Quick Balt Show Report
FadeToBlack
Posts: 7,847 ✭✭✭✭✭
Took a day off work and made the drive down yesterday, primarily focused on selling but hoping to buy too... I left my house at 8:30, went to the PO to pick up a couple quick last packages for resale, and headed on my way. The drive was 90% pleasant, minus getting stuck behind a few slow drivers on single lane roads, and I made it to Baltimore and parked in the garage at 10 on the dot. I was on the bourse 10 minutes later, and it seemed fairly brisk. Not busy, but steady. I didn't have to elbow for room at tables but I was rarely the only one at a table.
First thing I did on the bourse was make a quick pit stop to sell a pile of coins, and armed with some cash to buy, hit the floor. I was looking for about 10 coins, some better date Morgans in low MS, and some common dates with uncommon eye appeal.
The better dates were available, in expectedly limited supply, but the prices were higher than my friend (whom I was looking on behalf of) was willing to pay. The common dates with uncommon eye appeal were tougher. '78-S, there were a couple that caught my eye but dealers wanted what I consider to be unrealistic money for them. '83-O, half the dealers I talked to "sold one yesterday" and there was definitely less than I was expecting. This is one I'm slightly miffed about, as I had high hopes of finding one. '85 and '85-O, I just acquired an O in a P5+ holder off eBay, but I'm not in love with it... Anything better on the bourse was also unrealistically priced. Nothing really matched the look I want (edge and/or target toned) on the later dates (98, 99, 00, 02, 03) so I'll just have to live with what I've got now.
I spotted a single OGH '85 in 65 I liked, to add to my box of 20 OGH's, simply to not walk away empty handed. However the dealer wanted strong 65cac money for a coin that wasn't CAC'ed at $130. I countered at $120 (still strong money for the date given eBay sold on non CAC is $100ish) and he declined.
I walked around one last time before giving up, and chatted with Todd and Rick Snow for a couple minutes. I did check out the '56 Flying Eagle in PCGS MS64 that Rick acquired in exchange for the 1888/7 and it was gorgeous. He had a 64+ as well, but I actually liked the flashy, semi-PL surfaces of the 64 a lot more. I was mildly jealous and I'm not even a copper guy.
Having given up on buying anything, I made a quick pit stop at DLRC to chat with John and sell him a coin, then headed out, paid my $30 parking fee, and navigated home. Made a quick stop at Wendys on the way, and detoured to a PNC to deposit the proceeds of my sales into my biz account. I was home by 3:30pm, and the kid was asleep, so I took a nice long bath before cleaning up and heading to my parents to celebrate my fathers 59th birthday.
Pretty typical show for me these days, buy little or nothing, and sell a lot of stuff to dealers. I wish dealers with nice toned material would price stuff at prices where it might actually move instead of just sitting on it and hoping for a whale to come along... But hey, they're the ones making a living doing it, so they gotta be doing something right.
I think my 4 show trailing average is like $150 in spending lol. In contrast, I drop $2k+ every month on eBay. I just signed up for a 1.5% cash back card to use on eBay as I kind of realized it was stupid of me not to do that. I guess I'm just part of the newer breed of collector who doesn't get much outta shows in terms of buying.
Comments
Nice read, thank you for posting.
Nice report. Good to see you again.
A nice read.
Good report, thank you.
Thanks!
Thanks for taking the time to post your report. It was an interesting read.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Thanks for the report. I understand your frustration on dealers pricing. Most seem to price raw as if it were already in PCGS Plastic with a CAC sticker. I've had to start hunting for tougher VAM's and cherrypick rather than trying to find actual deals. The occasional deal does come along. You just have to keep hunting.
...I feel dealers sitting on inventory, waiting for the dude that will pay list...It’s frustrating as a buyer with cash in hand...but here is where eBay is unique because there are plenty of nice coins to be had on the cheap...auction and BIN rips...but there are also plenty of sellers that hold strong on price, moving inventory only when it sells at full list...I have sold every coin I ever sold that way so I can’t hate...the only real difference with that approach is time...a show is 3 or 4 days long...eBay is like the street...open 24/7/365...but I would have shelled the extra $10 for the ‘85 to at least leave heavy. Then I would have listed it on the bay for $145 till it sold...just because
...I also say keep on trucking to the shows if you like them and eventually you will hit...I can feel it
$30 for parking, I hope your car was washed and waxed while you were at the show.
Last day of the show, you would have been able to complete deals at better prices.
Thanks for the report. With respect to the comment that some dealers “flat-out lie” about the price of a coin auctioned by HA 3 weeks ago......
That coin might have traded hands 4 times already. Unless you KNOW who bought it, it might be incorrect to make assumptions. Things can turn over very quickly at shows.
I don’t doubt that you’re probably right, and I know you’re more familiar with how trading & markets work than I am. I’m just not a fan of conjecture where there is no actual proof....... sort of the whole “innocent until proven guilty” thing. Being falsely accused is a huge pet peeve of mine in an industry/hobby where your reputation is everything.
No hard feelings, and it really is great to hear the show report.
Yup.
There’s all sorts of nonsense in this business..... just like most others. When I feel that I’m getting played, I’m disinclined to do much business with them in the future. I might buy something if the price is right and I’ve just gotta have it, but I’ll probably not offer them anything for sale..... certainly never something for consignment.
thanks for the report, straight up as always.
Enjoyed the report and views.
I spent 2 nights in downtown Baltimore 2 years ago. I was parked in garage the whole time as I was able to walk or cab anywhere I needed to be. Very eye opening on the way out when the garage attendant told me it would be 90 dollars.
Very good report. Your comments on the pricing at the show are interesting and informative. My feeling is that this pricing is contributing to the growing refrain about a 'down' market. I see good deals offered on ebay and instagram....and a few informal venues. I hear really good comments regarding sales from individuals in these areas. So perhaps the market is much healthier than some tales of woe we see here. Interesting.... Cheers, RickO
I find it funny that the parking fees are more that the pricing gap that you are lamenting on the coin in question.
Latin American Collection
Interesting report - illustrates impact of online.
I still see a dealer to whom I sold a nice toner for $175 have it in his case for $550 a few years later (to be fair I think after a few shows he did discount it to $535). He won’t buy anything else from me since he says it’s difficult to sell. I wonder why that is?
But you sold it, why mad at the dealer when you got your price?
Latin American Collection
I'm not mad at the dealer. I just find his "predicament" funny. If he priced the coin at $275 it might have sold by now and he would have a completely different perspective on the market.
Plus his entire case is pretty much like that. Everything-even common items (normal eye appeal "widgets" that can be picked up on ebay all day long)- is priced multiples above what the going rate is. And this is very common among multiple dealers; that is why people like @FadeToBlack have experiences like noted in the original post.
Thanks for the report. Market in general must be
on fire if the dealer was not willing to give a $10
discount.
When interest in coins so low watch out - something could happen get it going and one may regret not jumping on a deal where amt over bid less than a lap dance lol.
An 1885 dollar in MS65 bids wholesale for $115 and $140 CAC (unless tanked again) I would not take less than $160 / $200 CAC in selling. I am in the business to retail my material and have no trouble doing so.
I wonder how nice the piece he offered you at $130 was. Seems like super deal. And it was ogh? Upgrade? I might have been buyer on that one especially if blazer (PQ). An MS65 1885 $ is about 3.75x rarer than 1881-S yet absurdly valued same. I disagree (it’s worth more).
Shocking how it’s slid down $230 coin in 65 in 2006 (Bowers Buyers Guide - Dollars).
Many sellers are holding their ground on their nice material as well as I am. Qualified buyers do come along for me who do pay good retail. This has been especially true in the area of Classic Commems but more difficult for non better date Dollars bc so many of them out there with many not in very strong hands.
"You want to know what your stuff is worth? Check eBay sold results for pure auctions. That's the actual, true market value of your stuff. " Very few major dealers go that route because stuff sells under market on ebay, plus they have to pay around 10% in fees and shipping.