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Baltimore Show Report June 2011
TomB
Posts: 23,080 ✭✭✭✭✭
It appears that this show report will be longer than most and definitely longer than most would suspect given the fact that the June Baltimore show is the weak sister of such shows, but I wanted to touch upon a few things and hope folks do not mind. This show, as already mentioned, is the least well attended of the three Baltimore shows, which should not be surprising given it is the most recent addition to the threesome and also because the summer months have traditionally been a slower time in numismatics. However, I like the show very much and am happy to attend three Baltimore shows each year. These shows are always well run, are in the convention-friendly inner harbor and are heavily attended by a broad range of dealers. The two wildcards this year were the change in schedule, if I am correct, for the auctions as well as the bourse floor being moved to Hall F instead of its more familiar location on the other side of the convention center. The move to Hall F might seem trivial, and I guess it is trivial, but it made for a strange feeling of “is it really here?” while walking to the floor. Typically, one enters the convention center from the front and then the entry to the bourse is straight ahead and down a flight of stairs; it can be seen upon entry into the convention center. This show had the entrance on the other side of the building and then required participants to go up a flight of stairs, turn to the right, make a left and walk to the end, make another left and descend a flight of stairs before making another left upon which the official entry of the show was mocked up and then to scoot behind the entry by taking another left and going down another flight of stairs. It’s simple enough when you know where it is, but there were many folks who looked like their heads were on a swivel as they scanned the horizon for evidence of a show.
I arrived Wednesday morning and left Saturday around noon. Lot viewing at Stack’s-Bowers was more convenient at this show than previous shows since SB moved lot viewing to its own, darkened room with individual lights instead of having lot viewing within the bourse itself, tucked against a wall with convention hall lighting. Even though the setting was much improved, there were still bumps in the service. The person assigned to monitor me and secure the lots for viewing told me that at lunch some of the support staff left and never returned, which meant that return of lot boxes and delivery of new lot boxes for inspection was painfully slow. Adding to this frustration, but of course due to my own negligence, I left my glasses in my hotel room and this meant that each of the many hundred lots I examined in-hand was done with increasing eye strain. It also meant that I bid cautiously and did not win many lots. SB lot viewing ground even slower when not once, but twice the person responsible for monitoring my activities dropped the lot viewing box, which of course meant that lots spilled in every direction onto the floor of the darkened lot viewing room. Security responds in those instances and all you can do is sit there while all the coins are recovered, accounted for and placed in their proper order. This had never happened to me before. Thursday was very lightly attended and even though the floor traffic picked up on Friday, both days still felt like they had many fewer participants than usual. Without doubt Saturday had the highest floor traffic and it might have picked up after I left around noon as is generally the case in my experience. My fear was that the show might not take off after the first few hours on Thursday revealed some awfully tough sledding, but then it gained steam and outperformed my expectations and hopefully the expectations of others, too.
Once the show got going I was stunned at the velocity with which nice coins left my possession. One might think of slow sales at a slower show during a slower time of the year, but not at this show. Looking back at my notes, it appears that 30-coins came into my possession at the show that never even made the trip home with me. They were all either purchased by other dealers and/or collectors in attendance or have been firmly spoken for from established clients. This is a bewilderingly large number for someone like me who keeps an online inventory on my site of generally less than two dozen coins at any one time. Even with that pass through of pieces, I think there might be a dozen or more coins that will make an appearance on my site. Again, these may seem like small numbers to most folks, but I disqualify the vast majority of possible coin purchases so I am surprised that this many coins will find their way onto my site. The highlight of these shows, however, is the folks that one interacts with and there is a small group of regulars who provide me an endless stream of company, knowledge and general good times. Chief among these folks would be board member BigMoose, who is quite a rare breed indeed.
Some observations and comments appear below-
1) Occasionally I will have a regret at a show that has nothing to do with a coin sale or purchase and this show produced one such regret when I met Len Augsburgur. Len was quite polite and gracious when introduced to me by a mutual friend, but at the time we met I had just asked a dealer who does not know me to remove three higher priced coins from her case and she did so, but she didn’t look happy about removing these three coins and looked even less enthused or more suspicious when two folks joined me and we started to chat. I was distracted and believe I cut the conversation short when such action should not have been taken. If Len is reading this, please accept my apology for not being as attentive as I otherwise would have been, but I was also concerned about the suspicions of the dealer whom I did not know.
2) There were more pretty (not monster, not average and not ugly) classic commems on the floor than at most recent shows. I hope this is a good sign for this niche.
3) It seems anyone and everyone had a Spanish Trail commem in MS64-MS66. No doubt this is hyperbole, but WOW!
4) Superb Barber quarters and half dollars are not only incredibly scarce, but are pulling away in terms of price.
5) If you have or are in search of specialist coins then attempt to at least engage specialist dealers even if you do no initial business with these folks. Dealers like Rich Uhrich and Bill Bugert for Capped Bust and Seated coinage and varieties are a true fountain of knowledge that can be quite valuable. The same holds for other specialized dealers like Glenn Holsonbake (Seated and Barber coinage), Joe Kaminski (toned type), Dennis King (mint set toned Roosevelts, Washingtons and Franklins) as well as the better known on the boards or larger entities such as Angel Dee’s, Legend, Mark Feld, Numismatic Americana, Pinnacle or CRO. One can learn quite a bit about many different areas if they simply ask questions of those who know and are willing to share. Heck, I happily spend time with anyone that asks and spent two hours on Thursday afternoon with a collector talking about Seated and Barber coinage as well as going through two boxes of coins he brought for inspection that were heavy in toned Washington quarters.
6) The price of precious metals was not a buzz-maker at the show.
7) I had seven Buffalo nickels at the show and all seven sold before I left. Those who missed out before they were all gone were disappointed. This may be a very good sign for this series, nickel coinage in general or the overall market. The coins in question were all NGC certified, from 1916-1936 and generally in the MS64-66 range.
8) Some coins just do not appear on any guide sheet, but if you can justify the price then there is the chance that there will be a dealer who appreciates the coin as much as you do and a deal might be there to be had. In other words, do your homework.
9) Many fewer Gobrecht dollars were on the floor than I am used to seeing. Please keep in mind that a typical Baltimore show might have three to six such coins and this one only produced a single piece so the sample size is quite small.
10) There are quite a few ugly Seated dimes in high grade holders. I would urge folks to generally avoid such coins and go after attractive pieces even if it means spending a bit more to obtain the attractive coin.
11) Tons of WLHs were there and these included many better date coins or high grade coins and extended to scores of proof pieces.
12) Morgan dollars appeared quiet and this might have a bit to do with the recent run in prices for generic pieces especially in MS64.
13) I do most of my buying in the hours before the public is allowed onto the floor and, in my opinion; I end up buying some truly choice coins. If one extends this a bit then it might be fair to caution attendees to get there early, be prepared to buy when a nice coin is found and check out websites immediately after the show.
14) It didn’t look like all that many proof IHCs were available when compared to previous shows.
There has to be more that I have forgotten so please feel free to add comments or send a PM.
I arrived Wednesday morning and left Saturday around noon. Lot viewing at Stack’s-Bowers was more convenient at this show than previous shows since SB moved lot viewing to its own, darkened room with individual lights instead of having lot viewing within the bourse itself, tucked against a wall with convention hall lighting. Even though the setting was much improved, there were still bumps in the service. The person assigned to monitor me and secure the lots for viewing told me that at lunch some of the support staff left and never returned, which meant that return of lot boxes and delivery of new lot boxes for inspection was painfully slow. Adding to this frustration, but of course due to my own negligence, I left my glasses in my hotel room and this meant that each of the many hundred lots I examined in-hand was done with increasing eye strain. It also meant that I bid cautiously and did not win many lots. SB lot viewing ground even slower when not once, but twice the person responsible for monitoring my activities dropped the lot viewing box, which of course meant that lots spilled in every direction onto the floor of the darkened lot viewing room. Security responds in those instances and all you can do is sit there while all the coins are recovered, accounted for and placed in their proper order. This had never happened to me before. Thursday was very lightly attended and even though the floor traffic picked up on Friday, both days still felt like they had many fewer participants than usual. Without doubt Saturday had the highest floor traffic and it might have picked up after I left around noon as is generally the case in my experience. My fear was that the show might not take off after the first few hours on Thursday revealed some awfully tough sledding, but then it gained steam and outperformed my expectations and hopefully the expectations of others, too.
Once the show got going I was stunned at the velocity with which nice coins left my possession. One might think of slow sales at a slower show during a slower time of the year, but not at this show. Looking back at my notes, it appears that 30-coins came into my possession at the show that never even made the trip home with me. They were all either purchased by other dealers and/or collectors in attendance or have been firmly spoken for from established clients. This is a bewilderingly large number for someone like me who keeps an online inventory on my site of generally less than two dozen coins at any one time. Even with that pass through of pieces, I think there might be a dozen or more coins that will make an appearance on my site. Again, these may seem like small numbers to most folks, but I disqualify the vast majority of possible coin purchases so I am surprised that this many coins will find their way onto my site. The highlight of these shows, however, is the folks that one interacts with and there is a small group of regulars who provide me an endless stream of company, knowledge and general good times. Chief among these folks would be board member BigMoose, who is quite a rare breed indeed.
Some observations and comments appear below-
1) Occasionally I will have a regret at a show that has nothing to do with a coin sale or purchase and this show produced one such regret when I met Len Augsburgur. Len was quite polite and gracious when introduced to me by a mutual friend, but at the time we met I had just asked a dealer who does not know me to remove three higher priced coins from her case and she did so, but she didn’t look happy about removing these three coins and looked even less enthused or more suspicious when two folks joined me and we started to chat. I was distracted and believe I cut the conversation short when such action should not have been taken. If Len is reading this, please accept my apology for not being as attentive as I otherwise would have been, but I was also concerned about the suspicions of the dealer whom I did not know.
2) There were more pretty (not monster, not average and not ugly) classic commems on the floor than at most recent shows. I hope this is a good sign for this niche.
3) It seems anyone and everyone had a Spanish Trail commem in MS64-MS66. No doubt this is hyperbole, but WOW!
4) Superb Barber quarters and half dollars are not only incredibly scarce, but are pulling away in terms of price.
5) If you have or are in search of specialist coins then attempt to at least engage specialist dealers even if you do no initial business with these folks. Dealers like Rich Uhrich and Bill Bugert for Capped Bust and Seated coinage and varieties are a true fountain of knowledge that can be quite valuable. The same holds for other specialized dealers like Glenn Holsonbake (Seated and Barber coinage), Joe Kaminski (toned type), Dennis King (mint set toned Roosevelts, Washingtons and Franklins) as well as the better known on the boards or larger entities such as Angel Dee’s, Legend, Mark Feld, Numismatic Americana, Pinnacle or CRO. One can learn quite a bit about many different areas if they simply ask questions of those who know and are willing to share. Heck, I happily spend time with anyone that asks and spent two hours on Thursday afternoon with a collector talking about Seated and Barber coinage as well as going through two boxes of coins he brought for inspection that were heavy in toned Washington quarters.
6) The price of precious metals was not a buzz-maker at the show.
7) I had seven Buffalo nickels at the show and all seven sold before I left. Those who missed out before they were all gone were disappointed. This may be a very good sign for this series, nickel coinage in general or the overall market. The coins in question were all NGC certified, from 1916-1936 and generally in the MS64-66 range.
8) Some coins just do not appear on any guide sheet, but if you can justify the price then there is the chance that there will be a dealer who appreciates the coin as much as you do and a deal might be there to be had. In other words, do your homework.
9) Many fewer Gobrecht dollars were on the floor than I am used to seeing. Please keep in mind that a typical Baltimore show might have three to six such coins and this one only produced a single piece so the sample size is quite small.
10) There are quite a few ugly Seated dimes in high grade holders. I would urge folks to generally avoid such coins and go after attractive pieces even if it means spending a bit more to obtain the attractive coin.
11) Tons of WLHs were there and these included many better date coins or high grade coins and extended to scores of proof pieces.
12) Morgan dollars appeared quiet and this might have a bit to do with the recent run in prices for generic pieces especially in MS64.
13) I do most of my buying in the hours before the public is allowed onto the floor and, in my opinion; I end up buying some truly choice coins. If one extends this a bit then it might be fair to caution attendees to get there early, be prepared to buy when a nice coin is found and check out websites immediately after the show.
14) It didn’t look like all that many proof IHCs were available when compared to previous shows.
There has to be more that I have forgotten so please feel free to add comments or send a PM.
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Comments
Thx for the report. It was nice meeting you. No offense taken & I hope we can do biz in the future.
Rich Uhrich had a couple Gobrechts he showed me - not sure if they were out on display or being held behind the table.
This in order to be sure, that I did not miss anything. Well done indeed!
When you mentioned nice Barber Material scarce and pulling away. Was that
for both MS as well as PR? Was Cameo sttrong or was DCAM stronger? What about
availability of Bust material and how was the availability and strength of seated Liberty
,material?
Camelot
Drunner
And heard your name being paged over the PA system on Thursday
Were you set up? I obviously missed your table.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
The Barber material I was speaking of was strictly of the MS variety, though I did not notice many attractive proof pieces from the quarters or half dollars, either. The only Barber material in proof that I noticed in any quantity with good eye appeal would have been with Liberty nickels where there were several nice pieces on the floor. Bust material in VF/EF (dollars) was more available and with more solid coins than I can recall seeing in several years. However, I did not ask about pricing on those coins.
In honor of the memory of Cpl. Michael E. Thompson
I will be at the next one
We truly enjoyed our lunch with you. Thank you so much for spending the time and sharing your expertise helping me select the coins worthy of PCGS grading. My experience having you photograph my coins was an absolute pleasure! You are a consummate professional and I was very pleased with the outstanding quality of your images. I know these coins were particularly difficult to image due to the depth and color of their toning.
I look forward to seeing you at future shows.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
The Penny Lady®
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.
Thanks for the report.
Not really looking for much these days but if I were, it might be a toner.
There was ZERO din in the room, and that's something I cannot remember in all of the years that I have attended.
However, from what I heard, the people who were there had money. Frankly, that's what it is all about. Having "fluff" in the show actually annoys many of the dealers unless they having buying opportunities. However, as one dealer put it, "I sold a ton of stuff and now I am very flush for the next show. You have to sell the stuff eventually, don't you?"
I bought an awesome 1855 Slanted 5's Braided Hair Large Cent for my customer in EAC 60+ that looked like a medalette. I was also contemplating a very nice 1851/81 Large Cent in PCGS MS63BN, but the price was too strong.
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
"Look up, old boy, and see what you get." -William Bonney.
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
Thanks for taking the time to post.
Mike
EAC 6024
Yes, I hope that is also “impossible” for auction reviews to be too long!
The June 2011 Baltimore Auction, part 1, copper and silver
The June 2011 Baltimore Auction, part 2, patterns and gold coins