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Selling at the ANA - my 2 cents
roadrunner
Posts: 28,374 ✭✭✭✭✭
After having a diffucult time moving material at the FUN show I had some healthy skepticism about the ANA. My intentions were to move out of stale and off quality coins to make room for better pieces. Arriving Thursday around 10 am I spent 2 hours looking at B&M auction lots (quarters and halves). By the time I got to the sale I missed the early quarters. The action on the halves was solid
with some nice pieces slipping through the cracks at times. One internet buyer was extremely strong on the bust halves and took
a number of them in 65 and 66. As usual, lower end material in holders brought low prices. In some cases well under blue sheet.
Marginal coins for the grade rarely bring good prices at auctions. This sale certainly highlighted that point. On the other hand, solid pieces and PQ pieces brought commensurate money in nearly every case.
I only purchased one lot off the floor (proof NM seated half in NGC65)
as I was hesitant to bid until I had tried selling off material on the bourse. I did however make note of 2 coins that I felt sold too reasonable and contacted the new owners afterwords. I purchased the 1851-0 50c in PCGS MS65 from Legend (thanks Laura and George) and am still waiting to hear on a bust half.
On the bourse floor things started a touch slow so I was a bit worried things would be much of the same as at FUN. I let 2 very nice coins get away at less than I could have gotten if I had waited a few more minutes. I sold 2 coins to the first 2 dealers I saw. By the time I got to dealer #3 U.S. Coins, (1 hr after hitting the bourse) I knew things were very very solid. Kenny Duncan
blew through the 80 or so coins I brought and pulled out about 15 pieces. He bought EVERY one at the price I had marked. To quibbles, no stories. This is very refreshing. I was in shock and euphoria at the same time. Most of the coins were decent for the grades, two or three "shot" coins. I didn't give them away but was asking fair money.
Next stop was at Numismatic Professionals (Mike Storeim). Mike also chugged through my box and pulled out 2 dozen or so pieces and bought around 15 pcs in short order. I'm glad to see he hired
Brian (formerly of US Coins) as it was Brian who first got me hooked on US Coins friendly and no nonsense method of business.
I also sold several pieces to Delaware Valley (Dave Carr) and to Heritage (Jim Halperin). Again, the dealing was quick, no hassling,
without a bunch of the usual countering one runs into when markets aren't strong. Had I reversed the order I saw people in the results would likely have been similar. In all I moved around 55 coins for just over $50,000. While I had figured I could see 20-30 dealers in the course of 1-1/2 days it was just not realistic. I think I saw 12 or so dealers in all. I just didn't have time to make it to any of the other 20 or so major dealers out there.
It's more important then ever to be able to tell the gradations within each grade and adjust for the holder. I have much to learn but it is quite obvious that the spectrum of pricing for a coin that regulary trades at say $1000 for decent examples could be from $650 to $1600 even without a monster color factor or Cameo permium being tossed in. Overall the show was very strong for selling....at least I found 4 major dealers buying with vigor. I got rid of a number of promblem coins that prior to this were unsaleable short of a fire sale.
Some raw ones too. I wish I had had time to see more people from the forum but as it was I felt I missed 50% of the show. Next year I'll do at least 3 days worth.
I also enjoyed talking with these dealers to get their take on where things are now and where they are headed. David Hunt at Benchmark showed me some very amazing Knoxville seated coins.
Too bad I didn't have the bankroll to buy some of those. The 1853 arrows and rays mint set pieces were just outstanding original gem pieces. To see so many rare types in 67 and 68 grades was unusual. In stark contrast was the huge number of commercially graded MS 64 to 67 type coins in the majority of dealer's cases.
Way too many of these are overdipped, semi-cleaned, or what have you. That part of the market makes me somewhat uneasy. "Real" coins are worth strong money and worth the extra time to wait for them.
I stopped by to see David Hall at the PCGS booth for an opinion on one piece and was very pleased with his comments, demeanor, and
suggestion. Thanks David. Jim Halperin gave me some insights on one of my key date coins that he had purchased back in 1977 for his Rare Coin Fund. He gave me an idea of the current value and filled in one 6 year gap in ownership. His estimate of the value was 2 to 3x what I had estimated!
All in all, I was pleased with my trip, that is except for a visit Thursday night to Vaccarro's Italian Ice Cream parlor. After polishing off a brick sized piece of lasagna at Sabatinni's I vainly tried to consume a double brownie hot fudge sundae. It was worse than being sea-sick and let's just say I'll never try that again.
roadrunner
with some nice pieces slipping through the cracks at times. One internet buyer was extremely strong on the bust halves and took
a number of them in 65 and 66. As usual, lower end material in holders brought low prices. In some cases well under blue sheet.
Marginal coins for the grade rarely bring good prices at auctions. This sale certainly highlighted that point. On the other hand, solid pieces and PQ pieces brought commensurate money in nearly every case.
I only purchased one lot off the floor (proof NM seated half in NGC65)
as I was hesitant to bid until I had tried selling off material on the bourse. I did however make note of 2 coins that I felt sold too reasonable and contacted the new owners afterwords. I purchased the 1851-0 50c in PCGS MS65 from Legend (thanks Laura and George) and am still waiting to hear on a bust half.
On the bourse floor things started a touch slow so I was a bit worried things would be much of the same as at FUN. I let 2 very nice coins get away at less than I could have gotten if I had waited a few more minutes. I sold 2 coins to the first 2 dealers I saw. By the time I got to dealer #3 U.S. Coins, (1 hr after hitting the bourse) I knew things were very very solid. Kenny Duncan
blew through the 80 or so coins I brought and pulled out about 15 pieces. He bought EVERY one at the price I had marked. To quibbles, no stories. This is very refreshing. I was in shock and euphoria at the same time. Most of the coins were decent for the grades, two or three "shot" coins. I didn't give them away but was asking fair money.
Next stop was at Numismatic Professionals (Mike Storeim). Mike also chugged through my box and pulled out 2 dozen or so pieces and bought around 15 pcs in short order. I'm glad to see he hired
Brian (formerly of US Coins) as it was Brian who first got me hooked on US Coins friendly and no nonsense method of business.
I also sold several pieces to Delaware Valley (Dave Carr) and to Heritage (Jim Halperin). Again, the dealing was quick, no hassling,
without a bunch of the usual countering one runs into when markets aren't strong. Had I reversed the order I saw people in the results would likely have been similar. In all I moved around 55 coins for just over $50,000. While I had figured I could see 20-30 dealers in the course of 1-1/2 days it was just not realistic. I think I saw 12 or so dealers in all. I just didn't have time to make it to any of the other 20 or so major dealers out there.
It's more important then ever to be able to tell the gradations within each grade and adjust for the holder. I have much to learn but it is quite obvious that the spectrum of pricing for a coin that regulary trades at say $1000 for decent examples could be from $650 to $1600 even without a monster color factor or Cameo permium being tossed in. Overall the show was very strong for selling....at least I found 4 major dealers buying with vigor. I got rid of a number of promblem coins that prior to this were unsaleable short of a fire sale.
Some raw ones too. I wish I had had time to see more people from the forum but as it was I felt I missed 50% of the show. Next year I'll do at least 3 days worth.
I also enjoyed talking with these dealers to get their take on where things are now and where they are headed. David Hunt at Benchmark showed me some very amazing Knoxville seated coins.
Too bad I didn't have the bankroll to buy some of those. The 1853 arrows and rays mint set pieces were just outstanding original gem pieces. To see so many rare types in 67 and 68 grades was unusual. In stark contrast was the huge number of commercially graded MS 64 to 67 type coins in the majority of dealer's cases.
Way too many of these are overdipped, semi-cleaned, or what have you. That part of the market makes me somewhat uneasy. "Real" coins are worth strong money and worth the extra time to wait for them.
I stopped by to see David Hall at the PCGS booth for an opinion on one piece and was very pleased with his comments, demeanor, and
suggestion. Thanks David. Jim Halperin gave me some insights on one of my key date coins that he had purchased back in 1977 for his Rare Coin Fund. He gave me an idea of the current value and filled in one 6 year gap in ownership. His estimate of the value was 2 to 3x what I had estimated!
All in all, I was pleased with my trip, that is except for a visit Thursday night to Vaccarro's Italian Ice Cream parlor. After polishing off a brick sized piece of lasagna at Sabatinni's I vainly tried to consume a double brownie hot fudge sundae. It was worse than being sea-sick and let's just say I'll never try that again.
roadrunner
0
Comments
I should add that most of what I sold was type coins in the 63 to 66 range. I did sprinkle in some MS63 to 64 generic gold type, as well as a few commems and Morgans. I sold a very beautifully toned 1923 NGC67 (90% head) for over 2x bid. Even though the price seemed stupid to many I saw it too, a select number of dealers were very interested in the coin.
The majority of what I sold was type....and it has started to move very well. I had little in the way of 20th century dated set material. But I did sell my first modern of the year. A purple toned NGC MS67 1950-s Roosy. Surprised I got $125 with no counter. Had paid $75.
Probably my best ratio of profit to anything I sold!
I could also add that type material above $5000 was not as eagerly sought as bread and butter coins in the $500-$3500 range. Darker toned coins, esp in NGC holders, were tougher to move. The market is not yet that hot unless you discount a bit.
roadrunner
Thanks a bunch.
roadrunner
May I ask, why were you selling? Were you unhappy with these coins? If they were low end for the grade, what made them low? Do you feel the market is at a high point so it is a good time to sell? Sorry if these are too many questions. I know you don't know me except for the few post you may see from me. I would just like to learn more about the coins market.
FrederickCoinClub
If I had the money, I would have loved to have had first crack at his rejects.
Originality & Eye Appeal, thats what sells a coin.
Les
Maybe 5-8 of the coins had decent shot potential to the next grade, that was why I bought them in the first place. Bailed on some of these. One was a PCGS PF63 1913 Barber half in first gen holder.
The coin was probably a lock 65/shot 66 coin. But 64 could also have happened upon breaking it out. I had the coin only a few months and just took a $50 bill profit on it rather than risk more than the $1450 I had already in it. I sold 3 MS66 Barber quarters of which 2 were on the uglier side. I also sold a neat Cincy (IMO) in PCGS67 but not really for me long term. Another coin I thought would sell quickly (but didn't sell at all) was a nice original 1887/6 Morgan in PCGS MS65. Nice original 10% bag toned crescent on the right obverse and shimmering white luster. No problems on the coin.
With a pop around 50 and none higher thought this would be in strong demand. It's outside of my normal areas and maybe I just misjudged the demand for an "odd" overdate. When I run across I coin I think is neat, I buy it. Sometimes I get a break other times I don't. But I'm sure that coin will go soon but I also don't mind sitting on it either. As long as I like the look, I usually do ok. And of course my acceptable "look" has been massaged over the past 18 months.
roadrunner