PAN Show Report: Sat Oct. 25, 2003
RYK
Posts: 35,800 ✭✭✭✭✭
I took about two hours from my annual family visit to Pittsburgh this past weekend to visit the PAN show. For me, it was a waste of time. I usually am interested in certified, rare date gold coins, particularly any pre-Civil War New Orleans gold and Dahlonega $5's. I saw one 1842-D SD ICG XF-40 $5, which is a coin that has made a few ebay circuits without being sold. It was not a bad coin, and I considered buying it. It was offered for $1500. The trouble is, for me, it is easier to buy when I am put in the right frame of mind by seeing a lot of nice coins that interest me. This was the only coin in the room that I had any inkling of going home with...and I didn't.
One dealer (I do not remember) had a tremendous number of rare date certified gold coins, a couple of pre-1800 eagles, C and D mint quarter and half eagles, stuff that normally would make me drool. The trouble was that the coins were all in SEGS, PCI, and NCS holders with both disclosed and undisclosed problems.
(Aside: Is it me, or would you rather buy a NCS coins with problems clearly described or a SEGS/PCI coin in which you know there are problems, but not the extent?).
This same dealer who had the problem certified gold coins also led me to conceive Robert's Coin Show Pet Peeve #437: When dealers spread out all of their common date Morgans and Walkers but stack their rare date gold coins (or whatever else you happen to be looking for) in the back of the case so you have to ask to see what they have.
There was lots of gold, but most of it raw. As usual, lots of Morgans, Walkers, Frankies, proof sets, bullion coins, etc. I met PTVetter (briefly), and he seemed very nice. Tom Reynolds, the large cent specialist, was there, and his table was half usual size, but the quality was clearly all there. To me, it appeared that there was a lot of buying/selling, but the transactions appeared to be for lower dollar coins. I did see one deal get done in the lower (darker) level of the parking garage. It was dark enough that the deal would have to be considered sight-unseen!
It's a good thing that I had a great Steelers victory the next day to brighten my weekend--oh yeah, I sat drenched in Heinz Field and watched them lose to the Rams! Well, at least I have great family in the 'burgh!
One dealer (I do not remember) had a tremendous number of rare date certified gold coins, a couple of pre-1800 eagles, C and D mint quarter and half eagles, stuff that normally would make me drool. The trouble was that the coins were all in SEGS, PCI, and NCS holders with both disclosed and undisclosed problems.
(Aside: Is it me, or would you rather buy a NCS coins with problems clearly described or a SEGS/PCI coin in which you know there are problems, but not the extent?).
This same dealer who had the problem certified gold coins also led me to conceive Robert's Coin Show Pet Peeve #437: When dealers spread out all of their common date Morgans and Walkers but stack their rare date gold coins (or whatever else you happen to be looking for) in the back of the case so you have to ask to see what they have.
There was lots of gold, but most of it raw. As usual, lots of Morgans, Walkers, Frankies, proof sets, bullion coins, etc. I met PTVetter (briefly), and he seemed very nice. Tom Reynolds, the large cent specialist, was there, and his table was half usual size, but the quality was clearly all there. To me, it appeared that there was a lot of buying/selling, but the transactions appeared to be for lower dollar coins. I did see one deal get done in the lower (darker) level of the parking garage. It was dark enough that the deal would have to be considered sight-unseen!
It's a good thing that I had a great Steelers victory the next day to brighten my weekend--oh yeah, I sat drenched in Heinz Field and watched them lose to the Rams! Well, at least I have great family in the 'burgh!
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Comments
This weekend at the Tennessee show I will make certain Al and Carl put the rare gold where it can be easily seen and the Morgans stacked in the corner...although I think you could put a PCGS 93-S or 94 Morgan dollar taped under the table and it would sell.
(Al and Carl had something other than gold coins in their case? Not that I noticed!!)
Check out the Southern Gold Society
you should have let us all know you'd be there. more goes on at coin shows besides coins, maybe that kind of stuff would have made for a more enjoyable afternoon. education, relaxation and the stimulating conversation go a long way when "that one coin" isn't at hand.
al h.
i suspect that this window rules out most any show as a good experience, but why would you be surprised?? rare date gold should be rare.
al h.
You are (as usual) right in both points.
I did a quick, unscheduled run-through with my (civilian) father and did not have time to schmooze.
I have ben to six coin shows this year, and this show was the weakest from the rare date gold standpoint. True, rare date gold is "rare", so it is, by definition, not plentiful. Furthermore, apparently, it is "hot" (at least Mark Ferguson in CW Trends/Values says so), and therefore supply may be unusually low. However, given the volume of gold that was present, I was surprised that the rare date (which really means "not generic"), certified (PCGS/NGC) gold, especially southern mints (D, O, C) was essentially absent.
Finally, maybe the Steelers getting spanked by the Rams cast a shadow over the other activities of the weekend.
Robert