh ANA well. I bought very little as my interest in obsolete currency, my passion since mid-1986, was cooling rapidly. The best part of the convention was the ANA tour to the University of Pittsburgh and its ethnic themed classrooms and a stop at the Carnegie Museum to see the Clapp Large Cent display they had set up because of the convention. I wonder if those large cents have seen the light of day since? ( I think I may have set the world's record for touring the entire museum in not much more than an hour.)

I also attended the 2004 ANA in Pittsburgh, but that was strictly a selling expedition. I had wanted to visit the Andy Warhol Museum but didn't because I had too much cash/checks on me and didn't want to be walking around with it.

BigE

Well, I was thinking of taking lots of pcgs early commems to the Portland, Or show to sell next weekend, guess I'll have to start a brand new set and buy instead--------------BigE

TahoeDale

I appreciate Legend's show reports and they do reflect what is happening in the rare coin market today.
more so for coins of the quality they sell, but also for the middle of the market.

I started going to major coin shows in 1995, and tried to go to 5-6 a year for several years. Today, if I make 3, that will probably be the most.
(not counting the PCGS Vegas shows, which are more for Fun than for coins.)

But because of the internet, and 2 great reps, I can still participate without being present. I bought one very nice piece of Proof gold
in the Heritage sale, and a really pq Bust dollar from a seller on the floor. But I had sets of eyes looking for me.

I totally recommend the association of 1 or 2 very knowledgeable dealers to work for you, with specific want lists, and an expert's eye
for the auction material you are interested in. There was quite a bit of rare and expensive gold in the sale, and good prices were paid.

The only drawback--I miss the comaraderie.

Bear

Good report.Disappointing, but a good honest report.

We have been telling show coordinators for years, that there

are too many shows too close together. It is costing dealers

too much money and time away from their stores. It is about

time for show organizers to get together and plan reasonable

schedules allowing regional distribution and adequate time between

shows. Dealers are not all spring chickens and the traveling and time

away from home is taking a real toll on many of them.


We are in a down economy and the cure is not more and more shows

that merely dilute the available money and merchandise .It would seem

that stupidity and greed , are intent on grinding the coin industry down

to the nubs.


Laura is correct when she says that the whales have cash

to spend , for the really big coins of unquestioned quality. Mid price coins,

even if they are quality, are tougher to sell. I guess that us mid size flounders

halibuts , marlin and codfish are running a little tight on cash, or have

become picky, picky, picky.. Of course, the minnows

and gold fish, are either out of cash or are busy stacking PMs for the dismal future

yet to come.


Yes, a number of dealers are still making money and will continue to make money, but a lot

more , may decide it is time to hang it up and retire from the active market place.

keyman64

That was an entertaining read.

golfer72

Lets see. Everyone complains about the lack of collectors at these shows. The shows are mostly on weekdays. Dont most people work during the week?

ScarsdaleCoin

I love the reports.... but I said all along for the past 20 years... the 2nd Spring ANA shows are marginal....adding yet a 3rd Fall show was a dumb move.... I still think the Summer show is one of the best... IMHO #2 show....with FUN being #1 sure some could argue for the reverse

WTCG

I respect other opinions but as mine goes this was not the worst (ANA or otherwise) show ever from my viewpoint. To me this show was better than the Whitman Philadelphia show last month.

roadrunner

But because of the internet, and 2 great reps, I can still participate without being present. I bought one very nice piece of Proof gold
in the Heritage sale, and a really pq Bust dollar from a seller on the floor. But I had sets of eyes looking for me.

Ditto. I bought most of my best seated coins ever during the early to mid-1980's by having 2 reps check out major auction lots for me. I gave them
a short list based on cat descriptions and photos, and they did the rest. For 5% is was well worth it. When those coins got slabbed several years later
there wasn't a coin in the bunch that came back less than expected.

roadrunner

dragon

Well Pittsburgh is a very fine city I'm sure, but let's face it, very few cities have the "coin power" and ability to attract dealers and collectors out of the woodwork like Chicago.

pennyannie

Coin shows, gun shows, beanie baby shows are dead. Bullion and whale coins may sell but common widgets get another layer of dust. Gun shows are dead except for AR-15's and cheap handguns but atendance is fantastic imo. Beanie baby shows? Everyone is looking for a bargain.

If you are buying make sure you like what you buy because the days of bailing out the next show seem to be over on most items. Of course there are exceptions.

It took me a year to get back to the pre crash levels and i cut out the fat, the last 60 days are starting to make me think the next round is coming.

It is all marketing fluff

Lakesammman

There are still Beanie Baby shows??

leothelyon

Loved climbing those hills, knowing, once I reached the top, I'd have to go back down and try again.

Lakesammman

There is little demand for low grade generic $20's, which means you can buy them practically at spot! Other denmentations are softening as well.

Sold several $20 libs for a friend at the summer ANA - good timing!

if you haev any questions, please email legend@legendcoin.com or call us.

None here - but agree with the last thought ...... it's tough to get cash rather than a bunch of trade ins.........

ambro51

As has been said many times....the future of this hobby is the internet.

A wise dealer today concentrates his business there instead of a pile of cases and 'hope'.

It will only move more in that direction, Im sure.

Not that this is at all a bad thing. But, the number of shows, large shows...needs to decrease.

joebb21

<< <i>As has been said many times....the future of this hobby is the internet.

A wise dealer today concentrates his business there instead of a pile of cases and 'hope'.

It will only move more in that direction, Im sure.

Not that this is at all a bad thing. But, the number of shows, large shows...needs to decrease. >>



I will add that shows are not only for the collectors but for dealers as well.
Gathering hundreds of dealers with their inventories all into one room at one time is important for changing/trading stock.
Looking through 800 dealer websites is alot more time consuming then walking the floor...

Coinosaurus

<< <i>As has been said many times....the future of this hobby is the internet.
>>



The Internet only gets you so far. To me the Internet is table stakes, nothing more.

In this biz, to build a retail brand you have to go to all the shows. I can have the best coin website and it won't get far without the "buzz" behind it. This market is still small enough that brand has to be built person-person. (I am talking about the U.S. rare coin market between $500 - $5000, which seems to describe a lot of the audience here).

keets

Right now there are too many shows. That actually HURTS the market

i have been saying this for over five plus years, since right around the time of the last Pittsburgh ANA.

roadrunner

These larger shows are key trading venues for dealers and higher end collectors. Without these shows all levels of dealers could not quickly bring their
wares to other dealers for sale. This cannot be done on the internet in 1-3 days...at least not until coin buying is done via perfect photos and
perfect grading accuracy which allows 100% safe sight-unseen buying by all parties. In other words, the larger shows aren't going away any time soon.

roadrunner

pennyannie

They should have big show in retirement villages, that way all the 80+ years olds could attend by themselves. They could just roll in on there hoover crafts and wheelchairs.

While i agree with Ambro51 the future is the net although i am getting more reluctant to send out 5k to unknowns and even knowns as far as that goes.