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***Attention RYK***Baltimore Show Report***Attention RYK***
TomB
Posts: 22,055 ✭✭✭✭✭
***Attention RYK***Baltimore Show Report***Attention RYK***
Perhaps I have your attention?
This show report is a little different than past show reports in that for the last year or so I have spent more time at the table representing Thomas Bush Numismatics and helping Numismatic Americana while I have spent less time actively walking the bourse. Therefore, some observations will be biased to those that would be made from the perspective of standing behind a table while many other observations might not get reported at all since they may not always be related solely to my business.
My arrival into Baltimore saw no travel complications or last minute hotel snafus, but those who travel as much as I do will understand that it is a rare trip when everything gets packed and nothing is left behind. For this trip the only thing I forgot was an envelope of cash that I left in a safe deposit box at my bank and while the cash was secure in the bank, I was left to do the show with relatively few funds aside from two books of checks. During dinner with BigMoose and ColonelJessup on Wednesday night we were talking about those little things we forget and I mentioned the envelope of cash in the bank. Within moments I had the offer of new funds extended to me from my dinner mates and this made the start of the show much more relaxing than it might have been otherwise. This incident reminds me of the newest show report posted on Numismatic Americana where there is mention of the importance of relationships in this business. Good relationships can make the process of doing coin business or collecting coins as a hobby much more enjoyable and having these relationships with good people makes it all the better. Thank you BigMoose and ColonelJessup.
The typical Wednesday at Baltimore consists of arriving into town, hotel check-in, dealer registration, security check-in, late auction lot viewing and then dinner with friends followed by last minute auction preparations in the hotel room. It can make for a long day, but the dinner with friends can make all the difference in how enjoyable the day feels. Thursday was also a good day overall and it began with the folks at PCGS appearing to be relaxed unlike some shows where there is a sense that they might be falling behind in show grading. The day got better when the show floor was opened to the public and a relatively large number of folks for a Thursday afternoon entered the floor. At our table there was a steady stream of people stopping by and spending a bit of time chatting about coins. There were relatively few people who made did a quick look and then left. A very enjoyable moment was when Dick Graham stopped by with a very limited edition copy of the Reeded Edge half dollar book that he and I worked on together and published last year. The leather bound edition looks great, has additional color images in the back and feels really wonderful. I was fortunate enough to purchase two of the seven copies produced and one went into my own library collection while another was given as a gift. I don’t know how other dealers did, but I had a good feeling about the show at that point. Thursday night witnessed another enjoyable dinner, but this time with a much larger group of dealers. This group is one that eats together quite often and I have been happy to be associated with these folks for many years. It may seem that going back to the hotel room directly after the show might mean more efficiency, but I have found that building trust and sharing stories, opinions and thoughts with one another carries over into dealings on the bourse.
Whereas Thursday was a pleasant surprise with respect to the public showing up for the show, Friday was surprisingly lightly attended, in my opinion, by the public. Please note that I do not mean to say that no one was there on Friday, but I would have thought more people would attend after what we had seen on Thursday. However, those that showed up on Friday were also of a mind to do business and spend an extended amount of time talking coins. I met up with several clients who had contacted me prior to the show and was able to dig into the details of a new project that one long-term, serious client has been contemplating. Again, the established relationship with this client allowed him to feel comfortable discussing the possibilities with me and we spent quite a while talking about what he would need to find, when he might be able to acquire such pieces and what they would look like when found. It was nice to talk about the project and definitely helped to make it feel more real for the client. As is typical at a show like Baltimore, many of the new purchases I made were not offered at the show, but were instead put in the back to be brought home with me. I have learned long ago that if I do not do that then there is the possibility of essentially nothing new coming home with me for those clients who frequent my site or are on my advance notice email list. Friday night ended with a dinner of sushi at Kona Grill that was only marred by the presence of a beer bottle cap in the bottom of my glass of soda. Ugh. The waiter seemed to be unconcerned, but I made the point to the manager that there was a procedural problem in place if this event could happen and that greater training of the wait staff and bartenders was needed. The manager appeared earnest, but who knows if he took any of it to heart.
By Saturday morning I find that these shows are generally winding down for me in that whatever I am going to find for inventory has already been acquired and most of what I have to sell has already moved. This show was a bit different in that more of my inventory moved on Saturday than I had expected and more general public stopped by to look at coins than I had expected. The remainder of the show was uneventful. Some details follow-
1) The folks at PCGS did a terrific job of keeping up with show submissions and getting the coins back in a timely fashion. This happens at many shows, but at the recently concluded ANA in August there were some issues with turnaround time and that can put a damper on enthusiasm and sales.
2) Someone has to corral the overhead announcer at this show as there were myriad interruptions over the loudspeakers for things that did not, in my opinion, need to be broadcasted over and over again.
3) One of the items I purchased for inventory was a 1971 first edition copy of Cornelius Vermeule’s Numismatic Art in America. This is my favorite coin book of all time and I don’t find first edition copies all that often. My library copy was purchased about twenty years ago and I regularly reference it to this day. Previous copies I have had of this book sold immediately and for more than this copy cost, but the issuance of an updated second edition a few years ago has perhaps killed the market for this first edition book. I have never read the second edition, but I love the old school feel of the first edition.
4) There was a noticeable lack of gold in old green holders. This might be due to folks buying and preferentially keeping old green holder coins as bullion or perhaps many of these have been cracked out for regrade. Whatever the reason, there is typically more old holder gold at shows than at this show.
5) I’ve written it before and I will write it again; the population of certified Barber coinage of all denominations and within all grade ranges is exploding. Coins that were once quite difficult to find in holders, such as generic VF half dollars, are now available at multiple dealer tables.
6) Most of the public that offered coins to me had quantities of pieces that I did not like at all and that I politely declined. These coins were almost universally in problem-free NGC and PCGS holders and are pieces that I would strongly advise my own clients to avoid and that I would avoid placing into my own collection. Perhaps this observation simply means that just because a coin is market acceptable does not mean it should be incorporated into a selective collection.
7) The flip side of point six is that really cool or choice coins, regardless of grade, tend to end up with fairly picky collectors at what might be considered aggressive prices. However, these are precisely the coins that folks like me would rather purchase and, thus, these coins might also be viewed as being more liquid, too.
8) Perhaps it was my imagination, but it seemed that blast white coins were out in force and this might be reflective (no pun intended) of market pressure to produce these coins or, alternatively, might be because deeply toned coins have been tucked away. Regardless, it was noticeable.
9) I met more YNs at this show than in previous shows and they were in force to learn. One brought over some very nice coins from his collection that were a joy to behold while another asked for opinions on coins purchased the previous day at the show. The second encounter was discouraging with one coin in particular where I had to tell the YN that there was simply no good left in the coin.
I would imagine that in the next day or two my own website will be updated and an email will be sent out to those interested.
Perhaps I have your attention?
This show report is a little different than past show reports in that for the last year or so I have spent more time at the table representing Thomas Bush Numismatics and helping Numismatic Americana while I have spent less time actively walking the bourse. Therefore, some observations will be biased to those that would be made from the perspective of standing behind a table while many other observations might not get reported at all since they may not always be related solely to my business.
My arrival into Baltimore saw no travel complications or last minute hotel snafus, but those who travel as much as I do will understand that it is a rare trip when everything gets packed and nothing is left behind. For this trip the only thing I forgot was an envelope of cash that I left in a safe deposit box at my bank and while the cash was secure in the bank, I was left to do the show with relatively few funds aside from two books of checks. During dinner with BigMoose and ColonelJessup on Wednesday night we were talking about those little things we forget and I mentioned the envelope of cash in the bank. Within moments I had the offer of new funds extended to me from my dinner mates and this made the start of the show much more relaxing than it might have been otherwise. This incident reminds me of the newest show report posted on Numismatic Americana where there is mention of the importance of relationships in this business. Good relationships can make the process of doing coin business or collecting coins as a hobby much more enjoyable and having these relationships with good people makes it all the better. Thank you BigMoose and ColonelJessup.
The typical Wednesday at Baltimore consists of arriving into town, hotel check-in, dealer registration, security check-in, late auction lot viewing and then dinner with friends followed by last minute auction preparations in the hotel room. It can make for a long day, but the dinner with friends can make all the difference in how enjoyable the day feels. Thursday was also a good day overall and it began with the folks at PCGS appearing to be relaxed unlike some shows where there is a sense that they might be falling behind in show grading. The day got better when the show floor was opened to the public and a relatively large number of folks for a Thursday afternoon entered the floor. At our table there was a steady stream of people stopping by and spending a bit of time chatting about coins. There were relatively few people who made did a quick look and then left. A very enjoyable moment was when Dick Graham stopped by with a very limited edition copy of the Reeded Edge half dollar book that he and I worked on together and published last year. The leather bound edition looks great, has additional color images in the back and feels really wonderful. I was fortunate enough to purchase two of the seven copies produced and one went into my own library collection while another was given as a gift. I don’t know how other dealers did, but I had a good feeling about the show at that point. Thursday night witnessed another enjoyable dinner, but this time with a much larger group of dealers. This group is one that eats together quite often and I have been happy to be associated with these folks for many years. It may seem that going back to the hotel room directly after the show might mean more efficiency, but I have found that building trust and sharing stories, opinions and thoughts with one another carries over into dealings on the bourse.
Whereas Thursday was a pleasant surprise with respect to the public showing up for the show, Friday was surprisingly lightly attended, in my opinion, by the public. Please note that I do not mean to say that no one was there on Friday, but I would have thought more people would attend after what we had seen on Thursday. However, those that showed up on Friday were also of a mind to do business and spend an extended amount of time talking coins. I met up with several clients who had contacted me prior to the show and was able to dig into the details of a new project that one long-term, serious client has been contemplating. Again, the established relationship with this client allowed him to feel comfortable discussing the possibilities with me and we spent quite a while talking about what he would need to find, when he might be able to acquire such pieces and what they would look like when found. It was nice to talk about the project and definitely helped to make it feel more real for the client. As is typical at a show like Baltimore, many of the new purchases I made were not offered at the show, but were instead put in the back to be brought home with me. I have learned long ago that if I do not do that then there is the possibility of essentially nothing new coming home with me for those clients who frequent my site or are on my advance notice email list. Friday night ended with a dinner of sushi at Kona Grill that was only marred by the presence of a beer bottle cap in the bottom of my glass of soda. Ugh. The waiter seemed to be unconcerned, but I made the point to the manager that there was a procedural problem in place if this event could happen and that greater training of the wait staff and bartenders was needed. The manager appeared earnest, but who knows if he took any of it to heart.
By Saturday morning I find that these shows are generally winding down for me in that whatever I am going to find for inventory has already been acquired and most of what I have to sell has already moved. This show was a bit different in that more of my inventory moved on Saturday than I had expected and more general public stopped by to look at coins than I had expected. The remainder of the show was uneventful. Some details follow-
1) The folks at PCGS did a terrific job of keeping up with show submissions and getting the coins back in a timely fashion. This happens at many shows, but at the recently concluded ANA in August there were some issues with turnaround time and that can put a damper on enthusiasm and sales.
2) Someone has to corral the overhead announcer at this show as there were myriad interruptions over the loudspeakers for things that did not, in my opinion, need to be broadcasted over and over again.
3) One of the items I purchased for inventory was a 1971 first edition copy of Cornelius Vermeule’s Numismatic Art in America. This is my favorite coin book of all time and I don’t find first edition copies all that often. My library copy was purchased about twenty years ago and I regularly reference it to this day. Previous copies I have had of this book sold immediately and for more than this copy cost, but the issuance of an updated second edition a few years ago has perhaps killed the market for this first edition book. I have never read the second edition, but I love the old school feel of the first edition.
4) There was a noticeable lack of gold in old green holders. This might be due to folks buying and preferentially keeping old green holder coins as bullion or perhaps many of these have been cracked out for regrade. Whatever the reason, there is typically more old holder gold at shows than at this show.
5) I’ve written it before and I will write it again; the population of certified Barber coinage of all denominations and within all grade ranges is exploding. Coins that were once quite difficult to find in holders, such as generic VF half dollars, are now available at multiple dealer tables.
6) Most of the public that offered coins to me had quantities of pieces that I did not like at all and that I politely declined. These coins were almost universally in problem-free NGC and PCGS holders and are pieces that I would strongly advise my own clients to avoid and that I would avoid placing into my own collection. Perhaps this observation simply means that just because a coin is market acceptable does not mean it should be incorporated into a selective collection.
7) The flip side of point six is that really cool or choice coins, regardless of grade, tend to end up with fairly picky collectors at what might be considered aggressive prices. However, these are precisely the coins that folks like me would rather purchase and, thus, these coins might also be viewed as being more liquid, too.
8) Perhaps it was my imagination, but it seemed that blast white coins were out in force and this might be reflective (no pun intended) of market pressure to produce these coins or, alternatively, might be because deeply toned coins have been tucked away. Regardless, it was noticeable.
9) I met more YNs at this show than in previous shows and they were in force to learn. One brought over some very nice coins from his collection that were a joy to behold while another asked for opinions on coins purchased the previous day at the show. The second encounter was discouraging with one coin in particular where I had to tell the YN that there was simply no good left in the coin.
I would imagine that in the next day or two my own website will be updated and an email will be sent out to those interested.
0
Comments
Great report! Thanks for sharing.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
You made RYK proud!
siliconvalleycoins.com
Thanks for posting.
Too bad about the Kona Grill experience. I would probably not return.
The Penny Lady®
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
RYK, the marathon man, smokes??
Lance.
Rainbow Stars
Now I can rest easy, knowing that the Baltimore show really happened!
Great report, too!
Check out the Southern Gold Society
Coin Rarities Online
Any chance you could elaborate or be more specific about #6?
I find that interesting.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
<< <i>Nice report and insights - looking forward to seeing you at FUN!
RYK, the marathon man, smokes??
Uh, it's just an expression for any activity that you might do to relax after another very stimulating activity.
Too many positive BST transactions with too many members to list.
As someone who also seeks gold in OGHs, I have noticed that there are also fewer coins on ebay, at Heritage, and at other searchable venues that have been historically good sources for OGHs. I have also seen a small uptick in Euro style gold coins in newer NGC and PCGS holders, with a look that is similar to my coins in OGHs and at grades consistently higher than my similar coins in OGHs. I conclude two things:
1. There is considerable collector interest in gold coins in OGHs
2. Dealers and those looking to monetize coins in OGHs are cracking, crossing, and reconsidering them at a slow but constant rate. Perhaps I will own the very last dirty gold coin in an OGH?
I give away money. I collect money.
I don’t love money . I do love the Lord God.