PAN show report
kranky
Posts: 8,709 ✭✭✭
PAN was Thursday-Saturday and I was helping PTVETTER at his table. The bourse was nearly sold out and unlike many shows, they work to provide more than just a bourse - an extensive program for YNs, an educational series of talks, a book dealer, a supply dealer, and exhibits. Thursday had much stronger attendance than I expected, Friday was slower than I thought it would be, and Saturday was the typical Saturday attendance. The show closed at 5 on Saturday and I estimate 75% of the dealers were still there at 4, which is pretty good. There were coins for sale ranging from 4 for $1 to $20,000, token dealers, foreign dealers, just about anything. New this year were notices at the entrance that video survelliance was in use.
A lot of the public wanted to buy silver at the same premium to spot that it was $10 ago, but it wasn't being offered for that - premiums were either a bit higher than they used to be, or else it wasn't being offered. The 10 oz bars were going for $3.50- $4 over spot and they were being snapped up. Gold tanking on Friday didn't seem to bother anyone, as there were no dealers with cases full of bullion gold anyway, nor did I notice a lot of people looking for bullion gold even at the lower prices. I suspect the troubled economy was a factor there. There were a few more dealers than usual who also had jewelry for sale next to the coins.
Some things never change - browsers who couldn't decide what they wanted because they forgot their want list - but one thing I saw that was a first for me was a couple walking around with their consultant who was doing all the talking and negotiating, then would huddle with the couple to see if they wanted to pull the trigger. If the deal was a go, the couple would produce the funds.
Did get a couple situations that kind of caught me off-guard. One person looked at a 1955 proof set in a Capital holder and asked if the coins were graded. Another was looking at a coin and asked "Is this an original AU?" Another bought a coin, showed it to another dealer, then became unsatisfied with the purchase, and came back to ask that the coin be returned and credited towards a different coin. This was done cheerfully, but the same song was played a second time.
One person needed 3 mint sets which totaled $10.50, but then decided to "shop around" first. A number of people wanting proof singles from the 2013 proof set but nobody was selling those. Also, fewer non-collectors than usual bringing in stuff to see if they could sell it. A dealer had an 1888-CC Morgan in a 2x2 which had "not a genuine coin" noted on the holder. It wasn't the cartoonish type of counterfeit, but still would never pass close scrutiny. Wasn't an altered date, so I guess it was a Chinese made fake.
Saw board members shortgapbob, papabear, vam44, jfoot13, and had a pleasant visit from RickMilauskas who stopped in on the way to his family mother's day events. Also saw board non-members but perennial lurkers Bob & Judy.
Question: what do you think could make an entire bourse full of people suddenly and simultaneously go "Oooooh!" ?
Answer: a power outage that plunged the bourse into total darkness for about 5 seconds, during a severe thunderstorm. I didn't even have time to pull out my cell phone and activate "flashlight mode".
The exhibits were quality.
- Personifications on Ancient Roman coins
- Mementos of the 28th Encampment of the Grand Army of the Republic (1894). It included medals, souvenirs, paper ephemera, a book that was the official journal of the event, commemorative spoons, and other items. I have no idea how someone amassed that vast array of related items.
- Allegheny County National Bank notes, with a couple dozen examples along with items related to the banks - postcards, bankbooks, a tiny metal piggy bank, and checks.
- The "In God We Trust" story - transcripts of letters that led to the motto being adopted, accompanied by a complete set of 2 cent coins in high grade MS plus a J-312 pattern from 1863 with "God Our Trust" as the motto. A beautiful set indeed.
- Military Payment Certificates - 12 of the 15 series displayed.
I'll wrap up with a reminder to please make sure you have made someone aware of how to dispose of your collection if you meet an untimely demise. A woman came up to me and asked if she could ask me a question. She said that her husband was a lifelong collector and had passed away a couple years ago, that she knew absolutely nothing about coins, and brought a tiny part of the collection in to see if we could tell her anything about them. She also mentioned that her husband had sold a penny for thousands shortly before he died but she knew nothing about what it was. We told her a little about what she brought in and made arrangements to follow up the next week. The point is that she was somewhat fortunate that she will be dealing with Pat who is honest, but she could have just as easily ended up at a table where someone could end up taking her to the cleaners. Her initial comments laid bare that she was completely ignorant about the collection and that was dangerous. Had the husband provided her some guidance on what to do, she would never have been so vulnerable. So please ensure your family knows what steps to take and who to contact if necessary.
A lot of the public wanted to buy silver at the same premium to spot that it was $10 ago, but it wasn't being offered for that - premiums were either a bit higher than they used to be, or else it wasn't being offered. The 10 oz bars were going for $3.50- $4 over spot and they were being snapped up. Gold tanking on Friday didn't seem to bother anyone, as there were no dealers with cases full of bullion gold anyway, nor did I notice a lot of people looking for bullion gold even at the lower prices. I suspect the troubled economy was a factor there. There were a few more dealers than usual who also had jewelry for sale next to the coins.
Some things never change - browsers who couldn't decide what they wanted because they forgot their want list - but one thing I saw that was a first for me was a couple walking around with their consultant who was doing all the talking and negotiating, then would huddle with the couple to see if they wanted to pull the trigger. If the deal was a go, the couple would produce the funds.
Did get a couple situations that kind of caught me off-guard. One person looked at a 1955 proof set in a Capital holder and asked if the coins were graded. Another was looking at a coin and asked "Is this an original AU?" Another bought a coin, showed it to another dealer, then became unsatisfied with the purchase, and came back to ask that the coin be returned and credited towards a different coin. This was done cheerfully, but the same song was played a second time.
One person needed 3 mint sets which totaled $10.50, but then decided to "shop around" first. A number of people wanting proof singles from the 2013 proof set but nobody was selling those. Also, fewer non-collectors than usual bringing in stuff to see if they could sell it. A dealer had an 1888-CC Morgan in a 2x2 which had "not a genuine coin" noted on the holder. It wasn't the cartoonish type of counterfeit, but still would never pass close scrutiny. Wasn't an altered date, so I guess it was a Chinese made fake.
Saw board members shortgapbob, papabear, vam44, jfoot13, and had a pleasant visit from RickMilauskas who stopped in on the way to his family mother's day events. Also saw board non-members but perennial lurkers Bob & Judy.
Question: what do you think could make an entire bourse full of people suddenly and simultaneously go "Oooooh!" ?
Answer: a power outage that plunged the bourse into total darkness for about 5 seconds, during a severe thunderstorm. I didn't even have time to pull out my cell phone and activate "flashlight mode".
The exhibits were quality.
- Personifications on Ancient Roman coins
- Mementos of the 28th Encampment of the Grand Army of the Republic (1894). It included medals, souvenirs, paper ephemera, a book that was the official journal of the event, commemorative spoons, and other items. I have no idea how someone amassed that vast array of related items.
- Allegheny County National Bank notes, with a couple dozen examples along with items related to the banks - postcards, bankbooks, a tiny metal piggy bank, and checks.
- The "In God We Trust" story - transcripts of letters that led to the motto being adopted, accompanied by a complete set of 2 cent coins in high grade MS plus a J-312 pattern from 1863 with "God Our Trust" as the motto. A beautiful set indeed.
- Military Payment Certificates - 12 of the 15 series displayed.
I'll wrap up with a reminder to please make sure you have made someone aware of how to dispose of your collection if you meet an untimely demise. A woman came up to me and asked if she could ask me a question. She said that her husband was a lifelong collector and had passed away a couple years ago, that she knew absolutely nothing about coins, and brought a tiny part of the collection in to see if we could tell her anything about them. She also mentioned that her husband had sold a penny for thousands shortly before he died but she knew nothing about what it was. We told her a little about what she brought in and made arrangements to follow up the next week. The point is that she was somewhat fortunate that she will be dealing with Pat who is honest, but she could have just as easily ended up at a table where someone could end up taking her to the cleaners. Her initial comments laid bare that she was completely ignorant about the collection and that was dangerous. Had the husband provided her some guidance on what to do, she would never have been so vulnerable. So please ensure your family knows what steps to take and who to contact if necessary.
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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Comments
Mike
Check out the Southern Gold Society
Thank you for the report
One thing I forgot to mention is that the show spent a Buffalo nickel in town and offered a $100 reward for its return - and it was brought in on the first day of the show. I don't know the mechanics of how they do it, perhaps they sticker it. I do know we didn't have hundreds of people bringing in Buffalo nickels asking for the reward.
And if CoinZip came to the show and didn't stop to say hello, I am disappointed as I don't get to meet too many people from Coney (where my grandmother had family many years ago, connected to the old Smith Bakery).
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.